Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.83%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.28%
steady accumulation
Rally response
-5.17%
trims into rallies
when a holding rises +10%+
Top positions · 15
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SNDASonida Senior Living, In | $471M | 65.0% | +38.5% | 4.5 yr |
| INVHInvitation Homes Inc. | $31M | 4.3% | -26.5% | 0.3 yr |
| JANJanus Living, Inc. | $29M | 3.9% | — | 0.3 yr |
| CCICrown Castle Inc. | $27M | 3.7% | -18.3% | 0.3 yr |
| SMASmartstop Self Storage R | $26M | 3.6% | — | 0.5 yr |
| CTRICenturi Holdings, Inc. | $25M | 3.4% | +78.2% | 0.8 yr |
| WDWalker & Dunlop, Inc. | $25M | 3.4% | -45.7% | 2.8 yr |
| RITM-PDRithm Capital Corp. | $24M | 3.3% | — | 1.8 yr |
| CDNLCardinal Infrastructure | $19M | 2.6% | — | 0.3 yr |
| DRVNDriven Brands Holdings I | $13M | 1.7% | -26.4% | 0.3 yr |
| COLDAmericold Realty Trust, | $13M | 1.7% | -43.9% | 1.0 yr |
| KREFKKR Real Estate Finance | $9M | 1.2% | -38.2% | 0.3 yr |
| HHyatt Hotels Corporation | $9M | 1.2% | +17.9% | 0.3 yr |
| APCARKO Petroleum Corp. Cla | $5M | 0.7% | — | 0.3 yr |
| — | $1M | 0.1% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Medical - Care Facilities65.0%+21.0pp$471M
REIT - Specialty7.3%$53M
REIT - Industrial5.7%$41M
REIT - Mortgage4.5%-3.4pp$33M
REIT - Residential4.3%$31M
Regulated Gas3.4%$25M
Financial - Mortgages3.4%-1.6pp$25M
Industrial - Infrastructure Operations2.6%$19M
Auto - Dealerships1.7%$13M
Travel Lodging1.2%$9M
Country
US99.9%+7.1pp
Unknown0.1%-7.1pp
Top 5: 80.5% · Top 10: 95.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SNDA | $216M | +0.08B | 38.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 11
| SNDA Sonida Senior Living, Inc. | +$172M |
| INVH Invitation Homes Inc.new | +$31M |
| JAN Janus Living, Inc.new | +$29M |
| CCI Crown Castle Inc.new | +$27M |
| CDNL Cardinal Infrastructure Group new | +$19M |
| DRVN Driven Brands Holdings Inc.new | +$13M |
| KREF KKR Real Estate Finance Trust new | +$9M |
| H Hyatt Hotels Corporationnew | +$9M |
| WD Walker & Dunlop, Inc. | +$25M |
| APC ARKO Petroleum Corp. Class A Cnew | +$5M |
Top sells this quarter · 11
| GNL Global Net Lease, Inc.exit | −$36M |
| NSA National Storage Affiliates Trexit | −$29M |
| CTRI Centuri Holdings, Inc. | −$16M |
| IRT Independence Realty Trust, Incexit | −$13M |
| AVB AvalonBay Communities, Inc.exit | −$5M |
| UDR UDR, Inc.exit | −$5M |
| COLD Americold Realty Trust, Inc. | −$5M |
| SMA Smartstop Self Storage REIT In | −$4M |
| PKST Peakstone Realty Trustexit | −$0M |
| RITM-PD Rithm Capital Corp. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $725M | 15 | +9.89% | +17.59% | -7.70% | +0.21B |
| 2025-12-31 | $526M | 13 | +8.47% | +17.72% | -9.25% | +0.05B |
| 2025-09-30 | $478M | 9 | -0.37% | +17.52% | -17.89% | -0.09B |
| 2025-06-30 | $536M | 16 | -6.58% | +14.94% | -21.52% | +0.02B |
| 2025-03-31 | $491M | 16 | -13.73% | +8.30% | -22.04% | +0.03B |
| 2024-12-31 | $476M | 11 | +29.08% | +24.89% | +4.19% | +0.01B |
| 2024-09-30 | $508M | 13 | +34.85% | +36.04% | -1.19% | +0.09B |
| 2024-06-30 | $423M | 13 | +36.92% | +24.49% | +12.43% | +0.04B |
| 2024-03-31 | $398M | 13 | +51.02% | +29.62% | +21.40% | +0.10B |
| 2023-12-31 | $204M | 9 | -8.94% | +26.18% | -35.12% | -0.09B |
| 2023-09-30 | $310M | 13 | -4.63% | +21.57% | -26.19% | +0.02B |
| 2023-06-30 | $284M | 15 | -24.37% | +19.42% | -43.79% | -0.10B |
| 2023-03-31 | $362M | 16 | -51.39% | -7.82% | -43.57% | -0.01B |
| 2022-12-31 | $427M | 18 | +0.90% | +7.56% | -6.67% | +0.04B |
| 2022-09-30 | $386M | 16 | -20.19% | -4.93% | -15.26% | +0.04B |
| 2022-06-30 | $438M | 17 | -31.05% | -16.11% | -14.94% | +0.12B |