Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.54%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.42%
steady accumulation
Rally response
+10.88%
adds into rallies
when a holding rises +10%+
Top positions · 23
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PKGPackaging Corporation of | $325M | 21.3% | +9.8% | 3.8 yr |
| IPInternational Paper Comp | $271M | 17.7% | -30.2% | 4.5 yr |
| SLVMSylvamo Corporation | $267M | 17.5% | -35.4% | 4.5 yr |
| SUZSuzano S.A. | $191M | 12.5% | +9.9% | 3.0 yr |
| FBHSFortune Brands Home & Se | $85M | 5.5% | — | 0.3 yr |
| HRLHormel Foods Corporation | $64M | 4.2% | -23.5% | 0.3 yr |
| FCFSFirstCash Holdings, Inc | $51M | 3.3% | +58.0% | 0.5 yr |
| FNDFloor & Decor Holdings, | $45M | 3.0% | -36.9% | 0.5 yr |
| ATRAptarGroup, Inc. | $44M | 2.9% | -13.9% | 1.3 yr |
| EZPWEZCORP, Inc. | $37M | 2.4% | +72.4% | 0.5 yr |
| SLGNSilgan Holdings Inc. | $34M | 2.2% | -22.7% | 0.5 yr |
| LGIHLGI Homes, Inc. | $25M | 1.7% | -40.5% | 0.3 yr |
| MHKMohawk Industries, Inc. | $16M | 1.1% | -13.8% | 1.8 yr |
| GBXThe Greenbrier Companies | $13M | 0.9% | +5.7% | 0.3 yr |
| AMWDAmerican Woodmark Corpor | $12M | 0.8% | -32.3% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Packaging & Containers41.2%+14.1pp$630M
Paper, Lumber & Forest Products30.8%-33.9pp$471M
Construction6.0%$91M
Financial - Credit Services5.7%$88M
Packaged Foods4.2%$64M
Home Improvement3.0%$45M
Medical - Instruments & Supplies2.9%$44M
Furnishings, Fixtures & Appliances2.5%-4.4pp$39M
Residential Construction1.7%$25M
Railroads0.9%$13M
Country
US86.9%+6.3pp
BR12.5%-4.7pp
CA0.5%-1.5pp
Top 5: 74.6% · Top 10: 90.4% · Top 25: 100.0%
Top buys this quarter · 15
| PKG Packaging Corporation of Ameri | +$115M |
| IP International Paper Company | +$92M |
| HRL Hormel Foods Corporationnew | +$64M |
| FCFS FirstCash Holdings, Inc | +$41M |
| ATR AptarGroup, Inc. | +$37M |
| FND Floor & Decor Holdings, Inc. | +$31M |
| EZPW EZCORP, Inc. | +$29M |
| SLGN Silgan Holdings Inc. | +$27M |
| LGIH LGI Homes, Inc.new | +$25M |
| SUZ Suzano S.A. | +$18M |
Top sells this quarter · 1
| SEE Sealed Air Corporationexit | −$79M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.53B | 23 | -18.36% | +17.59% | -35.95% | +0.55B |
| 2025-12-31 | $1.02B | 12 | -23.34% | +17.72% | -41.06% | +0.17B |
| 2025-09-30 | $859M | 9 | -25.55% | +17.52% | -43.07% | -0.00B |
| 2025-06-30 | $859M | 9 | -12.76% | +14.94% | -27.70% | +0.06B |
| 2025-03-31 | $933M | 9 | +7.57% | +8.30% | -0.74% | -0.02B |
| 2024-12-31 | $1.06B | 10 | +42.22% | +24.89% | +17.33% | +0.05B |
| 2024-09-30 | $1.04B | 8 | +61.24% | +36.04% | +25.21% | +0.15B |
| 2024-06-30 | $755M | 7 | +50.80% | +24.49% | +26.31% | -0.02B |
| 2024-03-31 | $740M | 7 | +29.58% | +29.62% | -0.04% | +0.05B |
| 2023-12-31 | $580M | 10 | +7.33% | +26.18% | -18.84% | -0.09B |
| 2023-09-30 | $605M | 11 | +28.13% | +21.57% | +6.56% | +0.03B |
| 2023-06-30 | $523M | 9 | +11.81% | +19.42% | -7.62% | +0.07B |
| 2023-03-31 | $502M | 7 | +24.99% | -7.82% | +32.81% | -0.00B |
| 2022-12-31 | $515M | 8 | +31.31% | +7.56% | +23.75% | +0.07B |
| 2022-09-30 | $340M | 7 | -4.16% | -4.93% | +0.77% | +0.07B |
| 2022-06-30 | $277M | 5 | +0.92% | -16.11% | +17.03% | +0.06B |