Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+16.90%
adds when stocks drop
when a holding falls −10%+
Middle response
-15.17%
baseline attrition
Rally response
-20.02%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BANCBanc of California, Inc. | $13M | 10.6% | +27.0% | 2.5 yr |
| BBTBeacon Financial Corp. | $12M | 9.9% | +19.3% | 1.5 yr |
| XLFState Street Financial S | $9M | 7.7% | — | 0.8 yr |
| FNFFidelity National Financ | $8M | 7.1% | -26.0% | 0.8 yr |
| APOApollo Global Management | $4M | 3.7% | -17.4% | 0.5 yr |
| ONBOld National Bancorp | $4M | 3.5% | +6.9% | 1.5 yr |
| CBSHCommerce Bancshares, Inc | $4M | 3.5% | -19.4% | 0.3 yr |
| QQQInvesco QQQ Trust, Serie | $4M | 3.4% | — | 0.3 yr |
| JPMJPMorgan Chase & Co. | $4M | 3.3% | +21.8% | 2.0 yr |
| ASBAssociated Banc-Corp | $4M | 3.2% | +19.1% | 0.3 yr |
| RITM-PDRithm Capital Corp. | $4M | 3.2% | — | 2.0 yr |
| BANRBanner Corporation | $4M | 3.0% | -1.8% | 0.3 yr |
| ARCCAres Capital Corporation | $3M | 2.8% | -10.7% | 0.5 yr |
| COLBColumbia Banking System, | $3M | 2.6% | +16.1% | 0.3 yr |
| SPGIS&P Global Inc. | $3M | 2.4% | -15.6% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional46.8%+13.0pp$56M
Asset Management27.5%+15.4pp$33M
Insurance - Specialty7.1%+5.1pp$8M
Banks - Diversified5.4%-3.4pp$6M
REIT - Mortgage5.0%+3.8pp$6M
Real Estate - Services2.4%+1.0pp$3M
Financial - Data & Stock Exchanges2.4%+1.0pp$3M
Financial - Capital Markets2.3%+1.3pp$3M
Insurance - Life0.6%-0.1pp$1M
Residential Construction0.3%-4.2pp$0M
Country
US100.0%+0.8pp
Top 5: 39.0% · Top 10: 56.0% · Top 25: 89.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BANC | $14M | +0.00B | 27.0% |
| BBT | $9M | +0.00B | 19.3% |
| FISI | $2M | +0.00B | 32.7% |
| JPM | $2M | +0.00B | 21.8% |
| BAC | $2M | +0.00B | 19.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPGI | $1M | -0.00B | -15.6% |
Top buys this quarter · 15
| FNF Fidelity National Financial, I | +$7M |
| CBSH Commerce Bancshares, Inc.new | +$4M |
| ASB Associated Banc-Corpnew | +$4M |
| BANR Banner Corporationnew | +$4M |
| COLB Columbia Banking System, Inc.new | +$3M |
| OFG OFG Bancorpnew | +$3M |
| APO Apollo Global Management, Inc. | +$2M |
| SPGI S&P Global Inc. | +$1M |
| FBP First BanCorp.new | +$1M |
| UMBF UMB Financial Corporation | +$1M |
Top sells this quarter · 15
| BBT Beacon Financial Corp. | −$5M |
| USB U.S. Bancorpexit | −$3M |
| WSBC WesBanco, Inc. | −$3M |
| MFA MFA Financial, Inc.exit | −$2M |
| SBSI Southside Bancshares, Inc. | −$2M |
| RF Regions Financial Corporationexit | −$2M |
| CB Chubb Limitedexit | −$2M |
| BRO Brown & Brown, Inc.exit | −$2M |
| PNC The PNC Financial Services Groexit | −$2M |
| ARCC Ares Capital Corporation | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $120M | 42 | +18.74% | +17.59% | +1.15% | +0.01B |
| 2025-12-31 | $111M | 45 | +19.04% | +17.72% | +1.32% | -0.03B |
| 2025-09-30 | $130M | 45 | +8.32% | +17.52% | -9.20% | +0.02B |
| 2025-06-30 | $99M | 35 | +18.16% | +14.94% | +3.22% | +0.01B |
| 2025-03-31 | $89M | 33 | +8.70% | +8.30% | +0.39% | +0.01B |
| 2024-12-31 | $77M | 21 | +19.63% | +24.89% | -5.26% | -0.10B |
| 2024-09-30 | $179M | 24 | +35.75% | +36.04% | -0.29% | -0.02B |
| 2024-06-30 | $170M | 28 | +25.69% | +24.49% | +1.20% | -0.05B |
| 2024-03-31 | $225M | 22 | +44.95% | +29.62% | +15.33% | +0.03B |
| 2023-12-31 | $177M | 13 | +27.99% | +26.18% | +1.82% | -0.05B |
| 2023-09-30 | $203M | 8 | +33.09% | +21.57% | +11.52% | -0.08B |
| 2023-06-30 | $259M | 3 | +23.13% | +19.42% | +3.71% | -0.09B |
| 2023-03-31 | $318M | 3 | +4.92% | -7.82% | +12.74% | -0.05B |
| 2022-12-31 | $383M | 4 | +14.54% | +7.56% | +6.98% | -0.05B |
| 2022-09-30 | $380M | 4 | +0.82% | -4.93% | +5.75% | -0.04B |
| 2022-06-30 | $414M | 7 | -5.71% | -16.11% | +10.40% | -0.01B |