Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.15%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.09%
baseline attrition
Rally response
-1.53%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CBANColony Bankcorp, Inc. | $9M | 6.4% | +27.0% | 4.3 yr |
| CARECarter Bankshares, Inc. | $9M | 6.2% | +44.1% | 4.5 yr |
| FXNCFirst National Corporati | $8M | 5.8% | +23.3% | 4.5 yr |
| CBKCommercial Bancgroup, In | $8M | 5.3% | — | 0.5 yr |
| WBSWebster Financial Corpor | $7M | 4.9% | +38.5% | 4.3 yr |
| RNSTRenasant Corporation | $7M | 4.9% | +9.2% | 1.0 yr |
| BANCBanc of California, Inc. | $7M | 4.9% | +27.0% | 4.5 yr |
| MPBMid Penn Bancorp, Inc. | $6M | 4.4% | +27.9% | 4.5 yr |
| ORRFOrrstown Financial Servi | $6M | 4.3% | +24.2% | 1.8 yr |
| WALWestern Alliance Bancorp | $6M | 3.9% | -6.0% | 4.0 yr |
| HWCHancock Whitney Corporat | $5M | 3.8% | +25.0% | 4.5 yr |
| CCNECNB Financial Corporatio | $5M | 3.8% | +33.9% | 3.3 yr |
| UMBFUMB Financial Corporatio | $5M | 3.4% | +13.2% | 1.3 yr |
| FCNCAFirst Citizens BancShare | $5M | 3.2% | — | 4.3 yr |
| WTFCWintrust Financial Corpo | $4M | 2.9% | +25.5% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional89.5%-10.5pp$128M
Banks5.3%$8M
Unknown3.9%$6M
Banks - Diversified1.4%$2M
Country
US96.1%-3.9pp
Unknown3.9%
Top 5: 28.6% · Top 10: 51.0% · Top 25: 89.8%
Top buys this quarter · 3
| UMBF UMB Financial Corporation | +$2M |
| EWBC East West Bancorp, Inc.new | +$2M |
| — new | +$0M |
Top sells this quarter · 15
| PNFP Pinnacle Financial Partners, Iexit | −$3M |
| ZION Zions Bancorporation, Nationalexit | −$3M |
| CBK Commercial Bancgroup, Inc. Com | −$1M |
| CFG Citizens Financial Group, Inc. | −$0M |
| ORRF Orrstown Financial Services, I | −$0M |
| HBAN Huntington Bancshares Incorpor | −$0M |
| WAL Western Alliance Bancorporatio | −$0M |
| FNB F.N.B. Corporation | −$0M |
| CBAN Colony Bankcorp, Inc. | −$8M |
| COLB Columbia Banking System, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $143M | 32 | +20.54% | +17.59% | +2.95% | -0.02B |
| 2025-12-31 | $162M | 34 | +11.21% | +17.72% | -6.51% | +0.01B |
| 2025-09-30 | $145M | 36 | +11.36% | +17.52% | -6.15% | -0.01B |
| 2025-06-30 | $141M | 37 | +25.64% | +14.94% | +10.70% | -0.01B |
| 2025-03-31 | $142M | 38 | +19.30% | +8.30% | +11.00% | -0.01B |
| 2024-12-31 | $159M | 39 | +18.25% | +24.89% | -6.64% | -0.00B |
| 2024-09-30 | $153M | 39 | +40.52% | +36.04% | +4.48% | +0.01B |
| 2024-06-30 | $119M | 38 | +16.11% | +24.49% | -8.38% | -0.01B |
| 2024-03-31 | $128M | 38 | +11.89% | +29.62% | -17.73% | +0.00B |
| 2023-12-31 | $135M | 39 | -1.36% | +26.18% | -27.54% | -0.00B |
| 2023-09-30 | $109M | 39 | -20.19% | +21.57% | -41.75% | +0.01B |
| 2023-06-30 | $102M | 37 | -21.11% | +19.42% | -40.54% | +0.00B |
| 2023-03-31 | $104M | 36 | -27.16% | -7.82% | -19.34% | -0.01B |
| 2022-12-31 | $136M | 38 | +2.49% | +7.56% | -5.08% | -0.00B |
| 2022-09-30 | $134M | 40 | -1.17% | -4.93% | +3.76% | +0.02B |
| 2022-06-30 | $114M | 39 | -12.61% | -16.11% | +3.50% | +0.00B |