Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-19.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.65%
baseline attrition
Rally response
-2.82%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SATSEchoStar Corporation | $172M | 38.6% | +357.7% | 2.3 yr |
| UNITUniti Group Inc. | $53M | 11.9% | — | 0.5 yr |
| FBHSFortune Brands Home & Se | $26M | 5.9% | — | 0.3 yr |
| SILASila Realty Trust, Inc. | $25M | 5.6% | -5.5% | 1.8 yr |
| PCGPG&E Corporation | $21M | 4.7% | +2.9% | 1.8 yr |
| UWMCUWM Holdings Corporation | $21M | 4.7% | -27.6% | 1.0 yr |
| AMBPArdagh Metal Packaging S | $18M | 4.1% | +49.4% | 4.8 yr |
| NCDLNuveen Churchill Direct | $18M | 3.9% | -17.8% | 0.5 yr |
| COMMCommScope Holding Compan | $15M | 3.3% | — | 2.3 yr |
| PFLTPennantPark Floating Rat | $13M | 3.0% | -18.1% | 0.5 yr |
| MBCMasterBrand, Inc. | $13M | 2.9% | -36.4% | 1.0 yr |
| BBDCBarings BDC, Inc. | $12M | 2.7% | -2.3% | 0.5 yr |
| SLRCSLR Investment Corp. | $12M | 2.7% | -5.7% | 0.5 yr |
| MAGNMagnera Corp. | $11M | 2.6% | -47.6% | 1.0 yr |
| CMCOColumbus McKinnon Corpor | $10M | 2.3% | -12.7% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Communication Equipment41.8%-3.2pp$187M
Telecommunications Services11.9%+1.1pp$53M
Asset Management9.6%+9.1pp$43M
Construction5.9%$26M
REIT - Healthcare Facilities5.6%-4.1pp$25M
Regulated Electric4.7%$21M
Financial - Mortgages4.7%$21M
Packaging & Containers4.1%+0.3pp$18M
Furnishings, Fixtures & Appliances2.9%$13M
Financial - Credit Services2.7%$12M
Country
US95.7%+9.1pp
LU4.1%+0.3pp
Unknown0.2%-1.7pp
Top 5: 66.7% · Top 10: 85.7% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SILA | $36M | -0.00B | -5.5% |
Top buys this quarter · 8
| UNIT Uniti Group Inc. | +$39M |
| UWMC UWM Holdings Corporation | +$11M |
| CMCO Columbus McKinnon Corporationnew | +$10M |
| SLRC SLR Investment Corp. | +$6M |
| BBDC Barings BDC, Inc. | +$4M |
| PFLT PennantPark Floating Rate Capi | +$4M |
| NCDL Nuveen Churchill Direct Lendin | +$2M |
| FBHS Fortune Brands Home & Securitynew | +$0M |
Top sells this quarter · 15
| SATS EchoStar Corporation | −$269M |
| TDS Telephone and Data Systems, Inexit | −$45M |
| MBC MasterBrand, Inc. | −$37M |
| AES The AES Corporationexit | −$27M |
| ETR Entergy Corporationexit | −$23M |
| FSK FS KKR Capital Corp.exit | −$23M |
| CZR Caesars Entertainment, Inc.exit | −$22M |
| EVRG Evergy, Inc.exit | −$21M |
| BCSS Bain Capital GSS Investment Coexit | −$20M |
| SILA Sila Realty Trust, Inc. | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $446M | 17 | +101.30% | +17.59% | +83.71% | -0.46B |
| 2025-12-31 | $894M | 32 | +97.32% | +17.72% | +79.60% | -0.24B |
| 2025-09-30 | $952M | 30 | +76.06% | +17.52% | +58.54% | +0.41B |
| 2025-06-30 | $341M | 19 | +36.75% | +14.94% | +21.81% | -0.06B |
| 2025-03-31 | $374M | 16 | +73.20% | +8.30% | +64.90% | -0.09B |
| 2024-12-31 | $468M | 20 | +95.10% | +24.89% | +70.22% | +0.14B |
| 2024-09-30 | $308M | 16 | +105.70% | +36.04% | +69.67% | -0.05B |
| 2024-06-30 | $295M | 13 | +72.34% | +24.49% | +47.85% | -0.32B |
| 2024-03-31 | $455M | 11 | +36.85% | +29.62% | +7.23% | +0.21B |
| 2023-12-31 | $224M | 10 | +27.43% | +26.18% | +1.25% | +0.10B |
| 2023-09-30 | $113M | 10 | -18.85% | +21.57% | -40.42% | +0.01B |
| 2023-06-30 | $98M | 10 | -28.81% | +19.42% | -48.24% | +0.05B |
| 2023-03-31 | $44M | 7 | -45.57% | -7.82% | -37.76% | -0.08B |
| 2022-12-31 | $117M | 12 | -28.88% | +7.56% | -36.44% | -0.01B |
| 2022-09-30 | $180M | 11 | -9.98% | -4.93% | -5.06% | +0.04B |
| 2022-06-30 | $160M | 12 | -18.00% | -16.11% | -1.89% | -0.27B |