Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.88%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.19%
baseline attrition
Rally response
-5.38%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JAAAJanus Henderson AAA CLO | $33M | 14.8% | — | 2.8 yr |
| ETEnergy Transfer LP | $27M | 12.5% | +12.1% | 8.3 yr |
| ASHRXtrackers Harvest CSI 30 | $19M | 8.8% | — | 2.0 yr |
| FXIiShares China Large-Cap | $17M | 7.8% | — | 1.5 yr |
| EFC-PDEllington Financial Inc. | $17M | 7.6% | — | 1.5 yr |
| TSMTaiwan Semiconductor Man | $16M | 7.4% | +105.6% | 2.5 yr |
| VTIVanguard Total Stock Mar | $13M | 6.0% | — | 4.0 yr |
| RITM-PDRithm Capital Corp. | $10M | 4.7% | — | 1.5 yr |
| WMTWalmart Inc. | $9M | 3.9% | +42.8% | 0.5 yr |
| LNGCheniere Energy, Inc. | $7M | 3.3% | +23.8% | 2.8 yr |
| AMZNAmazon.com, Inc. | $5M | 2.3% | +9.5% | 5.5 yr |
| KRMNKarman Holdings Inc. | $4M | 2.0% | +139.5% | 0.8 yr |
| GOOGLAlphabet Inc. | $4M | 2.0% | — | 0.3 yr |
| EXEExpand Energy Corporatio | $4M | 1.8% | +1.7% | 3.3 yr |
| MSFTMicrosoft Corporation | $4M | 1.8% | -0.6% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management41.1%-6.9pp$90M
Oil & Gas Midstream15.8%-15.4pp$35M
REIT - Mortgage13.0%+7.2pp$29M
Semiconductors7.4%+2.5pp$16M
Aerospace & Defense4.4%$10M
Discount Stores3.9%$9M
Financial - Capital Markets2.6%$6M
Specialty Retail2.3%-0.5pp$5M
Software - Infrastructure2.0%-0.9pp$4M
Internet Content & Information2.0%$4M
Country
US91.7%-1.7pp
TW7.4%+2.5pp
CA0.9%
Top 5: 51.5% · Top 10: 76.7% · Top 25: 97.6%
Top buys this quarter · 13
| GOOGL Alphabet Inc.new | +$0M |
| EFC-PD Ellington Financial Inc. | +$0M |
| IEF iShares 7-10 Year Treasury Bonnew | +$0M |
| HUT.TO Hut 8 Mining Corp.new | +$3M |
| WULF TeraWulf Inc.new | +$2M |
| CIFR Cipher Mining Inc.new | +$2M |
| WMT Walmart Inc. | +$2M |
| TSLX Sixth Street Specialty Lending | +$2M |
| UPS United Parcel Service, Inc. | +$1M |
| ARCC Ares Capital Corporation | +$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $220M | 31 | +16.22% | +17.59% | -1.37% | +0.01B |
| 2025-12-31 | $197M | 26 | +1.30% | +17.72% | -16.42% | +0.03B |
| 2025-09-30 | $174M | 21 | +18.79% | +17.52% | +1.27% | +0.03B |
| 2025-06-30 | $138M | 20 | +21.02% | +14.94% | +6.08% | -0.04B |
| 2025-03-31 | $162M | 20 | +19.66% | +8.30% | +11.36% | -0.01B |
| 2024-12-31 | $186M | 22 | +48.32% | +24.89% | +23.44% | -0.01B |
| 2024-09-30 | $174M | 19 | +33.17% | +36.04% | -2.87% | -0.01B |
| 2024-06-30 | $174M | 21 | +37.52% | +24.49% | +13.03% | +0.01B |
| 2024-03-31 | $151M | 21 | +34.56% | +29.62% | +4.94% | -0.04B |
| 2023-12-31 | $169M | 19 | +25.32% | +26.18% | -0.85% | -0.04B |
| 2023-09-30 | $203M | 18 | +32.37% | +21.57% | +10.80% | -0.01B |
| 2023-06-30 | $193M | 26 | +21.67% | +19.42% | +2.25% | -0.01B |
| 2023-03-31 | $199M | 32 | +1.26% | -7.82% | +9.07% | -0.01B |
| 2022-12-31 | $194M | 27 | +8.80% | +7.56% | +1.24% | +0.02B |
| 2022-09-30 | $162M | 27 | +0.54% | -4.93% | +5.47% | -0.05B |
| 2022-06-30 | $208M | 28 | -13.53% | -16.11% | +2.58% | -0.04B |