Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.82%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.74%
baseline attrition
Rally response
-2.99%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WELLWelltower Inc. | $1.04B | 10.7% | +31.2% | 7.8 yr |
| PLDPrologis, Inc. | $823M | 8.5% | +22.3% | 8.3 yr |
| EQIXEquinix, Inc. | $807M | 8.3% | +23.0% | 8.3 yr |
| DLRDigital Realty Trust, In | $552M | 5.7% | +29.4% | 8.3 yr |
| VTRVentas, Inc. | $485M | 5.0% | +21.4% | 8.3 yr |
| EXRExtra Space Storage Inc. | $328M | 3.4% | -7.6% | 8.3 yr |
| PSAPublic Storage | $326M | 3.4% | -5.7% | 8.3 yr |
| BRXBrixmor Property Group I | $319M | 3.3% | +12.2% | 8.3 yr |
| UDRUDR, Inc. | $283M | 2.9% | -21.8% | 8.3 yr |
| SPGSimon Property Group, In | $261M | 2.7% | +17.9% | 8.3 yr |
| CPTCamden Property Trust | $259M | 2.7% | -17.8% | 8.3 yr |
| ADCAgree Realty Corporation | $259M | 2.7% | +1.5% | 7.5 yr |
| FRFirst Industrial Realty | $249M | 2.6% | +10.0% | 7.8 yr |
| ORealty Income Corporatio | $242M | 2.5% | +11.5% | 8.3 yr |
| KIMKimco Realty Corporation | $236M | 2.4% | +10.9% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
REIT - Healthcare Facilities21.0%+2.8pp$2.03B
REIT - Industrial20.4%-0.6pp$1.98B
REIT - Specialty19.2%+1.6pp$1.86B
REIT - Retail18.5%+1.5pp$1.79B
REIT - Residential13.2%-4.3pp$1.28B
REIT - Office3.5%-1.4pp$337M
REIT - Hotel & Motel2.6%-0.0pp$250M
REIT - Diversified0.7%-0.3pp$67M
Unknown0.6%$58M
Real Estate - Services0.1%+0.0pp$13M
Country
US99.3%-0.6pp
Unknown0.6%
MX0.1%+0.0pp
Top 5: 38.3% · Top 10: 54.0% · Top 25: 83.2%
Top buys this quarter · 15
| FR First Industrial Realty Trust, | +$96M |
| CUBE CubeSmart | +$57M |
| MAA Mid-America Apartment Communit | +$56M |
| JAN Janus Living, Inc.new | +$47M |
| RHP Ryman Hospitality Properties, | +$24M |
| SBRA Sabra Health Care REIT, Inc. | +$24M |
| IRT Independence Realty Trust, Inc | +$23M |
| INVH Invitation Homes Inc. | +$22M |
| ARE Alexandria Real Estate Equitie | +$20M |
| MAC The Macerich Company | +$17M |
Top sells this quarter · 15
| BXP BXP, Inc. | −$89M |
| DOC Healthpeak Properties, Inc. | −$80M |
| ESS Essex Property Trust, Inc. | −$80M |
| EXR Extra Space Storage Inc. | −$70M |
| EQIX Equinix, Inc. | −$684M |
| EQR Equity Residential | −$64M |
| EGP EastGroup Properties, Inc. | −$63M |
| PSA Public Storage | −$63M |
| WELL Welltower Inc. | −$1.03B |
| NHI National Health Investors, Inc | −$56M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.67B | 79 | +6.63% | +17.59% | -10.96% | -0.89B |
| 2025-12-31 | $10.13B | 81 | +3.46% | +17.72% | -14.26% | +0.26B |
| 2025-09-30 | $9.95B | 80 | -1.74% | +17.52% | -19.26% | -0.10B |
| 2025-06-30 | $9.64B | 78 | +10.61% | +14.94% | -4.33% | +0.09B |
| 2025-03-31 | $9.66B | 77 | +12.37% | +8.30% | +4.07% | +0.07B |
| 2024-12-31 | $9.48B | 75 | +10.23% | +24.89% | -14.66% | -0.56B |
| 2024-09-30 | $10.66B | 92 | +35.74% | +36.04% | -0.30% | -0.19B |
| 2024-06-30 | $9.24B | 71 | +7.42% | +24.49% | -17.07% | +0.54B |
| 2024-03-31 | $8.66B | 72 | +10.31% | +29.62% | -19.31% | -0.22B |
| 2023-12-31 | $8.95B | 75 | +13.74% | +26.18% | -12.44% | -0.26B |
| 2023-09-30 | $7.94B | 86 | +2.12% | +21.57% | -19.45% | +0.03B |
| 2023-06-30 | $8.52B | 88 | -2.22% | +19.42% | -21.64% | -0.10B |
| 2023-03-31 | $8.36B | 90 | -22.83% | -7.82% | -15.02% | -0.42B |
| 2022-12-31 | $8.58B | 87 | +4.14% | +7.56% | -3.42% | -0.30B |
| 2022-09-30 | $8.52B | 90 | -11.03% | -4.93% | -6.11% | -0.11B |
| 2022-06-30 | $9.70B | 102 | -18.60% | -16.11% | -2.49% | +0.90B |