Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.56%
baseline attrition
Rally response
-17.44%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PLDPrologis, Inc. | $82M | 8.1% | +22.3% | 0.8 yr |
| FRTFederal Realty Investmen | $73M | 7.2% | +12.4% | 1.8 yr |
| WHWyndham Hotels & Resorts | $61M | 6.1% | -8.4% | 5.3 yr |
| VTRVentas, Inc. | $51M | 5.1% | +21.4% | 5.0 yr |
| CDPCOPT Defense Properties | $50M | 5.0% | +15.9% | 0.8 yr |
| BNLBroadstone Net Lease, In | $49M | 4.8% | +12.8% | 0.3 yr |
| CTRECareTrust REIT, Inc. | $48M | 4.8% | +32.1% | 4.0 yr |
| AHRAmerican Healthcare REIT | $48M | 4.8% | +58.5% | 1.8 yr |
| EQIXEquinix, Inc. | $44M | 4.3% | +23.0% | 4.8 yr |
| NTSTNETSTREIT Corp. | $42M | 4.2% | +24.6% | 0.8 yr |
| CURBCurbline Properties Corp | $42M | 4.2% | +9.7% | 1.5 yr |
| CUZCousins Properties Incor | $40M | 3.9% | -21.1% | 1.5 yr |
| BXMTBlackstone Mortgage Trus | $38M | 3.8% | +3.0% | 3.5 yr |
| CBRECBRE Group, Inc. | $36M | 3.6% | +3.6% | 1.0 yr |
| REGRegency Centers Corporat | $36M | 3.6% | +6.8% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
REIT - Retail21.4%+1.1pp$217M
REIT - Healthcare Facilities17.4%-0.5pp$176M
REIT - Industrial12.1%+3.8pp$122M
Travel Lodging9.5%+9.5pp$96M
REIT - Office8.9%+4.2pp$90M
REIT - Specialty8.3%-13.1pp$84M
REIT - Diversified4.8%+4.6pp$49M
REIT - Mortgage3.8%$38M
Real Estate - Services3.6%$36M
Unknown3.4%-2.6pp$34M
Country
US96.6%+2.6pp
Unknown3.4%-2.6pp
Top 5: 31.4% · Top 10: 54.3% · Top 25: 98.6%
Top buys this quarter · 12
| PLD Prologis, Inc. | +$52M |
| BNL Broadstone Net Lease, Inc.new | +$49M |
| VTR Ventas, Inc. | +$48M |
| NTST NETSTREIT Corp. | +$41M |
| FRT Federal Realty Investment Trus | +$36M |
| BXMT Blackstone Mortgage Trust, Inc | +$36M |
| CBRE CBRE Group, Inc. | +$35M |
| CDP COPT Defense Properties | +$19M |
| JAN Janus Living, Inc.new | +$5M |
| IRM Iron Mountain Incorporatednew | +$2M |
Top sells this quarter · 15
| RHP Ryman Hospitality Properties, | −$64M |
| EQIX Equinix, Inc. | −$59M |
| CCI Crown Castle Inc. | −$53M |
| MAC The Macerich Companyexit | −$34M |
| CPT Camden Property Trustexit | −$34M |
| MTH Meritage Homes Corporation | −$30M |
| H Hyatt Hotels Corporation | −$28M |
| NCLH Norwegian Cruise Line Holdingsexit | −$26M |
| VNO Vornado Realty Trustexit | −$22M |
| HIW Highwoods Properties, Inc.exit | −$21M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.01B | 32 | +10.14% | +17.59% | -7.45% | -0.11B |
| 2025-12-31 | $1.11B | 33 | +10.28% | +17.72% | -7.44% | +0.06B |
| 2025-09-30 | $1.07B | 31 | +10.10% | +17.52% | -7.42% | -0.05B |
| 2025-06-30 | $1.04B | 27 | +17.38% | +14.94% | +2.44% | +0.05B |
| 2025-03-31 | $961M | 32 | +15.30% | +8.30% | +6.99% | -0.06B |
| 2024-12-31 | $1.01B | 30 | +10.27% | +24.89% | -14.61% | -0.02B |
| 2024-09-30 | $1.06B | 27 | +27.27% | +36.04% | -8.77% | +0.06B |
| 2024-06-30 | $867M | 26 | +6.40% | +24.49% | -18.09% | +0.11B |
| 2024-03-31 | $745M | 30 | +10.32% | +29.62% | -19.30% | +0.16B |
| 2023-12-31 | $606M | 30 | +17.89% | +26.18% | -8.29% | -0.03B |
| 2023-09-30 | $565M | 30 | +8.69% | +21.57% | -12.87% | +0.03B |
| 2023-06-30 | $562M | 28 | +3.05% | +19.42% | -16.37% | +0.01B |
| 2023-03-31 | $523M | 31 | -17.32% | -7.82% | -9.51% | +0.09B |
| 2022-12-31 | $418M | 30 | +4.57% | +7.56% | -2.99% | +0.07B |
| 2022-09-30 | $329M | 27 | -8.86% | -4.93% | -3.93% | +0.02B |
| 2022-06-30 | $341M | 31 | -15.87% | -16.11% | +0.24% | +0.01B |