Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-24.81%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.68%
baseline attrition
Rally response
-3.14%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PLDPrologis, Inc. | $64M | 12.0% | +22.3% | 8.5 yr |
| WELLWelltower Inc. | $62M | 11.5% | +31.2% | 5.8 yr |
| EQIXEquinix, Inc. | $54M | 10.0% | +23.0% | 5.8 yr |
| DLRDigital Realty Trust, In | $38M | 7.0% | +29.4% | 6.0 yr |
| SNDASonida Senior Living, In | $22M | 4.0% | +38.5% | 1.8 yr |
| SPGSimon Property Group, In | $20M | 3.7% | +17.9% | 5.3 yr |
| EQREquity Residential | $19M | 3.5% | -14.7% | 5.5 yr |
| EXRExtra Space Storage Inc. | $18M | 3.4% | -7.6% | 7.5 yr |
| CUBECubeSmart | $18M | 3.4% | -10.9% | 4.3 yr |
| FRTFederal Realty Investmen | $18M | 3.3% | +12.4% | 1.0 yr |
| HSTHost Hotels & Resorts, I | $17M | 3.2% | +40.9% | 3.0 yr |
| BRXBrixmor Property Group I | $17M | 3.2% | +12.2% | 4.3 yr |
| EPRTEssential Properties Rea | $17M | 3.1% | -4.2% | 3.5 yr |
| ADCAgree Realty Corporation | $16M | 3.0% | +1.5% | 2.8 yr |
| CBRECBRE Group, Inc. | $15M | 2.9% | +3.6% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
REIT - Specialty21.8%+0.8pp$117M
REIT - Industrial21.5%+0.5pp$116M
REIT - Healthcare Facilities13.6%+3.0pp$73M
REIT - Retail13.6%-0.8pp$73M
REIT - Residential8.8%-11.1pp$47M
REIT - Diversified5.9%+5.9pp$32M
Medical - Care Facilities4.0%-0.4pp$22M
REIT - Hotel & Motel3.4%+1.8pp$18M
REIT - Office2.9%+1.5pp$16M
Real Estate - Services2.9%-0.5pp$15M
Country
US99.8%-0.2pp
Unknown0.2%
Top 5: 44.6% · Top 10: 61.9% · Top 25: 98.0%
Top buys this quarter · 15
| WELL Welltower Inc. | +$28M |
| GLPI Gaming and Leisure Properties, | +$14M |
| UDR UDR, Inc. | +$11M |
| HST Host Hotels & Resorts, Inc. | +$6M |
| PLD Prologis, Inc. | +$4M |
| SLG SL Green Realty Corp. | +$14M |
| ADC Agree Realty Corporation | +$3M |
| FRT Federal Realty Investment Trus | +$3M |
| EGP EastGroup Properties, Inc. | +$2M |
| CBRE CBRE Group, Inc. | +$15M |
Top sells this quarter · 15
| AHR American Healthcare REIT, Inc. | −$49M |
| SUI Sun Communities, Inc. | −$19M |
| INVH Invitation Homes Inc. | −$18M |
| VTR Ventas, Inc. | −$13M |
| SPG Simon Property Group, Inc. | −$12M |
| CPT Camden Property Trust | −$9M |
| EQIX Equinix, Inc. | −$48M |
| HLT Hilton Worldwide Holdings Inc. | −$7M |
| EQR Equity Residential | −$6M |
| CUZ Cousins Properties Incorporate | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $537M | 45 | +6.76% | +17.59% | -10.83% | -0.03B |
| 2025-12-31 | $519M | 42 | -0.32% | +17.72% | -18.04% | -0.01B |
| 2025-09-30 | $531M | 36 | +7.71% | +17.52% | -9.81% | -0.04B |
| 2025-06-30 | $564M | 26 | +5.94% | +13.45% | -7.51% | +0.04B |
| 2025-03-31 | $550M | 33 | +4.49% | +13.05% | -8.57% | -0.01B |
| 2024-12-31 | $548M | 27 | +17.72% | +31.84% | -14.12% | -0.02B |
| 2024-06-30 | $529M | 29 | +1.85% | +24.49% | -22.64% | -0.00B |
| 2024-03-31 | $530M | 40 | +5.14% | +29.62% | -24.48% | +0.01B |
| 2023-12-31 | $557M | 39 | +15.91% | +26.30% | -10.39% | -0.08B |
| 2023-09-30 | $550M | 40 | -9.96% | +7.55% | -17.52% | -0.05B |
| 2023-06-30 | $647M | 38 | -22.45% | -6.77% | -15.69% | -0.04B |
| 2022-12-31 | $667M | 26 | +3.67% | +7.56% | -3.89% | -0.02B |
| 2022-09-30 | $660M | 29 | -10.05% | -4.93% | -5.12% | -0.01B |
| 2022-06-30 | $745M | 25 | -19.77% | -16.11% | -3.66% | +0.13B |
| 2022-03-31 | $772M | 26 | — | — | — | -0.02B |
| 2021-12-31 | $795M | 26 | — | — | — | +0.01B |