Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.15%
baseline attrition
Rally response
-11.49%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LPLALPL Financial Holdings I | $129M | 8.5% | -7.7% | 8.3 yr |
| BENFranklin Resources, Inc. | $120M | 7.9% | +27.8% | 1.8 yr |
| VLYPNValley National Bancorp | $110M | 7.2% | — | 0.8 yr |
| BBTBeacon Financial Corp. | $94M | 6.2% | +19.3% | 1.0 yr |
| IBOCInternational Bancshares | $88M | 5.8% | +8.9% | 8.5 yr |
| WTWisdomTree, Inc. | $87M | 5.7% | +64.7% | 6.0 yr |
| VIRTVirtu Financial, Inc. | $83M | 5.4% | +18.2% | 0.5 yr |
| SLMSLM Corporation | $69M | 4.5% | -25.7% | 0.8 yr |
| PBProsperity Bancshares, I | $63M | 4.1% | -2.6% | 0.8 yr |
| SCHWThe Charles Schwab Corpo | $55M | 3.6% | +21.5% | 2.3 yr |
| CCBCoastal Financial Corpor | $50M | 3.3% | -15.8% | 1.5 yr |
| RIOTRiot Platforms, Inc. | $46M | 3.0% | +73.6% | 2.3 yr |
| SQBlock, Inc. | $42M | 2.8% | — | 2.5 yr |
| TCBITexas Capital Bancshares | $38M | 2.5% | +27.0% | 4.5 yr |
| HUT.TOHut 8 Mining Corp. | $36M | 2.4% | +290.2% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional27.4%-14.1pp$417M
Financial - Capital Markets24.7%+1.7pp$375M
Asset Management23.0%+15.2pp$349M
Financial - Credit Services6.7%+1.7pp$102M
Unknown4.6%$69M
Banks - Diversified2.8%-8.7pp$43M
Software - Infrastructure2.8%-0.2pp$42M
Software - Application2.4%+2.2pp$36M
Rental & Leasing Services1.8%+1.7pp$28M
Insurance - Brokers1.7%$26M
Country
US87.5%-6.1pp
Unknown4.6%
CA3.7%
SG1.9%
KY1.7%-0.1pp
BR0.6%-1.4pp
IL0.0%
Top 5: 35.6% · Top 10: 59.1% · Top 25: 89.0%
Top buys this quarter · 15
| VIRT Virtu Financial, Inc. | +$64M |
| SLM SLM Corporation | +$54M |
| RIOT Riot Platforms, Inc. | +$43M |
| PB Prosperity Bancshares, Inc. | +$36M |
| SCHW The Charles Schwab Corporation | +$30M |
| HOMB Home Bancshares, Inc.new | +$28M |
| PRG PROG Holdings, Inc. | +$25M |
| BTDR Bitdeer Technologies Group | +$22M |
| BITF Bitfarms Ltd. | +$18M |
| EWBC East West Bancorp, Inc. | +$15M |
Top sells this quarter · 15
| C Citigroup Inc.exit | −$91M |
| AAMI Acadian Asset Management | −$67M |
| OMF OneMain Holdings, Inc. | −$57M |
| WBS Webster Financial Corporationexit | −$53M |
| SYF Synchrony Financialexit | −$45M |
| RELY Remitly Global, Inc.exit | −$45M |
| UWMC UWM Holdings Corporationexit | −$41M |
| EVR Evercore Inc.exit | −$35M |
| SPY State Street SPDR S&P 500 ETF | −$35M |
| NU Nu Holdings Ltd. | −$28M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.52B | 45 | +32.34% | +17.59% | +14.75% | -0.09B |
| 2025-12-31 | $1.59B | 47 | +24.27% | +17.72% | +6.55% | -0.63B |
| 2025-09-30 | $2.16B | 63 | +44.16% | +17.52% | +26.64% | -0.26B |
| 2025-06-30 | $2.21B | 58 | +39.49% | +14.94% | +24.55% | +0.50B |
| 2025-03-31 | $1.47B | 41 | +15.71% | +8.30% | +7.41% | -0.65B |
| 2024-12-31 | $2.23B | 57 | +28.64% | +24.89% | +3.75% | +0.02B |
| 2024-09-30 | $1.85B | 48 | +24.30% | +36.04% | -11.73% | -0.00B |
| 2024-06-30 | $1.75B | 51 | +17.18% | +24.49% | -7.31% | +0.42B |
| 2024-03-31 | $1.38B | 53 | +27.19% | +29.62% | -2.43% | +0.21B |
| 2023-12-31 | $1.10B | 44 | +18.91% | +26.18% | -7.26% | +0.06B |
| 2023-09-30 | $908M | 45 | +6.40% | +21.57% | -15.17% | +0.42B |
| 2023-06-30 | $491M | 31 | +7.97% | +19.42% | -11.46% | -0.19B |
| 2023-03-31 | $652M | 34 | -9.69% | -7.82% | -1.87% | +0.07B |
| 2022-12-31 | $588M | 30 | +3.06% | +7.56% | -4.51% | -0.11B |
| 2022-09-30 | $674M | 41 | +1.22% | -4.93% | +6.15% | +0.26B |
| 2022-06-30 | $408M | 28 | -12.45% | -16.11% | +3.66% | -0.12B |