Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.81%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.52%
baseline attrition
Rally response
-2.63%
trims into rallies
when a holding rises +10%+
Top positions · 8
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IBKRInteractive Brokers Grou | $69M | 30.5% | +62.8% | 9.3 yr |
| GILGildan Activewear Inc. | $38M | 16.7% | +28.0% | 3.5 yr |
| GOOGAlphabet Inc. | $34M | 15.0% | +84.3% | 9.0 yr |
| TDGTransDigm Group Incorpor | $28M | 12.4% | -10.5% | 9.3 yr |
| GWREGuidewire Software, Inc. | $22M | 9.5% | -20.2% | 5.5 yr |
| SGUStar Group, L.P. | $13M | 6.0% | -1.2% | 9.3 yr |
| NRPNatural Resource Partner | $12M | 5.4% | +20.0% | 2.0 yr |
| LENLennar Corporation | $10M | 4.5% | -23.0% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Investment - Banking & Investment Services30.5%+8.0pp$69M
Apparel - Manufacturers16.7%+2.5pp$38M
Internet Content & Information15.0%+5.2pp$34M
Aerospace & Defense12.4%-3.2pp$28M
Software - Application9.5%+3.0pp$22M
Oil & Gas Refining & Marketing6.0%-1.7pp$13M
Coal5.4%-3.0pp$12M
Residential Construction4.5%-3.5pp$10M
Country
US83.3%-2.5pp
CA16.7%+2.5pp
Top 5: 84.1% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 1
| GWRE Guidewire Software, Inc. | +$9M |
Top sells this quarter · 1
| NRP Natural Resource Partners L.P. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $227M | 8 | +19.22% | +17.59% | +1.63% | +0.01B |
| 2025-12-31 | $233M | 8 | +22.20% | +17.72% | +4.48% | -0.00B |
| 2025-09-30 | $232M | 8 | +21.75% | +17.52% | +4.23% | +0.00B |
| 2025-06-30 | $200M | 8 | +21.44% | +14.94% | +6.50% | -0.01B |
| 2025-03-31 | $190M | 10 | +17.18% | +8.30% | +8.88% | -0.00B |
| 2024-12-31 | $196M | 9 | +26.08% | +24.89% | +1.19% | -0.01B |
| 2024-09-30 | $199M | 9 | +38.72% | +36.04% | +2.68% | -0.01B |
| 2024-06-30 | $187M | 10 | +26.68% | +24.49% | +2.19% | +0.01B |
| 2024-03-31 | $167M | 10 | +29.63% | +29.62% | +0.01% | +0.00B |
| 2023-12-31 | $159M | 10 | +43.18% | +26.18% | +17.00% | -0.00B |
| 2023-09-30 | $146M | 9 | +45.45% | +21.57% | +23.88% | -0.01B |
| 2023-06-30 | $150M | 9 | +22.80% | +19.42% | +3.38% | -0.00B |
| 2023-03-31 | $144M | 8 | -14.46% | -7.82% | -6.65% | -0.01B |
| 2022-12-31 | $134M | 8 | +12.82% | +7.56% | +5.26% | -0.00B |
| 2022-09-30 | $119M | 9 | -11.84% | -4.93% | -6.91% | -0.00B |
| 2022-06-30 | $136M | 10 | -25.54% | -16.11% | -9.43% | -0.01B |