Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.72%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.70%
baseline attrition
Rally response
-4.79%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MARMarriott International, | $55M | 24.1% | +38.6% | 1.5 yr |
| VOOVanguard S&P 500 ETF | $23M | 10.2% | — | 1.5 yr |
| SMLFiShares U.S. Small-Cap E | $16M | 6.8% | — | 1.5 yr |
| MOATVanEck Morningstar Wide | $13M | 5.7% | — | 1.5 yr |
| DFACDimensional - US Core Eq | $13M | 5.5% | — | 1.5 yr |
| AVUSAvantis U.S. Equity ETF | $12M | 5.5% | — | 1.5 yr |
| QQQInvesco QQQ Trust, Serie | $12M | 5.3% | — | 1.5 yr |
| TBILUS Treasury 3 Month Bill | $12M | 5.1% | — | 1.5 yr |
| DALDelta Air Lines, Inc. | $7M | 3.2% | +54.5% | 1.5 yr |
| DFICDimensional - Internatio | $5M | 2.3% | — | 1.5 yr |
| AVDEAvantis International Eq | $4M | 1.8% | — | 1.5 yr |
| DFEMDimensional - Emerging M | $4M | 1.6% | — | 1.5 yr |
| IWViShares Russell 3000 ETF | $3M | 1.5% | — | 1.5 yr |
| AVEMAvantis Emerging Markets | $3M | 1.5% | — | 1.5 yr |
| — | $3M | 1.4% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management65.2%+0.2pp$149M
Travel Lodging24.1%+0.0pp$55M
Airlines, Airports & Air Services3.2%+0.9pp$7M
Unknown1.5%$3M
Consumer Electronics1.0%-0.1pp$2M
Asset Management - Global0.7%-0.7pp$2M
Software - Infrastructure0.6%+0.3pp$1M
Semiconductors0.6%+0.3pp$1M
Asset Management - Income0.5%-0.0pp$1M
Insurance - Diversified0.4%-0.1pp$1M
Country
US98.5%-1.5pp
Unknown1.5%
Top 5: 52.4% · Top 10: 73.7% · Top 25: 90.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MAR | $49M | +0.02B | 38.6% |
| DAL | $5M | +0.00B | 54.5% |
| AAPL | $2M | +0.00B | 14.7% |
| SPY | $1M | +0.00B | 17.6% |
| NVDA | $0M | +0.00B | 60.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| FIGR Figure Technology Solutions, Inew | +$1M |
| IMDX Insight Molecular Diagnostics new | +$0M |
| ORCL Oracle Corporation | +$0M |
| NVDA NVIDIA Corporation | +$1M |
| SPY State Street SPDR S&P 500 ETF | +$1M |
| ED Consolidated Edison, Inc. | +$0M |
| MSFT Microsoft Corporation | +$1M |
| GOOG Alphabet Inc. | +$0M |
| QCOM QUALCOMM Incorporated | +$0M |
| AVUS Avantis U.S. Equity ETF | +$12M |
Top sells this quarter · 15
| RTX RTX Corporationexit | −$4M |
| MAR Marriott International, Inc. | −$3M |
| TSLA Tesla, Inc. | −$1M |
| VAC Marriott Vacations Worldwide Cexit | −$1M |
| HST Host Hotels & Resorts, Inc.exit | −$1M |
| COST Costco Wholesale Corporation | −$0M |
| DE Deere & Company | −$0M |
| AMZN Amazon.com, Inc. | −$0M |
| AAPL Apple Inc. | −$0M |
| GOOGL Alphabet Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $228M | 74 | +31.93% | +17.59% | +14.34% | -0.02B |
| 2025-12-31 | $244M | 76 | +11.43% | +17.72% | -6.29% | -0.02B |
| 2025-09-30 | $228M | 71 | -0.55% | +8.12% | -8.68% | +0.02B |
| 2025-06-30 | $211M | 67 | +13.62% | +10.78% | +2.84% | -0.02B |
| 2025-03-31 | $205M | 70 | -14.04% | -4.27% | -9.77% | +0.01B |
| 2024-12-31 | $228M | 75 | — | — | — | — |