Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.82%
baseline attrition
Rally response
-11.89%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $441M | 61.1% | — | 1.0 yr |
| — | $160M | 22.2% | — | 1.0 yr |
| BOXXAlpha Architect 1-3 Mont | $21M | 2.9% | — | 1.0 yr |
| CWENClearway Energy, Inc. | $6M | 0.8% | +37.0% | 3.3 yr |
| NEENextEra Energy, Inc. | $5M | 0.7% | +34.9% | 1.8 yr |
| GLTRabrdn Physical Precious | $5M | 0.7% | — | 4.8 yr |
| PORPortland General Electri | $5M | 0.7% | +22.6% | 1.3 yr |
| XLEState Street Energy Sele | $5M | 0.7% | — | 4.0 yr |
| NJRNew Jersey Resources Cor | $5M | 0.7% | +16.5% | 0.8 yr |
| CTRECareTrust REIT, Inc. | $5M | 0.7% | +32.1% | 4.3 yr |
| ATOAtmos Energy Corporation | $5M | 0.7% | +22.2% | 1.3 yr |
| FRFirst Industrial Realty | $5M | 0.6% | +10.0% | 0.8 yr |
| ESEversource Energy | $5M | 0.6% | +16.7% | 1.5 yr |
| DKLDelek Logistics Partners | $5M | 0.6% | +27.2% | 2.8 yr |
| WECWEC Energy Group, Inc. | $5M | 0.6% | +9.8% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown83.6%$604M
Asset Management4.8%-0.5pp$34M
Regulated Electric2.6%-1.0pp$19M
REIT - Industrial1.9%+0.2pp$13M
Oil & Gas Midstream1.8%-4.3pp$13M
Regulated Gas1.3%+0.4pp$10M
Renewable Utilities0.8%-0.2pp$6M
Oil & Gas Integrated0.7%-1.0pp$5M
REIT - Healthcare Facilities0.7%-0.2pp$5M
REIT - Retail0.6%-0.3pp$4M
Country
Unknown83.6%
US15.8%-80.9pp
GB0.3%-0.1pp
AU0.3%-0.1pp
Top 5: 87.6% · Top 10: 91.0% · Top 25: 98.8%
Top buys this quarter · 15
| CWEN Clearway Energy, Inc. | +$0M |
| NJR New Jersey Resources Corporati | +$0M |
| WEC WEC Energy Group, Inc. | +$0M |
| POR Portland General Electric Comp | +$0M |
| TRNO Terreno Realty Corporation | +$0M |
| ES Eversource Energy | +$0M |
| EGP EastGroup Properties, Inc. | +$0M |
| CTRE CareTrust REIT, Inc. | +$0M |
| HESM Hess Midstream LP | +$0M |
| ATO Atmos Energy Corporation | +$0M |
Top sells this quarter · 15
| GOOG Alphabet Inc.exit | −$11M |
| XOM Exxon Mobil Corporation | −$8M |
| MCK McKesson Corporationexit | −$7M |
| AMZN Amazon.com, Inc. | −$7M |
| AAPL Apple Inc. | −$6M |
| NVDA NVIDIA Corporationexit | −$5M |
| SPY State Street SPDR S&P 500 ETF | −$5M |
| MSFT Microsoft Corporation | −$4M |
| CAT Caterpillar Inc.exit | −$4M |
| ORCL Oracle Corporation | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $723M | 34 | +37.36% | +17.59% | +19.77% | -0.10B |
| 2025-12-31 | $793M | 57 | +27.46% | +17.72% | +9.74% | -0.00B |
| 2025-09-30 | $688M | 35 | +18.17% | +17.52% | +0.65% | +0.11B |
| 2025-06-30 | $543M | 31 | +22.76% | +14.94% | +7.82% | +0.16B |
| 2025-03-31 | $358M | 65 | +15.52% | +8.30% | +7.21% | +0.13B |
| 2024-12-31 | $231M | 61 | +34.24% | +24.89% | +9.36% | -0.02B |
| 2024-09-30 | $237M | 59 | +41.25% | +36.04% | +5.22% | +0.00B |
| 2024-06-30 | $210M | 59 | +22.32% | +24.49% | -2.17% | +0.01B |
| 2024-03-31 | $195M | 59 | +32.34% | +29.62% | +2.72% | +0.01B |
| 2023-12-31 | $161M | 57 | +30.61% | +26.18% | +4.44% | +0.00B |
| 2023-09-30 | $142M | 60 | +31.30% | +21.57% | +9.73% | -0.01B |
| 2023-06-30 | $156M | 62 | +33.92% | +19.42% | +14.49% | -0.00B |
| 2023-03-31 | $146M | 56 | +6.81% | -7.82% | +14.63% | -0.01B |
| 2022-12-31 | $143M | 55 | -7.96% | -18.17% | +10.22% | -0.00B |
| 2022-09-30 | $129M | 56 | -10.03% | -15.51% | +5.48% | -0.04B |
| 2022-06-30 | $174M | 71 | -7.89% | -10.62% | +2.73% | +0.05B |