Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.00%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.33%
baseline attrition
Rally response
-1.89%
trims into rallies
when a holding rises +10%+
Top positions · 2
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VELVelocity Financial, Inc. | $242M | 76.1% | -3.3% | 5.5 yr |
| LAURLaureate Education, Inc. | $76M | 23.9% | +70.4% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Financial - Mortgages76.1%-8.8pp$242M
Education & Training Services23.9%+8.8pp$76M
Country
US100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| VEL | $250M | -0.01B | -3.3% |
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 | $318M | 2 | +7.84% | +17.59% | -9.75% | +0.00B |
| 2025-12-31 | $351M | 2 | +17.18% | +17.72% | -0.54% | +0.00B |
| 2025-09-30 | $311M | 2 | +5.36% | +17.52% | -12.16% | +0.00B |
| 2025-06-30 | $299M | 2 | +10.91% | +14.94% | -4.03% | +0.00B |
| 2025-03-31 | $294M | 2 | +9.73% | +8.30% | +1.42% | +0.01B |
| 2024-12-31 | $289M | 2 | +17.02% | +24.89% | -7.87% | +0.00B |
| 2024-09-30 | $285M | 2 | +57.27% | +36.04% | +21.23% | +0.00B |
| 2024-06-30 | $260M | 2 | +48.23% | +24.49% | +23.74% | -0.03B |
| 2024-03-31 | $291M | 2 | +76.44% | +29.62% | +46.81% | -0.00B |
| 2023-12-31 | $277M | 2 | +70.62% | +26.18% | +44.45% | -0.01B |
| 2023-09-30 | $209M | 2 | +13.99% | +21.57% | -7.58% | +0.00B |
| 2023-06-30 | $201M | 2 | +8.79% | +19.42% | -10.63% | -0.00B |
| 2023-03-31 | $169M | 2 | -9.15% | -7.82% | -1.33% | +0.00B |
| 2022-12-31 | $166M | 2 | -8.98% | +7.56% | -16.54% | -0.00B |
| 2022-09-30 | $185M | 2 | -1.36% | -4.93% | +3.57% | -0.00B |
| 2022-06-30 | $192M | 2 | -0.29% | -16.11% | +15.82% | -0.00B |