Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.30%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.01%
baseline attrition
Rally response
-3.87%
trims into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PLDPrologis, Inc. | $44M | 15.0% | +22.3% | 5.5 yr |
| WELLWelltower Inc. | $35M | 11.9% | +31.2% | 4.0 yr |
| AMTAmerican Tower Corporati | $26M | 9.0% | -17.9% | 4.3 yr |
| EQIXEquinix, Inc. | $22M | 7.6% | +23.0% | 5.5 yr |
| PSAPublic Storage | $20M | 6.9% | -5.7% | 1.8 yr |
| SPGSimon Property Group, In | $13M | 4.4% | +17.9% | 4.5 yr |
| DLRDigital Realty Trust, In | $12M | 4.1% | +29.4% | 1.5 yr |
| IRMIron Mountain Incorporat | $12M | 4.0% | +22.9% | 1.3 yr |
| AHRAmerican Healthcare REIT | $12M | 4.0% | +58.5% | 0.5 yr |
| CTRECareTrust REIT, Inc. | $11M | 3.8% | +32.1% | 0.5 yr |
| AVBAvalonBay Communities, I | $11M | 3.8% | -21.8% | 0.8 yr |
| PECOPhillips Edison & Compan | $10M | 3.5% | +6.3% | 4.8 yr |
| IVTInvenTrust Properties Co | $9M | 3.2% | +6.4% | 0.5 yr |
| FCPTFour Corners Property Tr | $9M | 2.9% | -13.9% | 4.3 yr |
| EPRTEssential Properties Rea | $9M | 2.9% | -4.2% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Specialty25.2%+0.5pp$74M
REIT - Industrial21.8%+1.1pp$64M
REIT - Healthcare Facilities19.7%+6.1pp$58M
REIT - Retail15.5%-0.8pp$46M
REIT - Residential12.2%-4.6pp$36M
REIT - Diversified2.9%+1.3pp$9M
REIT - Office2.6%-1.8pp$8M
Real Estate - Services0.2%$0M
Country
US100.0%+1.5pp
Top 5: 50.3% · Top 10: 70.6% · Top 25: 100.0%
Top buys this quarter · 15
| AVB AvalonBay Communities, Inc. | +$11M |
| PSA Public Storage | +$10M |
| PLD Prologis, Inc. | +$5M |
| SLG SL Green Realty Corp.new | +$4M |
| EQIX Equinix, Inc. | +$1M |
| AHR American Healthcare REIT, Inc. | +$1M |
| FCPT Four Corners Property Trust, I | +$1M |
| EPRT Essential Properties Realty Tr | +$1M |
| MAA Mid-America Apartment Communit | +$7M |
| ELS Equity LifeStyle Properties, I | +$1M |
Top sells this quarter · 11
| CUBE CubeSmartexit | −$9M |
| UDR UDR, Inc.exit | −$6M |
| AMT American Tower Corporation | −$4M |
| HIW Highwoods Properties, Inc.exit | −$4M |
| VRE Veris Residential, Inc.exit | −$3M |
| IRT Independence Realty Trust, Inc | −$3M |
| WELL Welltower Inc. | −$34M |
| CUZ Cousins Properties Incorporate | −$1M |
| DLR Digital Realty Trust, Inc. | −$11M |
| AMH American Homes 4 Rent | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $294M | 24 | +2.36% | +17.59% | -15.23% | +0.00B |
| 2025-12-31 | $281M | 25 | +0.01% | +17.72% | -17.71% | -0.00B |
| 2025-09-30 | $289M | 29 | -4.52% | +17.52% | -22.04% | -0.01B |
| 2025-06-30 | $294M | 31 | +6.17% | +14.94% | -8.78% | -0.01B |
| 2025-03-31 | $308M | 30 | +1.39% | +8.30% | -6.91% | -0.00B |
| 2024-12-31 | $307M | 27 | -3.48% | +24.89% | -28.37% | -0.02B |
| 2024-09-30 | $345M | 27 | +23.19% | +36.04% | -12.84% | -0.01B |
| 2024-06-30 | $313M | 27 | +1.13% | +24.49% | -23.36% | +0.02B |
| 2024-03-31 | $316M | 25 | +9.62% | +29.62% | -20.00% | +0.01B |
| 2023-12-31 | $318M | 27 | +16.78% | +26.18% | -9.40% | -0.01B |
| 2023-09-30 | $276M | 27 | +4.72% | +21.57% | -16.85% | -0.00B |
| 2023-06-30 | $300M | 27 | -0.38% | +19.42% | -19.80% | -0.01B |
| 2023-03-31 | $302M | 25 | -17.93% | -7.82% | -10.12% | +0.01B |
| 2022-12-31 | $285M | 26 | +7.82% | +7.56% | +0.26% | +0.01B |
| 2022-09-30 | $253M | 26 | -11.49% | -4.93% | -6.56% | -0.02B |
| 2022-06-30 | $309M | 29 | -16.45% | -16.11% | -0.34% | -0.01B |