Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.45%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.87%
baseline attrition
Rally response
-23.11%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AIZAssurant, Inc. | $86M | 7.0% | +5.5% | 5.8 yr |
| MAMastercard Incorporated | $59M | 4.8% | -8.5% | 2.8 yr |
| NDAQNasdaq, Inc. | $55M | 4.5% | +13.3% | 1.5 yr |
| AIGAmerican International G | $53M | 4.3% | -11.5% | 5.3 yr |
| PSAPublic Storage | $42M | 3.4% | -5.7% | 3.0 yr |
| WHWyndham Hotels & Resorts | $40M | 3.3% | -8.4% | 0.5 yr |
| MCOMoody's Corporation | $39M | 3.2% | -5.6% | 2.5 yr |
| PCTYPaylocity Holding Corpor | $37M | 3.0% | -42.3% | 3.0 yr |
| ICEIntercontinental Exchang | $34M | 2.8% | -7.8% | 4.0 yr |
| CBChubb Limited | $33M | 2.7% | +9.3% | 2.8 yr |
| AONAon plc | $33M | 2.7% | -18.4% | 1.8 yr |
| CTRECareTrust REIT, Inc. | $33M | 2.7% | +32.1% | 2.0 yr |
| WPCW. P. Carey Inc. | $32M | 2.6% | +12.3% | 1.8 yr |
| COFCapital One Financial Co | $31M | 2.5% | +3.1% | 4.0 yr |
| MSCIMSCI Inc. | $29M | 2.4% | -3.4% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Financial - Data & Stock Exchanges13.6%+7.2pp$166M
Financial - Credit Services9.7%+5.5pp$119M
Insurance - Property & Casualty8.6%+1.3pp$105M
REIT - Industrial7.8%-0.3pp$96M
Insurance - Specialty7.0%+3.5pp$86M
Insurance - Brokers5.0%+2.1pp$61M
Insurance - Diversified5.0%+3.3pp$61M
REIT - Healthcare Facilities4.9%-2.0pp$60M
Financial - Capital Markets4.2%+2.4pp$51M
Asset Management3.6%-4.6pp$44M
Country
US86.2%-5.7pp
BM3.6%+1.2pp
CH2.7%
IE2.7%+0.2pp
Unknown2.1%-1.1pp
CA1.7%
AU0.9%
Top 5: 24.1% · Top 10: 39.2% · Top 25: 71.0%
Top buys this quarter · 15
| MA Mastercard Incorporated | +$43M |
| AIG American International Group, | +$36M |
| AJG Arthur J. Gallagher & Co. | +$21M |
| SCHW The Charles Schwab Corporation | +$17M |
| PSA Public Storage | +$17M |
| CTRE CareTrust REIT, Inc. | +$16M |
| WCN Waste Connections, Inc.new | +$15M |
| WH Wyndham Hotels & Resorts, Inc. | +$12M |
| JXN Jackson Financial Inc.new | +$11M |
| GPN Global Payments Inc. | +$10M |
Top sells this quarter · 15
| V Visa Inc.exit | −$85M |
| JKHY Jack Henry & Associates, Inc.exit | −$48M |
| HST Host Hotels & Resorts, Inc.exit | −$33M |
| VTR Ventas, Inc.exit | −$32M |
| CB Chubb Limited | −$32M |
| 0HQN.L Cboe Global Markets, Inc. | −$31M |
| FR First Industrial Realty Trust,exit | −$29M |
| AON Aon plc | −$28M |
| EQIX Equinix, Inc. | −$28M |
| EPRT Essential Properties Realty Trexit | −$28M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.22B | 69 | +6.16% | +17.59% | -11.44% | -0.21B |
| 2025-12-31 | $1.53B | 75 | +17.45% | +17.72% | -0.27% | +0.35B |
| 2025-09-30 | $1.15B | 65 | +22.81% | +17.52% | +5.30% | -0.22B |
| 2025-06-30 | $1.31B | 71 | +34.70% | +14.94% | +19.76% | +0.07B |
| 2025-03-31 | $1.17B | 64 | +28.80% | +8.30% | +20.49% | +0.02B |
| 2024-12-31 | $1.11B | 63 | +36.38% | +24.89% | +11.49% | -0.07B |
| 2024-09-30 | $1.10B | 63 | +40.65% | +36.04% | +4.62% | -0.09B |
| 2024-06-30 | $1.04B | 57 | +25.08% | +24.49% | +0.58% | -0.03B |
| 2024-03-31 | $1.05B | 50 | +25.36% | +29.62% | -4.26% | +0.01B |
| 2023-12-31 | $949M | 57 | +12.64% | +26.18% | -13.54% | -0.54B |
| 2023-09-30 | $1.35B | 88 | +11.88% | +21.57% | -9.68% | +0.19B |
| 2023-06-30 | $1.13B | 80 | +6.53% | +19.42% | -12.89% | -0.09B |
| 2023-03-31 | $1.21B | 88 | -12.06% | -7.82% | -4.24% | -0.10B |
| 2022-12-31 | $1.32B | 89 | +9.42% | +7.56% | +1.85% | +0.13B |
| 2022-09-30 | $1.09B | 146 | -2.64% | -4.93% | +2.29% | +0.09B |
| 2022-06-30 | $1.03B | 201 | -16.32% | -16.11% | -0.21% | -0.02B |