Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.36%
adds when stocks drop
when a holding falls −10%+
Middle response
-5.73%
baseline attrition
Rally response
-16.33%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $65M | 10.6% | — | 1.0 yr |
| — | $54M | 8.7% | — | 1.5 yr |
| APO-PAApollo Global Management | $42M | 6.8% | — | 2.8 yr |
| — | $39M | 6.3% | — | 1.8 yr |
| BTTBlackrock Municipal 2030 | $36M | 5.8% | — | 9.8 yr |
| IAUiShares Gold Trust | $34M | 5.6% | — | 5.0 yr |
| — | $34M | 5.6% | — | 1.3 yr |
| — | $30M | 4.8% | — | 0.3 yr |
| — | $27M | 4.3% | — | 0.8 yr |
| NINENine Energy Service, Inc | $25M | 4.1% | — | 0.3 yr |
| BAC-PLBank of America Corporat | $25M | 4.0% | — | 9.5 yr |
| MYNBlackRock MuniYield New | $23M | 3.7% | — | 8.5 yr |
| MHDBlackRock MuniHoldings F | $22M | 3.6% | — | 5.3 yr |
| TALOTalos Energy Inc. | $21M | 3.4% | +62.1% | 8.0 yr |
| GPORGulfport Energy Corporat | $21M | 3.4% | +14.9% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown43.2%+29.0pp$267M
Asset Management36.4%+4.4pp$225M
Banks - Diversified6.8%-1.8pp$42M
Oil & Gas Exploration & Production6.8%+1.8pp$42M
Oil & Gas Equipment & Services4.1%+1.9pp$25M
Asset Management - Income1.6%-24.2pp$10M
Entertainment1.0%$6M
Asset Management - Bonds0.2%-0.7pp$1M
Country
US51.1%-26.9pp
Unknown43.2%+29.0pp
GB5.8%+0.9pp
Top 5: 38.1% · Top 10: 62.5% · Top 25: 97.3%
Top buys this quarter · 10
| NINE Nine Energy Service, Inc.new | +$25M |
| — | +$18M |
| MYI BlackRock MuniYield Quality Fu | +$0M |
| MQY BlackRock MuniYield Quality Fu | +$0M |
| MYN BlackRock MuniYield New York Q | +$0M |
| BTT Blackrock Municipal 2030 Targe | +$0M |
| — | +$39M |
| SECR NYLI MacKay Securitized Income | +$0M |
| — | +$0M |
| — new | +$0M |
Top sells this quarter · 15
| TALO Talos Energy Inc. | −$26M |
| GPOR Gulfport Energy Corporation | −$2M |
| TPB Turning Point Brands, Inc.exit | −$1M |
| APO-PA Apollo Global Management, Inc. | −$0M |
| BAC-PL Bank of America Corporation | −$0M |
| MHD BlackRock MuniHoldings Fund, I | −$0M |
| MUC BlackRock MuniHoldings Califor | −$0M |
| MIY BlackRock MuniYield Michigan Q | −$8M |
| MUJ BlackRock MuniHoldings New Jer | −$0M |
| — | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $618M | 37 | +62.38% | +17.59% | +44.79% | -0.19B |
| 2025-12-31 | $662M | 48 | +36.27% | +17.72% | +18.55% | -0.21B |
| 2025-09-30 | $741M | 54 | +11.72% | +17.52% | -5.80% | -0.26B |
| 2025-06-30 | $867M | 59 | -3.98% | +14.94% | -18.92% | +0.07B |
| 2025-03-31 | $825M | 58 | -6.63% | +8.30% | -14.93% | +0.00B |
| 2024-12-31 | $797M | 57 | +0.35% | +24.89% | -24.53% | +0.02B |
| 2024-09-30 | $805M | 54 | +7.58% | +36.04% | -28.46% | +0.05B |
| 2024-06-30 | $759M | 53 | +17.07% | +24.49% | -7.42% | +0.05B |
| 2024-03-31 | $754M | 48 | +38.70% | +29.62% | +9.08% | +0.01B |
| 2023-12-31 | $675M | 45 | +28.43% | +26.18% | +2.25% | -0.09B |
| 2023-09-30 | $733M | 41 | +16.29% | +21.57% | -5.28% | -0.14B |
| 2023-06-30 | $808M | 49 | +15.53% | +19.42% | -3.90% | -0.22B |
| 2023-03-31 | $918M | 52 | -4.31% | -7.82% | +3.51% | -0.01B |
| 2022-12-31 | $902M | 56 | -10.89% | -18.17% | +7.29% | -0.01B |
| 2022-09-30 | $966M | 61 | +5.14% | -15.51% | +20.65% | -0.13B |
| 2022-06-30 | $1.02B | 63 | -1.45% | -10.62% | +9.17% | -6.18B |