Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+22.87%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.25%
baseline attrition
Rally response
-10.14%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BACBank of America Corporat | $83M | 6.2% | +19.4% | 3.5 yr |
| EQHEquitable Holdings, Inc. | $75M | 5.6% | -27.1% | 6.3 yr |
| UNMUnum Group | $69M | 5.1% | -8.2% | 3.0 yr |
| KKRKKR & Co. Inc. | $67M | 5.0% | -19.5% | 1.0 yr |
| PBProsperity Bancshares, I | $63M | 4.7% | -2.6% | 1.5 yr |
| CGThe Carlyle Group Inc. | $63M | 4.7% | +13.9% | 3.3 yr |
| CFGCitizens Financial Group | $56M | 4.2% | +51.7% | 7.5 yr |
| VOYAVoya Financial, Inc. | $51M | 3.8% | +3.5% | 6.5 yr |
| — | $50M | 3.7% | — | 0.8 yr |
| ALKTAlkami Technology, Inc. | $49M | 3.7% | -40.3% | 1.8 yr |
| LNCLincoln National Corpora | $48M | 3.6% | +2.5% | 4.0 yr |
| HBANHuntington Bancshares In | $48M | 3.6% | +8.2% | 3.3 yr |
| AIGAmerican International G | $47M | 3.5% | -11.5% | 2.5 yr |
| SFStifel Financial Corp. | $45M | 3.3% | +20.2% | 1.8 yr |
| ONBOld National Bancorp | $44M | 3.3% | +6.9% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional31.6%-1.4pp$424M
Asset Management12.6%+6.0pp$170M
Insurance - Diversified9.1%+5.4pp$122M
Insurance - Life8.7%-9.9pp$117M
Software - Application8.4%+6.5pp$113M
Banks - Diversified7.8%-10.0pp$104M
Unknown4.9%-3.5pp$65M
Financial - Capital Markets4.7%+3.2pp$63M
Financial - Conglomerates3.8%-0.4pp$51M
Financial - Credit Services3.1%+2.2pp$42M
Country
US91.2%+2.6pp
Unknown4.9%-3.5pp
BM2.8%
IN0.9%
IE0.1%
GB0.1%
Top 5: 26.6% · Top 10: 46.6% · Top 25: 86.0%
Top buys this quarter · 15
| BAC Bank of America Corporation | +$56M |
| KKR KKR & Co. Inc. | +$52M |
| ZION Zions Bancorporation, Nationalnew | +$36M |
| HBAN Huntington Bancshares Incorpor | +$32M |
| ALKT Alkami Technology, Inc. | +$30M |
| QTWO Q2 Holdings, Inc. | +$28M |
| EQH Equitable Holdings, Inc. | +$28M |
| LNC Lincoln National Corporation | +$27M |
| CFG Citizens Financial Group, Inc. | +$25M |
| COLB Columbia Banking System, Inc.new | +$24M |
Top sells this quarter · 15
| KIM Kimco Realty Corporationexit | −$43M |
| BX Blackstone Inc.exit | −$37M |
| WBS Webster Financial Corporation | −$32M |
| C Citigroup Inc.exit | −$30M |
| AMH American Homes 4 Rentexit | −$30M |
| MET MetLife, Inc.exit | −$30M |
| VIRT Virtu Financial, Inc.exit | −$30M |
| MAA Mid-America Apartment Communitexit | −$16M |
| INVH Invitation Homes Inc.exit | −$14M |
| IBN ICICI Bank Limited | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.34B | 68 | +14.29% | +17.59% | -3.30% | +0.18B |
| 2025-12-31 | $1.24B | 77 | +27.12% | +17.72% | +9.40% | +0.36B |
| 2025-09-30 | $828M | 63 | +32.90% | +17.52% | +15.39% | +0.15B |
| 2025-06-30 | $634M | 42 | +35.23% | +14.94% | +20.29% | +0.07B |
| 2025-03-31 | $520M | 40 | +27.49% | +8.30% | +19.19% | +0.15B |
| 2024-12-31 | $360M | 38 | +44.40% | +24.89% | +19.51% | +0.13B |
| 2024-09-30 | $207M | 21 | +52.39% | +36.04% | +16.36% | -0.09B |
| 2024-06-30 | $278M | 43 | +45.33% | +24.49% | +20.84% | +0.08B |
| 2024-03-31 | $198M | 41 | +45.40% | +29.62% | +15.78% | -0.02B |
| 2023-12-31 | $181M | 28 | +14.23% | +26.18% | -11.94% | -0.04B |
| 2023-09-30 | $189M | 39 | +2.72% | +21.57% | -18.85% | -0.02B |
| 2023-06-30 | $201M | 37 | -2.88% | +19.42% | -22.31% | -0.05B |
| 2023-03-31 | $249M | 41 | -18.33% | -7.82% | -10.51% | +0.05B |
| 2022-12-31 | $216M | 41 | +5.19% | +7.56% | -2.37% | -0.02B |
| 2022-09-30 | $220M | 31 | -2.47% | -4.93% | +2.46% | -0.02B |
| 2022-06-30 | $243M | 32 | -13.81% | -16.11% | +2.30% | +0.08B |