Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.04%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.50%
baseline attrition
Rally response
-6.91%
trims into rallies
when a holding rises +10%+
Top positions · 19
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UNHUnitedHealth Group Incor | $56M | 11.9% | -46.9% | 1.3 yr |
| SYFSynchrony Financial | $50M | 10.7% | +30.8% | 3.0 yr |
| BRZEBraze, Inc. | $39M | 8.4% | -34.6% | 0.8 yr |
| TNLTravel + Leisure Co. | $38M | 8.2% | +55.0% | 5.3 yr |
| CVSCVS Health Corporation | $35M | 7.6% | +10.0% | 2.0 yr |
| CPTCamden Property Trust | $32M | 6.8% | -17.8% | 0.8 yr |
| AMZNAmazon.com, Inc. | $31M | 6.6% | +9.5% | 4.0 yr |
| HUMHumana Inc. | $29M | 6.3% | -33.8% | 3.3 yr |
| HLFHerbalife Nutrition Ltd. | $27M | 5.9% | +70.6% | 5.0 yr |
| WEXWEX Inc. | $26M | 5.5% | -2.5% | 0.8 yr |
| CXMSprinklr, Inc. | $22M | 4.7% | -28.1% | 2.5 yr |
| DKNGDraftKings Inc. | $19M | 4.1% | -34.9% | 0.5 yr |
| ESSEssex Property Trust, In | $19M | 4.0% | -18.8% | 0.5 yr |
| IGTInternational Game Techn | $18M | 3.9% | — | 2.0 yr |
| PUKPrudential plc | $8M | 1.6% | +33.0% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Medical - Healthcare Plans25.8%-1.1pp$121M
Software - Application14.0%+7.4pp$65M
REIT - Residential10.8%$50M
Financial - Credit Services10.7%+0.3pp$50M
Travel Services8.2%+1.4pp$38M
Gambling, Resorts & Casinos8.0%-9.0pp$37M
Specialty Retail6.6%+2.8pp$31M
Packaged Foods5.9%+3.6pp$27M
Software - Infrastructure5.5%-0.7pp$26M
Insurance - Life1.6%+0.6pp$8M
Country
US94.1%+10.3pp
GB5.5%-5.5pp
AR0.4%-3.4pp
Top 5: 46.9% · Top 10: 77.9% · Top 25: 100.0%
Top buys this quarter · 5
| HUM Humana Inc. | +$10M |
| BRZE Braze, Inc. | +$39M |
| AMZN Amazon.com, Inc. | +$8M |
| CPT Camden Property Trust | +$4M |
| CXM Sprinklr, Inc. | +$22M |
Top sells this quarter · 8
| LPLA LPL Financial Holdings Inc.exit | −$26M |
| FAF First American Financial Corpoexit | −$19M |
| CZR Caesars Entertainment, Inc.exit | −$18M |
| CALM Cal-Maine Foods, Inc.exit | −$14M |
| CVS CVS Health Corporation | −$7M |
| DKNG DraftKings Inc. | −$6M |
| TRTX TPG RE Finance Trust, Inc. | −$3M |
| IGT International Game Technology | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $468M | 19 | -3.00% | +17.59% | -20.60% | -0.06B |
| 2025-12-31 | $618M | 22 | +15.33% | +17.72% | -2.38% | +0.07B |
| 2025-09-30 | $520M | 19 | +0.44% | +17.52% | -17.07% | -0.07B |
| 2025-06-30 | $574M | 20 | -8.00% | +14.94% | -22.94% | +0.01B |
| 2025-03-31 | $540M | 21 | -17.24% | +8.30% | -25.55% | +0.04B |
| 2024-12-31 | $493M | 21 | -14.51% | +24.89% | -39.40% | +0.04B |
| 2024-09-30 | $491M | 17 | +5.01% | +36.04% | -31.03% | -0.07B |
| 2024-06-30 | $594M | 21 | +4.00% | +24.49% | -20.49% | +0.07B |
| 2024-03-31 | $562M | 18 | +27.53% | +29.62% | -2.09% | -0.09B |
| 2023-12-31 | $617M | 18 | +29.06% | +26.18% | +2.88% | -0.06B |
| 2023-09-30 | $598M | 23 | +20.70% | +21.57% | -0.87% | +0.07B |
| 2023-06-30 | $564M | 21 | +35.21% | +19.42% | +15.78% | +0.05B |
| 2023-03-31 | $450M | 20 | -4.09% | -7.82% | +3.73% | +0.00B |
| 2022-12-31 | $419M | 25 | +5.71% | +7.56% | -1.86% | -0.16B |
| 2022-09-30 | $549M | 27 | +4.53% | -4.93% | +9.46% | -0.00B |
| 2022-06-30 | $528M | 30 | -18.71% | -16.11% | -2.60% | +0.15B |