Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.08%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.00%
baseline attrition
Rally response
+0.00%
adds into rallies
when a holding rises +10%+
Top positions · 2
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BOWBowhead Specialty Holdin | $201M | 84.5% | -44.8% | 1.5 yr |
| JRVRJames River Group Holdin | $37M | 15.5% | +51.1% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty84.5%-10.3pp$201M
Insurance - Specialty15.5%+10.3pp$37M
Country
US84.5%-10.3pp
BM15.5%+10.3pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BOW | $446M | -0.20B | -44.8% |
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 | $238M | 2 | -39.42% | +17.59% | -57.01% | -0.00B |
| 2025-12-31 | $293M | 2 | -16.04% | +17.72% | -33.75% | -0.00B |
| 2025-09-30 | $275M | 2 | -26.20% | +8.12% | -34.33% | -0.05B |
| 2025-06-30 | $446M | 2 | -5.21% | +10.78% | -15.98% | +0.00B |
| 2025-03-31 | $470M | 2 | +12.55% | -4.27% | +16.82% | -0.00B |
| 2024-12-31 | $418M | 2 | — | — | — | — |