Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.38%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.19%
baseline attrition
Rally response
-1.01%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CACCCredit Acceptance Corpor | $608M | 44.6% | -18.0% | 10.5 yr |
| CMPRCimpress plc | $264M | 19.3% | +61.4% | 6.5 yr |
| WRLDWorld Acceptance Corpora | $204M | 15.0% | +6.7% | 10.5 yr |
| WWayfair Inc. | $175M | 12.8% | +134.8% | 9.8 yr |
| BTIBritish American Tobacco | $54M | 3.9% | +47.5% | 2.0 yr |
| LENLennar Corporation | $28M | 2.1% | -23.0% | 0.8 yr |
| AVTRAvantor, Inc. | $20M | 1.5% | -51.6% | 0.3 yr |
| SAMThe Boston Beer Company, | $10M | 0.8% | -3.5% | 0.3 yr |
| RYZRyerson Holding Corporat | $1M | 0.0% | +1.1% | 1.3 yr |
| HTLDHeartland Express, Inc. | $1M | 0.0% | +13.9% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services59.5%-19.7pp$813M
Advertising Agencies19.3%+6.9pp$264M
Specialty Retail12.8%+5.7pp$175M
Tobacco3.9%+2.9pp$54M
Residential Construction2.1%$28M
Medical - Instruments & Supplies1.5%$20M
Beverages - Alcoholic0.8%$10M
Beverages - Wineries & Distilleries0.0%-0.0pp$1M
Trucking0.0%+0.0pp$1M
Country
US76.7%-10.1pp
IE19.3%+6.9pp
GB3.9%+3.2pp
Top 5: 95.6% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| W | $94M | +0.13B | 134.8% |
| CMPR | $163M | +0.10B | 61.4% |
| WRLD | $237M | +0.02B | 6.7% |
| BTI | $9M | +0.00B | 47.5% |
| HTLD | $1M | +0.00B | 13.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CACC | $802M | -0.14B | -18.0% |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.37B | 10 | +8.93% | +17.59% | -8.66% | +0.05B |
| 2025-12-31 | $1.40B | 10 | +14.03% | +17.72% | -3.69% | -0.00B |
| 2025-09-30 | $1.43B | 10 | +12.36% | +17.52% | -5.16% | -0.12B |
| 2025-06-30 | $1.43B | 9 | -4.87% | +14.94% | -19.81% | -0.01B |
| 2025-03-31 | $1.31B | 10 | -21.12% | +8.30% | -29.43% | -0.02B |
| 2024-12-31 | $1.36B | 9 | -14.27% | +24.89% | -39.16% | -0.09B |
| 2024-09-30 | $1.50B | 9 | -0.99% | +36.04% | -37.03% | -0.00B |
| 2024-06-30 | $1.63B | 9 | +4.12% | +24.49% | -20.37% | -0.00B |
| 2024-03-31 | $1.80B | 7 | +51.42% | +29.62% | +21.80% | -0.04B |
| 2023-12-31 | $1.73B | 9 | +49.74% | +26.18% | +23.56% | -0.02B |
| 2023-09-30 | $1.57B | 10 | +33.09% | +21.57% | +11.53% | +0.00B |
| 2023-06-30 | $1.63B | 10 | +20.68% | +19.42% | +1.25% | -0.04B |
| 2023-03-31 | $1.26B | 10 | -37.00% | -7.82% | -29.19% | -0.03B |
| 2022-12-31 | $1.23B | 10 | -1.05% | +7.56% | -8.61% | -0.03B |
| 2022-09-30 | $1.27B | 10 | -12.34% | -4.93% | -7.41% | -0.00B |
| 2022-06-30 | $1.46B | 12 | -31.03% | -16.11% | -14.92% | -0.06B |