Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.01%
baseline attrition
Rally response
-6.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FISIFinancial Institutions, | $58M | 17.4% | +32.7% | 4.5 yr |
| BANCBanc of California, Inc. | $52M | 15.6% | +27.0% | 10.5 yr |
| EFSCEnterprise Financial Ser | $40M | 12.0% | +3.0% | 10.5 yr |
| HBNCHorizon Bancorp, Inc. | $30M | 9.1% | +13.4% | 10.5 yr |
| FRMEFirst Merchants Corporat | $27M | 8.0% | -0.6% | 10.5 yr |
| FNBF.N.B. Corporation | $17M | 5.0% | +28.2% | 10.0 yr |
| FNWDFinward Bancorp | $14M | 4.3% | +26.5% | 4.3 yr |
| ARBVAmerican Riviera Bancorp | $13M | 4.1% | +23.2% | 1.3 yr |
| BNCCBNCCORP, Inc. | $12M | 3.6% | — | 0.3 yr |
| FLGFlagstar Financial, Inc. | $11M | 3.3% | +13.7% | 0.3 yr |
| IBCPIndependent Bank Corpora | $11M | 3.2% | +11.8% | 10.5 yr |
| NBTBNBT Bancorp Inc. | $9M | 2.7% | +2.7% | 1.0 yr |
| — | $8M | 2.3% | — | 2.0 yr |
| FRBAFirst Bank | $8M | 2.3% | +9.9% | 3.8 yr |
| CHMGChemung Financial Corpor | $6M | 1.8% | +16.1% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional97.7%+0.6pp$324M
Unknown2.3%-0.3pp$8M
Country
US97.7%+0.3pp
Unknown2.3%-0.3pp
Top 5: 62.0% · Top 10: 82.3% · Top 25: 99.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BANC | $43M | +0.01B | 27.0% |
| FISI | $31M | +0.01B | 32.7% |
| FNB | $19M | +0.01B | 28.2% |
| FNWD | $12M | +0.00B | 26.5% |
| HBNC | $22M | +0.00B | 13.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FRME | $28M | -0.00B | -0.6% |
Top buys this quarter · 10
| PBNC PB Financial Corporation | +$0M |
| BNCC BNCCORP, Inc.new | +$12M |
| FLG Flagstar Financial, Inc.new | +$11M |
| RMBI Richmond Mutual Bancorporation | +$1M |
| PBAM Private Bancorp of America, Innew | +$0M |
| FISI Financial Institutions, Inc. | +$0M |
| FMBH First Mid Bancshares, Inc.new | +$0M |
| MFGI Merchants Financial Group, Inc | +$0M |
| SBFG SB Financial Group, Inc. | +$0M |
| FNRN First Northern Community Banco | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $332M | 30 | +17.75% | +17.59% | +0.16% | +0.02B |
| 2025-12-31 | $317M | 26 | +12.86% | +17.72% | -4.86% | -0.01B |
| 2025-09-30 | $301M | 26 | +9.79% | +17.52% | -7.72% | -0.02B |
| 2025-06-30 | $300M | 25 | +20.98% | +14.94% | +6.03% | -0.00B |
| 2025-03-31 | $298M | 27 | +12.99% | +8.30% | +4.69% | +0.02B |
| 2024-12-31 | $293M | 29 | +18.13% | +24.89% | -6.75% | -0.00B |
| 2024-09-30 | $281M | 27 | +43.90% | +36.04% | +7.86% | -0.00B |
| 2024-06-30 | $241M | 28 | +23.07% | +24.49% | -1.42% | -0.01B |
| 2024-03-31 | $263M | 31 | +18.73% | +29.62% | -10.89% | -0.03B |
| 2023-12-31 | $289M | 34 | +0.62% | +26.18% | -25.55% | -0.03B |
| 2023-09-30 | $250M | 34 | -17.81% | +21.57% | -39.38% | -0.00B |
| 2023-06-30 | $250M | 34 | -18.29% | +19.42% | -37.72% | -0.01B |
| 2023-03-31 | $284M | 39 | -21.44% | -7.82% | -13.62% | -0.02B |
| 2022-12-31 | $364M | 43 | +4.46% | +7.56% | -3.10% | +0.01B |
| 2022-09-30 | $342M | 41 | +0.74% | -4.93% | +5.67% | -0.01B |
| 2022-06-30 | $348M | 39 | -11.70% | -16.11% | +4.41% | +0.01B |