Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.11%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.13%
steady accumulation
Rally response
-0.65%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARCCAres Capital Corporation | $40M | 14.0% | -10.7% | 10.5 yr |
| BXSLBlackstone Secured Lendi | $28M | 9.8% | — | 3.8 yr |
| OBDCBlue Owl Capital Corpora | $27M | 9.5% | -17.8% | 6.3 yr |
| MAINMain Street Capital Corp | $26M | 9.0% | +0.1% | 10.5 yr |
| GBDCGolub Capital BDC, Inc. | $25M | 8.8% | -6.8% | 10.5 yr |
| HTGCHercules Capital, Inc. | $20M | 7.0% | -14.2% | 10.5 yr |
| TSLXSixth Street Specialty L | $19M | 6.7% | -10.0% | 6.0 yr |
| MSDLMorgan Stanley Direct Le | $11M | 3.7% | -23.7% | 1.8 yr |
| BCSFBain Capital Specialty F | $10M | 3.5% | -14.3% | 7.5 yr |
| CSWCCapital Southwest Corpor | $9M | 3.3% | +11.4% | 3.0 yr |
| FSKFS KKR Capital Corp. | $9M | 3.0% | -42.4% | 6.0 yr |
| CGBDCarlyle Secured Lending, | $8M | 2.8% | -25.8% | 9.0 yr |
| AINVApollo Investment Corpor | $8M | 2.8% | — | 7.5 yr |
| SLRCSLR Investment Corp. | $8M | 2.7% | -5.7% | 10.5 yr |
| GSBDGoldman Sachs BDC, Inc. | $7M | 2.5% | -12.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management82.8%-0.3pp$237M
Financial - Credit Services11.6%+0.5pp$33M
Financial - Conglomerates3.7%+1.2pp$11M
Unknown1.3%-0.8pp$4M
REIT - Specialty0.3%-0.3pp$1M
REIT - Industrial0.1%-0.1pp$0M
REIT - Residential0.1%-0.1pp$0M
REIT - Retail0.1%-0.0pp$0M
REIT - Hotel & Motel0.0%-0.0pp$0M
REIT - Office0.0%-0.0pp$0M
Country
US98.7%+0.8pp
Unknown1.3%-0.8pp
Top 5: 51.2% · Top 10: 75.4% · Top 25: 99.5%
Top buys this quarter · 15
| MAIN Main Street Capital Corporatio | +$26M |
| ARCC Ares Capital Corporation | +$40M |
| TSLX Sixth Street Specialty Lending | +$19M |
| GBDC Golub Capital BDC, Inc. | +$25M |
| BCSF Bain Capital Specialty Finance | +$10M |
| HTGC Hercules Capital, Inc. | +$20M |
| OBDC Blue Owl Capital Corporation | +$27M |
| DLR Digital Realty Trust, Inc. | +$0M |
| EQIX Equinix, Inc. | +$0M |
| SPG Simon Property Group, Inc. | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $286M | 38 | -13.43% | +17.59% | -31.02% | +0.00B |
| 2025-12-31 | $318M | 38 | -2.03% | +17.72% | -19.74% | +0.06B |
| 2025-09-30 | $258M | 37 | +3.51% | +17.52% | -14.01% | +0.05B |
| 2025-06-30 | $219M | 37 | +8.28% | +14.94% | -6.66% | +0.05B |
| 2025-03-31 | $163M | 37 | +12.42% | +8.30% | +4.12% | +0.02B |
| 2024-12-31 | $142M | 38 | +19.13% | +24.89% | -5.76% | +0.01B |
| 2024-09-30 | $127M | 38 | +18.57% | +36.04% | -17.47% | +0.00B |
| 2024-06-30 | $125M | 36 | +27.22% | +24.49% | +2.73% | +0.00B |
| 2024-03-31 | $115M | 38 | +29.11% | +29.62% | -0.52% | -0.01B |
| 2023-12-31 | $115M | 38 | +24.75% | +26.18% | -1.43% | -0.01B |
| 2023-09-30 | $114M | 37 | +32.65% | +21.57% | +11.09% | -0.01B |
| 2023-06-30 | $113M | 36 | +13.79% | +19.42% | -5.64% | -0.01B |
| 2023-03-31 | $116M | 38 | -6.55% | -7.82% | +1.26% | -0.00B |
| 2022-12-31 | $113M | 37 | +12.66% | +7.56% | +5.10% | -0.00B |
| 2022-09-30 | $103M | 35 | -7.79% | -4.93% | -2.86% | -0.01B |
| 2022-06-30 | $118M | 35 | -12.79% | -16.11% | +3.32% | -0.01B |