Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.00%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.29%
baseline attrition
Rally response
-1.51%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSGSMadison Square Garden Sp | $189M | 1.9% | +65.1% | 10.5 yr |
| GATXGATX Corporation | $188M | 1.9% | +11.6% | 10.5 yr |
| MLIMueller Industries, Inc. | $181M | 1.8% | +47.2% | 10.5 yr |
| CRCrane Company | $171M | 1.7% | +12.2% | 3.0 yr |
| NFGNational Fuel Gas Compan | $129M | 1.3% | +20.9% | 10.5 yr |
| BKThe Bank of New York Mel | $124M | 1.2% | +44.4% | 10.5 yr |
| MODModine Manufacturing Com | $119M | 1.2% | +182.4% | 10.5 yr |
| AXPAmerican Express Company | $119M | 1.2% | +13.3% | 10.5 yr |
| AMEAMETEK, Inc. | $118M | 1.2% | +25.3% | 10.5 yr |
| WTSWatts Water Technologies | $117M | 1.2% | +43.4% | 10.5 yr |
| TXTTextron Inc. | $113M | 1.1% | +21.3% | 10.5 yr |
| — | $102M | 1.0% | — | 2.8 yr |
| RSGRepublic Services, Inc. | $99M | 1.0% | -8.9% | 10.5 yr |
| HRIHerc Holdings Inc. | $97M | 1.0% | -24.3% | 9.8 yr |
| SONYSony Group Corporation | $95M | 0.9% | -18.3% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Industrial - Machinery11.0%+0.6pp$1.12B
Asset Management5.8%+1.3pp$592M
Entertainment5.8%+0.9pp$591M
Aerospace & Defense5.3%+1.1pp$540M
Unknown3.6%+0.3pp$364M
Auto - Parts3.4%+0.9pp$350M
Manufacturing - Metal Fabrication3.4%-0.2pp$347M
Telecommunications Services3.3%-0.6pp$334M
Rental & Leasing Services3.2%-0.9pp$324M
Agricultural - Machinery2.4%-0.4pp$243M
Country
US89.1%-0.4pp
Unknown3.6%+0.3pp
CA2.0%+0.6pp
GB1.7%-0.2pp
IE1.0%+0.0pp
JP0.9%-0.8pp
MX0.7%+0.2pp
LU0.4%+0.1pp
Top 5: 8.5% · Top 10: 14.3% · Top 25: 27.0%
Top buys this quarter · 15
| AIN Albany International Corp. | +$22M |
| MNRO Monro, Inc. | +$15M |
| TNC Tennant Company | +$14M |
| GTLS Chart Industries, Inc. | +$10M |
| MANU Manchester United plc | +$10M |
| AES The AES Corporation | +$9M |
| FITB Fifth Third Bancorp | +$7M |
| FMC FMC Corporation | +$5M |
| CAT Caterpillar Inc. | +$5M |
| NVDA NVIDIA Corporation | +$4M |
Top sells this quarter · 15
| MOD Modine Manufacturing Company | −$111M |
| TGNA TEGNA Inc.exit | −$41M |
| DAN Dana Incorporated | −$36M |
| CFLT Confluent, Inc.exit | −$26M |
| MLI Mueller Industries, Inc. | −$25M |
| WBD Warner Bros. Discovery, Inc. | −$21M |
| BK The Bank of New York Mellon Co | −$20M |
| AZZ AZZ Inc. | −$17M |
| GATX GATX Corporation | −$17M |
| FLS Flowserve Corporation | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $10.15B | 986 | +24.88% | +17.59% | +7.28% | -0.57B |
| 2025-12-31 | $10.40B | 1010 | +17.32% | +17.72% | -0.40% | -0.17B |
| 2025-09-30 | $10.30B | 991 | +15.15% | +17.52% | -2.36% | -0.68B |
| 2025-06-30 | $10.11B | 1025 | +16.08% | +14.94% | +1.14% | +0.25B |
| 2025-03-31 | $9.08B | 833 | +2.73% | +8.30% | -5.58% | -0.16B |
| 2024-12-31 | $9.54B | 850 | +15.07% | +24.89% | -9.82% | -0.30B |
| 2024-09-30 | $9.77B | 842 | +28.84% | +36.04% | -7.20% | -0.30B |
| 2024-06-30 | $9.20B | 848 | +11.52% | +24.49% | -12.98% | -0.31B |
| 2024-03-31 | $9.89B | 836 | +22.41% | +29.62% | -7.21% | -0.27B |
| 2023-12-31 | $9.36B | 825 | +18.35% | +26.18% | -7.83% | -0.37B |
| 2023-09-30 | $8.62B | 823 | +18.72% | +21.57% | -2.85% | -0.39B |
| 2023-06-30 | $9.52B | 834 | +20.67% | +19.42% | +1.24% | -0.29B |
| 2023-03-31 | $9.29B | 853 | -3.68% | -7.82% | +4.14% | -0.46B |
| 2022-12-31 | $9.29B | 860 | -12.38% | -18.17% | +5.79% | -0.38B |
| 2022-09-30 | $8.54B | 885 | -14.04% | -15.51% | +1.47% | -0.23B |
| 2022-06-30 | $9.12B | 881 | -10.20% | -10.62% | +0.42% | -0.22B |