Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.17%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.31%
baseline attrition
Rally response
—
—
when a holding rises +10%+
Top positions · 2
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NWSANews Corporation | $99M | 99.2% | -7.7% | 1.5 yr |
| NNINelnet, Inc. | $1M | 0.8% | +17.4% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Entertainment99.2%+40.7pp$99M
Financial - Credit Services0.8%+0.3pp$1M
Country
US100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NWSA | $101M | -0.01B | -7.7% |
Top buys this quarter · 1
| NWSA News Corporation | +$7M |
Top sells this quarter · 1
| NLOP Net Lease Office Propertiesexit | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $100M | 2 | -8.34% | +17.59% | -25.93% | -0.01B |
| 2025-12-31 | $117M | 3 | -3.01% | +17.72% | -20.73% | -0.00B |
| 2025-09-30 | $138M | 3 | +3.45% | +8.12% | -4.67% | -0.00B |
| 2025-06-30 | $136M | 3 | +6.40% | +10.78% | -4.37% | -0.05B |
| 2025-03-31 | $172M | 4 | +2.12% | -4.27% | +6.39% | -0.06B |
| 2024-12-31 | $223M | 5 | — | — | — | — |