Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.29%
trims when stocks drop
when a holding falls −10%+
Middle response
+3.13%
steady accumulation
Rally response
-5.62%
trims into rallies
when a holding rises +10%+
Top positions · 13
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BHYBXtrackers USD High Yield | $1.89B | 49.7% | — | 2.0 yr |
| SPIBState Street SPDR Portfo | $341M | 9.0% | — | 1.0 yr |
| JNKState Street SPDR Bloomb | $341M | 9.0% | — | 0.5 yr |
| IWViShares Russell 3000 ETF | $313M | 8.2% | — | 1.0 yr |
| VCITVanguard Intermediate-Te | $228M | 6.0% | — | 1.8 yr |
| HYDVanEck High Yield Muni E | $195M | 5.1% | — | 0.5 yr |
| VOOVanguard S&P 500 ETF | $124M | 3.3% | — | 1.5 yr |
| BOWBowhead Specialty Holdin | $105M | 2.8% | -44.8% | 1.8 yr |
| IGFiShares Global Infrastru | $92M | 2.4% | — | 0.3 yr |
| IWPiShares Russell Mid-Cap | $80M | 2.1% | — | 2.0 yr |
| XLREState Street Real Estate | $56M | 1.5% | — | 0.3 yr |
| LQDiShares iBoxx $ Investme | $30M | 0.8% | — | 1.0 yr |
| TDWTidewater Inc. | $10M | 0.3% | +97.7% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management72.2%+4.6pp$2.75B
Asset Management - Bonds24.7%+6.0pp$941M
Insurance - Property & Casualty2.8%-10.5pp$105M
Oil & Gas Equipment & Services0.3%-0.1pp$10M
Country
US100.0%+0.0pp
Top 5: 81.8% · Top 10: 97.5% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BOW | $191M | -0.09B | -44.8% |
Top buys this quarter · 10
| BHYB Xtrackers USD High Yield BB-B | +$0M |
| IWP iShares Russell Mid-Cap Growth | +$0M |
| IWV iShares Russell 3000 ETF | +$0M |
| IGF iShares Global Infrastructure new | +$0M |
| SPIB State Street SPDR Portfolio In | +$0M |
| JNK State Street SPDR Bloomberg Hi | +$0M |
| XLRE State Street Real Estate Selecnew | +$0M |
| HYD VanEck High Yield Muni ETF | +$0M |
| VCIT Vanguard Intermediate-Term Cor | +$0M |
| VOO Vanguard S&P 500 ETF | +$0M |
Top sells this quarter · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.80B | 13 | -41.21% | +17.59% | -58.80% | +1.51B |
| 2025-12-31 | $2.78B | 11 | -19.29% | +17.72% | -37.01% | +0.77B |
| 2025-09-30 | $1.91B | 9 | -4.42% | +17.52% | -21.94% | +0.57B |
| 2025-06-30 | $1.83B | 14 | +38.22% | +14.94% | +23.28% | +0.49B |
| 2025-03-31 | $1.44B | 11 | +13.04% | -4.27% | +17.30% | -0.89B |
| 2024-12-31 | $2.06B | 11 | +24.37% | +2.49% | +21.88% | +0.30B |
| 2024-09-30 | $1.42B | 10 | +5.99% | +5.75% | +0.24% | -0.04B |
| 2024-06-30 | $1.37B | 10 | — | — | — | — |