Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.45%
baseline attrition
Rally response
-0.47%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CBANColony Bankcorp, Inc. | $41M | 7.0% | +27.0% | 6.5 yr |
| CARECarter Bankshares, Inc. | $35M | 5.9% | +44.1% | 4.3 yr |
| — | $32M | 5.4% | — | 2.0 yr |
| AVBHAvidbank Holdings, Inc. | $30M | 5.1% | — | 0.8 yr |
| COSOCoastalSouth Bancshares, | $27M | 4.6% | +16.0% | 0.8 yr |
| ISTRInvestar Holding Corpora | $23M | 3.8% | +57.8% | 5.5 yr |
| MRBKMeridian Corporation | $22M | 3.8% | +36.2% | 5.5 yr |
| FXNCFirst National Corporati | $21M | 3.5% | +23.3% | 6.5 yr |
| PKBKParke Bancorp, Inc. | $20M | 3.4% | +56.0% | 2.5 yr |
| FVCBFVCBankcorp, Inc. | $19M | 3.3% | +45.7% | 3.8 yr |
| ATLOAmes National Corporatio | $19M | 3.3% | +67.5% | 3.0 yr |
| EFSIEagle Financial Services | $19M | 3.2% | +10.6% | 1.3 yr |
| — | $18M | 3.0% | — | 2.0 yr |
| FCCOFirst Community Corporat | $17M | 3.0% | +32.7% | 5.0 yr |
| BHRBBurke & Herbert Financia | $15M | 2.6% | +15.1% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional88.9%+1.4pp$524M
Unknown11.1%-0.9pp$66M
Country
US88.9%+0.9pp
Unknown11.1%-0.9pp
Top 5: 27.9% · Top 10: 45.7% · Top 25: 79.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FXNC | $19M | +0.00B | 23.3% |
| SHBI | $10M | +0.00B | 42.2% |
| MRBK | $11M | +0.00B | 36.2% |
| CARE | $7M | +0.00B | 44.1% |
| CBAN | $11M | +0.00B | 27.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FNWB | $9M | -0.00B | -14.0% |
Top buys this quarter · 15
| BHRB Burke & Herbert Financial Serv | +$11M |
| CBAN Colony Bankcorp, Inc. | +$7M |
| ATLO Ames National Corporation | +$7M |
| CARE Carter Bankshares, Inc. | +$6M |
| TOWN TowneBank | +$6M |
| TFC Truist Financial Corporation | +$6M |
| TSBK Timberland Bancorp, Inc. | +$5M |
| EBMT Eagle Bancorp Montana, Inc. | +$4M |
| ISTR Investar Holding Corporation | +$4M |
| COSO CoastalSouth Bancshares, Inc. | +$3M |
Top sells this quarter · 15
| ORRF Orrstown Financial Services, Iexit | −$32M |
| COFS ChoiceOne Financial Services, | −$30M |
| SHBI Shore Bancshares, Inc. | −$9M |
| FRAF Franklin Financial Services Coexit | −$9M |
| MNSB MainStreet Bancshares, Inc. | −$9M |
| FISI Financial Institutions, Inc.exit | −$8M |
| MCB Metropolitan Bank Holding Corp | −$7M |
| WSBC WesBanco, Inc. | −$7M |
| SFST Southern First Bancshares, Inc | −$6M |
| OBT Orange County Bancorp, Inc. | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $590M | 62 | +32.47% | +17.59% | +14.88% | +0.02B |
| 2025-12-31 | $534M | 54 | +19.37% | +17.72% | +1.65% | -0.07B |
| 2025-09-30 | $558M | 83 | +17.67% | +17.52% | +0.15% | +0.00B |
| 2025-06-30 | $510M | 98 | +23.70% | +14.94% | +8.76% | +0.08B |
| 2025-03-31 | $403M | 75 | +12.76% | +8.30% | +4.46% | -0.09B |
| 2024-12-31 | $512M | 68 | +4.54% | +24.89% | -20.35% | +0.04B |
| 2024-09-30 | $449M | 66 | +23.40% | +36.04% | -12.64% | +0.09B |
| 2024-06-30 | $314M | 46 | +7.66% | +24.49% | -16.83% | +0.02B |
| 2024-03-31 | $307M | 29 | -1.56% | +29.62% | -31.18% | -0.13B |
| 2023-12-31 | $494M | 65 | -5.03% | +26.18% | -31.21% | -0.06B |
| 2023-09-30 | $441M | 99 | -18.14% | +21.57% | -39.71% | +0.06B |
| 2023-06-30 | $376M | 67 | -23.40% | +19.42% | -42.83% | +0.13B |
| 2023-03-31 | $284M | 34 | -22.43% | -7.82% | -14.61% | -0.04B |
| 2022-12-31 | $381M | 48 | +8.14% | +7.56% | +0.58% | +0.04B |
| 2022-09-30 | $311M | 55 | -6.39% | -4.93% | -1.46% | +0.08B |
| 2022-06-30 | $251M | 46 | -10.62% | -16.11% | +5.49% | +0.03B |