Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.08%
baseline attrition
Rally response
-3.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AEXAAmerican Exceptionalism | $9M | 7.9% | — | 0.8 yr |
| RSPTInvesco S&P 500 Equal We | $7M | 6.0% | — | 0.8 yr |
| EWCOInvesco S&P 500 Equal We | $5M | 4.7% | — | 0.5 yr |
| EURNEuronav N.V. | $5M | 4.4% | — | 0.8 yr |
| EFSIEagle Financial Services | $5M | 4.3% | +10.6% | 1.0 yr |
| SFBCSound Financial Bancorp, | $5M | 4.2% | -11.4% | 2.5 yr |
| CEPFCantor Equity Partners I | $5M | 4.2% | — | 0.8 yr |
| LNGCheniere Energy, Inc. | $4M | 3.9% | +23.8% | 2.5 yr |
| BRBSBlue Ridge Bankshares, I | $4M | 3.8% | +36.4% | 1.8 yr |
| RSPNInvesco S&P 500 Equal We | $4M | 3.7% | — | 0.5 yr |
| TRUTransUnion | $4M | 3.6% | -16.1% | 0.3 yr |
| CCBCoastal Financial Corpor | $4M | 3.4% | -15.8% | 0.3 yr |
| EOGEOG Resources, Inc. | $4M | 3.2% | +16.9% | 3.5 yr |
| PEGPublic Service Enterpris | $3M | 3.0% | +1.5% | 2.0 yr |
| CLSTCatalyst Bancorp, Inc. | $3M | 2.9% | +42.1% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management27.4%+21.0pp$31M
Banks - Regional20.6%+15.4pp$23M
Oil & Gas Midstream11.0%-7.0pp$12M
Shell Companies6.9%+6.5pp$8M
Regulated Electric6.3%+2.9pp$7M
Oil & Gas Exploration & Production6.0%-4.6pp$7M
Unknown4.4%-14.3pp$5M
Consulting Services3.6%$4M
REIT - Residential2.7%-5.4pp$3M
Specialty Business Services2.2%$2M
Country
US87.0%+11.6pp
Unknown4.4%-14.3pp
BE4.4%
CA2.7%-0.1pp
GR1.5%
Top 5: 27.3% · Top 10: 47.1% · Top 25: 85.6%
Top buys this quarter · 15
| AEXA American Exceptionalism Acquis | +$8M |
| TRU TransUnionnew | +$4M |
| CCB Coastal Financial Corporationnew | +$4M |
| CEPF Cantor Equity Partners IV, Inc | +$3M |
| PPHC Public Policy Holding Company,new | +$2M |
| APO Apollo Global Management, Inc.new | +$2M |
| SBLK Star Bulk Carriers Corp.new | +$2M |
| SFBC Sound Financial Bancorp, Inc. | +$1M |
| NSTS NSTS Bancorp, Inc. | +$0M |
| EFSI Eagle Financial Services, Inc. | +$5M |
Top sells this quarter · 15
| HCC Warrior Met Coal, Inc.exit | −$4M |
| VTOL Bristow Group Inc. | −$3M |
| LNG Cheniere Energy, Inc. | −$3M |
| GNK Genco Shipping & Trading Limitexit | −$2M |
| CHCT Community Healthcare Trust Incexit | −$2M |
| CI Cigna Corporation | −$1M |
| KNTK Kinetik Holdings Inc.exit | −$1M |
| UDR UDR, Inc. | −$1M |
| NLOP Net Lease Office Propertiesexit | −$1M |
| CPT Camden Property Trust | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $113M | 54 | +8.48% | +17.59% | -9.11% | -0.00B |
| 2025-12-31 | $109M | 60 | +6.08% | +17.72% | -11.63% | +0.01B |
| 2025-09-30 | $98M | 70 | +3.34% | +17.52% | -14.17% | +0.01B |
| 2025-06-30 | $90M | 66 | +1.97% | +14.94% | -12.97% | -0.00B |
| 2025-03-31 | $93M | 64 | +4.39% | +8.30% | -3.91% | -0.02B |
| 2024-12-31 | $116M | 69 | +10.86% | +24.89% | -14.03% | +0.02B |
| 2024-09-30 | $97M | 55 | +19.47% | +36.04% | -16.57% | +0.02B |
| 2024-06-30 | $74M | 45 | +16.64% | +24.49% | -7.85% | +0.02B |
| 2024-03-31 | $58M | 38 | +28.57% | +29.62% | -1.05% | +0.02B |
| 2023-12-31 | $38M | 34 | +22.15% | +26.30% | -4.15% | -0.01B |
| 2023-09-30 | $42M | 40 | +9.01% | +7.55% | +1.45% | +0.00B |
| 2023-06-30 | $42M | 40 | +0.35% | -6.77% | +7.11% | -0.02B |
| 2022-12-31 | $55M | 54 | +2.77% | +7.56% | -4.79% | -0.03B |
| 2022-09-30 | $83M | 73 | -4.86% | -4.93% | +0.07% | -0.03B |
| 2022-06-30 | $114M | 99 | -8.22% | -16.11% | +7.89% | +0.01B |
| 2022-03-31 | $112M | 106 | — | — | — | -0.01B |