Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-16.32%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.74%
steady accumulation
Rally response
+68.73%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRSPBrightSpire Capital, Inc | $9M | 10.8% | +10.0% | 1.5 yr |
| RWAYRunway Growth Finance Co | $7M | 8.0% | -23.2% | 1.5 yr |
| GBDCGolub Capital BDC, Inc. | $6M | 7.3% | -6.8% | 0.8 yr |
| MSIFMSC Income Fund, Inc. | $5M | 6.6% | -20.2% | 0.8 yr |
| ACREAres Commercial Real Est | $5M | 6.5% | +13.7% | 1.0 yr |
| CGBDCarlyle Secured Lending, | $4M | 5.1% | -25.8% | 0.8 yr |
| BCSFBain Capital Specialty F | $4M | 5.0% | -14.3% | 0.8 yr |
| CCAPCrescent Capital BDC, In | $4M | 5.0% | -22.0% | 1.0 yr |
| MRPMillrose Properties, Inc | $4M | 4.4% | +12.1% | 1.0 yr |
| NRKNuveen New York AMT-Free | $4M | 4.4% | — | 1.5 yr |
| — | $3M | 3.8% | — | 0.5 yr |
| TCPCBlackRock TCP Capital Co | $3M | 3.7% | -46.4% | 1.3 yr |
| GLOClough Global Opportunit | $3M | 3.6% | — | 1.5 yr |
| FSCOFS Credit Opportunities | $3M | 3.2% | -19.2% | 0.5 yr |
| GLADGladstone Capital Corpor | $2M | 3.0% | -31.5% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management48.6%+6.2pp$40M
Asset Management - Income12.4%-13.9pp$10M
REIT - Diversified10.8%+3.4pp$9M
REIT - Mortgage8.1%+6.2pp$7M
Financial - Credit Services8.0%-1.9pp$7M
REIT - Residential4.4%-3.8pp$4M
Asset Management - Global3.9%+0.2pp$3M
Unknown3.8%$3M
Country
US94.4%-0.9pp
Unknown3.8%
MX1.8%
Top 5: 39.1% · Top 10: 62.9% · Top 25: 94.6%
Top buys this quarter · 9
| FSCO FS Credit Opportunities Corp. | +$3M |
| GLAD Gladstone Capital Corporationnew | +$2M |
| GBDC Golub Capital BDC, Inc. | +$2M |
| ARCC Ares Capital Corporationnew | +$0M |
| TCPC BlackRock TCP Capital Corp. | +$3M |
| NMFC New Mountain Finance Corporatinew | +$0M |
| MRP Millrose Properties, Inc. | +$4M |
| BXSL Blackstone Secured Lending Funnew | +$0M |
| — | +$0M |
Top sells this quarter · 15
| OXLC Oxford Lane Capital Corp. | −$10M |
| ECCU Eagle Point Credit Company Incexit | −$10M |
| FSK FS KKR Capital Corp. | −$9M |
| BRSP BrightSpire Capital, Inc. | −$8M |
| CION CION Investment Corporation | −$7M |
| CCAP Crescent Capital BDC, Inc. | −$6M |
| CGBD Carlyle Secured Lending, Inc. | −$6M |
| RWAY Runway Growth Finance Corp. | −$4M |
| BCSF Bain Capital Specialty Finance | −$4M |
| ACRE Ares Commercial Real Estate Co | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $83M | 40 | -11.37% | +17.59% | -28.97% | -0.09B |
| 2025-12-31 | $201M | 45 | +1.37% | +17.72% | -16.35% | +0.04B |
| 2025-09-30 | $163M | 51 | -0.81% | +8.12% | -8.93% | +0.09B |
| 2025-06-30 | $78M | 38 | +1.14% | +10.78% | -9.64% | -0.02B |
| 2025-03-31 | $98M | 42 | -0.86% | -4.27% | +3.40% | +0.01B |
| 2024-12-31 | $93M | 46 | — | — | — | — |