Q3 2023
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| AL | Buy | AIR LEASE CORPcl a | $40,181,451 | +32.6% | 1,019,575 | +40.8% | 14.39% | -2.8% |
| DFS | Buy | DISCOVER FINL SVCS | $40,139,751 | +51.5% | 463,347 | +104.3% | 14.38% | +11.0% |
| SCHW | Buy | SCHWAB CHARLES CORP | $17,039,642 | +114.7% | 310,376 | +121.7% | 6.10% | +57.3% |
| CBRE | Buy | CBRE GROUP INCcl a | $17,028,940 | +287.9% | 230,557 | +323.9% | 6.10% | +184.2% |
| AER | New | AERCAP HOLDINGS NV | $11,213,856 | – | 178,935 | – | 4.02% | – |
| KKR | New | KKR & CO INC | $10,343,810 | – | 167,919 | – | 3.70% | – |
| RWT | Buy | REDWOOD TRUST INC | $9,851,528 | +676.1% | 1,381,701 | +593.4% | 3.53% | +468.3% |
| Buy | ANNALY CAPITAL MANAGEMENT IN | $9,280,704 | +89.8% | 493,392 | +101.9% | 3.32% | +39.1% | |
| WBS | Buy | WEBSTER FINL CORP | $9,137,874 | +339.7% | 226,690 | +311.8% | 3.27% | +222.1% |
| FHN | New | FIRST HORIZON CORPORATION | $8,381,658 | – | 760,586 | – | 3.00% | – |
| MA | Sell | MASTERCARD INCORPORATEDcl a | $7,365,906 | -64.8% | 18,605 | -65.1% | 2.64% | -74.2% |
| GS | New | GOLDMAN SACHS GROUP INC | $6,430,307 | – | 19,873 | – | 2.30% | – |
| STT | Buy | STATE STR CORP | $6,166,079 | +1.8% | 92,086 | +11.3% | 2.21% | -25.4% |
| WEX | Buy | WEX INC | $5,769,096 | +431.5% | 30,672 | +414.5% | 2.07% | +289.1% |
| SYF | Buy | SYNCHRONY FINANCIAL | $5,738,020 | +464.8% | 187,701 | +526.7% | 2.06% | +313.5% |
| JKHY | Buy | HENRY JACK & ASSOC INC | $5,359,878 | +80.1% | 35,463 | +99.4% | 1.92% | +32.0% |
| TRN | New | TRINITY INDS INC | $5,345,409 | – | 219,524 | – | 1.92% | – |
| WAL | New | WESTERN ALLIANCE BANCORP | $5,254,601 | – | 114,305 | – | 1.88% | – |
| LPLA | Sell | LPL FINL HLDGS INC | $4,567,395 | -27.3% | 19,219 | -33.5% | 1.64% | -46.7% |
| BXP | Sell | BOSTON PROPERTIES INC | $4,563,425 | -21.0% | 76,722 | -23.5% | 1.64% | -42.1% |
| FIS | Sell | FIDELITY NATL INFORMATION SV | $4,172,001 | -73.6% | 75,484 | -73.9% | 1.49% | -80.7% |
| SLM | Sell | SLM CORP | $3,938,550 | -51.1% | 289,174 | -41.4% | 1.41% | -64.2% |
| HTZZ | New | HERTZ GLOBAL HLDGS INC | $3,822,711 | – | 312,058 | – | 1.37% | – |
| SHOP | New | SHOPIFY INCcl a | $3,437,583 | – | 62,994 | – | 1.23% | – |
| KREF | Buy | KKR REAL ESTATE FIN TR INC | $3,321,036 | +7.3% | 279,784 | +10.0% | 1.19% | -21.4% |
| PYPL | New | PAYPAL HLDGS INC | $3,031,560 | – | 51,857 | – | 1.09% | – |
| AN | New | AUTONATION INC | $2,896,433 | – | 19,131 | – | 1.04% | – |
| RDN | New | RADIAN GROUP INC | $2,475,168 | – | 98,573 | – | 0.89% | – |
| CACC | Buy | CREDIT ACCEP CORP MICH | $2,321,305 | +208.8% | 5,045 | +240.9% | 0.83% | +126.4% |
