Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.10%
baseline attrition
Rally response
+5.00%
adds into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MTNVail Resorts, Inc. | $11M | 11.2% | -16.1% | 1.8 yr |
| IVEiShares S&P 500 Value ET | $11M | 11.1% | — | 3.5 yr |
| VEAVanguard FTSE Developed | $10M | 10.3% | — | 3.5 yr |
| UNHUnitedHealth Group Incor | $8M | 8.2% | -46.9% | 0.5 yr |
| VWOVanguard FTSE Emerging M | $7M | 7.0% | — | 3.5 yr |
| IBBiShares Biotechnology ET | $6M | 6.0% | — | 3.5 yr |
| IWCiShares Micro-Cap ETF | $6M | 5.7% | — | 2.8 yr |
| CNNECannae Holdings, Inc. | $5M | 5.5% | -35.7% | 0.3 yr |
| KREState Street SPDR S&P Re | $4M | 4.2% | — | 2.8 yr |
| — | $4M | 4.1% | — | 1.0 yr |
| MANUManchester United plc | $3M | 3.4% | +28.5% | 1.3 yr |
| EWWiShares MSCI Mexico ETF | $3M | 3.2% | — | 2.8 yr |
| EWZiShares MSCI Brazil ETF | $3M | 3.2% | — | 2.8 yr |
| VBVanguard Small-Cap ETF | $3M | 2.9% | — | 2.8 yr |
| EWYiShares MSCI South Korea | $2M | 2.5% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management61.5%-10.2pp$61M
Gambling, Resorts & Casinos11.2%-0.4pp$11M
Medical - Healthcare Plans8.2%$8M
Unknown8.0%$8M
Restaurants5.5%$5M
Entertainment3.4%+1.2pp$3M
Oil & Gas Exploration & Production2.1%+0.7pp$2M
Country
US88.6%+2.4pp
Unknown8.0%
GB3.4%-8.4pp
Top 5: 47.9% · Top 10: 73.4% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MTN | $14M | -0.00B | -16.1% |
Top buys this quarter · 3
| CNNE Cannae Holdings, Inc.new | +$5M |
| — new | +$0M |
| — new | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $99M | 21 | -11.10% | +17.59% | -28.69% | +0.00B |
| 2025-12-31 | $100M | 20 | -13.33% | +17.72% | -31.05% | -0.01B |
| 2025-09-30 | $115M | 20 | -11.22% | +17.52% | -28.73% | +0.01B |
| 2025-06-30 | $104M | 20 | -3.24% | +14.94% | -18.18% | -0.02B |
| 2025-03-31 | $119M | 24 | -8.43% | +8.30% | -16.74% | +0.01B |
| 2024-12-31 | $119M | 28 | -0.87% | +24.89% | -25.75% | -0.02B |
| 2024-09-30 | $142M | 28 | +14.26% | +36.04% | -21.78% | +0.02B |
| 2024-06-30 | $116M | 25 | +7.29% | +24.49% | -17.20% | -0.03B |
| 2024-03-31 | $152M | 27 | +13.02% | +29.62% | -16.61% | +0.01B |
| 2023-12-31 | $139M | 27 | +10.06% | +26.18% | -16.12% | -0.01B |
| 2023-09-30 | $136M | 26 | -0.37% | -3.22% | +2.86% | +0.01B |
| 2023-06-30 | $128M | 19 | +3.36% | +8.68% | -5.32% | +0.01B |
| 2023-03-31 | $115M | 20 | -3.40% | +7.46% | -10.86% | -0.03B |
| 2022-12-31 | $149M | 29 | — | — | — | — |