Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.56%
baseline attrition
Rally response
-2.04%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WELLWelltower Inc. | $520M | 5.4% | +31.2% | 8.3 yr |
| EQIXEquinix, Inc. | $463M | 4.8% | +23.0% | 9.5 yr |
| PLDPrologis, Inc. | $395M | 4.1% | +22.3% | 10.3 yr |
| DLRDigital Realty Trust, In | $279M | 2.9% | +29.4% | 9.8 yr |
| VTRVentas, Inc. | $214M | 2.2% | +21.4% | 8.0 yr |
| SRESempra | $203M | 2.1% | +40.3% | 10.3 yr |
| XELXcel Energy Inc. | $193M | 2.0% | +15.8% | 10.3 yr |
| NEENextEra Energy, Inc. | $178M | 1.9% | +34.9% | 10.3 yr |
| ETREntergy Corporation | $172M | 1.8% | +35.0% | 6.3 yr |
| CNPCenterPoint Energy, Inc. | $167M | 1.7% | +21.9% | 10.3 yr |
| SPGSimon Property Group, In | $162M | 1.7% | +17.9% | 10.3 yr |
| IRMIron Mountain Incorporat | $161M | 1.7% | +22.9% | 2.8 yr |
| AMTAmerican Tower Corporati | $159M | 1.7% | -17.9% | 10.3 yr |
| PSAPublic Storage | $150M | 1.6% | -5.7% | 8.3 yr |
| NINiSource Inc. | $145M | 1.5% | +19.6% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric25.4%+0.4pp$2.44B
REIT - Specialty12.9%+0.7pp$1.24B
Oil & Gas Midstream11.4%-1.6pp$1.10B
REIT - Healthcare Facilities8.7%+1.5pp$840M
REIT - Industrial8.5%-0.3pp$815M
REIT - Residential5.6%-1.8pp$537M
REIT - Retail4.7%+0.7pp$456M
Regulated Gas4.5%-0.3pp$431M
Diversified Utilities4.2%+0.5pp$402M
Telecommunications Services2.4%-0.2pp$234M
Country
US93.2%-1.2pp
CA5.3%+0.8pp
Unknown0.7%+0.3pp
BR0.5%+0.2pp
GB0.3%-0.1pp
MX0.1%+0.0pp
IL0.0%
IE0.0%-0.0pp
Top 5: 19.4% · Top 10: 28.9% · Top 25: 50.5%
Top buys this quarter · 15
| PEB Pebblebrook Hotel Trust | +$38M |
| AHR American Healthcare REIT, Inc. | +$36M |
| OKE ONEOK, Inc. | +$28M |
| PSA Public Storage | +$28M |
| AWK American Water Works Company, | +$14M |
| UNP Union Pacific Corporation | +$12M |
| ET Energy Transfer LP | +$11M |
| ENB Enbridge Inc. | +$10M |
| SWX Southwest Gas Holdings, Inc.new | +$7M |
| DTM DT Midstream, Inc. | +$7M |
Top sells this quarter · 15
| EMA.TO Emera Incorporated | −$74M |
| KEY.TO Keyera Corp.exit | −$65M |
| CNI Canadian National Railway Compexit | −$35M |
| KMI Kinder Morgan, Inc. | −$31M |
| LNG Cheniere Energy, Inc. | −$90M |
| PLD Prologis, Inc. | −$22M |
| AVB AvalonBay Communities, Inc. | −$22M |
| SO The Southern Company | −$16M |
| NEE NextEra Energy, Inc. | −$166M |
| NWN Northwest Natural Holding Comp | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.63B | 148 | +11.77% | +17.59% | -5.82% | +0.03B |
| 2025-12-31 | $8.82B | 146 | +7.46% | +17.72% | -10.26% | +0.16B |
| 2025-09-30 | $8.82B | 151 | +6.59% | +17.52% | -10.93% | -0.13B |
| 2025-06-30 | $8.51B | 154 | +16.98% | +14.94% | +2.04% | +0.01B |
| 2025-03-31 | $8.54B | 153 | +19.34% | +8.30% | +11.04% | -0.20B |
| 2024-12-31 | $8.35B | 156 | +16.13% | +24.89% | -8.75% | -0.12B |
| 2024-09-30 | $8.70B | 156 | +33.02% | +36.04% | -3.02% | -0.36B |
| 2024-06-30 | $7.85B | 229 | +7.36% | +24.49% | -17.13% | -0.62B |
| 2024-03-31 | $8.35B | 249 | +5.83% | +29.62% | -23.79% | -0.10B |
| 2023-12-31 | $8.31B | 248 | +5.24% | +26.18% | -20.94% | -0.16B |
| 2023-09-30 | $7.59B | 251 | +0.63% | +21.57% | -20.94% | -0.07B |
| 2023-06-30 | $8.22B | 243 | +0.11% | +19.42% | -19.32% | -0.01B |
| 2023-03-31 | $8.24B | 245 | -10.61% | -7.82% | -2.80% | -0.09B |
| 2022-12-31 | $8.23B | 239 | +6.68% | +7.56% | -0.88% | -0.26B |
| 2022-09-30 | $7.95B | 239 | -7.33% | -4.93% | -2.40% | +0.46B |
| 2022-06-30 | $8.09B | 213 | -10.68% | -16.11% | +5.43% | +0.36B |