Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-56.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-49.50%
baseline attrition
Rally response
—
—
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WELLWelltower Inc. | $11M | 10.1% | — | 0.3 yr |
| AHRAmerican Healthcare REIT | $10M | 9.7% | — | 0.5 yr |
| BRXBrixmor Property Group I | $10M | 9.4% | — | 0.5 yr |
| UEUrban Edge Properties | $9M | 8.1% | — | 0.5 yr |
| UDRUDR, Inc. | $8M | 7.7% | — | 0.3 yr |
| EQREquity Residential | $8M | 7.2% | — | 0.3 yr |
| STAGSTAG Industrial, Inc. | $6M | 5.6% | — | 0.5 yr |
| COLDAmericold Realty Trust, | $5M | 4.7% | — | 0.5 yr |
| EPRTEssential Properties Rea | $5M | 4.3% | — | 0.3 yr |
| HIWHighwoods Properties, In | $4M | 4.2% | — | 0.5 yr |
| KRCKilroy Realty Corporatio | $4M | 3.8% | — | 0.3 yr |
| CUBECubeSmart | $4M | 3.8% | — | 0.3 yr |
| EXRExtra Space Storage Inc. | $4M | 3.6% | — | 0.5 yr |
| CDPCOPT Defense Properties | $4M | 3.4% | — | 0.3 yr |
| AREAlexandria Real Estate E | $3M | 3.1% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Healthcare Facilities22.4%$24M
REIT - Industrial20.5%$22M
REIT - Residential14.9%$16M
REIT - Office14.5%$15M
REIT - Diversified12.4%$13M
REIT - Retail12.1%$13M
Residential Construction3.2%$3M
Country
US100.0%
Top 5: 45.0% · Top 10: 70.9% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 8
| WELL Welltower Inc.new | +$11M |
| UDR UDR, Inc.new | +$7M |
| EQR Equity Residentialnew | +$7M |
| EPRT Essential Properties Realty Trnew | +$5M |
| CUBE CubeSmartnew | +$4M |
| CDP COPT Defense Propertiesnew | +$4M |
| KRC Kilroy Realty Corporationnew | +$3M |
| TMHC Taylor Morrison Home Corporatinew | +$2M |
Top sells this quarter · 15
| GLPI Gaming and Leisure Properties,exit | −$15M |
| AMH American Homes 4 Rentexit | −$13M |
| EXR Extra Space Storage Inc. | −$11M |
| VTR Ventas, Inc. | −$10M |
| SPG Simon Property Group, Inc. | −$10M |
| MAA Mid-America Apartment Communitexit | −$8M |
| MTH Meritage Homes Corporationexit | −$7M |
| HIW Highwoods Properties, Inc. | −$7M |
| HR Healthcare Realty Trust Incorpexit | −$6M |
| BRX Brixmor Property Group Inc. | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $106M | 20 | -0.98% | -4.37% | +3.39% | -0.07B |
| 2025-12-31 | $181M | 18 | — | — | — | — |