Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-37.54%
trims when stocks drop
when a holding falls −10%+
Middle response
-27.30%
baseline attrition
Rally response
-44.34%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FCNCAFirst Citizens BancShare | $4M | 1.1% | — | 0.3 yr |
| WSBCWesBanco, Inc. | $3M | 1.0% | +16.6% | 0.5 yr |
| BIIBBiogen Inc. | $3M | 0.9% | +34.0% | 0.8 yr |
| TERTeradyne, Inc. | $3M | 0.9% | +260.2% | 0.5 yr |
| BPOPPopular, Inc. | $3M | 0.9% | +48.9% | 1.5 yr |
| BNLBroadstone Net Lease, In | $3M | 0.8% | +12.8% | 0.5 yr |
| TOWNTowneBank | $3M | 0.8% | +1.7% | 0.3 yr |
| NHINational Health Investor | $3M | 0.8% | +13.6% | 0.5 yr |
| DARDarling Ingredients Inc. | $3M | 0.8% | +98.0% | 0.8 yr |
| AZOAutoZone, Inc. | $3M | 0.8% | -11.4% | 0.3 yr |
| FIVEFive Below, Inc. | $2M | 0.7% | +204.9% | 1.0 yr |
| ATMUAtmus Filtration Technol | $2M | 0.7% | +55.3% | 0.5 yr |
| HASHasbro, Inc. | $2M | 0.7% | +57.7% | 1.5 yr |
| — | $2M | 0.7% | — | 0.3 yr |
| SUISun Communities, Inc. | $2M | 0.7% | +3.7% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional10.6%+6.9pp$36M
Software - Application4.0%-2.0pp$14M
Specialty Retail3.9%-0.1pp$13M
Biotechnology3.4%-0.3pp$12M
Semiconductors3.1%+0.5pp$10M
Asset Management2.9%+1.3pp$10M
Software - Infrastructure2.8%-2.1pp$10M
Hardware, Equipment & Parts2.0%-1.5pp$7M
Industrial - Machinery1.9%-0.4pp$7M
Unknown1.9%+1.7pp$6M
Country
US91.8%+0.5pp
Unknown1.9%+1.7pp
GB1.5%+0.7pp
BM1.1%+0.4pp
CH0.7%-0.8pp
IL0.7%-0.1pp
LU0.6%
IE0.5%-2.2pp
Top 5: 4.9% · Top 10: 8.9% · Top 25: 18.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TER | $3M | +0.01B | 260.2% |
| BPOP | $2M | +0.00B | 48.9% |
| OZK | $3M | +0.00B | 9.8% |
| HAS | $0M | +0.00B | 57.7% |
| SUI | $0M | +0.00B | 3.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| WSBC WesBanco, Inc. | +$3M |
| TOWN TowneBanknew | +$3M |
| AZO AutoZone, Inc.new | +$3M |
| RDNT RadNet, Inc.new | +$2M |
| AWI Armstrong World Industries, Innew | +$2M |
| SUI Sun Communities, Inc. | +$2M |
| CVBF CVB Financial Corp.new | +$2M |
| ALK Alaska Air Group, Inc.new | +$2M |
| TFC Truist Financial Corporationnew | +$2M |
| HAS Hasbro, Inc. | +$2M |
Top sells this quarter · 15
| BE Bloom Energy Corporation | −$11M |
| RGLD Royal Gold, Inc. | −$10M |
| DELL Dell Technologies Inc. | −$7M |
| NET Cloudflare, Inc. | −$7M |
| TJX The TJX Companies, Inc.exit | −$7M |
| FITB Fifth Third Bancorpexit | −$7M |
| TER Teradyne, Inc. | −$3M |
| HAL Halliburton Company | −$6M |
| HBAN Huntington Bancshares Incorpor | −$6M |
| AAPL Apple Inc.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $342M | 466 | +20.37% | +17.59% | +2.77% | -0.26B |
| 2025-12-31 | $589M | 472 | +12.21% | +17.72% | -5.51% | -0.03B |
| 2025-09-30 | $609M | 382 | +7.14% | +8.12% | -0.98% | -0.10B |
| 2025-06-30 | $661M | 326 | +6.70% | +10.78% | -4.08% | -0.09B |
| 2025-03-31 | $708M | 390 | -4.20% | -4.27% | +0.07% | +0.09B |
| 2024-12-31 | $648M | 402 | — | — | — | — |