Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.84%
baseline attrition
Rally response
-2.20%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SMHISEACOR Marine Holdings I | $10M | 6.2% | +41.5% | 9.0 yr |
| AEMAgnico Eagle Mines Limit | $9M | 5.9% | +89.2% | 7.8 yr |
| HURCHurco Companies, Inc. | $7M | 4.2% | -5.2% | 8.3 yr |
| TAYDTaylor Devices, Inc. | $6M | 4.1% | +76.6% | 5.0 yr |
| AGIAlamos Gold Inc. | $6M | 3.9% | +66.7% | 8.3 yr |
| GLDSPDR Gold Shares | $6M | 3.9% | — | 10.5 yr |
| UHAL-BU-Haul Holding Company | $6M | 3.8% | — | 3.5 yr |
| GLWCorning Incorporated | $6M | 3.6% | +201.5% | 10.5 yr |
| BBWBuild-A-Bear Workshop, I | $6M | 3.5% | +1.9% | 6.8 yr |
| NEMNewmont Corporation | $6M | 3.5% | +127.1% | 7.0 yr |
| CVXChevron Corporation | $6M | 3.5% | +29.2% | 0.8 yr |
| BRTBRT Apartments Corp. | $5M | 3.4% | -17.7% | 10.5 yr |
| HLHecla Mining Company | $5M | 3.3% | +235.1% | 7.0 yr |
| BRK-BBerkshire Hathaway Inc. | $5M | 3.3% | — | 0.3 yr |
| CDECoeur Mining, Inc. | $5M | 3.2% | +217.1% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional19.3%+7.9pp$31M
Gold19.0%-1.0pp$30M
Industrial - Machinery8.3%+0.5pp$13M
Marine Shipping6.2%+3.9pp$10M
Asset Management5.1%-0.3pp$8M
Rental & Leasing Services4.0%+1.4pp$6M
Oil & Gas Integrated3.7%+3.5pp$6M
Hardware, Equipment & Parts3.6%+0.3pp$6M
Specialty Retail3.5%-3.4pp$6M
REIT - Residential3.4%-1.4pp$5M
Country
US85.0%+9.2pp
CA13.1%-3.8pp
Unknown1.6%-4.7pp
GB0.3%-0.7pp
Top 5: 24.4% · Top 10: 42.6% · Top 25: 82.5%
Top buys this quarter · 15
| SMHI SEACOR Marine Holdings Inc. | +$6M |
| CDE Coeur Mining, Inc. | +$4M |
| PGC Peapack-Gladstone Financial Co | +$3M |
| CCNE CNB Financial Corporation | +$3M |
| CRC California Resources Corporatinew | +$1M |
| WNEB Western New England Bancorp, Inew | +$1M |
| HURC Hurco Companies, Inc. | +$0M |
| TRC Tejon Ranch Co. | +$0M |
| BRT BRT Apartments Corp. | +$5M |
| CVX Chevron Corporation | +$0M |
Top sells this quarter · 15
| NGD New Gold Inc.exit | −$6M |
| COLM Columbia Sportswear Companyexit | −$5M |
| HL Hecla Mining Company | −$1M |
| BBW Build-A-Bear Workshop, Inc. | −$1M |
| GLW Corning Incorporated | −$4M |
| NEM Newmont Corporation | −$1M |
| TAYD Taylor Devices, Inc. | −$1M |
| VLO Valero Energy Corporation | −$1M |
| FFWM First Foundation Inc.exit | −$0M |
| AEM Agnico Eagle Mines Limited | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $159M | 56 | +55.97% | +17.59% | +38.38% | +0.01B |
| 2025-12-31 | $147M | 57 | +51.18% | +17.72% | +33.46% | -0.01B |
| 2025-09-30 | $148M | 55 | +37.37% | +17.52% | +19.85% | -0.01B |
| 2025-06-30 | $131M | 52 | +25.97% | +14.94% | +11.03% | -0.01B |
| 2025-03-31 | $121M | 51 | +8.00% | +8.30% | -0.30% | -0.00B |
| 2024-12-31 | $122M | 51 | +15.29% | +24.89% | -9.60% | +0.00B |
| 2024-09-30 | $125M | 51 | +23.52% | +36.04% | -12.52% | -0.00B |
| 2024-06-30 | $114M | 56 | +9.77% | +24.49% | -14.72% | +0.00B |
| 2024-03-31 | $115M | 55 | +14.95% | +29.62% | -14.67% | -0.00B |
| 2023-12-31 | $110M | 54 | +7.58% | +26.18% | -18.59% | +0.01B |
| 2023-09-30 | $100M | 55 | +22.05% | +21.57% | +0.48% | +0.00B |
| 2023-06-30 | $96M | 52 | +11.07% | +19.42% | -8.36% | -0.01B |
| 2023-03-31 | $101M | 61 | -7.17% | -7.82% | +0.65% | -0.00B |
| 2022-12-31 | $102M | 61 | +17.77% | +7.56% | +10.21% | -0.01B |
| 2022-09-30 | $92M | 62 | -7.92% | -4.93% | -2.99% | +0.01B |
| 2022-06-30 | $88M | 58 | -14.82% | -16.11% | +1.29% | -0.01B |