| QNST | Buy | QUINSTREET INC | $2,186,518 | +101.5% | 243,759 | +98.3% | 0.78% | +47.5% |
| Buy | AVIDXCHANGE HOLDINGS INC | $2,176,267 | +149.9% | 229,564 | +173.6% | 0.78% | +83.1% | |
| GDOT | Buy | GREEN DOT CORPcl a | $2,168,121 | +106.9% | 155,644 | +178.4% | 0.78% | +51.8% |
| QTWO | Buy | Q2 HLDGS INC | $2,022,845 | +134.1% | 62,685 | +124.2% | 0.72% | +71.8% |
| KMX | New | CARMAX INC | $1,997,203 | – | 28,237 | – | 0.72% | – |
| EVER | Buy | EVERQUOTE INC | $1,851,466 | +69.9% | 256,081 | +52.7% | 0.66% | +24.4% |
| PRAA | Sell | PRA GROUP INC | $1,592,259 | -48.8% | 82,887 | -39.1% | 0.57% | -62.5% |
| MAX | Sell | MEDIAALPHA INCcl a | $1,380,477 | -41.6% | 167,128 | -27.1% | 0.49% | -57.2% |
| RPAY | Buy | REPAY HLDGS CORP | $1,101,226 | +139.8% | 145,089 | +147.4% | 0.39% | +75.1% |
| ARE | New | ALEXANDRIA REAL ESTATE EQ IN | $1,004,003 | – | 10,030 | – | 0.36% | – |
| VRRM | New | VERRA MOBILITY CORP | $993,082 | – | 53,106 | – | 0.36% | – |
| GPI | New | GROUP 1 AUTOMOTIVE INC | $953,652 | – | 3,549 | – | 0.34% | – |
| New | DIGITALBRIDGE GROUP INCcl a new | $534,010 | – | 30,376 | – | 0.19% | – | |
| Buy | ROOT INCcl a new | $404,869 | +85.5% | 42,573 | +74.4% | 0.14% | +35.5% | |
| Buy | HIPPO HLDGS INC | $236,789 | +118.7% | 29,710 | +353.5% | 0.08% | +60.4% | |
| ADS | Exit | BREAD FINANCIAL HOLDINGS INC | $0 | – | -100 | – | -0.00% | – |
| RDFN | Exit | REDFIN CORP | $0 | – | -67,164 | – | -0.41% | – |
| FNF | Exit | FIDELITY NATIONAL FINANCIAL | $0 | – | -24,845 | – | -0.44% | – |
| SUI | Exit | SUN CMNTYS INC | $0 | – | -7,627 | – | -0.49% | – |
| EQC | Exit | EQUITY COMWLTH | $0 | – | -49,333 | – | -0.49% | – |
| FOUR | Exit | SHIFT4 PMTS INCcl a | $0 | – | -15,670 | – | -0.52% | – |
| TREE | Exit | LENDINGTREE INC NEW | $0 | – | -51,653 | – | -0.56% | – |
| STWD | Exit | STARWOOD PPTY TR INC | $0 | – | -80,595 | – | -0.76% | – |
| ICE | Exit | INTERCONTINENTAL EXCHANGE IN | $0 | – | -21,453 | – | -1.19% | – |
| PGR | Exit | PROGRESSIVE CORP | $0 | – | -19,537 | – | -1.26% | – |
| FHI | Exit | FEDERATED HERMES INCcl b | $0 | – | -76,482 | – | -1.34% | – |
| CSGP | Exit | COSTAR GROUP INC | $0 | – | -39,966 | – | -1.74% | – |
| BKI | Exit | BLACK KNIGHT INC | $0 | – | -95,521 | – | -2.79% | – |
| ALL | Exit | ALLSTATE CORP | $0 | – | -72,261 | – | -3.85% | – |
| TRU | Exit | TRANSUNION | $0 | – | -149,756 | – | -5.74% | – |
Q2 2023
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| AL | New | AIR LEASE CORPcl a | $30,299,274 | – | 723,997 | – | 14.81% | – |
