Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.33%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.83%
baseline attrition
Rally response
-9.94%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VUSBVanguard Ultra-Short Bon | $154M | 13.3% | — | 1.3 yr |
| NEARiShares Short Duration B | $122M | 10.5% | — | 8.5 yr |
| PGXInvesco Preferred ETF | $112M | 9.6% | — | 0.8 yr |
| GSYInvesco Ultra Short Dura | $99M | 8.6% | — | 0.8 yr |
| MINTPIMCO Enhanced Short Mat | $92M | 7.9% | — | 5.8 yr |
| SHYGiShares 0-5 Year High Yi | $88M | 7.6% | — | 6.8 yr |
| JPSTJPMorgan Ultra-Short Inc | $65M | 5.6% | — | 4.5 yr |
| PMLPIMCO Municipal Income F | $57M | 4.9% | — | 0.8 yr |
| SLQDiShares 0-5 Year Investm | $50M | 4.3% | — | 4.3 yr |
| SPLBState Street SPDR Portfo | $40M | 3.4% | — | 0.5 yr |
| FTSMFirst Trust Enhanced Sho | $39M | 3.4% | — | 2.0 yr |
| VCLTVanguard Long-Term Corpo | $23M | 2.0% | — | 2.0 yr |
| MLNVanEck Long Muni ETF | $23M | 1.9% | — | 0.8 yr |
| VVRInvesco Senior Income Tr | $22M | 1.9% | — | 6.3 yr |
| SGOViShares 0-3 Month Treasu | $21M | 1.8% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management - Bonds43.1%-12.0pp$500M
Asset Management26.2%+20.7pp$304M
Asset Management - Income13.2%-0.9pp$154M
Asset Management - Leveraged11.3%-6.9pp$131M
Oil & Gas Midstream1.5%-0.6pp$17M
Unknown0.6%+0.0pp$7M
REIT - Mortgage0.6%+0.3pp$7M
Gold0.3%-0.1pp$3M
REIT - Specialty0.2%-0.1pp$3M
Oil & Gas Exploration & Production0.2%-0.1pp$3M
Country
US98.9%+0.0pp
Unknown0.6%+0.0pp
CA0.2%-0.1pp
BM0.2%-0.1pp
GB0.1%-0.0pp
BR0.1%
Top 5: 49.9% · Top 10: 75.8% · Top 25: 90.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CQP | $2M | +0.00B | 3.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| VNOM Viper Energy, Inc.new | +$1M |
| O Realty Income Corporationnew | +$1M |
| OLN Olin Corporationnew | +$1M |
| F-PD Ford Motor Company 6.500% Note | +$1M |
| SCHW The Charles Schwab Corporation | +$1M |
| SPG Simon Property Group, Inc. | +$1M |
| 0HHU.L ARMOUR Residential REIT, Inc.new | +$1M |
| D Dominion Energy, Inc. | +$1M |
| MOS The Mosaic Companynew | +$1M |
| BX Blackstone Inc. | +$1M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$3M |
| VALE Vale S.A. | −$2M |
| DOW Dow Inc.exit | −$1M |
| ENB Enbridge Inc.exit | −$1M |
| MSFT Microsoft Corporationexit | −$1M |
| HD The Home Depot, Inc. | −$1M |
| VZ Verizon Communications Inc.exit | −$1M |
| FRO Frontline Ltd. | −$1M |
| SBRA Sabra Health Care REIT, Inc.exit | −$1M |
| AB AllianceBernstein Holding L.P.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.16B | 155 | +23.12% | +17.59% | +5.53% | -0.75B |
| 2025-12-31 | $1.77B | 147 | +17.21% | +17.72% | -0.51% | +0.27B |
| 2025-09-30 | $1.46B | 150 | +19.68% | +17.52% | +2.17% | +0.45B |
| 2025-06-30 | $956M | 150 | +18.67% | +14.94% | +3.73% | -0.08B |
| 2025-03-31 | $980M | 136 | +12.38% | +8.30% | +4.07% | +0.33B |
| 2024-12-31 | $637M | 131 | +15.87% | +24.89% | -9.01% | -0.31B |
| 2024-09-30 | $913M | 133 | +23.72% | +36.04% | -12.32% | -0.05B |
| 2024-06-30 | $919M | 169 | +14.95% | +24.49% | -9.54% | +0.07B |
| 2024-03-31 | $848M | 122 | +12.48% | +29.62% | -17.14% | -0.23B |
| 2023-12-31 | $1.02B | 181 | +5.95% | +26.18% | -20.23% | +0.06B |
| 2023-09-30 | $860M | 136 | +3.11% | +21.57% | -18.46% | -0.21B |
| 2023-06-30 | $1.10B | 149 | -2.40% | +19.42% | -21.83% | +0.28B |
| 2023-03-31 | $836M | 145 | -12.24% | -7.82% | -4.42% | -0.01B |
| 2022-12-31 | $852M | 142 | +8.26% | +7.56% | +0.70% | +0.09B |
| 2022-09-30 | $705M | 135 | -7.75% | -4.93% | -2.82% | -0.07B |
| 2022-06-30 | $840M | 182 | -11.96% | -16.11% | +4.15% | +0.20B |