Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-29.03%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.59%
baseline attrition
Rally response
-2.62%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDSPDR Gold Shares | $29M | 6.0% | — | 9.8 yr |
| CBUCommunity Bank System, I | $24M | 5.0% | +6.5% | 10.3 yr |
| PAVEGlobal X - U.S. Infrastr | $17M | 3.4% | — | 5.3 yr |
| NVDANVIDIA Corporation | $15M | 3.2% | +60.9% | 4.5 yr |
| EEMiShares MSCI Emerging Ma | $15M | 3.1% | — | 3.5 yr |
| XBIState Street SPDR S&P Bi | $14M | 2.8% | — | 7.8 yr |
| CCitigroup Inc. | $14M | 2.8% | +63.9% | 2.8 yr |
| AAPLApple Inc. | $13M | 2.6% | +14.7% | 9.5 yr |
| GDXJVanEck Junior Gold Miner | $12M | 2.5% | — | 2.5 yr |
| AIRRFirst Trust RBA American | $12M | 2.5% | — | 3.0 yr |
| GLWCorning Incorporated | $11M | 2.2% | +201.5% | 2.0 yr |
| IXUSiShares Core MSCI Total | $10M | 2.0% | — | 1.3 yr |
| UTESVirtus Reaves Utilities | $9M | 1.9% | — | 1.8 yr |
| PLTRPalantir Technologies In | $9M | 1.9% | +73.3% | 4.5 yr |
| EUFNiShares MSCI Europe Fina | $9M | 1.9% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management42.0%-0.4pp$204M
Semiconductors6.3%+1.1pp$31M
Banks - Regional5.8%+5.4pp$28M
Asset Management - Global4.4%-0.4pp$22M
Software - Infrastructure3.4%-2.1pp$17M
Banks - Diversified2.9%+0.3pp$14M
Consumer Electronics2.6%-0.9pp$13M
Asset Management - Bonds2.4%+0.7pp$12M
Hardware, Equipment & Parts2.3%+0.7pp$11M
Financial - Credit Services2.0%-3.4pp$10M
Country
US97.5%-0.2pp
CA1.9%+0.5pp
UY0.6%-0.2pp
Top 5: 20.7% · Top 10: 33.9% · Top 25: 59.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GLW | $6M | +0.01B | 201.5% |
| STRL | $3M | +0.01B | 259.7% |
| NVDA | $11M | +0.01B | 60.9% |
| AVGO | $7M | +0.01B | 86.0% |
| C | $9M | +0.01B | 63.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CENX Century Aluminum Company | +$4M |
| CDE Coeur Mining, Inc.new | +$3M |
| OSK Oshkosh Corporation | +$3M |
| LOB Live Oak Bancshares, Inc. | +$2M |
| CRWD CrowdStrike Holdings, Inc. | +$1M |
| CBU Community Bank System, Inc. | +$1M |
| FMNB Farmers National Banc Corp.new | +$1M |
| SNDK Sandisk Corporationnew | +$0M |
| MU Micron Technology, Inc. | +$0M |
| D Dominion Energy, Inc. | +$0M |
Top sells this quarter · 15
| PANW Palo Alto Networks, Inc.exit | −$6M |
| TDG TransDigm Group Incorporatedexit | −$5M |
| NGD New Gold Inc.exit | −$3M |
| META Meta Platforms, Inc.exit | −$2M |
| SPY State Street SPDR S&P 500 ETF | −$2M |
| SOFI SoFi Technologies, Inc. | −$2M |
| FSLR First Solar, Inc. | −$1M |
| EXE Expand Energy Corporationexit | −$1M |
| V Visa Inc. | −$1M |
| WMT Walmart Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $486M | 127 | +42.99% | +17.59% | +25.40% | -0.00B |
| 2025-12-31 | $496M | 128 | +28.83% | +17.72% | +11.11% | +0.02B |
| 2025-09-30 | $461M | 116 | +34.60% | +17.52% | +17.08% | -0.01B |
| 2025-06-30 | $407M | 913 | +19.89% | +14.94% | +4.95% | -0.02B |
| 2025-03-31 | $350M | 634 | +2.54% | +8.30% | -5.76% | +0.02B |
| 2024-12-31 | $374M | 640 | +28.22% | +24.89% | +3.34% | -0.02B |
| 2024-09-30 | $366M | 630 | +36.50% | +36.04% | +0.46% | +0.02B |
| 2024-06-30 | $332M | 648 | +25.74% | +24.49% | +1.25% | -0.03B |
| 2024-03-31 | $343M | 645 | +28.20% | +29.62% | -1.42% | -0.01B |
| 2023-12-31 | $315M | 420 | +17.48% | +26.18% | -8.70% | -0.00B |
| 2023-09-30 | $281M | 411 | +8.46% | +21.57% | -13.11% | +0.01B |
| 2023-06-30 | $284M | 385 | +9.98% | +19.42% | -9.44% | +0.01B |
| 2023-03-31 | $258M | 369 | -15.62% | -7.82% | -7.80% | +0.01B |
| 2022-12-31 | $243M | 330 | -20.76% | -18.17% | -2.59% | -0.02B |
| 2022-09-30 | $252M | 321 | -16.15% | -15.51% | -0.64% | +0.02B |
| 2022-06-30 | $242M | 295 | -12.54% | -10.62% | -1.92% | -0.04B |