Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.13%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.12%
baseline attrition
Rally response
-10.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VZVerizon Communications I | $15M | 5.9% | +16.5% | 1.8 yr |
| BPBP p.l.c. | $14M | 5.6% | +47.2% | 2.0 yr |
| AGNCZAGNC Investment Corp. 8. | $14M | 5.6% | — | 2.5 yr |
| ENBEnbridge Inc. | $14M | 5.5% | +29.3% | 2.5 yr |
| BRK-BBerkshire Hathaway Inc. | $12M | 4.7% | — | 2.5 yr |
| REEverest Re Group, Ltd. | $11M | 4.6% | — | 1.8 yr |
| CVXChevron Corporation | $11M | 4.4% | +29.2% | 2.5 yr |
| — | $10M | 4.0% | — | 2.5 yr |
| BTIBritish American Tobacco | $10M | 3.9% | +47.5% | 2.5 yr |
| AMZNAmazon.com, Inc. | $8M | 3.2% | +9.5% | 2.5 yr |
| CMICummins Inc. | $7M | 3.0% | +74.8% | 1.8 yr |
| KRThe Kroger Co. | $7M | 2.8% | +9.1% | 0.5 yr |
| ORIOld Republic Internation | $7M | 2.7% | +10.8% | 2.5 yr |
| KMIKinder Morgan, Inc. | $6M | 2.6% | +22.6% | 1.0 yr |
| BXMTBlackstone Mortgage Trus | $6M | 2.4% | +3.0% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management11.6%-1.4pp$29M
Oil & Gas Integrated10.7%+5.4pp$27M
Specialty Retail8.8%+1.7pp$22M
Oil & Gas Midstream8.1%-4.9pp$20M
Telecommunications Services7.5%+0.0pp$19M
Insurance - Diversified7.4%+2.3pp$18M
Insurance - Reinsurance4.6%+2.1pp$11M
Unknown4.0%+1.4pp$10M
Tobacco3.9%-2.8pp$10M
Semiconductors3.2%+1.8pp$8M
Country
US72.0%+1.7pp
GB9.5%+1.7pp
CA5.7%-4.8pp
BM4.6%+2.1pp
Unknown4.0%+1.4pp
UY2.0%-2.9pp
TW1.4%+0.1pp
RU0.7%
Top 5: 27.3% · Top 10: 47.5% · Top 25: 80.3%
Top buys this quarter · 15
| DKS DICK'S Sporting Goods, Inc.new | +$4M |
| BX Blackstone Inc. | +$4M |
| MU Micron Technology, Inc.new | +$2M |
| HUT.TO Hut 8 Mining Corp.new | +$1M |
| AXTI AXT, Inc.new | +$1M |
| AAOI Applied Optoelectronics, Inc.new | +$1M |
| NVDA NVIDIA Corporation | +$0M |
| MSFT Microsoft Corporation | +$1M |
| AMZN Amazon.com, Inc. | +$8M |
| OXM Oxford Industries, Inc. | +$0M |
Top sells this quarter · 15
| BTI British American Tobacco p.l.c | −$7M |
| UPS United Parcel Service, Inc. | −$6M |
| BEN Franklin Resources, Inc.exit | −$6M |
| CINF Cincinnati Financial Corporati | −$6M |
| BP BP p.l.c. | −$14M |
| EOG EOG Resources, Inc. | −$4M |
| SYF Synchrony Financialexit | −$4M |
| VZ Verizon Communications Inc. | −$14M |
| O Realty Income Corporation | −$2M |
| WPC W. P. Carey Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $248M | 71 | +30.24% | +17.59% | +12.65% | -0.05B |
| 2025-12-31 | $274M | 80 | +24.69% | +17.72% | +6.97% | +0.01B |
| 2025-09-30 | $263M | 70 | +20.88% | +17.52% | +3.36% | -0.01B |
| 2025-06-30 | $254M | 69 | +23.51% | +14.94% | +8.57% | -0.01B |
| 2025-03-31 | $246M | 70 | +17.38% | +8.30% | +9.08% | +0.02B |
| 2024-12-31 | $219M | 65 | +19.81% | +24.89% | -5.07% | -0.03B |
| 2024-09-30 | $250M | 71 | +10.45% | +5.75% | +4.69% | +0.01B |
| 2024-06-30 | $220M | 64 | +3.07% | +4.38% | -1.31% | -0.01B |
| 2024-03-31 | $225M | 61 | +6.12% | +10.39% | -4.27% | +0.01B |
| 2023-12-31 | $204M | 56 | — | — | — | — |