Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.92%
adds when stocks drop
when a holding falls −10%+
Middle response
+7.58%
steady accumulation
Rally response
-3.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HTGCHercules Capital, Inc. | $49M | 2.4% | -14.2% | 8.5 yr |
| ARCCAres Capital Corporation | $47M | 2.3% | -10.7% | 8.5 yr |
| GBDCGolub Capital BDC, Inc. | $47M | 2.3% | -6.8% | 8.5 yr |
| TSLXSixth Street Specialty L | $47M | 2.2% | -10.0% | 6.0 yr |
| OBDCBlue Owl Capital Corpora | $43M | 2.1% | -17.8% | 6.8 yr |
| SHYGiShares 0-5 Year High Yi | $43M | 2.1% | — | 8.5 yr |
| HYEMVanEck Emerging Markets | $40M | 2.0% | — | 8.5 yr |
| BXSLBlackstone Secured Lendi | $40M | 1.9% | — | 3.3 yr |
| PFLTPennantPark Floating Rat | $40M | 1.9% | -18.1% | 8.5 yr |
| EMHYiShares J.P. Morgan EM H | $39M | 1.9% | — | 8.5 yr |
| FXEDSound Enhanced Fixed Inc | $29M | 1.4% | — | 5.3 yr |
| CCitigroup Inc. | $29M | 1.4% | +63.9% | 8.5 yr |
| OMCOmnicom Group Inc. | $27M | 1.3% | -5.6% | 6.3 yr |
| TOTB.DETotalEnergies SE | $26M | 1.3% | +41.2% | 0.5 yr |
| SPGSimon Property Group, In | $24M | 1.2% | +17.9% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management32.2%-0.8pp$667M
Asset Management - Bonds10.0%+0.3pp$208M
REIT - Retail4.3%+0.2pp$88M
Drug Manufacturers - General3.7%-0.9pp$76M
REIT - Healthcare Facilities3.0%+0.5pp$63M
Financial - Credit Services3.0%-0.2pp$63M
REIT - Specialty2.8%+0.8pp$58M
Banks - Regional2.5%+0.8pp$53M
Asset Management - Income2.4%-0.4pp$49M
Packaging & Containers1.9%-0.7pp$39M
Country
US92.8%-2.7pp
FR1.5%+1.2pp
IE1.4%+0.6pp
Unknown1.3%+1.3pp
GB1.3%+0.1pp
CA1.3%-0.5pp
NL0.2%-0.0pp
SG0.0%+0.0pp
Top 5: 11.2% · Top 10: 21.0% · Top 25: 38.3%
Top buys this quarter · 15
| ACN Accenture plc | +$12M |
| HTGC Hercules Capital, Inc. | +$49M |
| SJM The J. M. Smucker Company | +$9M |
| HRB H&R Block, Inc. | +$5M |
| CRBG Corebridge Financial, Inc. | +$5M |
| AVA Avista Corporation | +$4M |
| PRGO Perrigo Company plc | +$17M |
| OTEX Open Text Corporationnew | +$4M |
| NOMD Nomad Foods Limited | +$3M |
| TRIN Trinity Capital Inc. | +$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.07B | 2583 | +5.56% | +17.59% | -12.03% | -0.03B |
| 2025-12-31 | $2.11B | 2506 | +7.98% | +17.72% | -9.74% | +0.25B |
| 2025-09-30 | $1.83B | 1678 | +4.32% | +17.52% | -13.20% | +0.03B |
| 2025-06-30 | $1.73B | 1581 | +7.47% | +14.94% | -7.47% | +0.03B |
| 2025-03-31 | $1.69B | 1527 | +6.27% | +8.30% | -2.04% | +0.05B |
| 2024-12-31 | $1.62B | 1445 | +12.58% | +24.89% | -12.31% | +0.09B |
| 2024-09-30 | $1.55B | 1386 | +24.58% | +36.04% | -11.45% | +0.04B |
| 2024-06-30 | $1.41B | 1356 | +18.69% | +24.49% | -5.80% | +0.08B |
| 2024-03-31 | $1.34B | 1334 | +21.87% | +29.62% | -7.75% | +0.05B |
| 2023-12-31 | $1.20B | 1306 | +16.06% | +26.18% | -10.12% | -0.05B |
| 2023-09-30 | $1.15B | 1140 | +20.13% | +21.57% | -1.44% | +0.16B |
| 2023-06-30 | $973M | 1101 | +9.62% | +19.42% | -9.80% | +0.03B |
| 2023-03-31 | $919M | 1054 | -3.91% | -7.82% | +3.91% | +0.12B |
| 2022-12-31 | $784M | 975 | -10.45% | -18.17% | +7.73% | +0.01B |
| 2022-09-30 | $687M | 864 | -11.52% | -15.51% | +3.99% | -0.01B |
| 2022-06-30 | $749M | 870 | -4.55% | -10.62% | +6.07% | -0.03B |