Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.24%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.53%
baseline attrition
Rally response
-5.26%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPLGSPDR Portfolio S&P 500 E | $25M | 7.0% | — | 2.8 yr |
| TRINTrinity Capital Inc. | $19M | 5.3% | +11.2% | 0.3 yr |
| PFFAVirtus InfraCap U.S. Pre | $16M | 4.4% | — | 0.3 yr |
| GAINIGladstone Investment Cor | $15M | 4.2% | — | 0.3 yr |
| ARCCAres Capital Corporation | $15M | 4.1% | -10.7% | 0.3 yr |
| BCSFBain Capital Specialty F | $14M | 4.0% | -14.3% | 0.3 yr |
| — | $14M | 3.9% | — | 0.3 yr |
| OBDCBlue Owl Capital Corpora | $13M | 3.7% | -17.8% | 0.3 yr |
| YBTCRoundhill Investments - | $13M | 3.5% | — | 0.3 yr |
| HTGCHercules Capital, Inc. | $12M | 3.3% | -14.2% | 0.3 yr |
| CSWCCapital Southwest Corpor | $11M | 3.2% | +11.4% | 0.3 yr |
| TSLXSixth Street Specialty L | $11M | 3.1% | -10.0% | 0.3 yr |
| OHIOmega Healthcare Investo | $11M | 3.0% | +23.0% | 0.3 yr |
| VPLSVanguard Core-Plus Bond | $7M | 1.9% | — | 2.0 yr |
| SCHVSchwab U.S. Large-Cap Va | $7M | 1.9% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management74.1%+0.2pp$266M
Unknown4.4%+3.3pp$16M
Financial - Credit Services3.8%+3.4pp$14M
REIT - Healthcare Facilities3.2%+2.1pp$12M
Internet Content & Information2.6%-2.0pp$9M
REIT - Mortgage2.5%+2.4pp$9M
Asset Management - Bonds1.4%-0.8pp$5M
Asset Management - Income1.2%-1.3pp$4M
Semiconductors0.9%-0.2pp$3M
Insurance - Diversified0.8%-1.5pp$3M
Country
US95.3%-3.3pp
Unknown4.4%+3.3pp
CA0.1%
IE0.1%-0.1pp
Top 5: 25.0% · Top 10: 43.5% · Top 25: 68.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GOOG | $4M | +0.00B | 84.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| TRIN Trinity Capital Inc.new | +$19M |
| ARCC Ares Capital Corporationnew | +$15M |
| BCSF Bain Capital Specialty Financenew | +$14M |
| OBDC Blue Owl Capital Corporationnew | +$13M |
| HTGC Hercules Capital, Inc.new | +$12M |
| CSWC Capital Southwest Corporationnew | +$11M |
| TSLX Sixth Street Specialty Lendingnew | +$11M |
| OHI Omega Healthcare Investors, Innew | +$11M |
| SACH Sachem Capital Corp.new | +$3M |
| LOAN Manhattan Bridge Capital, Inc.new | +$2M |
Top sells this quarter · 15
| AHR American Healthcare REIT, Inc.exit | −$0M |
| TGT Target Corporationexit | −$0M |
| GOOG Alphabet Inc. | −$0M |
| SILA Sila Realty Trust, Inc.exit | −$0M |
| V Visa Inc.exit | −$0M |
| NVDA NVIDIA Corporation | −$0M |
| FSCO FS Credit Opportunities Corp.exit | −$0M |
| FSK FS KKR Capital Corp.exit | −$0M |
| ABT Abbott Laboratories | −$0M |
| AVGO Broadcom Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $359M | 148 | +23.47% | +17.59% | +5.88% | +0.19B |
| 2025-12-31 | $184M | 126 | +23.29% | +17.72% | +5.57% | -0.00B |
| 2025-09-30 | $178M | 125 | +24.91% | +17.52% | +7.40% | -0.01B |
| 2025-06-30 | $163M | 121 | +22.04% | +14.94% | +7.10% | -0.00B |
| 2025-03-31 | $148M | 115 | +15.96% | +14.54% | +1.41% | +0.00B |
| 2024-12-31 | $154M | 118 | +37.02% | +33.57% | +3.44% | +0.00B |
| 2024-09-30 | $145M | 118 | +48.40% | +26.13% | +22.27% | -0.00B |
| 2024-03-31 | $136M | 113 | +7.00% | +10.39% | -3.39% | +0.01B |
| 2023-12-31 | $116M | 103 | +10.21% | +11.64% | -1.43% | -0.00B |
| 2023-09-30 | $109M | 98 | +14.56% | -3.22% | +17.78% | -0.00B |
| 2022-12-31 | $98M | 94 | — | — | — | — |