Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.16%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.70%
baseline attrition
Rally response
-19.42%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DINOHF Sinclair Corporation | $96M | 3.7% | +98.2% | 2.8 yr |
| MRVLMarvell Technology, Inc. | $90M | 3.5% | +61.3% | 2.0 yr |
| SCHWThe Charles Schwab Corpo | $74M | 2.8% | +21.5% | 1.3 yr |
| PLDPrologis, Inc. | $70M | 2.7% | +22.3% | 4.8 yr |
| GOOGLAlphabet Inc. | $70M | 2.7% | — | 5.3 yr |
| GEVGE Vernova Inc. | $62M | 2.4% | +186.8% | 0.5 yr |
| CMCCommercial Metals Compan | $54M | 2.1% | +34.2% | 1.8 yr |
| GBCIGlacier Bancorp, Inc. | $53M | 2.0% | +3.4% | 5.3 yr |
| LLYEli Lilly and Company | $49M | 1.9% | +12.2% | 1.5 yr |
| NEENextEra Energy, Inc. | $46M | 1.8% | +34.9% | 4.3 yr |
| EQIXEquinix, Inc. | $45M | 1.7% | +23.0% | 5.3 yr |
| RGLDRoyal Gold, Inc. | $42M | 1.6% | +56.8% | 2.5 yr |
| MPCMarathon Petroleum Corpo | $41M | 1.6% | +71.2% | 1.3 yr |
| NTRNutrien Ltd. | $41M | 1.6% | +56.2% | 0.8 yr |
| UHSUniversal Health Service | $40M | 1.6% | -4.4% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional15.1%+6.9pp$394M
Oil & Gas Refining & Marketing6.9%+6.7pp$179M
Semiconductors6.2%+4.7pp$161M
Drug Manufacturers - General4.3%+0.4pp$113M
Financial - Capital Markets4.2%+0.9pp$109M
Banks - Diversified3.6%-2.2pp$94M
Internet Content & Information3.4%+2.8pp$88M
Steel3.3%+3.3pp$87M
REIT - Industrial3.3%-1.6pp$86M
Unknown2.7%+0.7pp$72M
Country
US92.9%-0.3pp
CA3.1%+2.3pp
Unknown2.7%+0.7pp
CN0.6%-0.0pp
IE0.4%-1.5pp
BR0.1%-0.1pp
JE0.1%
UY0.0%-0.0pp
Top 5: 15.4% · Top 10: 25.5% · Top 25: 47.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NEE | $82M | +0.03B | 34.9% |
| AMD | $27M | +0.03B | 98.0% |
| PLD | $64M | +0.01B | 22.3% |
| JPM | $34M | +0.01B | 21.8% |
| PFE | $41M | +0.01B | 18.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| GEV GE Vernova Inc. | +$62M |
| CMC Commercial Metals Company | +$43M |
| HSY The Hershey Company | +$34M |
| KMT Kennametal Inc.new | +$34M |
| BOH Bank of Hawaii Corporation | +$28M |
| ALB Albemarle Corporationnew | +$27M |
| LLY Eli Lilly and Company | +$26M |
| HBAN Huntington Bancshares Incorpornew | +$24M |
| CINF Cincinnati Financial Corporati | +$23M |
| PSX Phillips 66 | +$23M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc.exit | −$52M |
| SWK Stanley Black & Decker, Inc.exit | −$52M |
| CBSH Commerce Bancshares, Inc.exit | −$40M |
| PNFP Pinnacle Financial Partners, Iexit | −$39M |
| CRM Salesforce, Inc.exit | −$34M |
| CHRW C.H. Robinson Worldwide, Inc.exit | −$30M |
| CART Instacart (Maplebear Inc.) | −$30M |
| NEE NextEra Energy, Inc. | −$26M |
| FFIN First Financial Bankshares, Inexit | −$26M |
| BLK BlackRock, Inc.exit | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.61B | 219 | +13.08% | +17.59% | -4.51% | -0.20B |
| 2025-12-31 | $2.75B | 226 | +11.42% | +17.72% | -6.30% | -0.24B |
| 2025-09-30 | $2.88B | 263 | +2.86% | +17.52% | -14.65% | -0.12B |
| 2025-06-30 | $2.84B | 269 | +7.94% | +14.94% | -7.00% | -0.17B |
| 2025-03-31 | $2.97B | 281 | +2.46% | +8.30% | -5.84% | -0.16B |
| 2024-12-31 | $3.11B | 269 | +5.57% | +24.89% | -19.32% | -0.15B |
| 2024-09-30 | $3.41B | 270 | +26.23% | +36.04% | -9.81% | -0.19B |
| 2024-06-30 | $3.25B | 250 | +9.39% | +24.49% | -15.10% | -0.27B |
| 2024-03-31 | $3.65B | 235 | +17.58% | +29.62% | -12.05% | -0.08B |
| 2023-12-31 | $3.60B | 220 | +19.97% | +26.18% | -6.21% | -0.30B |
| 2023-09-30 | $3.42B | 206 | +16.73% | +21.57% | -4.84% | -0.17B |
| 2023-06-30 | $3.74B | 237 | +13.58% | +19.42% | -5.85% | -0.11B |
| 2023-03-31 | $3.72B | 269 | -2.38% | -7.82% | +5.44% | -0.31B |
| 2022-12-31 | $3.81B | 284 | +11.11% | +7.56% | +3.55% | -0.40B |
| 2022-09-30 | $3.79B | 291 | -6.68% | -4.93% | -1.75% | -0.11B |
| 2022-06-30 | $4.18B | 312 | -10.96% | -16.11% | +5.15% | -0.20B |