Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.01%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.06%
baseline attrition
Rally response
-2.80%
trims into rallies
when a holding rises +10%+
Top positions · 12
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IEPIcahn Enterprises L.P. | $4.15B | 48.5% | +5.0% | 10.5 yr |
| CVICVR Energy, Inc. | $2.40B | 28.0% | +76.2% | 10.5 yr |
| — | $527M | 6.2% | — | 2.3 yr |
| CTRICenturi Holdings, Inc. | $419M | 4.9% | +78.2% | 2.0 yr |
| IFFInternational Flavors & | $310M | 3.6% | -4.3% | 4.3 yr |
| SATSEchoStar Corporation | $164M | 1.9% | +357.7% | 0.8 yr |
| AEPAmerican Electric Power | $158M | 1.8% | +24.0% | 2.5 yr |
| JBLUJetBlue Airways Corporat | $149M | 1.7% | -8.3% | 2.3 yr |
| MNROMonro, Inc. | $81M | 1.0% | +17.9% | 0.8 yr |
| SDSandRidge Energy, Inc. | $81M | 0.9% | +48.1% | 8.5 yr |
| CZRCaesars Entertainment, I | $64M | 0.8% | +5.7% | 2.0 yr |
| BLCOBausch + Lomb Corporatio | $56M | 0.7% | +9.7% | 4.0 yr |
Portfolio composition (YoY)
Industry mix
Conglomerates48.5%-6.1pp$4.15B
Oil & Gas Refining & Marketing28.0%+10.3pp$2.40B
Unknown6.2%+2.1pp$527M
Regulated Gas4.9%-2.9pp$419M
Chemicals - Specialty3.6%-0.3pp$310M
Communication Equipment1.9%$164M
Regulated Electric1.8%+0.1pp$158M
Airlines, Airports & Air Services1.7%-0.4pp$149M
Auto - Parts1.0%-1.6pp$81M
Oil & Gas Exploration & Production0.9%+0.2pp$81M
Country
US93.2%+1.0pp
Unknown6.2%+2.1pp
CA0.7%-3.0pp
Top 5: 91.2% · Top 10: 98.6% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.55B | 12 | +26.71% | +17.59% | +9.12% | -0.99B |
| 2025-12-31 | $8.45B | 13 | +16.23% | +17.72% | -1.49% | +0.11B |
| 2025-09-30 | $9.14B | 13 | -1.18% | +17.52% | -18.69% | -0.06B |
| 2025-06-30 | $7.89B | 12 | -21.93% | +14.94% | -36.87% | -0.00B |
| 2025-03-31 | $7.49B | 14 | -31.47% | +8.30% | -39.78% | -0.20B |
| 2024-12-31 | $7.42B | 14 | -27.24% | +24.89% | -52.12% | -0.25B |
| 2024-09-30 | $9.88B | 14 | -10.31% | +36.04% | -46.34% | -0.11B |
| 2024-06-30 | $10.84B | 14 | -15.72% | +24.49% | -40.21% | -0.18B |
| 2024-03-31 | $11.92B | 14 | -32.95% | +29.62% | -62.57% | -0.09B |
| 2023-12-31 | $10.91B | 14 | -36.40% | +26.18% | -62.58% | -0.64B |
| 2023-09-30 | $12.08B | 14 | -28.83% | +21.57% | -50.40% | -1.33B |
| 2023-06-30 | $15.48B | 15 | -16.67% | +19.42% | -36.09% | -0.72B |
| 2023-03-31 | $22.03B | 17 | +4.26% | -7.82% | +12.08% | -0.68B |
| 2022-12-31 | $21.75B | 16 | +7.00% | +7.56% | -0.56% | -0.96B |
| 2022-09-30 | $21.23B | 17 | +1.39% | -4.93% | +6.31% | +0.08B |
| 2022-06-30 | $20.86B | 16 | -7.94% | -16.11% | +8.17% | +0.73B |