Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.16%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.39%
baseline attrition
Rally response
-3.26%
trims into rallies
when a holding rises +10%+
Top positions · 18
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WBDWarner Bros. Discovery, | $40M | 9.3% | +155.9% | 0.5 yr |
| WBSWebster Financial Corpor | $39M | 9.2% | +38.5% | 0.3 yr |
| TXNMTXNM Energy, Inc. | $39M | 9.1% | +12.5% | 1.0 yr |
| 2H2.FTwo Harbors Investment C | $35M | 8.3% | — | 0.3 yr |
| — | $35M | 8.2% | — | 0.3 yr |
| NSCNorfolk Southern Corpora | $30M | 7.0% | +23.6% | 0.8 yr |
| EAElectronic Arts Inc. | $30M | 6.9% | +41.7% | 0.8 yr |
| PENPenumbra, Inc. | $28M | 6.7% | +22.8% | 0.3 yr |
| IHSIHS Holding Limited | $28M | 6.6% | +57.7% | 0.3 yr |
| AESThe AES Corporation | $24M | 5.7% | +19.9% | 0.3 yr |
| SLABSilicon Laboratories Inc | $23M | 5.5% | +84.9% | 0.3 yr |
| CWANClearwater Analytics Hol | $22M | 5.1% | -11.8% | 0.3 yr |
| VALValaris Limited | $17M | 4.0% | +149.7% | 0.3 yr |
| GLDDGreat Lakes Dredge & Doc | $15M | 3.6% | +95.4% | 0.3 yr |
| DVNDevon Energy Corporation | $6M | 1.5% | +38.1% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Entertainment9.3%$40M
Banks - Regional9.2%$39M
Regulated Electric9.1%$39M
REIT - Mortgage8.3%$35M
Unknown8.2%$35M
Railroads7.0%$30M
Electronic Gaming & Multimedia6.9%$30M
Medical - Devices6.7%$28M
Telecommunications Services6.6%-16.9pp$28M
Independent Power Producers5.7%$24M
Country
US81.2%-18.8pp
Unknown8.2%
GB6.6%
BM4.0%
Top 5: 44.0% · Top 10: 76.9% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| WBS Webster Financial Corporationnew | +$39M |
| PEN Penumbra, Inc.new | +$28M |
| IHS IHS Holding Limitednew | +$28M |
| AES The AES Corporationnew | +$24M |
| SLAB Silicon Laboratories Inc.new | +$23M |
| CWAN Clearwater Analytics Holdings,new | +$22M |
| VAL Valaris Limitednew | +$17M |
| GLDD Great Lakes Dredge & Dock Corpnew | +$15M |
| WBD Warner Bros. Discovery, Inc. | +$12M |
| DVN Devon Energy Corporationnew | +$6M |
Top sells this quarter · 8
| HOLX Hologic, Inc.exit | −$29M |
| FOLD Amicus Therapeutics, Inc.exit | −$24M |
| EXAS Exact Sciences Corporationexit | −$24M |
| KVUE Kenvue Inc.exit | −$22M |
| AXTA Axalta Coating Systems Ltd.exit | −$13M |
| RNAM Avidity Biosciences Incexit | −$0M |
| CDTX Cidara Therapeutics, Inc.exit | −$0M |
| DVAX Dynavax Technologies Corporatiexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $428M | 18 | +4.54% | -4.37% | +8.91% | +0.12B |
| 2025-12-31 | $295M | 12 | +12.48% | +2.66% | +9.81% | +0.09B |
| 2025-09-30 | $182M | 11 | +12.03% | +8.12% | +3.91% | -0.04B |
| 2025-06-30 | $199M | 11 | — | — | — | +0.08B |
| 2025-03-31 | $121M | 6 | -9.35% | +8.30% | -17.65% | -0.08B |
| 2024-12-31 | $206M | 13 | -11.34% | +24.89% | -36.23% | -0.05B |
| 2024-09-30 | $248M | 14 | -14.34% | +36.04% | -50.38% | -0.07B |
| 2024-06-30 | $342M | 20 | -16.34% | +24.49% | -40.84% | -0.07B |
| 2024-03-31 | $437M | 22 | -15.39% | +29.62% | -45.01% | +0.13B |
| 2023-12-31 | $323M | 17 | -20.33% | +26.18% | -46.50% | -0.38B |
| 2023-09-30 | $696M | 26 | -19.44% | +21.57% | -41.00% | +0.08B |
| 2023-06-30 | $664M | 22 | -14.10% | +19.42% | -33.52% | +0.05B |
| 2023-03-31 | $650M | 19 | -7.06% | -7.82% | +0.76% | -0.29B |
| 2022-12-31 | $1.04B | 20 | +2.42% | +7.56% | -5.15% | -0.03B |
| 2022-09-30 | $1.04B | 21 | -1.66% | -4.93% | +3.26% | +0.14B |
| 2022-06-30 | $913M | 17 | +2.15% | -16.11% | +18.26% | +0.06B |