Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.39%
baseline attrition
Rally response
-0.68%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IRTIndependence Realty Trus | $27M | 19.0% | -27.8% | 0.8 yr |
| REXRRexford Industrial Realt | $20M | 13.9% | -13.6% | 1.5 yr |
| FRFirst Industrial Realty | $18M | 12.9% | +10.0% | 1.5 yr |
| BNBrookfield Corporation | $17M | 12.1% | +16.5% | 0.3 yr |
| FCPTFour Corners Property Tr | $16M | 11.2% | -13.9% | 0.5 yr |
| LENLennar Corporation | $13M | 9.1% | -23.0% | 1.3 yr |
| VICIVICI Properties Inc. | $7M | 5.2% | -11.1% | 0.3 yr |
| CPTCamden Property Trust | $7M | 4.9% | -17.8% | 0.3 yr |
| ELSEquity LifeStyle Propert | $5M | 3.4% | -4.0% | 0.8 yr |
| AATAmerican Assets Trust, I | $4M | 2.7% | -2.1% | 0.8 yr |
| INVHInvitation Homes Inc. | $3M | 2.4% | -26.5% | 1.0 yr |
| STWDStarwood Property Trust, | $3M | 2.1% | -6.2% | 1.5 yr |
| KRCKilroy Realty Corporatio | $1M | 0.6% | -10.1% | 0.3 yr |
| WREElme Communities | $1M | 0.4% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Residential29.7%+12.0pp$42M
REIT - Industrial26.7%-5.7pp$38M
Asset Management12.1%+9.2pp$17M
REIT - Retail11.2%+11.0pp$16M
Residential Construction9.1%+7.3pp$13M
REIT - Specialty5.2%$7M
REIT - Diversified2.7%$4M
REIT - Mortgage2.1%-0.9pp$3M
REIT - Office1.0%-25.7pp$1M
Country
US87.9%+3.0pp
CA12.1%
Top 5: 69.1% · Top 10: 94.5% · Top 25: 100.0%
Top buys this quarter · 7
| BN Brookfield Corporationnew | +$17M |
| VICI VICI Properties Inc.new | +$7M |
| CPT Camden Property Trustnew | +$7M |
| FCPT Four Corners Property Trust, I | +$5M |
| IRT Independence Realty Trust, Inc | +$4M |
| REXR Rexford Industrial Realty, Inc | +$20M |
| KRC Kilroy Realty Corporationnew | +$1M |
Top sells this quarter · 11
| WRE Elme Communities | −$0M |
| — exit | −$0M |
| INVH Invitation Homes Inc. | −$7M |
| H Hyatt Hotels Corporationexit | −$6M |
| KRG Kite Realty Group Trustexit | −$6M |
| FR First Industrial Realty Trust, | −$5M |
| ELS Equity LifeStyle Properties, I | −$2M |
| BXMT Blackstone Mortgage Trust, Incexit | −$2M |
| STWD Starwood Property Trust, Inc. | −$1M |
| LEN Lennar Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $143M | 14 | -9.52% | +17.59% | -27.11% | -0.00B |
| 2025-12-31 | $158M | 14 | +3.41% | +17.72% | -14.31% | +0.01B |
| 2025-09-30 | $152M | 14 | +7.37% | +8.12% | -0.75% | -0.00B |
| 2025-06-30 | $145M | 12 | -7.41% | +10.78% | -18.19% | +0.01B |
| 2025-03-31 | $150M | 12 | +5.25% | -4.27% | +9.51% | +0.01B |
| 2024-12-31 | $129M | 11 | — | — | — | — |