Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.28%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.99%
baseline attrition
Rally response
-18.43%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TBBKThe Bancorp, Inc. | $6M | 8.5% | +1.7% | 5.5 yr |
| FIPFTAI Infrastructure Inc. | $4M | 5.3% | +11.8% | 3.8 yr |
| TDWTidewater Inc. | $4M | 5.3% | +97.7% | 3.0 yr |
| ACAArcosa, Inc. | $4M | 4.7% | +37.9% | 5.5 yr |
| DCODucommun Incorporated | $4M | 4.6% | +110.2% | 1.5 yr |
| BANCBanc of California, Inc. | $3M | 4.1% | +27.0% | 2.5 yr |
| NOANorth American Construct | $3M | 4.0% | -13.1% | 1.8 yr |
| ENVAEnova International, Inc | $3M | 3.8% | +40.7% | 5.5 yr |
| GSMFerroglobe PLC | $3M | 3.7% | +12.0% | 2.5 yr |
| GTXGarrett Motion Inc. | $3M | 3.6% | +121.3% | 3.0 yr |
| HBMHudbay Minerals Inc. | $3M | 3.6% | +175.7% | 2.5 yr |
| ARCBArcBest Corporation | $3M | 3.5% | +40.3% | 4.0 yr |
| UAMYUnited States Antimony C | $3M | 3.5% | +296.8% | 0.5 yr |
| TRNTrinity Industries, Inc. | $2M | 3.3% | +19.9% | 5.5 yr |
| GLREGreenlight Capital Re, L | $2M | 3.1% | +27.6% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional20.2%-1.5pp$15M
Oil & Gas Equipment & Services11.1%+2.4pp$8M
Industrial Materials7.2%+4.3pp$5M
Copper5.5%+1.8pp$4M
Conglomerates5.3%+0.3pp$4M
Industrial - Infrastructure Operations4.7%+0.9pp$4M
Aerospace & Defense4.6%+1.9pp$4M
Financial - Credit Services3.8%-2.1pp$3M
Railroads3.8%+1.7pp$3M
Auto - Parts3.6%-0.4pp$3M
Country
US78.0%+4.6pp
CA9.4%+1.9pp
CH3.7%-0.4pp
GB3.7%+0.8pp
KY3.1%-1.6pp
Unknown2.0%-0.2pp
Top 5: 28.4% · Top 10: 47.6% · Top 25: 88.3%
Top buys this quarter · 6
| MYE Myers Industries, Inc.new | +$2M |
| TGB Taseko Mines Limited | +$1M |
| RIOT Riot Platforms, Inc. | +$1M |
| NOA North American Construction Gr | +$1M |
| TBBK The Bancorp, Inc. | +$6M |
| TMST TimkenSteel Corporation | +$0M |
Top sells this quarter · 10
| WAB Westinghouse Air Brake Technol | −$39M |
| SPY State Street SPDR S&P 500 ETF exit | −$39M |
| HBM Hudbay Minerals Inc. | −$3M |
| AX Axos Financial, Inc. | −$1M |
| CRTO Criteo S.A.exit | −$1M |
| RVLV Revolve Group, Inc. | −$1M |
| AWI Armstrong World Industries, Inexit | −$0M |
| TLN Talen Energy Corporation | −$0M |
| CF CF Industries Holdings, Inc. | −$0M |
| FSTR L.B. Foster Company | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $76M | 45 | +84.10% | +17.59% | +66.51% | -0.06B |
| 2025-12-31 | $115M | 44 | +42.95% | +17.72% | +25.23% | +0.03B |
| 2025-09-30 | $76M | 43 | +35.83% | +17.52% | +18.32% | -0.04B |
| 2025-06-30 | $90M | 39 | +31.06% | +14.94% | +16.12% | -0.07B |
| 2025-03-31 | $146M | 40 | +22.31% | +8.30% | +14.00% | -0.09B |
| 2024-12-31 | $254M | 57 | +41.94% | +24.89% | +17.06% | -0.04B |
| 2024-09-30 | $291M | 57 | +57.15% | +36.04% | +21.11% | -0.13B |
| 2024-06-30 | $331M | 43 | +17.26% | +24.49% | -7.23% | -0.01B |
| 2024-03-31 | $341M | 49 | +28.41% | +29.62% | -1.22% | -0.01B |
| 2023-12-31 | $319M | 45 | +26.84% | +26.18% | +0.66% | +0.02B |
| 2023-09-30 | $270M | 45 | +23.93% | +21.57% | +2.36% | -0.01B |
| 2023-06-30 | $297M | 50 | +25.23% | +19.42% | +5.80% | -0.03B |
| 2023-03-31 | $299M | 48 | -12.67% | -7.82% | -4.85% | -0.02B |
| 2022-12-31 | $298M | 51 | +9.89% | +7.56% | +2.33% | +0.00B |
| 2022-09-30 | $267M | 49 | -3.91% | -4.93% | +1.02% | -0.04B |
| 2022-06-30 | $320M | 52 | -22.85% | -16.11% | -6.74% | +0.05B |