Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-27.10%
trims when stocks drop
when a holding falls −10%+
Middle response
-20.60%
baseline attrition
Rally response
-25.13%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NSCNorfolk Southern Corpora | $30M | 6.7% | +23.6% | 2.8 yr |
| EAElectronic Arts Inc. | $28M | 6.1% | +41.7% | 0.8 yr |
| LNTAlliant Energy Corporati | $14M | 3.1% | +15.1% | 3.0 yr |
| AEEAmeren Corporation | $13M | 2.9% | +12.7% | 2.3 yr |
| ETREntergy Corporation | $13M | 2.8% | +35.0% | 3.3 yr |
| XIFRXPLR Infrastructure, LP | $12M | 2.7% | +11.8% | 0.8 yr |
| AMZNAmazon.com, Inc. | $12M | 2.6% | +9.5% | 3.0 yr |
| PPLPPL Corporation | $11M | 2.4% | +9.1% | 2.3 yr |
| DDominion Energy, Inc. | $11M | 2.4% | +15.4% | 1.8 yr |
| CMSCMS Energy Corporation | $11M | 2.3% | +6.4% | 3.0 yr |
| OHIOmega Healthcare Investo | $9M | 2.1% | +23.0% | 2.8 yr |
| DUKDuke Energy Corporation | $9M | 2.0% | +11.2% | 3.0 yr |
| AWKAmerican Water Works Com | $9M | 1.9% | -5.4% | 0.3 yr |
| BRSPBrightSpire Capital, Inc | $8M | 1.9% | +10.0% | 3.5 yr |
| CTRECareTrust REIT, Inc. | $7M | 1.6% | +32.1% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric22.7%+6.3pp$103M
Railroads6.7%$30M
Semiconductors6.3%+1.4pp$29M
Electronic Gaming & Multimedia6.1%$28M
REIT - Healthcare Facilities5.5%+3.1pp$25M
Specialty Retail3.7%+0.3pp$17M
Independent Power Producers3.2%+2.5pp$15M
Unknown3.2%-0.7pp$15M
Biotechnology2.6%+2.1pp$12M
Asset Management2.6%-3.3pp$12M
Country
US88.9%-0.1pp
Unknown3.2%-0.7pp
CA2.9%+0.8pp
IL0.8%
TW0.8%-0.0pp
UY0.8%+0.1pp
NL0.6%-0.1pp
IE0.5%+0.1pp
Top 5: 21.7% · Top 10: 34.1% · Top 25: 55.8%
Top buys this quarter · 15
| EA Electronic Arts Inc. | +$12M |
| NSC Norfolk Southern Corporation | +$10M |
| D Dominion Energy, Inc. | +$9M |
| AWK American Water Works Company, new | +$9M |
| AEE Ameren Corporation | +$8M |
| XIFR XPLR Infrastructure, LP | +$7M |
| PEN Penumbra, Inc.new | +$6M |
| TMUS T-Mobile US, Inc. | +$5M |
| WBD Warner Bros. Discovery, Inc. | +$3M |
| DUK Duke Energy Corporation | +$3M |
Top sells this quarter · 15
| WEC WEC Energy Group, Inc. | −$20M |
| V Visa Inc. | −$19M |
| WTRG Essential Utilities, Inc. | −$17M |
| WELL Welltower Inc.exit | −$10M |
| ED Consolidated Edison, Inc.exit | −$10M |
| CDNS Cadence Design Systems, Inc. | −$9M |
| PLD Prologis, Inc. | −$9M |
| AAPL Apple Inc. | −$9M |
| MRVL Marvell Technology, Inc. | −$9M |
| HLT Hilton Worldwide Holdings Inc. | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $453M | 215 | +23.18% | +17.59% | +5.59% | -0.22B |
| 2025-12-31 | $660M | 234 | +24.64% | +17.72% | +6.92% | -0.05B |
| 2025-09-30 | $661M | 223 | +16.47% | +17.52% | -1.04% | -0.16B |
| 2025-06-30 | $767M | 234 | +24.76% | +14.94% | +9.82% | +0.16B |
| 2025-03-31 | $576M | 230 | +20.41% | +8.30% | +12.11% | +0.06B |
| 2024-12-31 | $501M | 256 | +22.91% | +24.89% | -1.98% | -0.06B |
| 2024-09-30 | $554M | 269 | +35.67% | +36.04% | -0.37% | +0.02B |
| 2024-06-30 | $469M | 233 | +13.30% | +24.49% | -11.19% | -0.15B |
| 2024-03-31 | $604M | 226 | +15.04% | +29.62% | -14.59% | -0.08B |
| 2023-12-31 | $649M | 246 | +11.48% | +26.18% | -14.70% | -0.28B |
| 2023-09-30 | $840M | 247 | -4.75% | -3.22% | -1.52% | +0.18B |
| 2023-06-30 | $696M | 221 | +3.98% | +8.68% | -4.70% | -0.17B |
| 2023-03-31 | $837M | 262 | +1.63% | +7.46% | -5.83% | +0.28B |
| 2022-12-31 | $546M | 231 | — | — | — | — |