Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.19%
adds when stocks drop
when a holding falls −10%+
Middle response
-16.29%
baseline attrition
Rally response
-21.86%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HLTHilton Worldwide Holding | $13M | 13.2% | +33.9% | 1.3 yr |
| — | $10M | 10.7% | — | 1.5 yr |
| CNSCohen & Steers, Inc. | $10M | 10.4% | -19.2% | 1.3 yr |
| CBRECBRE Group, Inc. | $9M | 8.8% | +3.6% | 0.8 yr |
| DEIDouglas Emmett, Inc. | $7M | 7.4% | -38.6% | 1.5 yr |
| CIGIColliers International G | $7M | 6.9% | -11.7% | 0.3 yr |
| NXRTNexPoint Residential Tru | $6M | 6.7% | -32.2% | 1.3 yr |
| CHDNChurchill Downs Incorpor | $6M | 5.9% | -18.8% | 0.8 yr |
| CSGPCoStar Group, Inc. | $5M | 5.0% | -49.1% | 1.5 yr |
| VACMarriott Vacations World | $4M | 4.5% | +6.3% | 0.3 yr |
| ESSEssex Property Trust, In | $4M | 4.0% | -18.8% | 1.5 yr |
| CPTCamden Property Trust | $3M | 3.1% | -17.8% | 1.3 yr |
| BHRBraemar Hotels & Resorts | $3M | 2.8% | +0.0% | 0.8 yr |
| AVBAvalonBay Communities, I | $3M | 2.7% | -21.8% | 0.8 yr |
| HHHHoward Hughes Holdings I | $2M | 2.5% | -14.6% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Real Estate - Services20.8%+8.9pp$20M
REIT - Residential16.5%-9.5pp$16M
Travel Lodging13.2%+5.6pp$13M
Unknown13.1%+6.3pp$13M
Asset Management10.6%+3.7pp$10M
Gambling, Resorts & Casinos10.4%+4.7pp$10M
REIT - Office7.4%-1.9pp$7M
REIT - Hotel & Motel2.8%+2.0pp$3M
Real Estate - Diversified2.5%$2M
REIT - Industrial1.4%-8.9pp$1M
Country
US79.9%-13.3pp
Unknown13.1%+6.3pp
CA6.9%
Top 5: 50.6% · Top 10: 79.6% · Top 25: 100.0%
Top buys this quarter · 12
| — | +$10M |
| — | +$0M |
| CIGI Colliers International Group Inew | +$7M |
| NXRT NexPoint Residential Trust, In | +$6M |
| VAC Marriott Vacations Worldwide Cnew | +$4M |
| AVB AvalonBay Communities, Inc. | +$2M |
| CPT Camden Property Trust | +$2M |
| CUBE CubeSmartnew | +$1M |
| HLT Hilton Worldwide Holdings Inc. | +$1M |
| BLDR Builders FirstSource, Inc.new | +$0M |
Top sells this quarter · 12
| CHDN Churchill Downs Incorporated | −$9M |
| MAA Mid-America Apartment Communitexit | −$8M |
| BKD Brookdale Senior Living Inc. | −$8M |
| HGV Hilton Grand Vacations Inc.exit | −$7M |
| REG Regency Centers Corporationexit | −$6M |
| BYD Boyd Gaming Corporationexit | −$6M |
| HHH Howard Hughes Holdings Inc. | −$5M |
| ESS Essex Property Trust, Inc. | −$3M |
| DEI Douglas Emmett, Inc. | −$3M |
| CSGP CoStar Group, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $97M | 20 | -18.70% | +17.59% | -36.29% | -0.01B |
| 2025-12-31 | $117M | 17 | -12.10% | +17.72% | -29.82% | +0.01B |
| 2025-09-30 | $122M | 16 | +2.24% | +8.12% | -5.88% | -0.11B |
| 2025-06-30 | $223M | 18 | -1.91% | +10.78% | -12.69% | -0.09B |
| 2025-03-31 | $319M | 22 | -1.59% | -4.27% | +2.67% | +0.08B |
| 2024-12-31 | $247M | 18 | — | — | — | — |