Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.65%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.34%
baseline attrition
Rally response
-8.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HOPEHope Bancorp, Inc. | $29M | 8.1% | +12.5% | 1.8 yr |
| WSBCWesBanco, Inc. | $24M | 6.8% | +16.6% | 0.5 yr |
| HAFCHanmi Financial Corporat | $23M | 6.5% | +21.6% | 1.5 yr |
| ASBAssociated Banc-Corp | $21M | 5.9% | +19.1% | 4.3 yr |
| FNBF.N.B. Corporation | $20M | 5.6% | +28.2% | 1.3 yr |
| FULTFulton Financial Corpora | $17M | 4.8% | +15.9% | 0.5 yr |
| SFNCSimmons First National C | $14M | 3.9% | -0.9% | 1.5 yr |
| HBANHuntington Bancshares In | $14M | 3.8% | +8.2% | 3.0 yr |
| TMPTompkins Financial Corpo | $13M | 3.7% | +30.0% | 0.5 yr |
| BUSEFirst Busey Corporation | $12M | 3.5% | +22.2% | 0.5 yr |
| SFSTSouthern First Bancshare | $11M | 3.2% | +65.6% | 2.0 yr |
| QCRHQCR Holdings, Inc. | $11M | 3.2% | +20.2% | 0.5 yr |
| TOWNTowneBank | $10M | 2.7% | +1.7% | 0.5 yr |
| PCBPCB Bancorp | $10M | 2.7% | +24.9% | 2.3 yr |
| WEXWEX Inc. | $9M | 2.6% | -2.5% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional94.1%-3.0pp$338M
Software - Infrastructure2.6%$9M
Unknown1.7%+0.7pp$6M
Asset Management1.7%$6M
Country
US98.3%+1.7pp
Unknown1.7%+0.7pp
Top 5: 32.8% · Top 10: 52.5% · Top 25: 86.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TFC | $34M | +0.01B | 17.1% |
| FNB | $20M | +0.01B | 28.2% |
| SFST | $7M | +0.00B | 65.6% |
| ASB | $23M | +0.00B | 19.1% |
| HAFC | $14M | +0.00B | 21.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SFNC | $17M | -0.00B | -0.9% |
Top buys this quarter · 15
| HBAN Huntington Bancshares Incorpor | +$9M |
| FULT Fulton Financial Corporation | +$9M |
| NWBI Northwest Bancshares, Inc.new | +$7M |
| FNB F.N.B. Corporation | +$7M |
| ONB Old National Bancorpnew | +$6M |
| PKBK Parke Bancorp, Inc.new | +$6M |
| QCRH QCR Holdings, Inc. | +$6M |
| BUSE First Busey Corporation | +$6M |
| TMP Tompkins Financial Corporation | +$6M |
| ASB Associated Banc-Corp | +$6M |
Top sells this quarter · 15
| AROW Arrow Financial Corporationexit | −$26M |
| TFC Truist Financial Corporation | −$19M |
| SFNC Simmons First National Corpora | −$12M |
| KEY KeyCorpexit | −$12M |
| CFG Citizens Financial Group, Inc.exit | −$11M |
| MTB M&T Bank Corporationexit | −$7M |
| FISI Financial Institutions, Inc.exit | −$7M |
| OBK Origin Bancorp, Inc.exit | −$7M |
| AMBZ American Business Bank | −$7M |
| BPOP Popular, Inc.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $359M | 39 | +27.43% | +17.59% | +9.84% | -0.01B |
| 2025-12-31 | $353M | 37 | +14.33% | +17.72% | -3.38% | +0.02B |
| 2025-09-30 | $317M | 30 | +14.80% | +17.52% | -2.72% | -0.08B |
| 2025-06-30 | $365M | 34 | +22.95% | +14.94% | +8.01% | -0.07B |
| 2025-03-31 | $405M | 45 | +10.89% | +8.30% | +2.59% | -0.01B |
| 2024-12-31 | $452M | 48 | +27.36% | +24.89% | +2.47% | -0.01B |
| 2024-09-30 | $434M | 34 | +54.47% | +36.04% | +18.43% | -0.21B |
| 2024-06-30 | $558M | 23 | +33.74% | +24.49% | +9.25% | +0.06B |
| 2024-03-31 | $516M | 22 | +27.32% | +29.62% | -2.31% | -0.06B |
| 2023-12-31 | $537M | 27 | -0.19% | +26.18% | -26.37% | +0.06B |
| 2023-09-30 | $366M | 20 | -19.65% | +21.57% | -41.22% | -0.03B |
| 2023-06-30 | $398M | 23 | -17.52% | +19.42% | -36.95% | +0.06B |
| 2023-03-31 | $369M | 33 | -20.39% | -7.82% | -12.57% | +0.18B |
| 2022-12-31 | $232M | 46 | +4.16% | +7.56% | -3.40% | +0.00B |
| 2022-09-30 | $221M | 41 | +2.83% | -4.93% | +7.76% | -0.01B |
| 2022-06-30 | $223M | 44 | -11.13% | -16.11% | +4.98% | +0.02B |