Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-21.75%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.75%
baseline attrition
Rally response
+3.46%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WELLWelltower Inc. | $713M | 15.0% | +31.2% | 5.3 yr |
| EQIXEquinix, Inc. | $635M | 13.3% | +23.0% | 6.5 yr |
| FRTFederal Realty Investmen | $387M | 8.1% | +12.4% | 4.3 yr |
| SPGSimon Property Group, In | $373M | 7.8% | +17.9% | 6.0 yr |
| DLRDigital Realty Trust, In | $355M | 7.5% | +29.4% | 7.8 yr |
| VTRVentas, Inc. | $343M | 7.2% | +21.4% | 5.5 yr |
| PLDPrologis, Inc. | $312M | 6.6% | +22.3% | 10.5 yr |
| HRHealthcare Realty Trust | $238M | 5.0% | +6.9% | 1.8 yr |
| VNOVornado Realty Trust | $194M | 4.1% | -28.2% | 1.5 yr |
| EXRExtra Space Storage Inc. | $188M | 4.0% | -7.6% | 2.3 yr |
| ESSEssex Property Trust, In | $163M | 3.4% | -18.8% | 10.0 yr |
| EQREquity Residential | $121M | 2.5% | -14.7% | 10.5 yr |
| ELSEquity LifeStyle Propert | $118M | 2.5% | -4.0% | 10.5 yr |
| TRNOTerreno Realty Corporati | $100M | 2.1% | +0.0% | 10.5 yr |
| MACThe Macerich Company | $83M | 1.7% | +14.3% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Healthcare Facilities27.2%-0.9pp$1.29B
REIT - Specialty20.8%+3.9pp$991M
REIT - Retail19.0%-0.4pp$903M
REIT - Industrial12.9%+3.6pp$615M
REIT - Residential9.6%-10.3pp$459M
REIT - Office4.3%+0.5pp$204M
REIT - Diversified1.7%+0.8pp$79M
Regulated Electric1.3%+0.6pp$63M
REIT - Hotel & Motel0.8%+0.2pp$40M
Regulated Water0.6%+0.6pp$28M
Country
US100.0%+0.0pp
Top 5: 51.8% · Top 10: 78.6% · Top 25: 98.1%
Top buys this quarter · 15
| HR Healthcare Realty Trust Incorp | +$100M |
| EQIX Equinix, Inc. | +$84M |
| MAC The Macerich Company | +$56M |
| VNO Vornado Realty Trust | +$49M |
| FRT Federal Realty Investment Trus | +$36M |
| UE Urban Edge Properties | +$34M |
| JAN Janus Living, Inc.new | +$16M |
| HTO H2O America | +$15M |
| BKH Black Hills Corporationnew | +$12M |
| KIM Kimco Realty Corporation | +$11M |
Top sells this quarter · 15
| PLD Prologis, Inc. | −$97M |
| VTR Ventas, Inc. | −$84M |
| EXR Extra Space Storage Inc. | −$82M |
| CUZ Cousins Properties Incorporate | −$57M |
| AVB AvalonBay Communities, Inc.exit | −$47M |
| INVH Invitation Homes Inc. | −$21M |
| ESRT Empire State Realty Trust, Incexit | −$14M |
| SPG Simon Property Group, Inc. | −$5M |
| DLR Digital Realty Trust, Inc. | −$309M |
| SO The Southern Company | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.76B | 40 | +8.07% | +17.59% | -9.52% | -0.02B |
| 2025-12-31 | $4.52B | 41 | +2.57% | +17.72% | -15.15% | -0.57B |
| 2025-09-30 | $5.14B | 38 | +0.73% | +17.52% | -16.79% | -0.13B |
| 2025-06-30 | $5.04B | 39 | +10.58% | +14.94% | -4.36% | -0.03B |
| 2025-03-31 | $5.14B | 41 | +12.72% | +8.30% | +4.42% | -0.43B |
| 2024-12-31 | $5.56B | 43 | +12.34% | +24.89% | -12.54% | -0.11B |
| 2024-09-30 | $5.83B | 41 | +31.39% | +36.04% | -4.64% | -0.28B |
| 2024-06-30 | $5.32B | 41 | +7.00% | +24.49% | -17.49% | -0.31B |
| 2024-03-31 | $5.59B | 42 | +9.14% | +29.62% | -20.48% | +0.09B |
| 2023-12-31 | $5.51B | 41 | +12.96% | +26.18% | -13.22% | -0.23B |
| 2023-09-30 | $5.04B | 40 | +1.68% | +21.57% | -19.89% | -0.63B |
| 2023-06-30 | $6.07B | 39 | -1.57% | +19.42% | -21.00% | +0.02B |
| 2023-03-31 | $5.89B | 37 | -22.61% | -7.82% | -14.79% | -0.09B |
| 2022-12-31 | $5.79B | 33 | +2.54% | +7.56% | -5.02% | +0.12B |
| 2022-09-30 | $5.53B | 29 | -9.52% | -4.93% | -4.59% | -0.48B |
| 2022-06-30 | $6.65B | 30 | -19.23% | -16.11% | -3.12% | -0.22B |