Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-54.84%
trims when stocks drop
when a holding falls −10%+
Middle response
-48.79%
baseline attrition
Rally response
-56.03%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IWMiShares Russell 2000 ETF | $12M | 4.0% | — | 0.8 yr |
| KIEState Street SPDR S&P In | $9M | 3.0% | — | 0.3 yr |
| XHBState Street SPDR S&P Ho | $9M | 3.0% | — | 1.3 yr |
| XLUState Street Utilities S | $8M | 2.8% | — | 1.0 yr |
| XLVState Street Health Care | $8M | 2.6% | — | 0.8 yr |
| IGViShares Expanded Tech-So | $8M | 2.5% | — | 0.8 yr |
| FDNFirst Trust Dow Jones In | $7M | 2.3% | — | 0.5 yr |
| OIHVanEck Oil Services ETF | $7M | 2.2% | — | 0.5 yr |
| CCEPCoca-Cola Europacific Pa | $6M | 2.0% | +6.9% | 0.5 yr |
| WMTWalmart Inc. | $5M | 1.8% | +42.8% | 0.8 yr |
| BLKBlackRock, Inc. | $5M | 1.6% | +3.7% | 0.8 yr |
| USBU.S. Bancorp | $4M | 1.4% | +27.1% | 1.0 yr |
| MPLXMPLX Lp | $4M | 1.3% | +15.4% | 0.5 yr |
| PAAPlains All American Pipe | $4M | 1.1% | +21.8% | 0.3 yr |
| XLFState Street Financial S | $3M | 1.1% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management32.8%+22.6pp$100M
Banks - Regional4.3%+0.6pp$13M
Oil & Gas Midstream3.1%+0.9pp$9M
Oil & Gas Exploration & Production2.7%-0.5pp$8M
Beverages - Non-Alcoholic2.5%+2.4pp$8M
Financial - Credit Services2.5%+2.3pp$7M
Semiconductors2.4%-0.3pp$7M
Discount Stores2.4%+1.5pp$7M
Banks - Diversified2.2%+1.6pp$7M
Insurance - Specialty2.1%+1.6pp$6M
Country
US91.2%-3.7pp
GB3.1%+2.6pp
Unknown1.6%-0.1pp
CA1.2%+1.0pp
IE0.8%-0.1pp
CH0.7%+0.6pp
ZA0.6%
KY0.3%+0.3pp
Top 5: 15.3% · Top 10: 26.1% · Top 25: 42.7%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| META | $0M | -0.00B | -0.4% |
Top buys this quarter · 15
| CRC California Resources Corporati | +$5M |
| USB U.S. Bancorp | +$5M |
| CCEP Coca-Cola Europacific Partners | +$4M |
| BLK BlackRock, Inc. | +$4M |
| PAA Plains All American Pipeline, new | +$4M |
| MPLX MPLX Lp | +$4M |
| RDN Radian Group Inc. | +$3M |
| XOM Exxon Mobil Corporation | +$3M |
| CFG Citizens Financial Group, Inc. | +$3M |
| MGY Magnolia Oil & Gas Corporation | +$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $305M | 796 | +22.69% | +17.59% | +5.10% | +0.08B |
| 2025-12-31 | $228M | 1053 | +19.77% | +17.72% | +2.05% | +0.02B |
| 2025-09-30 | $198M | 929 | +13.19% | +17.52% | -4.33% | -0.28B |
| 2025-06-30 | $438M | 971 | +4.91% | +10.78% | -5.87% | -0.13B |
| 2025-03-31 | $539M | 1195 | -1.79% | -4.27% | +2.47% | +0.28B |
| 2024-12-31 | $262M | 1074 | +0.42% | +2.49% | -2.07% | -0.20B |
| 2024-09-30 | $462M | 1073 | — | — | — | — |