Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+11.06%
adds when stocks drop
when a holding falls −10%+
Middle response
+8.41%
steady accumulation
Rally response
-6.92%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FHNFirst Horizon Corporatio | $329M | 11.3% | +20.6% | 3.5 yr |
| MKTXMarketAxess Holdings Inc | $309M | 10.6% | -22.5% | 2.5 yr |
| ABCBAmeris Bancorp | $267M | 9.2% | +36.6% | 3.5 yr |
| KEYKeyCorp | $254M | 8.7% | +31.0% | 0.8 yr |
| SBCFSeacoast Banking Corpora | $176M | 6.1% | +20.7% | 4.5 yr |
| AUBAtlantic Union Bankshare | $153M | 5.3% | +19.9% | 2.3 yr |
| ALKTAlkami Technology, Inc. | $120M | 4.1% | -40.3% | 2.3 yr |
| VVisa Inc. | $109M | 3.7% | -13.1% | 1.5 yr |
| CBCCentral Bancompany, Inc. | $98M | 3.4% | — | 0.5 yr |
| ACIWACI Worldwide, Inc. | $91M | 3.1% | -25.0% | 4.0 yr |
| TRMKTrustmark Corporation | $82M | 2.8% | +25.2% | 0.3 yr |
| PBProsperity Bancshares, I | $74M | 2.6% | -2.6% | 0.8 yr |
| PIPRPiper Sandler Companies | $74M | 2.5% | — | 0.3 yr |
| EGBNEagle Bancorp, Inc. | $67M | 2.3% | +20.8% | 2.3 yr |
| NTRSNorthern Trust Corporati | $42M | 1.4% | +41.1% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional60.7%-0.3pp$1.76B
Financial - Capital Markets18.1%+13.8pp$527M
Software - Application6.1%+2.9pp$176M
Software - Infrastructure5.0%-6.2pp$145M
Financial - Credit Services5.0%-4.3pp$144M
Information Technology Services2.5%+1.6pp$73M
Banks - Diversified1.4%-5.9pp$42M
Asset Management0.7%-0.4pp$20M
Unknown0.4%-0.8pp$12M
Auto - Dealerships0.1%-0.4pp$3M
Country
US99.6%+0.8pp
Unknown0.4%-0.8pp
Top 5: 46.0% · Top 10: 65.6% · Top 25: 88.7%
Top buys this quarter · 15
| KEY KeyCorp | +$242M |
| ALKT Alkami Technology, Inc. | +$87M |
| TRMK Trustmark Corporationnew | +$82M |
| PIPR Piper Sandler Companiesnew | +$74M |
| FHN First Horizon Corporation | +$67M |
| ABCB Ameris Bancorp | +$54M |
| PB Prosperity Bancshares, Inc. | +$45M |
| MKTX MarketAxess Holdings Inc. | +$44M |
| FLG Flagstar Financial, Inc.new | +$37M |
| V Visa Inc. | +$27M |
Top sells this quarter · 15
| GPN Global Payments Inc. | −$129M |
| STEL Stellar Bancorp, Inc.exit | −$105M |
| COLB Columbia Banking System, Inc.exit | −$101M |
| FIBK First Interstate BancSystem, I | −$55M |
| FITB Fifth Third Bancorpexit | −$39M |
| TFC Truist Financial Corporationexit | −$35M |
| QTWO Q2 Holdings, Inc. | −$28M |
| FBK FB Financial Corporation | −$20M |
| EBC Eastern Bankshares, Inc.exit | −$16M |
| AAMI Acadian Asset Management | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.91B | 60 | +2.83% | +17.59% | -14.76% | +0.68B |
| 2025-12-31 | $2.48B | 56 | +9.79% | +17.72% | -7.93% | +0.26B |
| 2025-09-30 | $2.14B | 43 | +17.02% | +17.52% | -0.50% | -0.21B |
| 2025-06-30 | $2.26B | 40 | +26.19% | +14.94% | +11.25% | -0.20B |
| 2025-03-31 | $2.31B | 46 | +20.81% | +8.30% | +12.51% | +0.18B |
| 2024-12-31 | $2.23B | 41 | +30.52% | +24.89% | +5.63% | -0.15B |
| 2024-09-30 | $2.14B | 48 | +46.01% | +36.04% | +9.97% | -0.28B |
| 2024-06-30 | $2.16B | 46 | +33.08% | +24.49% | +8.58% | +0.21B |
| 2024-03-31 | $1.92B | 44 | +28.23% | +29.62% | -1.39% | +0.14B |
| 2023-12-31 | $1.72B | 36 | +11.34% | +26.18% | -14.84% | -0.25B |
| 2023-09-30 | $1.58B | 44 | -7.00% | +21.57% | -28.57% | +0.25B |
| 2023-06-30 | $1.30B | 36 | -8.11% | +19.42% | -27.53% | +0.43B |
| 2023-03-31 | $893M | 40 | -21.97% | -7.82% | -14.15% | +0.07B |
| 2022-12-31 | $912M | 37 | +3.51% | +7.56% | -4.05% | +0.50B |
| 2022-09-30 | $401M | 37 | +1.13% | -4.93% | +6.06% | +0.04B |
| 2022-06-30 | $356M | 34 | -16.89% | -16.11% | -0.78% | +0.15B |