Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.51%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.07%
baseline attrition
Rally response
-2.26%
trims into rallies
when a holding rises +10%+
Top positions · 7
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SEASSeaWorld Entertainment, | $889M | 64.9% | — | 9.5 yr |
| HGVHilton Grand Vacations I | $255M | 18.6% | +4.6% | 5.5 yr |
| PENNPENN Entertainment, Inc. | $87M | 6.3% | -7.8% | 1.0 yr |
| PLAYDave & Buster's Entertai | $77M | 5.6% | -38.4% | 8.3 yr |
| ACELAccel Entertainment, Inc | $30M | 2.2% | +10.0% | 1.0 yr |
| CARSCars.com Inc. | $20M | 1.5% | -28.0% | 1.0 yr |
| GDENGolden Entertainment, In | $12M | 0.9% | +5.0% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Leisure64.9%-12.0pp$889M
Gambling, Resorts & Casinos28.0%+12.7pp$384M
Entertainment5.6%-2.1pp$77M
Internet Content & Information1.5%$20M
Country
US100.0%+0.0pp
Top 5: 97.6% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PLAY | $125M | -0.05B | -38.4% |
Top buys this quarter · 0
No buys this quarter
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 | $1.37B | 7 | -7.96% | +17.59% | -25.55% | +0.05B |
| 2025-12-31 | $1.55B | 7 | -13.38% | +17.72% | -31.10% | -0.43B |
| 2025-09-30 | $2.04B | 8 | -13.80% | +17.52% | -31.31% | +0.36B |
| 2025-06-30 | $1.94B | 8 | -12.05% | +14.94% | -26.99% | -0.13B |
| 2025-03-31 | $1.61B | 4 | -50.00% | +8.30% | -58.30% | +0.00B |
| 2024-12-31 | $2.01B | 5 | -27.91% | +24.89% | -52.79% | +0.18B |
| 2024-09-30 | $1.89B | 5 | -9.06% | +36.04% | -45.10% | +0.07B |
| 2024-06-30 | $2.06B | 5 | -11.59% | +24.49% | -36.08% | +0.35B |
| 2024-03-31 | $2.33B | 5 | +32.92% | +29.62% | +3.29% | -0.15B |
| 2023-12-31 | $2.16B | 6 | +26.55% | +26.18% | +0.37% | -0.10B |
| 2023-09-30 | $1.85B | 6 | +19.57% | +21.57% | -1.99% | -0.05B |
| 2023-06-30 | $2.21B | 6 | +28.90% | +19.42% | +9.47% | -0.37B |
| 2023-03-31 | $2.35B | 7 | -21.10% | -7.82% | -13.28% | +0.01B |
| 2022-12-31 | $2.13B | 8 | +15.13% | +7.56% | +7.57% | +0.10B |
| 2022-09-30 | $1.76B | 8 | -7.32% | -4.93% | -2.39% | +0.13B |
| 2022-06-30 | $1.76B | 8 | -32.66% | -16.11% | -16.55% | -0.01B |