Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.16%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.38%
baseline attrition
Rally response
-8.14%
trims into rallies
when a holding rises +10%+
Top positions · 2
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $135M | 61.2% | — | 1.5 yr |
| BSMBlack Stone Minerals, L. | $86M | 38.8% | +8.9% | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management61.2%-2.2pp$135M
Oil & Gas Exploration & Production38.8%+2.3pp$86M
Country
US100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BSM | $86M | +0.01B | 8.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 1
| VOO Vanguard S&P 500 ETF | +$0M |
Top sells this quarter · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $221M | 2 | +8.92% | +17.59% | -8.68% | -0.02B |
| 2025-12-31 | $203M | 2 | +0.60% | +17.72% | -17.12% | +0.05B |
| 2025-09-30 | $146M | 2 | -3.71% | +17.52% | -21.22% | +0.00B |
| 2025-06-30 | $140M | 2 | -7.31% | +14.94% | -22.25% | -0.07B |
| 2025-03-31 | $237M | 3 | +5.36% | +8.30% | -2.94% | +0.01B |
| 2024-12-31 | $215M | 3 | +0.87% | +24.89% | -24.02% | +0.13B |
| 2024-09-30 | $86M | 2 | -2.60% | +36.04% | -38.64% | -0.00B |
| 2024-06-30 | $89M | 2 | -8.64% | +24.49% | -33.13% | -0.00B |
| 2024-03-31 | $91M | 1 | -15.39% | +29.62% | -45.01% | -0.02B |
| 2023-12-31 | $109M | 4 | -18.89% | +26.18% | -45.07% | -0.01B |
| 2023-09-30 | $127M | 5 | -1.77% | +21.57% | -23.33% | -0.01B |
| 2023-06-30 | $147M | 5 | +6.88% | +19.42% | -12.55% | +0.01B |
| 2023-03-31 | $150M | 8 | -19.25% | -7.82% | -11.43% | -0.04B |
| 2022-12-31 | $190M | 7 | +15.85% | +7.56% | +8.29% | +0.01B |
| 2022-09-30 | $153M | 7 | +1.05% | -4.93% | +5.98% | +0.02B |
| 2022-06-30 | $133M | 8 | -29.87% | -16.11% | -13.76% | +0.00B |