Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.09%
adds when stocks drop
when a holding falls −10%+
Middle response
-7.86%
baseline attrition
Rally response
-12.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYNRayonier Inc. | $222M | 10.9% | -17.8% | 2.0 yr |
| MATMattel, Inc. | $186M | 9.2% | -25.2% | 8.8 yr |
| IACIAC InterActive Corp. | $161M | 7.9% | +6.3% | 4.8 yr |
| CNXCNX Resources Corporatio | $155M | 7.6% | +22.5% | 8.5 yr |
| ACIAlbertsons Companies, In | $126M | 6.2% | -20.1% | 1.8 yr |
| REGNRegeneron Pharmaceutical | $101M | 5.0% | +22.5% | 1.3 yr |
| KHCThe Kraft Heinz Company | $89M | 4.4% | -21.4% | 1.5 yr |
| FDXFedEx Corporation | $88M | 4.3% | +49.3% | 10.5 yr |
| FBHSFortune Brands Home & Se | $84M | 4.1% | — | 2.0 yr |
| MGMMGM Resorts Internationa | $62M | 3.0% | +24.9% | 5.8 yr |
| PVHPVH Corp. | $51M | 2.5% | +8.1% | 4.0 yr |
| GLBKVGCI Liberty, Inc. Series | $49M | 2.4% | — | 0.8 yr |
| TRIPTripadvisor, Inc. | $49M | 2.4% | -24.8% | 1.3 yr |
| BIOBio-Rad Laboratories, In | $45M | 2.2% | +14.4% | 3.0 yr |
| SHENShenandoah Telecommunica | $45M | 2.2% | +23.9% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
REIT - Specialty10.9%+8.9pp$222M
Internet Content & Information10.3%+3.0pp$210M
Leisure9.2%+2.1pp$186M
Oil & Gas Exploration & Production7.6%-0.4pp$155M
Grocery Stores6.2%+0.3pp$126M
Packaged Foods5.6%-0.3pp$113M
Biotechnology5.0%+1.1pp$101M
Telecommunications Services4.8%+0.9pp$97M
Integrated Freight & Logistics4.4%-0.7pp$89M
Construction4.1%$84M
Country
US88.5%+3.3pp
BM2.1%+0.1pp
CN2.0%+0.2pp
GB2.0%-0.5pp
Unknown1.4%-0.4pp
IE1.4%-0.5pp
NL1.2%
KZ0.9%
Top 5: 41.8% · Top 10: 62.7% · Top 25: 91.2%
Top buys this quarter · 12
| RYN Rayonier Inc. | +$105M |
| MAT Mattel, Inc. | +$62M |
| ACI Albertsons Companies, Inc. | +$21M |
| TRIP Tripadvisor, Inc. | +$19M |
| ESRT Empire State Realty Trust, Inc | +$14M |
| FIS Fidelity National Information | +$39M |
| EDU New Oriental Education & Techn | +$8M |
| MICC The Magnum Ice Cream Company N | +$3M |
| GHC Graham Holdings Company | +$2M |
| CLW Clearwater Paper Corporation | +$22M |
Top sells this quarter · 15
| FDX FedEx Corporation | −$40M |
| ACMR ACM Research, Inc. | −$35M |
| DIS The Walt Disney Companyexit | −$31M |
| WTM White Mountains Insurance Grou | −$28M |
| CNX CNX Resources Corporation | −$28M |
| REGN Regeneron Pharmaceuticals, Inc | −$27M |
| PYPL PayPal Holdings, Inc. | −$24M |
| LPX Louisiana-Pacific Corporationexit | −$20M |
| BIO Bio-Rad Laboratories, Inc. | −$18M |
| MGM MGM Resorts International | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.03B | 49 | +8.18% | +17.59% | -9.42% | -0.14B |
| 2025-12-31 | $2.25B | 53 | +5.27% | +17.72% | -12.45% | +0.20B |
| 2025-09-30 | $1.96B | 49 | -0.75% | +17.52% | -18.27% | -0.06B |
| 2025-06-30 | $1.98B | 49 | +8.51% | +14.94% | -6.43% | +0.01B |
| 2025-03-31 | $1.88B | 43 | -3.06% | +8.30% | -11.36% | -0.12B |
| 2024-12-31 | $2.12B | 44 | +13.78% | +24.89% | -11.10% | +0.03B |
| 2024-09-30 | $2.12B | 42 | +25.52% | +36.04% | -10.52% | -0.43B |
| 2024-06-30 | $2.30B | 46 | +12.09% | +24.49% | -12.40% | -0.15B |
| 2024-03-31 | $2.60B | 43 | +22.42% | +29.62% | -7.20% | -0.27B |
| 2023-12-31 | $2.60B | 45 | +20.65% | +26.18% | -5.52% | -0.34B |
| 2023-09-30 | $2.70B | 44 | +17.87% | +21.57% | -3.70% | -0.12B |
| 2023-06-30 | $2.83B | 43 | +1.71% | +19.42% | -17.72% | -0.20B |
| 2023-03-31 | $2.96B | 43 | -16.87% | -7.82% | -9.05% | -0.15B |
| 2022-12-31 | $2.85B | 40 | +6.26% | +7.56% | -1.30% | -1.37B |
| 2022-09-30 | $3.97B | 39 | -14.29% | -4.93% | -9.36% | -0.09B |
| 2022-06-30 | $4.74B | 37 | -16.25% | -16.11% | -0.14% | +0.00B |