Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.23%
trims when stocks drop
when a holding falls −10%+
Middle response
+2.48%
steady accumulation
Rally response
-15.54%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DHCDiversified Healthcare T | $156M | 52.0% | +180.2% | 4.5 yr |
| BKDBrookdale Senior Living | $33M | 10.9% | +118.5% | 3.5 yr |
| TKTeekay Corporation | $20M | 6.6% | +111.2% | 1.0 yr |
| ASCArdmore Shipping Corpora | $15M | 5.1% | +59.7% | 1.0 yr |
| HHHHoward Hughes Holdings I | $14M | 4.5% | -14.6% | 0.3 yr |
| RMRThe RMR Group Inc. | $12M | 4.1% | +4.2% | 2.0 yr |
| GRFSGrifols, S.A. | $11M | 3.7% | +14.2% | 4.0 yr |
| — | $9M | 3.1% | — | 1.0 yr |
| IAUXi-80 Gold Corp. | $8M | 2.8% | +161.3% | 0.5 yr |
| ILPTIndustrial Logistics Pro | $8M | 2.7% | +70.6% | 2.0 yr |
| CNRCore Natural Resources, | $5M | 1.6% | +36.6% | 1.3 yr |
| SMCSummit Midstream Corp. | $4M | 1.3% | -10.8% | 0.5 yr |
| SEVNSeven Hills Realty Trust | $4M | 1.2% | -26.4% | 0.5 yr |
| SVCService Properties Trust | $1M | 0.4% | -47.1% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
REIT - Healthcare Facilities52.0%+28.3pp$156M
Medical - Care Facilities10.9%-36.3pp$33M
Oil & Gas Midstream7.9%$24M
Marine Shipping5.1%$15M
Real Estate - Diversified4.5%$14M
Real Estate - Services4.1%+3.8pp$12M
Drug Manufacturers - General3.7%-1.6pp$11M
Unknown3.1%$9M
Gold2.8%+2.5pp$8M
REIT - Industrial2.7%$8M
Country
US81.5%-11.8pp
BM11.7%
ES3.7%-1.6pp
Unknown3.1%
Top 5: 79.2% · Top 10: 95.6% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BKD | $112M | +0.13B | 118.5% |
| DHC | $56M | +0.10B | 180.2% |
| CNR | $36M | +0.01B | 36.6% |
| GRFS | $13M | +0.00B | 14.2% |
| RMR | $1M | +0.00B | 4.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 3
| HHH Howard Hughes Holdings Inc.new | +$14M |
| GRFS Grifols, S.A. | +$2M |
| RMR The RMR Group Inc. | +$0M |
Top sells this quarter · 10
| CNR Core Natural Resources, Inc. | −$141M |
| BKD Brookdale Senior Living Inc. | −$84M |
| SMC Summit Midstream Corp. | −$7M |
| ASC Ardmore Shipping Corporation | −$13M |
| SEVN Seven Hills Realty Trust | −$2M |
| TK Teekay Corporation | −$16M |
| ILPT Industrial Logistics Propertie | −$2M |
| PANL Pangaea Logistics Solutions, Lexit | −$0M |
| IAUX i-80 Gold Corp. | −$8M |
| — | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $300M | 14 | +89.40% | +17.59% | +71.81% | -0.23B |
| 2025-12-31 | $425M | 14 | +60.12% | +17.72% | +42.41% | -0.13B |
| 2025-09-30 | $492M | 16 | -3.32% | +17.52% | -20.83% | +0.10B |
| 2025-06-30 | $338M | 13 | -3.56% | +14.94% | -18.50% | +0.06B |
| 2025-03-31 | $237M | 10 | -10.28% | +8.30% | -18.58% | +0.07B |
| 2024-12-31 | $161M | 7 | -32.04% | +24.89% | -56.93% | +0.02B |
| 2024-09-30 | $201M | 6 | +25.97% | +36.04% | -10.07% | -0.08B |
| 2024-06-30 | $243M | 8 | +7.03% | +24.49% | -17.46% | +0.05B |
| 2024-03-31 | $181M | 6 | +21.05% | +29.62% | -8.58% | -0.07B |
| 2023-12-31 | $320M | 11 | +63.05% | +26.18% | +36.88% | -0.16B |
| 2023-09-30 | $382M | 11 | +55.01% | +21.57% | +33.45% | +0.12B |
| 2023-06-30 | $268M | 8 | +36.58% | +19.42% | +17.16% | +0.01B |
| 2023-03-31 | $212M | 15 | -8.99% | -7.82% | -1.17% | -0.05B |
| 2022-12-31 | $242M | 17 | +19.59% | +7.56% | +12.03% | +0.00B |
| 2022-09-30 | $200M | 12 | -12.43% | -4.93% | -7.51% | +0.03B |
| 2022-06-30 | $198M | 18 | -18.54% | -16.11% | -2.43% | +0.07B |