Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.52%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.84%
baseline attrition
Rally response
-9.09%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NBNNortheast Bank | $14M | 3.1% | +22.8% | 7.0 yr |
| ALCOAlico, Inc. | $12M | 2.5% | +38.7% | 5.0 yr |
| NGSNatural Gas Services Gro | $12M | 2.5% | +73.6% | 10.5 yr |
| MCBMetropolitan Bank Holdin | $11M | 2.5% | +49.7% | 8.5 yr |
| HRTGHeritage Insurance Holdi | $11M | 2.3% | +82.0% | 9.5 yr |
| DHXDHI Group, Inc. | $10M | 2.2% | +102.2% | 4.5 yr |
| APEIAmerican Public Educatio | $10M | 2.1% | +154.8% | 1.5 yr |
| JAKKJAKKS Pacific, Inc. | $9M | 1.9% | -14.9% | 2.8 yr |
| AVNWAviat Networks, Inc. | $9M | 1.9% | +17.9% | 1.3 yr |
| NWPXNWPX Infrastructure, Inc | $9M | 1.9% | +88.5% | 10.5 yr |
| MPAAMotorcar Parts of Americ | $9M | 1.8% | +16.4% | 5.0 yr |
| VBNKVersaBank | $8M | 1.8% | +37.4% | 1.5 yr |
| PKBKParke Bancorp, Inc. | $8M | 1.8% | +56.0% | 8.8 yr |
| UNTYUnity Bancorp, Inc. | $8M | 1.8% | +28.9% | 5.3 yr |
| BWFGBankwell Financial Group | $8M | 1.8% | +63.9% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional29.4%-3.0pp$136M
Auto - Parts4.5%-2.8pp$21M
Staffing & Employment Services4.1%-0.9pp$19M
Insurance - Property & Casualty4.1%+1.1pp$19M
Oil & Gas Equipment & Services3.6%-0.2pp$16M
Semiconductors3.4%-0.0pp$16M
Apparel - Retail3.2%+2.0pp$15M
Software - Application2.9%-0.6pp$13M
Furnishings, Fixtures & Appliances2.7%-0.8pp$13M
Agricultural Farm Products2.5%+0.2pp$12M
Country
US97.5%-0.3pp
GB1.8%+0.2pp
Unknown0.5%+0.1pp
CN0.2%+0.1pp
Top 5: 12.9% · Top 10: 22.8% · Top 25: 48.2%
Top buys this quarter · 15
| SCVL Shoe Carnival, Inc. | +$2M |
| CBK Commercial Bancgroup, Inc. Com | +$2M |
| JILL J.Jill, Inc. | +$2M |
| BBW Build-A-Bear Workshop, Inc. | +$8M |
| AII American Integrity Insurance G | +$2M |
| LAKE Lakeland Industries, Inc. | +$1M |
| RRGB Red Robin Gourmet Burgers, Inc | +$5M |
| SNBR Sleep Number Corporation | +$3M |
| CBNK Capital Bancorp, Inc. | +$1M |
| HRTG Heritage Insurance Holdings, I | +$11M |
Top sells this quarter · 15
| LINC Lincoln Educational Services Cexit | −$12M |
| OSS One Stop Systems, Inc.exit | −$3M |
| NWPX NWPX Infrastructure, Inc. | −$3M |
| CRAI CRA International, Inc. | −$3M |
| ASYS Amtech Systems, Inc. | −$3M |
| HBCP Home Bancorp, Inc. | −$2M |
| UCTT Ultra Clean Holdings, Inc. | −$2M |
| NGS Natural Gas Services Group, In | −$2M |
| ICHR Ichor Holdings, Ltd.exit | −$1M |
| CBAN Colony Bankcorp, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $462M | 137 | +31.40% | +17.59% | +13.81% | -0.00B |
| 2025-12-31 | $456M | 138 | +17.27% | +17.72% | -0.45% | -0.01B |
| 2025-09-30 | $455M | 135 | +20.28% | +17.52% | +2.76% | -0.01B |
| 2025-06-30 | $418M | 133 | +21.57% | +14.94% | +6.63% | -0.01B |
| 2025-03-31 | $379M | 136 | +1.89% | +8.30% | -6.41% | -0.02B |
| 2024-12-31 | $436M | 139 | +12.04% | +24.89% | -12.84% | -0.01B |
| 2024-09-30 | $422M | 137 | +22.86% | +36.04% | -13.18% | -0.05B |
| 2024-06-30 | $416M | 139 | +8.73% | +24.49% | -15.76% | -0.02B |
| 2024-03-31 | $456M | 136 | +18.73% | +29.62% | -10.90% | -0.04B |
| 2023-12-31 | $492M | 137 | +13.93% | +26.18% | -12.25% | -0.00B |
| 2023-09-30 | $431M | 136 | +10.68% | +21.57% | -10.88% | -0.01B |
| 2023-06-30 | $440M | 133 | +4.28% | +19.42% | -15.15% | +0.02B |
| 2023-03-31 | $406M | 129 | -15.42% | -7.82% | -7.60% | +0.00B |
| 2022-12-31 | $424M | 127 | +11.28% | +7.56% | +3.72% | -0.01B |
| 2022-09-30 | $386M | 126 | -5.47% | -4.93% | -0.54% | -0.01B |
| 2022-06-30 | $424M | 127 | -15.94% | -16.11% | +0.17% | -0.02B |