Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.72%
adds when stocks drop
when a holding falls −10%+
Middle response
+5.52%
steady accumulation
Rally response
+12.16%
adds into rallies
when a holding rises +10%+
Top positions · 18
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CPTCamden Property Trust | $13M | 11.2% | -17.8% | 1.0 yr |
| AVBAvalonBay Communities, I | $12M | 10.7% | -21.8% | 0.5 yr |
| APLEApple Hospitality REIT, | $11M | 9.4% | -4.2% | 1.0 yr |
| RITM-PDRithm Capital Corp. | $10M | 8.5% | — | 2.0 yr |
| MRPMillrose Properties, Inc | $9M | 8.0% | +12.1% | 0.5 yr |
| BRSPBrightSpire Capital, Inc | $8M | 7.2% | +10.0% | 1.0 yr |
| RCReady Capital Corporatio | $6M | 5.5% | -66.0% | 2.5 yr |
| PKPark Hotels & Resorts In | $6M | 5.4% | +5.7% | 1.0 yr |
| AATAmerican Assets Trust, I | $5M | 4.5% | -2.1% | 0.8 yr |
| IVTInvenTrust Properties Co | $5M | 4.4% | +6.4% | 0.3 yr |
| VNOVornado Realty Trust | $4M | 3.9% | -28.2% | 0.3 yr |
| DRHDiamondRock Hospitality | $4M | 3.4% | +26.1% | 0.3 yr |
| DXDynex Capital, Inc. | $4M | 3.3% | +13.2% | 0.8 yr |
| GNLGlobal Net Lease, Inc. | $4M | 3.3% | +28.4% | 1.3 yr |
| ESRTEmpire State Realty Trus | $4M | 3.2% | -32.3% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
REIT - Residential29.9%$34M
REIT - Mortgage20.0%-52.9pp$23M
REIT - Diversified18.2%$21M
REIT - Hotel & Motel18.2%$21M
REIT - Retail4.4%$5M
REIT - Office3.9%$4M
Unknown3.0%-16.6pp$3M
REIT - Industrial2.4%$3M
Country
US97.0%+16.6pp
Unknown3.0%-16.6pp
Top 5: 47.8% · Top 10: 74.8% · Top 25: 100.0%
Top buys this quarter · 13
| MRP Millrose Properties, Inc. | +$6M |
| IVT InvenTrust Properties Corp.new | +$5M |
| VNO Vornado Realty Trustnew | +$4M |
| DRH DiamondRock Hospitality Compannew | +$4M |
| ESRT Empire State Realty Trust, Incnew | +$4M |
| BRSP BrightSpire Capital, Inc. | +$4M |
| KREF KKR Real Estate Finance Trust new | +$3M |
| CPT Camden Property Trust | +$2M |
| PK Park Hotels & Resorts Inc. | +$2M |
| AVB AvalonBay Communities, Inc. | +$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $114M | 18 | -23.83% | +17.59% | -41.42% | +0.02B |
| 2025-12-31 | $97M | 15 | -38.85% | +17.72% | -56.57% | +0.04B |
| 2025-09-30 | $69M | 15 | -36.27% | +17.52% | -53.78% | +0.03B |
| 2025-06-30 | $37M | 9 | -35.08% | +14.94% | -50.02% | +0.01B |
| 2025-03-31 | $28M | 4 | -33.17% | +8.30% | -41.48% | +0.01B |
| 2024-12-31 | $30M | 3 | -19.57% | +24.89% | -44.46% | -0.00B |
| 2024-09-30 | $33M | 4 | -0.73% | +5.75% | -6.48% | -0.03B |
| 2024-06-30 | $60M | 17 | -6.01% | +4.38% | -10.39% | +0.02B |
| 2024-03-31 | $38M | 2 | -7.85% | +10.39% | -18.24% | -0.00B |
| 2023-12-31 | $43M | 2 | — | — | — | — |