Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+11.72%
adds when stocks drop
when a holding falls −10%+
Middle response
-7.96%
baseline attrition
Rally response
-9.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JAAAJanus Henderson AAA CLO | $24M | 19.4% | — | 1.5 yr |
| JBBBJanus Henderson B-BBB CL | $13M | 10.8% | — | 1.5 yr |
| SGOViShares 0-3 Month Treasu | $7M | 5.9% | — | 1.5 yr |
| VICIVICI Properties Inc. | $7M | 5.5% | -11.1% | 1.5 yr |
| MSDLMorgan Stanley Direct Le | $5M | 3.8% | -23.7% | 1.5 yr |
| AREAlexandria Real Estate E | $4M | 3.7% | -47.3% | 1.5 yr |
| AMLPAlerian MLP ETF | $4M | 3.0% | — | 1.0 yr |
| OBDCBlue Owl Capital Corpora | $4M | 3.0% | -17.8% | 1.5 yr |
| CCICrown Castle Inc. | $3M | 2.3% | -18.3% | 1.5 yr |
| LQDiShares iBoxx $ Investme | $3M | 2.2% | — | 1.5 yr |
| MAAMid-America Apartment Co | $3M | 2.2% | -24.0% | 1.5 yr |
| OWLBlue Owl Capital Inc. | $2M | 2.0% | -51.8% | 0.5 yr |
| BKLNInvesco Senior Loan ETF | $2M | 1.9% | — | 1.5 yr |
| NNNNNN REIT, Inc. | $2M | 1.9% | +4.4% | 1.5 yr |
| GOOGAlphabet Inc. | $2M | 1.8% | +84.3% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management42.8%+6.0pp$52M
Asset Management - Bonds8.8%-10.4pp$11M
REIT - Specialty7.7%+0.1pp$9M
REIT - Office4.8%+1.3pp$6M
Financial - Credit Services3.9%-1.3pp$5M
Financial - Conglomerates3.8%+0.5pp$5M
REIT - Residential3.6%+2.0pp$4M
Telecommunications Services2.3%+0.4pp$3M
Internet Content & Information2.2%+1.2pp$3M
REIT - Retail1.9%+0.7pp$2M
Country
US97.8%+4.8pp
Unknown0.8%-0.4pp
GB0.7%-2.9pp
CA0.5%-0.1pp
NL0.1%
Top 5: 45.4% · Top 10: 59.6% · Top 25: 81.9%
Top buys this quarter · 15
| OWL Blue Owl Capital Inc. | +$2M |
| AMZN Amazon.com, Inc. | +$1M |
| CZR Caesars Entertainment, Inc.new | +$1M |
| ABR Arbor Realty Trust, Inc.new | +$1M |
| ARE Alexandria Real Estate Equitie | +$1M |
| MAA Mid-America Apartment Communit | +$1M |
| OTF Blue Owl Technology Finance Conew | +$1M |
| CPB Campbell Soup Companynew | +$0M |
| ADBE Adobe Inc.new | +$0M |
| MSDL Morgan Stanley Direct Lending | +$5M |
Top sells this quarter · 15
| ALLY Ally Financial Inc. | −$2M |
| WPC W. P. Carey Inc. | −$1M |
| BP BP p.l.c. | −$1M |
| PAX Patria Investments Limitedexit | −$1M |
| CNQ Canadian Natural Resources Limexit | −$0M |
| OKE ONEOK, Inc. | −$0M |
| BHP BHP Group Limitedexit | −$0M |
| RIO Rio Tinto Groupexit | −$0M |
| DG Dollar General Corporationexit | −$0M |
| ADM Archer-Daniels-Midland Companyexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $121M | 73 | -1.41% | +17.59% | -19.01% | -0.00B |
| 2025-12-31 | $125M | 73 | +4.30% | +17.72% | -13.42% | -0.00B |
| 2025-09-30 | $131M | 69 | +2.13% | +8.12% | -5.99% | -0.18B |
| 2025-06-30 | $305M | 190 | +0.97% | +10.78% | -9.81% | +0.19B |
| 2025-03-31 | $119M | 68 | +4.21% | -4.27% | +8.48% | -0.01B |
| 2024-12-31 | $125M | 73 | — | — | — | — |