Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.96%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.70%
baseline attrition
Rally response
-2.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMGNAmgen Inc. | $33M | 10.8% | +16.5% | 10.5 yr |
| NTPNam Tai Property Inc. | $30M | 10.0% | — | 10.3 yr |
| — | $28M | 9.2% | — | 3.0 yr |
| SRLScully Royalty Ltd. | $27M | 8.9% | -3.6% | 6.8 yr |
| MERCMercer International Inc | $24M | 8.1% | -76.4% | 10.3 yr |
| HLIOHelios Technologies, Inc | $19M | 6.5% | +103.5% | 7.0 yr |
| XOMExxon Mobil Corporation | $14M | 4.5% | +47.6% | 8.8 yr |
| — | $12M | 4.0% | — | 5.8 yr |
| MTNVail Resorts, Inc. | $11M | 3.6% | -16.1% | 10.5 yr |
| — | $8M | 2.6% | — | 10.5 yr |
| AMDAdvanced Micro Devices, | $7M | 2.3% | +98.0% | 4.3 yr |
| TVETennessee Valley Authori | $6M | 2.1% | +5.4% | 2.8 yr |
| — | $6M | 2.1% | — | 1.0 yr |
| AQNBAlgonquin Power & Utilit | $5M | 1.7% | — | 2.3 yr |
| XELLLXcel Energy Inc. 6.25% J | $5M | 1.6% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown24.9%+10.8pp$75M
Drug Manufacturers - General11.0%+4.9pp$33M
Real Estate - Services10.0%+3.1pp$30M
Financial - Capital Markets9.3%-13.9pp$28M
Paper, Lumber & Forest Products8.1%-13.0pp$24M
Industrial - Machinery7.0%+2.7pp$21M
Banks - Regional5.3%+2.2pp$16M
Asset Management5.0%+2.6pp$15M
Oil & Gas Integrated4.5%+1.9pp$14M
Gambling, Resorts & Casinos3.6%+0.8pp$11M
Country
US45.4%-5.5pp
Unknown24.9%+10.8pp
CN10.0%+3.1pp
HK8.9%+3.1pp
CA8.8%-12.4pp
IE1.4%+0.6pp
BM0.7%+0.4pp
Top 5: 47.1% · Top 10: 68.2% · Top 25: 88.2%
Top buys this quarter · 4
| — new | +$0M |
| FITBM Fifth Third Bancorpnew | +$0M |
| — | +$0M |
| XELLL Xcel Energy Inc. 6.25% Junior | +$0M |
Top sells this quarter · 10
| GLW Corning Incorporatedexit | −$50M |
| GS The Goldman Sachs Group, Inc.exit | −$18M |
| UBER Uber Technologies, Inc. | −$8M |
| BLIAQ BB Liquidating Inc.exit | −$0M |
| BLIBQ BB Liquidating Inc.exit | −$0M |
| CDVIQ Cal Dive International, Inc.exit | −$0M |
| — exit | −$0M |
| CNFR Conifer Holdings, Inc.exit | −$0M |
| LTSL Ladenburg Thalmann Financial Sexit | −$0M |
| — exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $300M | 65 | +3.67% | +17.59% | -13.92% | -0.05B |
| 2025-12-31 | $341M | 71 | -2.78% | +17.72% | -20.50% | -0.14B |
| 2025-09-30 | $475M | 85 | -1.90% | +17.52% | -19.41% | -0.00B |
| 2025-06-30 | $445M | 83 | -11.92% | +14.94% | -26.86% | +0.00B |
| 2025-03-31 | $479M | 76 | -5.81% | +8.30% | -14.11% | +0.02B |
| 2024-12-31 | $474M | 74 | +3.48% | +24.89% | -21.40% | +0.02B |
| 2024-09-30 | $442M | 72 | +9.06% | +36.04% | -26.97% | -0.01B |
| 2024-06-30 | $474M | 71 | +14.26% | +24.49% | -10.23% | +0.26B |
| 2024-03-31 | $215M | 75 | +11.39% | +29.62% | -18.23% | -0.36B |
| 2023-12-31 | $541M | 82 | -1.70% | +26.18% | -27.88% | -0.01B |
| 2023-09-30 | $505M | 78 | -5.90% | +21.57% | -27.46% | -0.02B |
| 2023-06-30 | $518M | 83 | -10.99% | +19.42% | -30.41% | +0.05B |
| 2023-03-31 | $489M | 79 | -17.68% | -7.82% | -9.87% | +0.02B |
| 2022-12-31 | $506M | 78 | +4.29% | +7.56% | -3.27% | -0.04B |
| 2022-09-30 | $520M | 76 | -4.76% | -4.93% | +0.17% | -0.00B |
| 2022-06-30 | $549M | 83 | -11.11% | -16.11% | +5.00% | -0.68B |