Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.75%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.99%
baseline attrition
Rally response
-5.59%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CBSHCommerce Bancshares, Inc | $5M | 15.3% | -19.4% | 6.8 yr |
| DKLDelek Logistics Partners | $2M | 4.9% | +27.2% | 1.5 yr |
| MPLXMPLX Lp | $2M | 4.3% | +15.4% | 2.8 yr |
| BIPBrookfield Infrastructur | $1M | 4.2% | +27.5% | 1.5 yr |
| WESWestern Midstream Partne | $1M | 4.1% | +10.3% | 1.0 yr |
| ETEnergy Transfer LP | $1M | 2.6% | +12.1% | 4.0 yr |
| BUFFInnovator Laddered Alloc | $1M | 2.4% | — | 4.3 yr |
| DFACDimensional - US Core Eq | $1M | 2.0% | — | 4.8 yr |
| WORWorthington Industries, | $1M | 1.8% | +5.5% | 5.5 yr |
| SUNSunoco LP | $1M | 1.5% | +19.7% | 2.5 yr |
| DFCFDimensional - Core Fixed | $1M | 1.5% | — | 3.5 yr |
| NVDANVIDIA Corporation | $0M | 1.4% | +60.9% | 6.3 yr |
| CAPLCrossAmerica Partners LP | $0M | 1.1% | -7.0% | 1.5 yr |
| WSWorthington Steel, Inc. | $0M | 1.0% | +22.3% | 2.3 yr |
| AAPLApple Inc. | $0M | 1.0% | +14.7% | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management30.7%-33.2pp$11M
Oil & Gas Midstream17.6%+16.9pp$6M
Banks - Regional15.7%+14.4pp$5M
Asset Management - Income4.5%+3.2pp$2M
Diversified Utilities4.2%+4.1pp$1M
Asset Management - Bonds3.8%+0.6pp$1M
Oil & Gas Refining & Marketing2.7%+2.6pp$1M
Unknown2.6%+2.0pp$1M
Semiconductors1.9%-0.3pp$1M
Manufacturing - Metal Fabrication1.8%+1.7pp$1M
Country
US91.8%-4.9pp
BM4.2%+4.1pp
Unknown2.6%+2.0pp
CA1.2%+0.7pp
GB0.2%-0.0pp
IL0.0%-0.5pp
SG0.0%+0.0pp
NL0.0%-0.0pp
Top 5: 32.8% · Top 10: 43.1% · Top 25: 56.5%
Top buys this quarter · 15
| MPLX MPLX Lp | +$1M |
| WES Western Midstream Partners, LP | +$0M |
| SUN Sunoco LP | +$0M |
| ET Energy Transfer LP | +$0M |
| CBSH Commerce Bancshares, Inc. | +$5M |
| BIPC Brookfield Infrastructure Corpnew | +$0M |
| MFC Manulife Financial Corporationnew | +$0M |
| GLP Global Partners LPnew | +$0M |
| PBA Pembina Pipeline Corporationnew | +$0M |
| WMS Advanced Drainage Systems, Incnew | +$0M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$64M |
| AAPL Apple Inc. | −$42M |
| NVDA NVIDIA Corporation | −$27M |
| AVGO Broadcom Inc. | −$17M |
| MSFT Microsoft Corporation | −$16M |
| XOM Exxon Mobil Corporation | −$13M |
| WMT Walmart Inc. | −$13M |
| AMAT Applied Materials, Inc. | −$13M |
| AMZN Amazon.com, Inc. | −$12M |
| JPM JPMorgan Chase & Co.exit | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $35M | 332 | +19.29% | +17.59% | +1.70% | -2.22B |
| 2025-12-31 | $2.28B | 745 | +18.41% | +17.72% | +0.69% | +0.03B |
| 2025-09-30 | $2.19B | 758 | +17.81% | +17.52% | +0.30% | +0.04B |
| 2025-06-30 | $1.98B | 732 | +17.48% | +14.94% | +2.54% | +0.04B |
| 2025-03-31 | $1.80B | 670 | +9.41% | +8.30% | +1.11% | +0.07B |
| 2024-12-31 | $1.76B | 649 | +18.82% | +24.89% | -6.07% | +0.15B |
| 2024-09-30 | $1.57B | 384 | +30.02% | +36.04% | -6.02% | -0.11B |
| 2024-06-30 | $1.56B | 616 | +17.45% | +24.49% | -7.04% | +0.21B |
| 2024-03-31 | $1.34B | 365 | +21.59% | +29.62% | -8.03% | -0.11B |
| 2023-12-31 | $1.36B | 575 | +18.36% | +26.18% | -7.82% | +0.04B |
| 2023-09-30 | $1.19B | 536 | +15.07% | +21.57% | -6.50% | +0.09B |
| 2023-06-30 | $1.13B | 323 | +12.40% | +19.42% | -7.03% | +0.01B |
| 2023-03-31 | $1.07B | 509 | -5.87% | -7.82% | +1.95% | +0.03B |
| 2022-12-31 | $1.00B | 488 | -13.50% | -18.17% | +4.67% | -0.19B |
| 2022-09-30 | $1.10B | 516 | -11.83% | -15.51% | +3.68% | +0.22B |
| 2022-06-30 | $920M | 459 | -6.89% | -10.62% | +3.73% | +0.05B |