Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.59%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.13%
baseline attrition
Rally response
+0.20%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BONDPIMCO Active Bond Exchan | $150M | 7.9% | — | 2.8 yr |
| VOOVanguard S&P 500 ETF | $132M | 7.0% | — | 5.5 yr |
| TOTLState Street DoubleLine | $101M | 5.3% | — | 2.8 yr |
| IVViShares Core S&P 500 ETF | $89M | 4.7% | — | 5.5 yr |
| GQGUGQG US Equity ETF | $78M | 4.1% | — | 0.8 yr |
| SPLGSPDR Portfolio S&P 500 E | $75M | 3.9% | — | 5.5 yr |
| VEAVanguard FTSE Developed | $51M | 2.7% | — | 5.5 yr |
| BNDVanguard Total Bond Mark | $43M | 2.3% | — | 5.5 yr |
| TLCITouchstone International | $40M | 2.1% | — | 0.8 yr |
| AGGiShares Core U.S. Aggreg | $36M | 1.9% | — | 5.5 yr |
| BILState Street SPDR Bloomb | $31M | 1.6% | — | 4.0 yr |
| FLXRTCW Flexible Income ETF | $27M | 1.4% | — | 2.0 yr |
| VOVanguard Mid-Cap ETF | $24M | 1.3% | — | 5.5 yr |
| ABEQAbsolute Select Value ET | $23M | 1.2% | — | 5.5 yr |
| VBVanguard Small-Cap ETF | $20M | 1.1% | — | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management56.0%-0.9pp$1.06B
Oil & Gas Midstream4.7%+0.1pp$90M
Asset Management - Bonds4.3%+0.4pp$81M
Drug Manufacturers - General2.8%+0.5pp$52M
Telecommunications Services1.8%+0.3pp$33M
REIT - Retail1.5%+0.3pp$28M
Regulated Electric1.5%+0.2pp$28M
REIT - Specialty1.5%+0.3pp$28M
Communication Equipment1.2%+0.1pp$23M
Beverages - Non-Alcoholic1.2%+0.1pp$22M
Country
US96.9%+0.4pp
CA1.4%+0.3pp
Unknown0.8%+0.2pp
IE0.7%-0.1pp
IL0.1%+0.0pp
GB0.1%-0.1pp
CH0.1%+0.1pp
Top 5: 29.1% · Top 10: 42.0% · Top 25: 57.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EPD | $20M | +0.00B | 18.7% |
| ENB | $12M | +0.00B | 29.3% |
| CSCO | $11M | +0.00B | 28.1% |
| MRK | $7M | +0.00B | 38.9% |
| IRM | $10M | +0.00B | 22.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| OKE | $11M | -0.00B | -3.8% |
Top buys this quarter · 15
| KNX Knight-Swift Transportation Ho | +$4M |
| GNRC Generac Holdings Inc.new | +$4M |
| TSLX Sixth Street Specialty Lending | +$13M |
| HTGC Hercules Capital, Inc. | +$13M |
| OBDC Blue Owl Capital Corporation | +$2M |
| HRB H&R Block, Inc. | +$8M |
| GTX Garrett Motion Inc.new | +$2M |
| ARCC Ares Capital Corporation | +$2M |
| PAYX Paychex, Inc. | +$9M |
| IBM International Business Machine | +$14M |
Top sells this quarter · 15
| CIEN Ciena Corporation | −$12M |
| EPD Enterprise Products Partners L | −$11M |
| WES Western Midstream Partners, LPexit | −$6M |
| PNFP Pinnacle Financial Partners, Iexit | −$6M |
| LLY Eli Lilly and Companyexit | −$3M |
| FLR Fluor Corporationexit | −$3M |
| GOOG Alphabet Inc.exit | −$2M |
| AAPL Apple Inc. | −$2M |
| WMT Walmart Inc.exit | −$2M |
| NOV NOV Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.89B | 267 | +13.97% | +17.59% | -3.62% | -0.10B |
| 2025-12-31 | $1.90B | 318 | +9.51% | +17.72% | -8.21% | +0.05B |
| 2025-09-30 | $1.83B | 329 | +7.71% | +17.52% | -9.81% | +0.04B |
| 2025-06-30 | $1.72B | 318 | +12.47% | +14.94% | -2.47% | +0.07B |
| 2025-03-31 | $1.60B | 316 | +8.57% | +8.30% | +0.27% | +0.05B |
| 2024-12-31 | $1.53B | 319 | +17.62% | +24.89% | -7.27% | +0.02B |
| 2024-09-30 | $1.52B | 303 | +28.92% | +36.04% | -7.12% | +0.02B |
| 2024-06-30 | $1.38B | 298 | +18.44% | +24.49% | -6.05% | +0.08B |
| 2024-03-31 | $1.31B | 294 | +23.87% | +29.62% | -5.76% | +0.00B |
| 2023-12-31 | $1.19B | 287 | +18.25% | +26.18% | -7.92% | +0.03B |
| 2023-09-30 | $1.07B | 276 | +18.56% | +21.57% | -3.00% | +0.26B |
| 2023-06-30 | $812M | 239 | +13.06% | +19.42% | -6.37% | +0.05B |
| 2023-03-31 | $731M | 234 | -1.53% | -7.82% | +6.29% | +0.06B |
| 2022-12-31 | $645M | 267 | -10.19% | -18.17% | +7.99% | +0.05B |
| 2022-09-30 | $542M | 208 | -8.57% | -15.51% | +6.93% | +0.02B |
| 2022-06-30 | $547M | 211 | -3.35% | -10.62% | +7.27% | +0.02B |