Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+21.78%
adds when stocks drop
when a holding falls −10%+
Middle response
+6.16%
steady accumulation
Rally response
-0.03%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ESSEssex Property Trust, In | $196M | 13.1% | -18.8% | 1.3 yr |
| SBACSBA Communications Corpo | $168M | 11.3% | -20.0% | 1.5 yr |
| KRCKilroy Realty Corporatio | $137M | 9.2% | -10.1% | 2.3 yr |
| NNNNNN REIT, Inc. | $130M | 8.7% | +4.4% | 4.8 yr |
| HRHealthcare Realty Trust | $123M | 8.2% | +6.9% | 3.3 yr |
| VTRVentas, Inc. | $115M | 7.7% | +21.4% | 4.8 yr |
| INVHInvitation Homes Inc. | $105M | 7.1% | -26.5% | 0.8 yr |
| FRFirst Industrial Realty | $101M | 6.8% | +10.0% | 4.0 yr |
| FRTFederal Realty Investmen | $68M | 4.5% | +12.4% | 4.3 yr |
| IRTIndependence Realty Trus | $51M | 3.5% | -27.8% | 0.8 yr |
| ADCAgree Realty Corporation | $51M | 3.4% | +1.5% | 0.3 yr |
| EPRTEssential Properties Rea | $38M | 2.5% | -4.2% | 0.5 yr |
| COLDAmericold Realty Trust, | $35M | 2.4% | -43.9% | 0.8 yr |
| AKRAcadia Realty Trust | $32M | 2.2% | -5.9% | 0.8 yr |
| SBRASabra Health Care REIT, | $31M | 2.1% | +17.4% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Residential23.6%$352M
REIT - Retail20.0%-8.1pp$299M
REIT - Healthcare Facilities18.0%-7.5pp$268M
REIT - Specialty11.3%+3.6pp$168M
REIT - Industrial9.7%+2.0pp$144M
REIT - Office9.2%-5.2pp$137M
Unknown2.7%-1.9pp$40M
REIT - Diversified2.5%$38M
Real Estate - Services1.3%$19M
REIT - Hotel & Motel1.2%-5.7pp$17M
Country
US97.3%+1.9pp
Unknown2.7%-1.9pp
Top 5: 50.6% · Top 10: 80.2% · Top 25: 100.0%
Top buys this quarter · 13
| — | +$24M |
| INVH Invitation Homes Inc. | +$96M |
| KRC Kilroy Realty Corporation | +$63M |
| ADC Agree Realty Corporationnew | +$51M |
| ESS Essex Property Trust, Inc. | +$41M |
| IRT Independence Realty Trust, Inc | +$34M |
| EPRT Essential Properties Realty Tr | +$21M |
| CSGP CoStar Group, Inc.new | +$19M |
| JAN Janus Living, Inc.new | +$7M |
| SNDA Sonida Senior Living, Inc.new | +$7M |
Top sells this quarter · 13
| — | −$0M |
| O Realty Income Corporationexit | −$123M |
| UDR UDR, Inc.exit | −$120M |
| FRT Federal Realty Investment Trus | −$68M |
| NSA National Storage Affiliates Trexit | −$45M |
| SBAC SBA Communications Corporation | −$34M |
| NNN NNN REIT, Inc. | −$31M |
| HR Healthcare Realty Trust Incorp | −$30M |
| VTR Ventas, Inc. | −$19M |
| FR First Industrial Realty Trust, | −$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.49B | 22 | +7.05% | +17.59% | -10.54% | -0.08B |
| 2025-12-31 | $1.60B | 17 | +10.00% | +17.72% | -7.72% | +0.15B |
| 2025-09-30 | $1.46B | 17 | +3.57% | +17.52% | -13.95% | -0.20B |
| 2025-06-30 | $1.54B | 17 | +5.34% | +14.94% | -9.60% | -0.06B |
| 2025-03-31 | $1.57B | 14 | +7.98% | +8.30% | -0.32% | +0.05B |
| 2024-12-31 | $1.50B | 14 | +3.63% | +24.89% | -21.25% | +0.29B |
| 2024-09-30 | $1.29B | 18 | +29.92% | +36.04% | -6.12% | -0.04B |
| 2024-06-30 | $1.22B | 13 | +7.70% | +24.49% | -16.79% | +0.02B |
| 2024-03-31 | $1.15B | 15 | +9.17% | +29.62% | -20.45% | +0.08B |
| 2023-12-31 | $1.10B | 14 | +14.00% | +26.18% | -12.18% | -0.21B |
| 2023-09-30 | $1.11B | 19 | +3.49% | +21.57% | -18.08% | +0.22B |
| 2023-06-30 | $979M | 14 | +3.84% | +19.42% | -15.58% | +0.12B |
| 2023-03-31 | $817M | 12 | -15.34% | -7.82% | -7.53% | +0.25B |
| 2022-12-31 | $563M | 14 | +6.56% | +7.56% | -1.00% | +0.08B |
| 2022-09-30 | $454M | 12 | -8.67% | -4.93% | -3.74% | +0.08B |
| 2022-06-30 | $407M | 11 | -14.02% | -16.11% | +2.09% | -0.01B |