Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.89%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.09%
baseline attrition
Rally response
-8.15%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TBBKThe Bancorp, Inc. | $9M | 8.6% | +1.7% | 6.0 yr |
| KREState Street SPDR S&P Re | $9M | 8.4% | — | 4.8 yr |
| WTFCWintrust Financial Corpo | $5M | 4.9% | +25.5% | 5.8 yr |
| CASHPathward Financial, Inc. | $5M | 4.6% | +22.6% | 9.3 yr |
| ESQEsquire Financial Holdin | $4M | 4.0% | +43.7% | 2.3 yr |
| SPFISouth Plains Financial, | $3M | 3.3% | +28.6% | 2.5 yr |
| — | $3M | 3.2% | — | 9.3 yr |
| SYBTStock Yards Bancorp, Inc | $3M | 2.9% | -2.3% | 9.3 yr |
| BANFBancFirst Corporation | $3M | 2.8% | +0.4% | 9.3 yr |
| FRMEFirst Merchants Corporat | $3M | 2.7% | -0.6% | 3.5 yr |
| UNTYUnity Bancorp, Inc. | $3M | 2.6% | +28.9% | 4.3 yr |
| LKFNLakeland Financial Corpo | $2M | 2.4% | -0.1% | 9.3 yr |
| GABCGerman American Bancorp, | $2M | 2.4% | +14.8% | 9.3 yr |
| FBIZFirst Business Financial | $2M | 2.4% | +17.1% | 9.3 yr |
| HTBKHeritage Commerce Corp | $2M | 2.3% | — | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional82.1%+0.9pp$84M
Asset Management8.4%-1.3pp$9M
Unknown8.0%-1.1pp$8M
Banks1.6%$2M
Country
US89.9%+1.1pp
Unknown8.0%-1.1pp
GB2.1%+0.0pp
Top 5: 30.4% · Top 10: 45.4% · Top 25: 78.7%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $102M | 42 | +13.49% | +17.59% | -4.10% | -0.00B |
| 2025-12-31 | $108M | 40 | +11.56% | +17.72% | -6.16% | +0.00B |
| 2025-09-30 | $104M | 39 | +18.82% | +17.52% | +1.30% | -0.00B |
| 2025-06-30 | $99M | 37 | +35.24% | +14.94% | +20.30% | -0.01B |
| 2025-03-31 | $99M | 39 | +27.62% | +8.30% | +19.32% | -0.01B |
| 2024-12-31 | $108M | 42 | +26.02% | +24.89% | +1.13% | +0.00B |
| 2024-09-30 | $100M | 39 | +46.14% | +36.04% | +10.11% | +0.01B |
| 2024-06-30 | $71M | 36 | +22.01% | +24.49% | -2.48% | -0.00B |
| 2024-03-31 | $74M | 37 | +16.66% | +29.62% | -12.97% | -0.01B |
| 2023-12-31 | $88M | 39 | +3.62% | +26.18% | -22.56% | -0.00B |
| 2023-09-30 | $74M | 43 | -10.89% | +21.57% | -32.46% | -0.01B |
| 2023-06-30 | $80M | 41 | -27.52% | +19.42% | -46.95% | -0.01B |
| 2023-03-31 | $89M | 45 | -14.70% | +7.46% | -22.16% | -0.01B |
| 2022-12-31 | $112M | 46 | +6.48% | +7.56% | -1.08% | -0.00B |
| 2022-09-30 | $107M | 44 | -17.77% | -4.93% | -12.84% | +0.00B |
| 2022-03-31 | $128M | 46 | — | — | — | -0.01B |