Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.53%
trims when stocks drop
when a holding falls −10%+
Middle response
-14.05%
baseline attrition
Rally response
-13.33%
trims into rallies
when a holding rises +10%+
Top positions · 29
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NRPNatural Resource Partner | $25M | 19.7% | +168.4% | 0.8 yr |
| PBIPitney Bowes Inc. | $12M | 9.5% | +219.4% | 0.5 yr |
| FCNCAFirst Citizens BancShare | $12M | 9.2% | — | 1.0 yr |
| MCSThe Marcus Corporation | $9M | 6.7% | +13.5% | 0.5 yr |
| BSMBlack Stone Minerals, L. | $9M | 6.7% | +31.0% | 1.3 yr |
| CNKCinemark Holdings, Inc. | $7M | 5.1% | +95.7% | 1.5 yr |
| CRCCalifornia Resources Cor | $6M | 4.6% | +96.0% | 0.5 yr |
| DISThe Walt Disney Company | $5M | 3.6% | -1.5% | 0.5 yr |
| VVisa Inc. | $5M | 3.6% | +37.1% | 2.3 yr |
| — | $4M | 3.3% | — | 0.5 yr |
| NFLXNetflix, Inc. | $4M | 3.1% | +178.3% | 0.8 yr |
| FNDFloor & Decor Holdings, | $4M | 3.1% | -48.3% | 1.8 yr |
| SRBKSR Bancorp, Inc. Common | $4M | 3.0% | — | 0.5 yr |
| CPRTCopart, Inc. | $3M | 2.4% | -11.7% | 2.5 yr |
| TEAMAtlassian Corporation | $3M | 2.4% | -60.1% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Coal20.5%$26M
Entertainment18.5%+13.3pp$24M
Banks - Regional12.2%$16M
Oil & Gas Exploration & Production11.3%+10.4pp$15M
Integrated Freight & Logistics9.5%$12M
Software - Application5.1%$7M
Unknown3.8%$5M
Financial - Credit Services3.6%-7.5pp$5M
Home Improvement3.1%-10.2pp$4M
Specialty Business Services2.4%-8.7pp$3M
Country
US93.8%-6.2pp
Unknown3.8%
AU2.4%
Top 5: 51.8% · Top 10: 71.9% · Top 25: 98.3%
Top buys this quarter · 14
| DIS The Walt Disney Company | +$3M |
| TEAM Atlassian Corporationnew | +$3M |
| INTU Intuit Inc.new | +$2M |
| WDAY Workday, Inc.new | +$1M |
| V Visa Inc. | +$1M |
| LE Lands' End, Inc.new | +$1M |
| PBI Pitney Bowes Inc. | +$1M |
| FND Floor & Decor Holdings, Inc. | +$4M |
| MSFT Microsoft Corporation | +$1M |
| DOUG Douglas Elliman Inc. | +$2M |
Top sells this quarter · 15
| NFLX Netflix, Inc. | −$1M |
| CNK Cinemark Holdings, Inc. | −$6M |
| BSM Black Stone Minerals, L.P. | −$8M |
| PHM PulteGroup, Inc. | −$1M |
| SRBK SR Bancorp, Inc. Common stock | −$1M |
| JPM JPMorgan Chase & Co.exit | −$1M |
| CRC California Resources Corporati | −$4M |
| BH Biglari Holdings Inc.exit | −$0M |
| GOOG Alphabet Inc.exit | −$0M |
| MRP Millrose Properties, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $129M | 29 | +49.14% | +3.26% | +45.87% | +0.01B |
| 2025-12-31 | $117M | 28 | +68.39% | +16.03% | +52.36% | +0.04B |
| 2023-09-30 | $57M | 17 | +34.82% | +21.57% | +13.25% | -0.00B |
| 2023-06-30 | $61M | 15 | +32.59% | +19.42% | +13.17% | +0.00B |
| 2023-03-31 | $50M | 14 | -8.15% | -7.82% | -0.33% | -0.06B |
| 2022-12-31 | $91M | 15 | +2.03% | +7.56% | -5.53% | -0.00B |
| 2022-09-30 | $93M | 16 | -2.40% | -4.93% | +2.53% | +0.00B |
| 2022-06-30 | $91M | 16 | -21.65% | -16.11% | -5.54% | +0.01B |
| 2022-03-31 | $100M | 14 | — | — | — | -0.02B |
| 2021-12-31 | $115M | 11 | — | — | — | — |