Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.82%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.93%
baseline attrition
Rally response
-13.52%
trims into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TPBTurning Point Brands, In | $35M | 14.2% | +46.5% | 7.0 yr |
| FCFSFirstCash Holdings, Inc | $33M | 13.6% | +58.0% | 3.0 yr |
| CVCOCavco Industries, Inc. | $16M | 6.5% | -6.8% | 2.5 yr |
| — | $11M | 4.3% | — | 1.0 yr |
| LOPEGrand Canyon Education, | $10M | 4.0% | -1.7% | 5.8 yr |
| CVSACovista Inc. | $9M | 3.8% | +14.5% | 0.5 yr |
| EGYVAALCO Energy, Inc. | $9M | 3.6% | +79.6% | 3.5 yr |
| BTIBritish American Tobacco | $9M | 3.6% | +47.5% | 1.3 yr |
| LAURLaureate Education, Inc. | $9M | 3.5% | +70.4% | 2.0 yr |
| MTDRMatador Resources Compan | $9M | 3.5% | +27.6% | 0.3 yr |
| AZOAutoZone, Inc. | $8M | 3.5% | -11.4% | 3.8 yr |
| BTUPeabody Energy Corporati | $8M | 3.4% | +146.4% | 0.5 yr |
| STRLSterling Infrastructure, | $8M | 3.3% | +259.7% | 3.0 yr |
| NPKINPK International Inc. | $8M | 3.3% | +149.4% | 0.5 yr |
| ICHRIchor Holdings, Ltd. | $8M | 3.2% | +106.1% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Tobacco17.8%-1.4pp$43M
Financial - Credit Services13.6%+5.3pp$33M
Semiconductors9.1%$22M
Oil & Gas Exploration & Production8.3%+5.1pp$20M
Education & Training Services7.6%-4.6pp$19M
Residential Construction6.5%-2.4pp$16M
Specialty Retail6.3%+3.4pp$15M
Engineering & Construction4.5%-1.3pp$11M
Unknown4.3%$11M
Personal Products & Services3.8%$9M
Country
US92.1%-3.3pp
Unknown4.3%
GB3.6%-1.0pp
Top 5: 42.7% · Top 10: 60.7% · Top 25: 98.9%
Top buys this quarter · 15
| MTDR Matador Resources Companynew | +$9M |
| ICHR Ichor Holdings, Ltd.new | +$8M |
| UCTT Ultra Clean Holdings, Inc.new | +$8M |
| BBW Build-A-Bear Workshop, Inc. | +$7M |
| ENTG Entegris, Inc.new | +$6M |
| SFM Sprouts Farmers Market, Inc.new | +$5M |
| BTU Peabody Energy Corporation | +$5M |
| TH Target Hospitality Corp. | +$4M |
| PARR Par Pacific Holdings, Inc.new | +$3M |
| CVCO Cavco Industries, Inc. | +$3M |
Top sells this quarter · 15
| MSFT Microsoft Corporationexit | −$9M |
| HAS Hasbro, Inc.exit | −$9M |
| LAUR Laureate Education, Inc. | −$9M |
| EEFT Euronet Worldwide, Inc.exit | −$7M |
| AGM Federal Agricultural Mortgage exit | −$7M |
| CVSA Covista Inc. | −$6M |
| PGNY Progyny, Inc.exit | −$4M |
| STRL Sterling Infrastructure, Inc. | −$4M |
| FCFS FirstCash Holdings, Inc | −$31M |
| GBFH GBank Financial Holdings Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $245M | 27 | +30.51% | +17.59% | +12.92% | -0.00B |
| 2025-12-31 | $243M | 24 | +26.10% | +17.72% | +8.38% | +0.00B |
| 2025-09-30 | $248M | 18 | +28.56% | +17.52% | +11.04% | -0.03B |
| 2025-06-30 | $234M | 23 | +32.03% | +14.94% | +17.09% | -0.03B |
| 2025-03-31 | $239M | 27 | +12.79% | +8.30% | +4.49% | -0.03B |
| 2024-12-31 | $267M | 32 | +20.62% | +24.89% | -4.26% | +0.01B |
| 2024-09-30 | $254M | 28 | +37.85% | +36.04% | +1.81% | -0.03B |
| 2024-06-30 | $236M | 27 | +19.13% | +24.49% | -5.37% | +0.02B |
| 2024-03-31 | $225M | 26 | +32.70% | +29.62% | +3.08% | -0.01B |
| 2023-12-31 | $220M | 26 | +30.89% | +26.18% | +4.72% | -0.03B |
| 2023-09-30 | $216M | 24 | +17.96% | +21.57% | -3.61% | -0.02B |
| 2023-06-30 | $229M | 24 | -0.82% | +19.42% | -20.24% | -0.02B |
| 2023-03-31 | $238M | 29 | -24.81% | -7.82% | -16.99% | +0.03B |
| 2022-12-31 | $204M | 23 | +2.86% | +7.56% | -4.70% | -0.00B |
| 2022-09-30 | $202M | 24 | -12.56% | -4.93% | -7.63% | -0.01B |
| 2022-06-30 | $237M | 21 | -19.95% | -16.11% | -3.84% | +0.02B |