Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.76%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.01%
baseline attrition
Rally response
-6.71%
trims into rallies
when a holding rises +10%+
Top positions · 12
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FAFFirst American Financial | $35M | 21.6% | -4.9% | 5.5 yr |
| ICLRICON Public Limited Comp | $27M | 16.9% | -36.8% | 0.8 yr |
| PFGCPerformance Food Group C | $26M | 16.3% | +8.9% | 5.5 yr |
| GRNDGrindr Inc. | $22M | 13.4% | -32.5% | 0.5 yr |
| PKPark Hotels & Resorts In | $19M | 11.6% | +5.7% | 5.5 yr |
| MTNVail Resorts, Inc. | $10M | 6.1% | -16.1% | 1.0 yr |
| GDDYGoDaddy Inc. | $8M | 5.2% | -54.1% | 0.3 yr |
| GOOGLAlphabet Inc. | $7M | 4.6% | — | 5.5 yr |
| AMTBAmerant Bancorp Inc. | $4M | 2.7% | +8.7% | 5.5 yr |
| PCAPUProCap Acquisition Corp | $1M | 0.8% | — | 1.0 yr |
| PEBPebblebrook Hotel Trust | $1M | 0.6% | +25.0% | 5.5 yr |
| CLDTChatham Lodging Trust | $1M | 0.3% | +14.9% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Specialty21.6%-16.5pp$35M
Medical - Diagnostics & Research16.9%$27M
Food Distribution16.3%-6.6pp$26M
Software - Application13.4%$22M
REIT - Hotel & Motel12.5%+0.9pp$20M
Gambling, Resorts & Casinos6.1%$10M
Software - Infrastructure5.2%$8M
Internet Content & Information4.6%+0.0pp$7M
Banks - Regional2.7%+0.4pp$4M
Shell Companies0.8%$1M
Country
US83.1%+1.1pp
IE16.9%
Top 5: 79.7% · Top 10: 99.1% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PFGC | $40M | +0.00B | 8.9% |
| PK | $19M | +0.00B | 5.7% |
| AMTB | $4M | +0.00B | 8.7% |
| PEB | $1M | +0.00B | 25.0% |
| CLDT | $0M | +0.00B | 14.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FAF | $66M | -0.00B | -4.9% |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $160M | 12 | -4.41% | +17.59% | -22.00% | +0.01B |
| 2025-12-31 | $167M | 13 | -1.78% | +17.72% | -19.50% | +0.00B |
| 2025-09-30 | $173M | 12 | +6.83% | +17.52% | -10.69% | -0.03B |
| 2025-06-30 | $187M | 11 | +17.35% | +14.94% | +2.41% | +0.01B |
| 2025-03-31 | $174M | 9 | +4.63% | +8.30% | -3.68% | -0.01B |
| 2024-12-31 | $192M | 10 | +17.96% | +24.89% | -6.92% | -0.05B |
| 2024-09-30 | $235M | 11 | +42.06% | +36.04% | +6.03% | -0.02B |
| 2024-06-30 | $211M | 12 | +6.88% | +24.49% | -17.62% | -0.00B |
| 2024-03-31 | $237M | 12 | +18.78% | +29.62% | -10.85% | -0.04B |
| 2023-12-31 | $257M | 13 | +7.15% | +26.18% | -19.03% | -0.06B |
| 2023-09-30 | $260M | 14 | +2.41% | +21.57% | -19.15% | -0.02B |
| 2023-06-30 | $311M | 15 | +2.87% | +19.42% | -16.56% | -0.00B |
| 2023-03-31 | $318M | 15 | -20.77% | -7.82% | -12.95% | -0.01B |
| 2022-12-31 | $341M | 15 | +18.30% | +7.56% | +10.74% | -0.04B |
| 2022-09-30 | $326M | 17 | -10.07% | -4.93% | -5.14% | -0.06B |
| 2022-06-30 | $434M | 19 | -23.31% | -16.11% | -7.20% | -0.04B |