Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.17%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.40%
baseline attrition
Rally response
-15.38%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPXLDirexion Daily S&P 500 B | $27M | 16.3% | — | 6.8 yr |
| IGSBiShares 1-5 Year Investm | $10M | 6.0% | — | 6.8 yr |
| LQDiShares iBoxx $ Investme | $10M | 5.8% | — | 6.8 yr |
| HYGiShares iBoxx $ High Yie | $8M | 4.7% | — | 6.8 yr |
| TXNTexas Instruments Incorp | $5M | 3.0% | +11.4% | 6.8 yr |
| IGIBiShares 5-10 Year Invest | $4M | 2.2% | — | 6.8 yr |
| QQQHNEOS Nasdaq-100 Hedged E | $3M | 2.0% | — | 1.3 yr |
| GVIiShares Intermediate Gov | $3M | 1.7% | — | 6.8 yr |
| IBDWiShares iBonds Dec 2031 | $2M | 1.5% | — | 0.8 yr |
| IUSBiShares Core Universal U | $2M | 1.5% | — | 4.5 yr |
| IYEiShares U.S. Energy ETF | $2M | 1.5% | — | 1.8 yr |
| TSLXSixth Street Specialty L | $2M | 1.4% | -10.0% | 4.5 yr |
| PAAPlains All American Pipe | $2M | 1.4% | +21.8% | 2.3 yr |
| IDUiShares U.S. Utilities E | $2M | 1.3% | — | 3.0 yr |
| IBDSiShares iBonds Dec 2027 | $2M | 1.3% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management29.4%-3.7pp$49M
Asset Management - Bonds21.4%+2.9pp$36M
Asset Management - Leveraged16.3%-2.8pp$27M
Semiconductors5.6%+1.8pp$9M
Oil & Gas Midstream3.9%+0.7pp$7M
Hardware, Equipment & Parts2.4%$4M
Banks - Diversified1.7%-0.1pp$3M
Oil & Gas Integrated1.3%+0.1pp$2M
Gold1.2%+0.7pp$2M
Software - Infrastructure1.1%+0.3pp$2M
Country
US93.4%-3.1pp
GB2.1%+1.6pp
CA1.4%+0.5pp
Unknown0.9%+0.1pp
NL0.8%+0.3pp
ZA0.6%
LU0.5%
BM0.1%-0.1pp
Top 5: 35.7% · Top 10: 44.5% · Top 25: 62.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TXN | $7M | +0.00B | 11.4% |
| NVDA | $1M | +0.00B | 60.9% |
| CRS | $0M | +0.00B | 118.3% |
| AAPL | $2M | +0.00B | 14.7% |
| BK | $1M | +0.00B | 44.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSLX | $3M | -0.00B | -10.0% |
Top buys this quarter · 15
| KEYS Keysight Technologies, Inc.new | +$2M |
| BP BP p.l.c.new | +$2M |
| WDC Western Digital Corporationnew | +$2M |
| BTSG BrightSpring Health Services, new | +$2M |
| DD DuPont de Nemours, Inc.new | +$1M |
| PAA Plains All American Pipeline, | +$1M |
| KEY KeyCorpnew | +$1M |
| KLAC KLA Corporationnew | +$1M |
| MU Micron Technology, Inc. | +$1M |
| LNC Lincoln National Corporationnew | +$1M |
Top sells this quarter · 15
| TPR Tapestry, Inc. | −$5M |
| TXN Texas Instruments Incorporated | −$3M |
| AEP American Electric Power Compan | −$2M |
| AEM Agnico Eagle Mines Limitedexit | −$2M |
| PH Parker-Hannifin Corporationexit | −$2M |
| TIGO Millicom International Cellula | −$1M |
| VTR Ventas, Inc.exit | −$1M |
| JNJ Johnson & Johnsonexit | −$1M |
| ABT Abbott Laboratoriesexit | −$1M |
| LLY Eli Lilly and Companyexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $168M | 109 | +21.56% | +17.59% | +3.97% | -0.03B |
| 2025-12-31 | $184M | 123 | +16.79% | +17.72% | -0.92% | -0.08B |
| 2025-09-30 | $254M | 138 | +27.83% | +17.52% | +10.31% | -0.02B |
| 2025-06-30 | $266M | 140 | +27.12% | +13.45% | +13.67% | +0.03B |
| 2025-03-31 | $218M | 134 | +26.98% | +13.05% | +13.93% | -0.02B |
| 2024-12-31 | $230M | 130 | +38.10% | +31.84% | +6.26% | +0.09B |
| 2024-06-30 | $123M | 28 | +20.35% | +24.49% | -4.14% | -0.17B |
| 2024-03-31 | $287M | 127 | +17.89% | +29.62% | -11.74% | -0.00B |
| 2023-12-31 | $269M | 122 | +17.52% | +26.18% | -8.66% | +0.02B |
| 2023-09-30 | $230M | 113 | +15.45% | +21.57% | -6.12% | -0.00B |
| 2023-06-30 | $238M | 79 | +14.95% | +19.42% | -4.48% | -0.00B |
| 2023-03-31 | $236M | 91 | -2.17% | -7.82% | +5.65% | -0.00B |
| 2022-12-31 | $220M | 91 | -13.04% | -18.17% | +5.14% | -0.01B |
| 2022-09-30 | $210M | 92 | -10.97% | -15.51% | +4.53% | -0.02B |
| 2022-06-30 | $235M | 87 | -8.08% | -10.62% | +2.54% | +0.00B |
| 2022-03-31 | $270M | 89 | +80.37% | +15.45% | +64.91% | -0.01B |