Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.75%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.60%
baseline attrition
Rally response
-11.08%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MTZMasTec, Inc. | $106M | 9.4% | +175.7% | 0.8 yr |
| PCGPG&E Corporation | $87M | 7.7% | +2.9% | 0.3 yr |
| — | $84M | 7.5% | — | 1.8 yr |
| GLPIGaming and Leisure Prope | $83M | 7.3% | -6.7% | 0.5 yr |
| TMUST-Mobile US, Inc. | $81M | 7.2% | -19.9% | 5.5 yr |
| KGSKodiak Gas Services, Inc | $76M | 6.7% | +64.4% | 0.3 yr |
| VSTVistra Corp. | $73M | 6.4% | +28.7% | 1.3 yr |
| COFCapital One Financial Co | $72M | 6.3% | +3.1% | 1.5 yr |
| AERAerCap Holdings N.V. | $70M | 6.2% | +35.6% | 2.8 yr |
| SATSEchoStar Corporation | $62M | 5.5% | +357.7% | 1.5 yr |
| TDSTelephone and Data Syste | $56M | 5.0% | +9.1% | 1.3 yr |
| SGISomnigroup International | $53M | 4.7% | +24.4% | 3.5 yr |
| HBANHuntington Bancshares In | $52M | 4.6% | +8.2% | 0.3 yr |
| VSATViasat, Inc. | $42M | 3.7% | +339.5% | 0.3 yr |
| JBTMJBT Marel Corporation | $40M | 3.6% | +4.9% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Telecommunications Services12.4%+0.0pp$141M
Engineering & Construction9.4%$106M
Communication Equipment9.2%$104M
Unknown9.1%+3.5pp$103M
Regulated Electric7.7%$87M
REIT - Specialty7.3%$83M
Banks - Regional7.2%+1.6pp$81M
Oil & Gas Equipment & Services6.7%$76M
Independent Power Producers6.4%-1.3pp$73M
Financial - Credit Services6.3%+0.1pp$72M
Country
US84.2%+7.7pp
Unknown9.1%+3.5pp
IE6.2%-11.9pp
SG0.6%
Top 5: 38.9% · Top 10: 70.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AER | $92M | +0.03B | 35.6% |
| VST | $57M | +0.02B | 28.7% |
| SGI | $54M | +0.01B | 24.4% |
| BOH | $42M | +0.00B | 12.1% |
| TDS | $21M | +0.00B | 9.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TMUS | $64M | -0.01B | -19.9% |
Top buys this quarter · 13
| — | +$0M |
| PCG PG&E Corporationnew | +$87M |
| KGS Kodiak Gas Services, Inc.new | +$76M |
| HBAN Huntington Bancshares Incorpornew | +$52M |
| VSAT Viasat, Inc.new | +$42M |
| BKD Brookdale Senior Living Inc.new | +$39M |
| VST Vistra Corp. | +$21M |
| BTDR Bitdeer Technologies Groupnew | +$7M |
| SGI Somnigroup International Inc | +$53M |
| GLPI Gaming and Leisure Properties, | +$2M |
Top sells this quarter · 12
| ATUS Altice USA, Inc. | −$0M |
| CRH.L CRH plcexit | −$0M |
| WBS Webster Financial Corporationexit | −$94M |
| AYI Acuity Brands, Inc.exit | −$63M |
| PFSI PennyMac Financial Services, Iexit | −$59M |
| PNR Pentair plcexit | −$53M |
| SATS EchoStar Corporation | −$45M |
| COF Capital One Financial Corporat | −$40M |
| MTZ MasTec, Inc. | −$81M |
| BOH Bank of Hawaii Corporation | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.13B | 20 | +22.03% | +17.59% | +4.44% | -0.14B |
| 2025-12-31 | $1.28B | 19 | +25.53% | +17.72% | +7.82% | +0.08B |
| 2025-09-30 | $1.13B | 19 | +16.02% | +17.52% | -1.50% | +0.29B |
| 2025-06-30 | $773M | 13 | +23.08% | +14.94% | +8.14% | -0.01B |
| 2025-03-31 | $741M | 14 | +16.20% | +8.30% | +7.90% | -0.05B |
| 2024-12-31 | $766M | 15 | +21.10% | +24.89% | -3.79% | +0.02B |
| 2024-09-30 | $754M | 15 | +41.57% | +36.04% | +5.53% | -0.08B |
| 2024-06-30 | $726M | 13 | +25.18% | +24.49% | +0.69% | +0.01B |
| 2024-03-31 | $712M | 13 | +26.49% | +29.62% | -3.14% | +0.14B |
| 2023-12-31 | $533M | 11 | +24.14% | +26.18% | -2.04% | -0.00B |
| 2023-09-30 | $464M | 11 | +17.97% | +21.57% | -3.60% | +0.05B |
| 2023-06-30 | $412M | 8 | +22.25% | +19.42% | +2.83% | -0.10B |
| 2023-03-31 | $503M | 10 | +9.87% | -7.82% | +17.69% | +0.05B |
| 2022-12-31 | $429M | 9 | +9.47% | +7.56% | +1.91% | -0.05B |
| 2022-09-30 | $442M | 10 | +5.10% | -4.93% | +10.03% | -0.18B |
| 2022-06-30 | $589M | 12 | -9.01% | -16.11% | +7.10% | -0.21B |