Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.33%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.34%
baseline attrition
Rally response
-10.57%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $72M | 8.1% | — | 0.8 yr |
| HTBHomeTrust Bancshares, In | $66M | 7.5% | +26.0% | 6.8 yr |
| NICNicolet Bankshares, Inc. | $46M | 5.1% | +37.7% | 0.8 yr |
| SFSTSouthern First Bancshare | $44M | 5.0% | +65.6% | 6.0 yr |
| EQBKEquity Bancshares, Inc. | $41M | 4.6% | +14.1% | 10.5 yr |
| BCALSouthern California Banc | $36M | 4.1% | +25.1% | 3.0 yr |
| EBCEastern Bankshares, Inc. | $34M | 3.8% | +22.9% | 4.8 yr |
| RBBRBB Bancorp | $32M | 3.6% | +34.1% | 7.3 yr |
| OSBCOld Second Bancorp, Inc. | $30M | 3.4% | +23.0% | 10.5 yr |
| FRMEFirst Merchants Corporat | $28M | 3.1% | -0.6% | 1.8 yr |
| SBCFSeacoast Banking Corpora | $27M | 3.1% | +20.7% | 5.3 yr |
| HBNCHorizon Bancorp, Inc. | $21M | 2.4% | +13.4% | 1.5 yr |
| TOWNTowneBank | $19M | 2.1% | +1.7% | 2.0 yr |
| HBANHuntington Bancshares In | $17M | 2.0% | +8.2% | 2.0 yr |
| BKUBankUnited, Inc. | $17M | 1.9% | +34.6% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional70.2%-15.8pp$623M
Unknown8.8%$78M
Banks - Diversified2.9%+1.0pp$25M
Financial - Capital Markets2.5%+1.6pp$23M
Insurance - Property & Casualty2.5%-0.1pp$22M
Asset Management1.5%+0.1pp$14M
REIT - Retail1.2%+0.7pp$11M
Insurance - Diversified1.1%+0.6pp$10M
Real Estate - Services1.1%+0.7pp$10M
Insurance - Life1.1%+0.4pp$9M
Country
US90.4%-9.0pp
Unknown8.8%
BM0.7%
GB0.0%-0.5pp
Top 5: 30.3% · Top 10: 48.4% · Top 25: 73.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SFST | $27M | +0.02B | 65.6% |
| ABCB | $45M | +0.02B | 36.6% |
| HTB | $59M | +0.02B | 26.0% |
| RBB | $29M | +0.01B | 34.1% |
| INDB | $32M | +0.01B | 23.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| NIC Nicolet Bankshares, Inc. | +$42M |
| BKU BankUnited, Inc.new | +$17M |
| EBC Eastern Bankshares, Inc. | +$16M |
| HBAN Huntington Bancshares Incorpor | +$16M |
| BCAL Southern California Bancorp | +$14M |
| TOWN TowneBank | +$12M |
| CVBF CVB Financial Corp. | +$11M |
| NTRS Northern Trust Corporationnew | +$11M |
| XZO Exzeo Group, Inc. | +$7M |
| JLL Jones Lang LaSalle Incorporate | +$6M |
Top sells this quarter · 15
| ABCB Ameris Bancorp | −$36M |
| WAL Western Alliance Bancorporatioexit | −$31M |
| WBS Webster Financial Corporationexit | −$27M |
| USB U.S. Bancorp | −$14M |
| SBCF Seacoast Banking Corporation o | −$14M |
| ZION Zions Bancorporation, Nationalexit | −$14M |
| EQBK Equity Bancshares, Inc. | −$14M |
| QCRH QCR Holdings, Inc. | −$9M |
| OSBC Old Second Bancorp, Inc. | −$7M |
| SMBC Southern Missouri Bancorp, Inc | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $888M | 126 | +20.65% | +17.59% | +3.06% | -0.03B |
| 2025-12-31 | $906M | 128 | +14.44% | +17.72% | -3.28% | -0.08B |
| 2025-09-30 | $930M | 141 | +13.63% | +17.52% | -3.89% | -0.08B |
| 2025-06-30 | $943M | 128 | +25.18% | +14.94% | +10.24% | -0.07B |
| 2025-03-31 | $966M | 111 | +19.26% | +8.30% | +10.96% | +0.14B |
| 2024-12-31 | $862M | 111 | +22.03% | +24.89% | -2.86% | -0.14B |
| 2024-09-30 | $954M | 120 | +46.78% | +36.04% | +10.74% | -0.18B |
| 2024-06-30 | $956M | 109 | +27.96% | +24.49% | +3.47% | -0.03B |
| 2024-03-31 | $983M | 98 | +19.98% | +29.62% | -9.64% | +0.01B |
| 2023-12-31 | $996M | 102 | +2.54% | +26.18% | -23.64% | -0.12B |
| 2023-09-30 | $884M | 108 | -13.32% | +21.57% | -34.88% | +0.07B |
| 2023-06-30 | $784M | 104 | -17.09% | +19.42% | -36.52% | +0.03B |
| 2023-03-31 | $808M | 98 | -22.40% | -7.82% | -14.58% | +0.11B |
| 2022-12-31 | $834M | 88 | +6.92% | +7.56% | -0.64% | -0.05B |
| 2022-09-30 | $828M | 92 | -1.32% | -4.93% | +3.61% | -0.16B |
| 2022-06-30 | $1.00B | 94 | -12.23% | -16.11% | +3.88% | -0.02B |