Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.42%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.25%
baseline attrition
Rally response
-6.61%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMLPAlerian MLP ETF | $13M | 7.7% | — | 1.5 yr |
| ECEcopetrol S.A. | $8M | 5.1% | +59.5% | 1.3 yr |
| KSPIJoint Stock Company Kasp | $8M | 5.0% | -20.2% | 1.5 yr |
| AMPYAmplify Energy Corp. | $8M | 4.8% | +66.8% | 1.0 yr |
| PAGSPagSeguro Digital Ltd. | $8M | 4.6% | +38.4% | 1.5 yr |
| SMSM Energy Company | $7M | 4.6% | +8.9% | 0.3 yr |
| CHCIComstock Holding Compani | $7M | 4.1% | +119.7% | 1.0 yr |
| BBDBanco Bradesco S.A. | $6M | 3.8% | +70.3% | 1.3 yr |
| AVALGrupo Aval Acciones y Va | $6M | 3.8% | +67.6% | 1.5 yr |
| EOGEOG Resources, Inc. | $6M | 3.5% | +16.9% | 0.3 yr |
| STNEStoneCo Ltd. | $6M | 3.5% | +34.7% | 1.5 yr |
| OPBKOP Bancorp | $5M | 3.3% | +14.7% | 1.5 yr |
| NCSMNCS Multistage Holdings, | $5M | 3.0% | +76.7% | 0.5 yr |
| SLBSLB N.V. | $5M | 3.0% | +26.7% | 1.0 yr |
| AXRAMREP Corporation | $5M | 2.8% | +40.3% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production18.3%+12.7pp$30M
Banks - Regional13.7%-14.6pp$22M
Software - Infrastructure13.1%+2.0pp$21M
Asset Management8.9%+3.0pp$15M
Oil & Gas Equipment & Services7.4%$12M
Oil & Gas Integrated5.1%+1.2pp$8M
Furnishings, Fixtures & Appliances4.1%-1.1pp$7M
Real Estate - Diversified4.1%$7M
Medical - Instruments & Supplies3.6%$6M
Internet Content & Information3.5%+0.4pp$6M
Country
US70.8%+13.7pp
CO8.8%-2.9pp
BR8.4%+1.6pp
KZ5.0%+0.5pp
KY3.5%+0.8pp
MX1.8%+0.7pp
IE1.6%
Top 5: 27.2% · Top 10: 46.9% · Top 25: 83.3%
Top buys this quarter · 15
| SM SM Energy Companynew | +$7M |
| EOG EOG Resources, Inc.new | +$6M |
| TFX Teleflex Incorporatednew | +$4M |
| REI Ring Energy, Inc.new | +$3M |
| CRGY Crescent Energy Companynew | +$3M |
| NCSM NCS Multistage Holdings, Inc. | +$3M |
| ICLR ICON Public Limited Companynew | +$3M |
| ADBE Adobe Inc. | +$2M |
| LGCY Legacy Education Inc. | +$2M |
| KSPI Joint Stock Company Kaspi.kz | +$2M |
Top sells this quarter · 15
| PFLT PennantPark Floating Rate Capiexit | −$5M |
| MSDL Morgan Stanley Direct Lending exit | −$4M |
| NMFC New Mountain Finance Corporatiexit | −$4M |
| BCH Banco de Chileexit | −$4M |
| SLB SLB N.V. | −$2M |
| NVO Novo Nordisk A/Sexit | −$2M |
| FONR FONAR Corporationexit | −$2M |
| PAGS PagSeguro Digital Ltd. | −$2M |
| IAUX i-80 Gold Corp.exit | −$1M |
| AVAL Grupo Aval Acciones y Valores | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $163M | 43 | +27.72% | +17.59% | +10.13% | -0.02B |
| 2025-12-31 | $171M | 47 | +19.22% | +17.72% | +1.50% | +0.01B |
| 2025-09-30 | $159M | 45 | +6.60% | +8.12% | -1.52% | -0.00B |
| 2025-06-30 | $151M | 53 | +8.80% | +10.78% | -1.98% | -0.02B |
| 2025-03-31 | $156M | 48 | -0.08% | -4.27% | +4.19% | -0.01B |
| 2024-12-31 | $167M | 48 | — | — | — | — |