Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.33%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.76%
steady accumulation
Rally response
-2.57%
trims into rallies
when a holding rises +10%+
Top positions · 19
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VREVeris Residential, Inc. | $103M | 20.7% | +13.3% | 5.5 yr |
| DHCDiversified Healthcare T | $99M | 19.8% | +180.2% | 5.5 yr |
| RLJRLJ Lodging Trust | $71M | 14.2% | -0.1% | 5.5 yr |
| INNSummit Hotel Properties, | $40M | 8.1% | -13.0% | 4.8 yr |
| DRHDiamondRock Hospitality | $38M | 7.6% | +26.1% | 3.0 yr |
| PKPark Hotels & Resorts In | $33M | 6.7% | +5.7% | 4.3 yr |
| SHOSunstone Hotel Investors | $25M | 5.0% | -1.4% | 4.8 yr |
| SBRASabra Health Care REIT, | $17M | 3.5% | +17.4% | 3.3 yr |
| BXPBXP, Inc. | $14M | 2.8% | -20.1% | 0.5 yr |
| KRGKite Realty Group Trust | $14M | 2.8% | +14.8% | 2.0 yr |
| HSTHost Hotels & Resorts, I | $11M | 2.2% | +40.9% | 5.5 yr |
| HHHHoward Hughes Holdings I | $9M | 1.8% | -14.6% | 0.5 yr |
| KIMKimco Realty Corporation | $7M | 1.3% | +10.9% | 2.5 yr |
| BRXBrixmor Property Group I | $6M | 1.2% | +12.2% | 5.5 yr |
| PEB-PFPebblebrook Hotel Trust | $5M | 1.0% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
REIT - Hotel & Motel46.2%-13.8pp$231M
REIT - Healthcare Facilities23.3%+9.6pp$116M
REIT - Residential20.7%+1.4pp$103M
REIT - Retail5.3%-1.8pp$26M
REIT - Office2.8%$14M
Real Estate - Diversified1.8%$9M
Country
US100.0%+0.0pp
Top 5: 70.4% · Top 10: 91.1% · Top 25: 100.0%
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $500M | 19 | +23.00% | +17.59% | +5.41% | -0.00B |
| 2025-12-31 | $457M | 19 | -1.13% | +17.72% | -18.84% | +0.05B |
| 2025-09-30 | $403M | 17 | -7.86% | +17.52% | -25.37% | +0.01B |
| 2025-06-30 | $365M | 16 | -4.46% | +14.94% | -19.40% | -0.02B |
| 2025-03-31 | $376M | 16 | -10.86% | +8.30% | -19.16% | +0.03B |
| 2024-12-31 | $391M | 13 | -1.56% | +24.89% | -26.45% | +0.02B |
| 2024-09-30 | $387M | 13 | +26.64% | +36.04% | -9.40% | -0.03B |
| 2024-06-30 | $371M | 15 | +13.10% | +24.49% | -11.40% | +0.00B |
| 2024-03-31 | $390M | 15 | +29.54% | +29.62% | -0.09% | -0.00B |
| 2023-12-31 | $405M | 13 | +32.25% | +26.18% | +6.08% | -0.04B |
| 2023-09-30 | $361M | 13 | +22.66% | +21.57% | +1.09% | +0.03B |
| 2023-06-30 | $328M | 14 | +6.19% | +19.42% | -13.24% | +0.02B |
| 2023-03-31 | $281M | 13 | -27.20% | -7.82% | -19.38% | +0.06B |
| 2022-12-31 | $225M | 12 | +13.17% | +7.56% | +5.61% | +0.01B |
| 2022-09-30 | $190M | 13 | -13.09% | -4.93% | -8.16% | -0.01B |
| 2022-06-30 | $232M | 13 | -25.66% | -16.11% | -9.55% | +0.04B |