Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.69%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.91%
baseline attrition
Rally response
-17.98%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BKLNInvesco Senior Loan ETF | $39M | 47.0% | — | 0.3 yr |
| AOHYAngel Oak High Yield Opp | $8M | 9.0% | — | 1.5 yr |
| USHYiShares Broad USD High Y | $6M | 7.0% | — | 1.5 yr |
| PNBKPatriot National Bancorp | $4M | 4.9% | +11.2% | 1.3 yr |
| TRBFAngel Oak Total Return E | $3M | 4.1% | — | 0.5 yr |
| KINSKingstone Companies, Inc | $2M | 1.9% | -11.6% | 1.5 yr |
| UMBFUMB Financial Corporatio | $2M | 1.8% | +13.2% | 1.3 yr |
| MTBM&T Bank Corporation | $2M | 1.8% | +19.1% | 1.3 yr |
| FCNCAFirst Citizens BancShare | $1M | 1.7% | — | 1.5 yr |
| EFC-PDEllington Financial Inc. | $1M | 1.7% | — | 1.5 yr |
| PFBCPreferred Bank | $1M | 1.7% | +11.3% | 0.8 yr |
| GCBCGreene County Bancorp, I | $1M | 1.6% | -5.5% | 1.5 yr |
| PLBCPlumas Bancorp | $1M | 1.5% | +16.0% | 1.5 yr |
| CCitigroup Inc. | $1M | 1.5% | +63.9% | 1.3 yr |
| PMTPennyMac Mortgage Invest | $1M | 1.1% | -12.6% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management56.4%+16.2pp$47M
Banks - Regional23.8%-5.7pp$20M
Asset Management - Bonds7.9%+4.4pp$7M
Financial - Mortgages4.1%$3M
REIT - Mortgage2.8%-10.8pp$2M
Insurance - Property & Casualty1.9%-4.6pp$2M
Unknown1.6%-1.9pp$1M
Banks - Diversified1.5%-1.7pp$1M
Country
US98.4%+1.9pp
Unknown1.6%-1.9pp
Top 5: 72.0% · Top 10: 80.9% · Top 25: 96.9%
Top buys this quarter · 11
| TRBF Angel Oak Total Return ETF | +$0M |
| BKLN Invesco Senior Loan ETFnew | +$0M |
| LQD iShares iBoxx $ Investment Granew | +$0M |
| — new | +$0M |
| PFBC Preferred Bank | +$1M |
| SFBS ServisFirst Bancshares, Inc.new | +$1M |
| SYBT Stock Yards Bancorp, Inc.new | +$0M |
| MTB M&T Bank Corporation | +$0M |
| FLG Flagstar Financial, Inc. | +$0M |
| NBN Northeast Bank | +$0M |
Top sells this quarter · 14
| AOHY Angel Oak High Yield Opportuni | −$0M |
| FCNCA First Citizens BancShares, Inc | −$0M |
| USHY iShares Broad USD High Yield C | −$0M |
| — exit | −$0M |
| RWT Redwood Trust, Inc.exit | −$1M |
| EWBC East West Bancorp, Inc.exit | −$1M |
| PNFP Pinnacle Financial Partners, Iexit | −$1M |
| WAL Western Alliance Bancorporatioexit | −$1M |
| EGBN Eagle Bancorp, Inc. | −$0M |
| AMTB Amerant Bancorp Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $84M | 32 | +5.78% | +17.59% | -11.82% | +0.03B |
| 2025-12-31 | $59M | 34 | +4.37% | +17.72% | -13.35% | -0.06B |
| 2025-09-30 | $112M | 32 | +3.16% | +8.12% | -4.96% | +0.05B |
| 2025-06-30 | $59M | 33 | +5.42% | +10.78% | -5.36% | -0.00B |
| 2025-03-31 | $57M | 32 | -8.17% | -4.27% | -3.90% | +0.01B |
| 2024-12-31 | $53M | 27 | — | — | — | — |