Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-16.96%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.13%
baseline attrition
Rally response
-4.90%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| QCRHQCR Holdings, Inc. | $7M | 5.6% | +20.2% | 10.5 yr |
| OBKOrigin Bancorp, Inc. | $5M | 4.1% | +21.5% | 0.8 yr |
| HBNCHorizon Bancorp, Inc. | $5M | 3.6% | +13.4% | 0.8 yr |
| BCALSouthern California Banc | $5M | 3.5% | +25.1% | 0.5 yr |
| VLYPNValley National Bancorp | $4M | 3.4% | — | 2.8 yr |
| CFGCitizens Financial Group | $4M | 3.4% | +51.7% | 9.0 yr |
| IBOCInternational Bancshares | $4M | 3.2% | +8.9% | 3.3 yr |
| EWBCEast West Bancorp, Inc. | $4M | 3.1% | +22.1% | 4.5 yr |
| ZIONZions Bancorporation, Na | $4M | 2.8% | +19.4% | 6.5 yr |
| ONBOld National Bancorp | $3M | 2.6% | +6.9% | 4.0 yr |
| BRBSBlue Ridge Bankshares, I | $3M | 2.6% | +36.4% | 2.0 yr |
| OSBCOld Second Bancorp, Inc. | $3M | 2.6% | +23.0% | 5.8 yr |
| FRAFFranklin Financial Servi | $3M | 2.5% | +48.6% | 0.3 yr |
| DCOMDime Community Bancshare | $3M | 2.4% | +25.7% | 2.8 yr |
| FFBCFirst Financial Bancorp. | $3M | 2.3% | +16.0% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional95.6%-0.6pp$124M
Banks - Diversified3.1%+1.0pp$4M
Unknown1.3%-0.4pp$2M
Country
US98.7%+0.4pp
Unknown1.3%-0.4pp
Top 5: 20.2% · Top 10: 35.3% · Top 25: 67.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| QCRH | $8M | +0.00B | 20.2% |
| BRBS | $3M | +0.00B | 36.4% |
| CFG | $2M | +0.00B | 51.7% |
| SMBK | $4M | +0.00B | 26.9% |
| DCOM | $3M | +0.00B | 25.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| FRAF Franklin Financial Services Conew | +$3M |
| FFBC First Financial Bancorp.new | +$3M |
| SFNC Simmons First National Corporanew | +$2M |
| BCAL Southern California Bancorp | +$2M |
| BUSE First Busey Corporation | +$2M |
| UMBF UMB Financial Corporation | +$2M |
| AVBH Avidbank Holdings, Inc. | +$1M |
| FLG Flagstar Financial, Inc.new | +$1M |
| HBNC Horizon Bancorp, Inc. | +$0M |
| HAFC Hanmi Financial Corporation | +$0M |
Top sells this quarter · 15
| SFBS ServisFirst Bancshares, Inc. | −$8M |
| SFST Southern First Bancshares, Inc | −$3M |
| AUB Atlantic Union Bankshares Corpexit | −$3M |
| WBS Webster Financial Corporationexit | −$3M |
| OFG OFG Bancorpexit | −$2M |
| HBCP Home Bancorp, Inc.exit | −$2M |
| ESQ Esquire Financial Holdings, Inexit | −$2M |
| SPFI South Plains Financial, Inc.exit | −$2M |
| CCB Coastal Financial Corporationexit | −$1M |
| WTFC Wintrust Financial Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $130M | 46 | +26.25% | +17.59% | +8.66% | +0.01B |
| 2025-12-31 | $121M | 45 | +17.53% | +17.72% | -0.19% | -0.01B |
| 2025-09-30 | $124M | 48 | +21.79% | +17.52% | +4.27% | +0.00B |
| 2025-06-30 | $111M | 41 | +28.21% | +14.94% | +13.27% | -0.01B |
| 2025-03-31 | $110M | 43 | +17.75% | +8.30% | +9.45% | -0.01B |
| 2024-12-31 | $123M | 41 | +15.62% | +24.89% | -9.27% | -0.01B |
| 2024-09-30 | $124M | 43 | +32.50% | +36.04% | -3.54% | -0.01B |
| 2024-06-30 | $116M | 44 | +14.52% | +24.49% | -9.97% | -0.00B |
| 2024-03-31 | $121M | 46 | +10.27% | +29.62% | -19.35% | -0.01B |
| 2023-12-31 | $144M | 48 | -1.65% | +26.18% | -27.82% | -0.01B |
| 2023-09-30 | $122M | 45 | -16.50% | +21.57% | -38.07% | -0.01B |
| 2023-06-30 | $137M | 46 | -14.78% | +19.42% | -34.20% | -0.01B |
| 2023-03-31 | $156M | 53 | -21.39% | -7.82% | -13.57% | -0.03B |
| 2022-12-31 | $224M | 56 | +5.46% | +7.56% | -2.10% | -0.01B |
| 2022-09-30 | $218M | 54 | +1.60% | -4.93% | +6.53% | -0.02B |
| 2022-06-30 | $233M | 54 | -12.33% | -16.11% | +3.79% | -0.01B |