Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.27%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.44%
baseline attrition
Rally response
-9.53%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PENNPENN Entertainment, Inc. | $10M | 8.3% | -7.8% | 1.5 yr |
| IGTInternational Game Techn | $10M | 8.2% | — | 1.5 yr |
| CHDNChurchill Downs Incorpor | $9M | 7.4% | -18.8% | 1.5 yr |
| IACIAC InterActive Corp. | $7M | 5.8% | +6.3% | 0.5 yr |
| GLPIGaming and Leisure Prope | $6M | 5.1% | -6.7% | 1.5 yr |
| SEASSeaWorld Entertainment, | $6M | 4.9% | — | 1.5 yr |
| KRPKimbell Royalty Partners | $6M | 4.9% | +15.8% | 1.5 yr |
| MTNVail Resorts, Inc. | $5M | 4.4% | -16.1% | 0.8 yr |
| HHyatt Hotels Corporation | $4M | 3.7% | +17.9% | 1.0 yr |
| CZRCaesars Entertainment, I | $4M | 3.6% | +5.7% | 1.5 yr |
| ARLPAlliance Resource Partne | $4M | 3.5% | +11.9% | 1.0 yr |
| UHALU-Haul Holding Company | $4M | 3.2% | -26.9% | 1.5 yr |
| MGMMGM Resorts Internationa | $4M | 3.2% | +24.9% | 1.5 yr |
| WHWyndham Hotels & Resorts | $3M | 2.4% | -8.4% | 0.5 yr |
| KGSKodiak Gas Services, Inc | $3M | 2.4% | +64.4% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Gambling, Resorts & Casinos44.5%+2.1pp$52M
Internet Content & Information6.6%+5.7pp$8M
Travel Lodging6.1%$7M
Leisure5.7%+2.0pp$7M
Rental & Leasing Services5.6%+2.0pp$7M
REIT - Specialty5.1%+2.4pp$6M
Oil & Gas Exploration & Production5.1%-2.7pp$6M
Unknown5.0%-4.2pp$6M
Oil & Gas Equipment & Services3.9%-9.1pp$5M
Coal3.5%+1.6pp$4M
Country
US86.6%+5.4pp
GB8.2%+1.1pp
Unknown5.0%-4.2pp
CA0.2%
Top 5: 34.8% · Top 10: 56.3% · Top 25: 88.4%
Top buys this quarter · 15
| RRR Red Rock Resorts, Inc.new | +$3M |
| H Hyatt Hotels Corporation | +$2M |
| WH Wyndham Hotels & Resorts, Inc. | +$2M |
| CHDN Churchill Downs Incorporated | +$2M |
| PENN PENN Entertainment, Inc. | +$1M |
| MTN Vail Resorts, Inc. | +$1M |
| CZR Caesars Entertainment, Inc. | +$1M |
| UBER Uber Technologies, Inc. | +$1M |
| RJET Republic Airways Holdings Inc. | +$1M |
| NCLH Norwegian Cruise Line Holdings | +$1M |
Top sells this quarter · 15
| KGS Kodiak Gas Services, Inc. | −$8M |
| BYD Boyd Gaming Corporation | −$2M |
| UHAL U-Haul Holding Company | −$2M |
| LVS Las Vegas Sands Corp. | −$2M |
| WYNN Wynn Resorts, Limited | −$2M |
| CNK Cinemark Holdings, Inc.exit | −$1M |
| KRP Kimbell Royalty Partners, LP | −$6M |
| CRC California Resources Corporatiexit | −$1M |
| SATS EchoStar Corporation | −$1M |
| MGM MGM Resorts International | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $117M | 44 | +6.03% | +17.59% | -11.56% | -0.01B |
| 2025-12-31 | $120M | 41 | -6.68% | +17.72% | -24.40% | +0.01B |
| 2025-09-30 | $118M | 40 | +5.60% | +8.12% | -2.52% | -0.00B |
| 2025-06-30 | $112M | 38 | +2.06% | +10.78% | -8.72% | -0.00B |
| 2025-03-31 | $114M | 37 | -9.68% | -4.27% | -5.42% | +0.01B |
| 2024-12-31 | $119M | 35 | — | — | — | — |