Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.03%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.09%
baseline attrition
Rally response
-11.16%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| INDBIndependent Bank Corp. | $11M | 2.0% | +23.2% | 10.0 yr |
| ESIElement Solutions Inc | $10M | 1.7% | +52.8% | 3.8 yr |
| CASHPathward Financial, Inc. | $9M | 1.7% | +22.6% | 2.8 yr |
| ONBOld National Bancorp | $9M | 1.7% | +6.9% | 1.5 yr |
| WTFCWintrust Financial Corpo | $9M | 1.6% | +25.5% | 7.5 yr |
| COLBColumbia Banking System, | $9M | 1.6% | +16.1% | 8.3 yr |
| PORPortland General Electri | $8M | 1.4% | +22.6% | 5.0 yr |
| SWXSouthwest Gas Holdings, | $7M | 1.3% | +24.9% | 5.8 yr |
| PIPRPiper Sandler Companies | $7M | 1.3% | — | 0.3 yr |
| — | $7M | 1.3% | — | 1.5 yr |
| DNTHDianthus Therapeutics, I | $7M | 1.2% | +362.6% | 1.3 yr |
| CAPRCapricor Therapeutics, I | $7M | 1.2% | +220.3% | 0.5 yr |
| CPKChesapeake Utilities Cor | $7M | 1.2% | +0.6% | 5.3 yr |
| AVAAvista Corporation | $7M | 1.2% | +0.8% | 1.8 yr |
| VSECVSE Corporation | $7M | 1.2% | +54.1% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology14.3%-0.1pp$79M
Banks - Regional13.7%+4.5pp$76M
Unknown4.3%-1.3pp$24M
Oil & Gas Exploration & Production3.8%+1.8pp$21M
Financial - Capital Markets3.6%+1.6pp$20M
Hardware, Equipment & Parts3.2%-0.2pp$18M
Semiconductors3.2%+1.8pp$18M
Aerospace & Defense3.0%+0.2pp$17M
Industrial - Machinery3.0%-0.0pp$16M
Oil & Gas Equipment & Services2.7%+0.6pp$15M
Country
US89.5%+1.9pp
Unknown4.3%-1.3pp
CA1.9%+1.9pp
MC1.0%+0.7pp
BM0.9%
KY0.7%+0.1pp
SG0.6%-0.3pp
CH0.5%-1.1pp
Top 5: 8.7% · Top 10: 15.6% · Top 25: 33.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DNTH | $1M | +0.00B | 362.6% |
| MYRG | $3M | +0.00B | 149.6% |
| AXSM | $7M | +0.00B | 44.9% |
| ESI | $6M | +0.00B | 52.8% |
| WTFC | $12M | +0.00B | 25.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| ONB Old National Bancorp | +$7M |
| PIPR Piper Sandler Companiesnew | +$7M |
| FIBK First Interstate BancSystem, Inew | +$6M |
| CHRD Chord Energy Corporation | +$5M |
| UBSI United Bankshares, Inc.new | +$4M |
| INVX Innovex International, Inc.new | +$4M |
| PNC The PNC Financial Services Gro | +$4M |
| SANM Sanmina Corporation | +$4M |
| DNTH Dianthus Therapeutics, Inc. | +$3M |
| SVRA Savara Inc.new | +$3M |
Top sells this quarter · 15
| RBC RBC Bearings Incorporated | −$12M |
| ARW Arrow Electronics, Inc.exit | −$7M |
| MOD Modine Manufacturing Company | −$6M |
| KRMN Karman Holdings Inc. | −$5M |
| OVV Ovintiv Inc. | −$5M |
| BBIO BridgeBio Pharma, Inc. | −$4M |
| VTYX Ventyx Biosciences, Inc.exit | −$4M |
| CARG CarGurus, Inc. | −$3M |
| TAP Molson Coors Beverage Companyexit | −$3M |
| KTOS Kratos Defense & Security Solu | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $554M | 189 | +30.05% | +17.59% | +12.45% | -0.01B |
| 2025-12-31 | $535M | 185 | +13.89% | +17.72% | -3.83% | -0.01B |
| 2025-09-30 | $526M | 187 | +12.03% | +17.52% | -5.49% | -0.04B |
| 2025-06-30 | $516M | 177 | +13.43% | +14.94% | -1.51% | +0.00B |
| 2025-03-31 | $471M | 167 | +4.15% | +8.30% | -4.15% | -0.03B |
| 2024-12-31 | $537M | 195 | +23.59% | +24.89% | -1.30% | -0.02B |
| 2024-09-30 | $550M | 192 | +37.23% | +36.04% | +1.19% | -0.02B |
| 2024-06-30 | $513M | 194 | +20.23% | +24.49% | -4.26% | -0.07B |
| 2024-03-31 | $588M | 215 | +27.45% | +29.62% | -2.17% | -0.02B |
| 2023-12-31 | $556M | 195 | +22.03% | +26.18% | -4.15% | -0.03B |
| 2023-09-30 | $526M | 191 | +15.68% | +21.57% | -5.89% | +0.02B |
| 2023-06-30 | $513M | 151 | +13.61% | +19.42% | -5.82% | -0.00B |
| 2023-03-31 | $489M | 152 | -14.57% | -7.82% | -6.75% | -0.02B |
| 2022-12-31 | $488M | 154 | +6.38% | +7.56% | -1.18% | -0.02B |
| 2022-09-30 | $477M | 146 | -3.77% | -4.93% | +1.16% | -0.00B |
| 2022-06-30 | $500M | 139 | -20.51% | -16.11% | -4.40% | -0.06B |