Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.22%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.55%
baseline attrition
Rally response
-13.75%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $444M | 34.0% | +17.6% | 4.3 yr |
| JPMJPMorgan Chase & Co. | $24M | 1.8% | +21.8% | 7.3 yr |
| RRCRange Resources Corporat | $22M | 1.7% | +14.2% | 3.8 yr |
| JXNJackson Financial Inc. | $22M | 1.7% | +30.6% | 3.0 yr |
| CMCCommercial Metals Compan | $21M | 1.6% | +34.2% | 4.8 yr |
| COLBColumbia Banking System, | $20M | 1.5% | +16.1% | 3.3 yr |
| ANFAbercrombie & Fitch Co. | $18M | 1.4% | +19.6% | 1.5 yr |
| COPConocoPhillips | $18M | 1.3% | +30.0% | 5.3 yr |
| OTEXOpen Text Corporation | $17M | 1.3% | -8.7% | 4.8 yr |
| CLFCleveland-Cliffs Inc. | $16M | 1.3% | +2.8% | 1.8 yr |
| CCitigroup Inc. | $16M | 1.2% | +63.9% | 7.3 yr |
| PLABPhotronics, Inc. | $16M | 1.2% | +94.7% | 4.8 yr |
| VCVisteon Corporation | $16M | 1.2% | +18.4% | 1.3 yr |
| ASTEAstec Industries, Inc. | $15M | 1.2% | +58.1% | 2.5 yr |
| UPSUnited Parcel Service, I | $15M | 1.2% | -4.4% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management36.8%+21.1pp$481M
Banks - Diversified4.1%-1.7pp$54M
Oil & Gas Exploration & Production4.1%-0.0pp$54M
Banks - Regional3.6%+0.3pp$47M
Insurance - Life3.4%-2.6pp$44M
REIT - Specialty3.3%-2.4pp$43M
Steel3.0%+0.1pp$39M
Software - Application2.8%+1.4pp$37M
Apparel - Retail2.5%+1.4pp$33M
Medical - Healthcare Plans2.4%+1.1pp$31M
Country
US94.7%+2.9pp
CA4.1%-0.1pp
FR0.7%+0.4pp
HK0.2%-0.7pp
Unknown0.2%-0.3pp
IL0.1%
NL0.1%+0.0pp
Top 5: 40.8% · Top 10: 47.6% · Top 25: 64.5%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$444M |
| VC Visteon Corporation | +$13M |
| ST Sensata Technologies Holding p | +$13M |
| FR First Industrial Realty Trust, | +$12M |
| PGNY Progyny, Inc. | +$12M |
| SPG Simon Property Group, Inc.new | +$9M |
| KRG Kite Realty Group Trust | +$8M |
| CRM Salesforce, Inc. | +$7M |
| BMRN BioMarin Pharmaceutical Inc. | +$7M |
| OTEX Open Text Corporation | +$7M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$62M |
| VZ Verizon Communications Inc.exit | −$21M |
| AMGN Amgen Inc.exit | −$16M |
| CSCO Cisco Systems, Inc. | −$16M |
| BAC Bank of America Corporation | −$16M |
| VTRS Viatris Inc.exit | −$15M |
| FCX Freeport-McMoRan Inc. | −$14M |
| RRX Regal Rexnord Corporationexit | −$14M |
| TSM Taiwan Semiconductor Manufactuexit | −$14M |
| CVX Chevron Corporationexit | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.31B | 165 | +19.61% | +17.59% | +2.02% | -0.31B |
| 2025-12-31 | $1.63B | 211 | +17.46% | +17.72% | -0.25% | +0.08B |
| 2025-09-30 | $1.48B | 199 | +11.18% | +17.52% | -6.34% | -0.02B |
| 2025-06-30 | $1.39B | 189 | +10.29% | +14.94% | -4.65% | +0.11B |
| 2025-03-31 | $1.20B | 185 | +1.62% | +8.30% | -6.68% | -0.04B |
| 2024-12-31 | $1.27B | 196 | +13.04% | +24.89% | -11.85% | +0.04B |
| 2024-09-30 | $1.25B | 200 | +25.58% | +36.04% | -10.45% | +0.04B |
| 2024-06-30 | $1.14B | 196 | +15.98% | +24.49% | -8.51% | -0.15B |
| 2024-03-31 | $1.31B | 202 | +22.29% | +29.62% | -7.33% | +0.29B |
| 2023-12-31 | $934M | 189 | +12.98% | +26.18% | -13.19% | -0.07B |
| 2023-09-30 | $908M | 181 | +15.83% | +21.57% | -5.73% | -0.19B |
| 2023-06-30 | $1.12B | 190 | +9.45% | +19.42% | -9.97% | -0.08B |
| 2023-03-31 | $1.15B | 215 | -6.88% | -7.82% | +0.94% | -0.01B |
| 2022-12-31 | $1.16B | 182 | -1.17% | -18.17% | +17.00% | -0.02B |
| 2022-09-30 | $1.04B | 182 | -7.21% | -4.93% | -2.28% | +0.00B |
| 2022-06-30 | $1.12B | 182 | -11.51% | -16.11% | +4.60% | -0.05B |