Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.97%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.26%
baseline attrition
Rally response
-4.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $13M | 7.9% | — | 2.5 yr |
| IBTKiShares iBonds Dec 2030 | $10M | 6.0% | — | 1.3 yr |
| IBTIiShares iBonds Dec 2028 | $9M | 5.6% | — | 1.3 yr |
| IBTJiShares iBonds Dec 2029 | $9M | 5.6% | — | 1.3 yr |
| XOMExxon Mobil Corporation | $9M | 5.6% | +47.6% | 2.5 yr |
| IBDSiShares iBonds Dec 2027 | $8M | 4.8% | — | 1.3 yr |
| IBTHiShares iBonds Dec 2027 | $8M | 4.8% | — | 1.3 yr |
| IBDTiShares iBonds Dec 2028 | $8M | 4.8% | — | 1.3 yr |
| IBDViShares iBonds Dec 2030 | $8M | 4.8% | — | 0.8 yr |
| AORiShares Core 60/40 Balan | $7M | 4.3% | — | 2.3 yr |
| IDEViShares Core MSCI Intern | $7M | 4.0% | — | 2.3 yr |
| AAPLApple Inc. | $7M | 4.0% | +14.7% | 2.5 yr |
| IUSBiShares Core Universal U | $6M | 3.6% | — | 2.3 yr |
| AGGiShares Core U.S. Aggreg | $5M | 3.3% | — | 2.5 yr |
| TFINTriumph Financial, Inc. | $5M | 3.2% | +3.2% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management - Bonds38.3%+7.4pp$63M
Asset Management33.5%-5.0pp$55M
Oil & Gas Integrated6.4%+0.4pp$11M
Oil & Gas Exploration & Production4.5%-6.4pp$7M
Consumer Electronics4.0%+0.5pp$7M
Banks - Regional4.0%+2.1pp$7M
Oil & Gas Midstream1.8%+1.4pp$3M
Software - Infrastructure1.7%+0.1pp$3M
Asset Management - Income1.4%-1.0pp$2M
Semiconductors1.3%+0.4pp$2M
Country
US99.5%+1.4pp
GB0.3%-0.1pp
CA0.2%
Top 5: 30.7% · Top 10: 54.2% · Top 25: 86.4%
Top buys this quarter · 15
| VRT Vertiv Holdings Conew | +$0M |
| TRIN Trinity Capital Inc.new | +$0M |
| KRP Kimbell Royalty Partners, LP | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$0M |
| OBDC Blue Owl Capital Corporationnew | +$0M |
| OXLC Oxford Lane Capital Corp. | +$0M |
| ARCC Ares Capital Corporation | +$0M |
| DX Dynex Capital, Inc. | +$0M |
| MSFT Microsoft Corporation | +$3M |
| TCPC BlackRock TCP Capital Corp. | +$0M |
Top sells this quarter · 15
| UBER Uber Technologies, Inc.exit | −$0M |
| XOM Exxon Mobil Corporation | −$7M |
| PTEN Patterson-UTI Energy, Inc. | −$0M |
| WMB The Williams Companies, Inc. | −$0M |
| CFR Cullen/Frost Bankers, Inc. | −$1M |
| SHEL Shell plc | −$0M |
| CVX Chevron Corporation | −$1M |
| FANG Diamondback Energy, Inc. | −$1M |
| EOG EOG Resources, Inc. | −$1M |
| NVDA NVIDIA Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $166M | 72 | +5.71% | +17.59% | -11.88% | -0.04B |
| 2025-12-31 | $182M | 70 | -10.47% | +17.72% | -28.19% | +0.00B |
| 2025-09-30 | $177M | 74 | -8.76% | +17.52% | -26.28% | +0.03B |
| 2025-06-30 | $151M | 65 | -8.24% | +14.94% | -23.18% | +0.00B |
| 2025-03-31 | $156M | 64 | -3.30% | +8.30% | -11.60% | +0.03B |
| 2024-12-31 | $133M | 62 | +12.30% | +24.89% | -12.59% | -0.00B |
| 2024-09-30 | $130M | 66 | +0.02% | +5.75% | -5.73% | -0.00B |
| 2024-06-30 | $131M | 74 | -0.70% | +4.38% | -5.08% | -0.03B |
| 2024-03-31 | $161M | 81 | +8.47% | +10.39% | -1.92% | -0.02B |
| 2023-12-31 | $163M | 79 | — | — | — | — |