Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.44%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.35%
baseline attrition
Rally response
-7.56%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPMCSound Point Meridian Cap | $97M | 30.0% | -45.4% | 1.0 yr |
| RSBYReturn Stacked Bonds & F | $47M | 14.5% | — | 1.5 yr |
| ASPNAspen Aerogels, Inc. | $42M | 13.1% | -46.5% | 3.8 yr |
| — | $35M | 11.0% | — | 1.8 yr |
| VSHVishay Intertechnology, | $35M | 10.9% | +16.1% | 3.8 yr |
| ET-PIEnergy Transfer LP | $24M | 7.5% | — | 0.3 yr |
| KOREKORE Group Holdings, Inc | $18M | 5.6% | — | 3.0 yr |
| CHYMChime Financial, Inc. Cl | $5M | 1.7% | — | 0.5 yr |
| SMRTSmartRent, Inc. | $4M | 1.2% | +24.0% | 3.8 yr |
| NZFNuveen Municipal Credit | $3M | 0.9% | — | 2.3 yr |
| MMLPMartin Midstream Partner | $3M | 0.9% | -23.3% | 0.8 yr |
| NEANuveen AMT-Free Quality | $3M | 0.9% | — | 2.3 yr |
| MYIBlackRock MuniYield Qual | $2M | 0.7% | — | 2.0 yr |
| FIPFTAI Infrastructure Inc. | $1M | 0.5% | +11.8% | 3.5 yr |
| MQYBlackRock MuniYield Qual | $1M | 0.4% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management45.6%+25.7pp$147M
Construction13.1%-4.5pp$42M
Unknown11.0%-30.5pp$35M
Semiconductors10.9%-0.4pp$35M
Oil & Gas Midstream8.3%$27M
Telecommunications Services5.6%$18M
Asset Management - Income2.2%+0.6pp$7M
Banks - Regional1.7%$5M
Software - Application1.2%+0.0pp$4M
Conglomerates0.5%+0.2pp$1M
Country
US89.0%+33.0pp
Unknown11.0%-30.5pp
Top 5: 79.4% · Top 10: 96.4% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| VSH | $50M | +0.01B | 16.1% |
| SMRT | $3M | +0.00B | 24.0% |
| FIP | $1M | +0.00B | 11.8% |
| ASPN | $78M | -0.04B | -46.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ASPN | $78M | -0.04B | -46.5% |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $322M | 17 | -19.12% | +17.59% | -36.71% | -0.03B |
| 2025-12-31 | $385M | 18 | -41.30% | +17.72% | -59.01% | -0.14B |
| 2025-09-30 | $607M | 28 | -60.73% | +17.52% | -78.24% | +0.41B |
| 2025-06-30 | $193M | 1 | -61.58% | +14.94% | -76.52% | -0.24B |
| 2025-03-31 | $446M | 33 | -51.99% | +8.30% | -60.29% | +0.04B |
| 2024-12-31 | $606M | 30 | -26.45% | +24.89% | -51.34% | +0.15B |
| 2024-09-30 | $793M | 30 | +73.73% | +36.04% | +37.70% | -0.13B |
| 2024-06-30 | $897M | 231 | +51.91% | +24.49% | +27.42% | -0.36B |
| 2024-03-31 | $1.05B | 246 | +40.17% | +29.62% | +10.55% | -8.77B |
| 2023-12-31 | $9.54B | 342 | +25.04% | +26.18% | -1.14% | +1.42B |
| 2023-09-30 | $5.91B | 404 | -21.41% | +21.57% | -42.98% | +2.19B |
| 2023-06-30 | $4.15B | 443 | -19.84% | +19.42% | -39.26% | -0.48B |
| 2023-03-31 | $4.18B | 515 | -8.19% | +7.46% | -15.65% | +2.52B |
| 2022-12-31 | $1.81B | 638 | -13.70% | +7.56% | -21.26% | -0.04B |
| 2022-09-30 | $2.15B | 837 | -8.57% | -4.93% | -3.64% | +0.24B |
| 2022-06-30 | $2.09B | 858 | — | — | — | — |