Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.17%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.77%
steady accumulation
Rally response
-13.15%
trims into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WSRWhitestone REIT | $10M | 7.8% | +15.4% | 1.5 yr |
| LLoews Corporation | $10M | 7.7% | +16.4% | 0.8 yr |
| CMECME Group Inc. | $10M | 7.4% | +15.6% | 1.5 yr |
| NYTThe New York Times Compa | $8M | 5.8% | +70.5% | 1.0 yr |
| SNDASonida Senior Living, In | $8M | 5.8% | +38.5% | 1.5 yr |
| BOXBox, Inc. | $7M | 5.7% | -23.4% | 1.5 yr |
| SPOTSpotify Technology S.A. | $7M | 5.4% | -11.8% | 1.5 yr |
| SGISomnigroup International | $7M | 5.4% | +24.4% | 1.3 yr |
| IBKRInteractive Brokers Grou | $7M | 5.3% | +62.8% | 1.5 yr |
| CASSCass Information Systems | $6M | 4.3% | +4.8% | 1.5 yr |
| LRCXLam Research Corporation | $5M | 4.2% | +196.1% | 0.5 yr |
| MCOMoody's Corporation | $5M | 4.1% | -5.6% | 0.3 yr |
| GLDSPDR Gold Shares | $5M | 4.0% | — | 1.5 yr |
| MCRIMonarch Casino & Resort, | $5M | 3.9% | +24.5% | 1.5 yr |
| CBLCBL & Associates Propert | $5M | 3.8% | +52.2% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
REIT - Retail11.6%+0.9pp$15M
Financial - Data & Stock Exchanges11.5%+7.0pp$15M
Software - Application8.5%-2.5pp$11M
Internet Content & Information8.4%-4.3pp$11M
Insurance - Property & Casualty7.7%$10M
Publishing5.8%$8M
Medical - Care Facilities5.8%+2.4pp$8M
Household & Personal Products5.4%+0.2pp$7M
Investment - Banking & Investment Services5.3%-2.1pp$7M
Specialty Business Services4.3%+0.6pp$6M
Country
US91.3%+1.9pp
LU5.4%-2.4pp
Unknown3.3%
Top 5: 34.5% · Top 10: 60.7% · Top 25: 100.0%
Top buys this quarter · 14
| MCO Moody's Corporationnew | +$5M |
| HAL Halliburton Companynew | +$4M |
| BOX Box, Inc. | +$3M |
| Z Zillow Group, Inc. Class C | +$3M |
| GRND Grindr Inc. | +$2M |
| CBRE CBRE Group, Inc.new | +$2M |
| JOE The St. Joe Companynew | +$2M |
| OTIS Otis Worldwide Corporationnew | +$2M |
| SGI Somnigroup International Inc | +$1M |
| IDT IDT Corporation | +$1M |
Top sells this quarter · 13
| WSR Whitestone REIT | −$10M |
| HLT Hilton Worldwide Holdings Inc.exit | −$5M |
| ARMK Aramarkexit | −$4M |
| NYT The New York Times Company | −$4M |
| L Loews Corporation | −$2M |
| BKD Brookdale Senior Living Inc.exit | −$2M |
| CASS Cass Information Systems, Inc. | −$2M |
| ZG Zillow Group, Inc. Class Aexit | −$2M |
| AN AutoNation, Inc.exit | −$1M |
| IBKR Interactive Brokers Group, Inc | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $131M | 24 | +20.52% | +17.59% | +2.93% | -0.00B |
| 2025-12-31 | $130M | 22 | +21.24% | +17.72% | +3.52% | -0.01B |
| 2025-09-30 | $136M | 24 | +3.39% | +8.12% | -4.74% | +0.01B |
| 2025-06-30 | $126M | 24 | +11.34% | +10.78% | +0.56% | +0.00B |
| 2025-03-31 | $109M | 23 | +3.20% | -4.27% | +7.47% | -0.01B |
| 2024-12-31 | $111M | 26 | — | — | — | — |