Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.85%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.64%
baseline attrition
Rally response
-2.22%
trims into rallies
when a holding rises +10%+
Top positions · 8
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| APGAPi Group Corporation | $60M | 26.2% | +70.0% | 6.0 yr |
| DRVNDriven Brands Holdings I | $50M | 22.0% | -26.4% | 0.3 yr |
| GFLGFL Environmental Inc. | $42M | 18.4% | -13.5% | 6.0 yr |
| STGWStagwell Inc. | $31M | 13.7% | +4.0% | 0.3 yr |
| CODICompass Diversified | $29M | 12.9% | -57.3% | 0.3 yr |
| PARPAR Technology Corporati | $8M | 3.5% | -78.3% | 7.5 yr |
| TICTIC Solutions, Inc. | $7M | 3.2% | -40.8% | 1.3 yr |
| KELYAKelly Services, Inc. | $0M | 0.1% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Engineering & Construction26.2%+13.8pp$60M
Auto - Dealerships22.0%$50M
Waste Management18.4%+2.6pp$42M
Advertising Agencies13.7%$31M
Conglomerates12.9%$29M
Software - Application3.5%-48.2pp$8M
Specialty Business Services3.2%-4.0pp$7M
Staffing & Employment Services0.1%$0M
Country
US81.6%-2.6pp
CA18.4%+2.6pp
Top 5: 93.2% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 5
| DRVN Driven Brands Holdings Inc.new | +$50M |
| STGW Stagwell Inc.new | +$31M |
| CODI Compass Diversifiednew | +$29M |
| TIC TIC Solutions, Inc. | +$7M |
| KELYA Kelly Services, Inc.new | +$0M |
Top sells this quarter · 1
| SCHL Scholastic Corporationexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $229M | 8 | -26.29% | +17.59% | -43.88% | +0.10B |
| 2025-12-31 | $134M | 5 | -31.61% | +17.72% | -49.32% | -0.03B |
| 2025-09-30 | $175M | 7 | -7.40% | +17.52% | -24.92% | -0.10B |
| 2025-06-30 | $366M | 7 | +20.85% | +14.94% | +5.91% | +0.03B |
| 2025-03-31 | $308M | 6 | +7.28% | +8.30% | -1.03% | +0.02B |
| 2024-12-31 | $325M | 5 | +27.82% | +24.89% | +2.93% | -0.01B |
| 2024-09-30 | $263M | 5 | +19.56% | +36.04% | -16.47% | -0.15B |
| 2024-06-30 | $414M | 5 | +12.41% | +24.49% | -12.08% | -0.03B |
| 2024-03-31 | $453M | 5 | +23.53% | +29.62% | -6.09% | +0.04B |
| 2023-12-31 | $400M | 5 | +27.05% | +26.18% | +0.88% | +0.01B |
| 2023-09-30 | $331M | 5 | +30.28% | +21.57% | +8.71% | +0.00B |
| 2023-06-30 | $357M | 6 | +37.95% | +19.42% | +18.52% | +0.03B |
| 2023-03-31 | $304M | 6 | +4.72% | -7.82% | +12.54% | +0.05B |
| 2022-12-31 | $240M | 6 | +22.10% | +7.56% | +14.54% | +0.02B |
| 2022-09-30 | $181M | 6 | -1.91% | -4.93% | +3.02% | +0.01B |
| 2022-06-30 | $176M | 6 | -18.48% | -16.11% | -2.37% | -0.01B |