| DFS | New | DISCOVER FINL SVCS | $26,501,814 | – | 226,802 | – | 12.96% | – |
| MA | New | MASTERCARD INCORPORATEDcl a | $20,945,192 | – | 53,255 | – | 10.24% | – |
| FIS | New | FIDELITY NATL INFORMATION SV | $15,810,816 | – | 289,046 | – | 7.73% | – |
| TRU | New | TRANSUNION | $11,730,387 | – | 149,756 | – | 5.74% | – |
| SLM | New | SLM CORP | $8,057,559 | – | 493,723 | – | 3.94% | – |
| SCHW | New | SCHWAB CHARLES CORP | $7,934,917 | – | 139,995 | – | 3.88% | – |
| ALL | New | ALLSTATE CORP | $7,879,339 | – | 72,261 | – | 3.85% | – |
| LPLA | New | LPL FINL HLDGS INC | $6,281,335 | – | 28,889 | – | 3.07% | – |
| STT | New | STATE STR CORP | $6,055,645 | – | 82,750 | – | 2.96% | – |
| BXP | New | BOSTON PROPERTIES INC | $5,777,371 | – | 100,319 | – | 2.82% | – |
| BKI | New | BLACK KNIGHT INC | $5,705,469 | – | 95,521 | – | 2.79% | – |
| New | ANNALY CAPITAL MANAGEMENT IN | $4,889,504 | – | 244,353 | – | 2.39% | – | |
| CBRE | New | CBRE GROUP INCcl a | $4,389,655 | – | 54,388 | – | 2.15% | – |
| CSGP | New | COSTAR GROUP INC | $3,556,974 | – | 39,966 | – | 1.74% | – |
| PRAA | New | PRA GROUP INC | $3,109,451 | – | 136,081 | – | 1.52% | – |
| KREF | New | KKR REAL ESTATE FIN TR INC | $3,096,145 | – | 254,408 | – | 1.51% | – |
| JKHY | New | HENRY JACK & ASSOC INC | $2,975,797 | – | 17,784 | – | 1.46% | – |
| FHI | New | FEDERATED HERMES INCcl b | $2,741,880 | – | 76,482 | – | 1.34% | – |
| PGR | New | PROGRESSIVE CORP | $2,586,113 | – | 19,537 | – | 1.26% | – |
| ICE | New | INTERCONTINENTAL EXCHANGE IN | $2,425,905 | – | 21,453 | – | 1.19% | – |
| MAX | New | MEDIAALPHA INCcl a | $2,363,475 | – | 229,241 | – | 1.16% | – |
| WBS | New | WEBSTER FINL CORP | $2,078,138 | – | 55,050 | – | 1.02% | – |
| STWD | New | STARWOOD PPTY TR INC | $1,563,543 | – | 80,595 | – | 0.76% | – |
| RWT | New | REDWOOD TRUST INC | $1,269,324 | – | 199,266 | – | 0.62% | – |
| TREE | New | LENDINGTREE INC NEW | $1,142,048 | – | 51,653 | – | 0.56% | – |
| EVER | New | EVERQUOTE INC | $1,089,979 | – | 167,689 | – | 0.53% | – |
| WEX | New | WEX INC | $1,085,501 | – | 5,962 | – | 0.53% | – |
| QNST | New | QUINSTREET INC | $1,085,163 | – | 122,895 | – | 0.53% | – |
| FOUR | New | SHIFT4 PMTS INCcl a | $1,064,150 | – | 15,670 | – | 0.52% | – |
| GDOT | New | GREEN DOT CORPcl a | $1,047,810 | – | 55,913 | – | 0.51% | – |
| SYF | New | SYNCHRONY FINANCIAL | $1,015,870 | – | 29,949 | – | 0.50% | – |
| EQC | New | EQUITY COMWLTH | $999,487 | – | 49,333 | – | 0.49% | – |
| SUI | New | SUN CMNTYS INC | $995,018 | – | 7,627 | – | 0.49% | – |
| FNF | New | FIDELITY NATIONAL FINANCIAL | $894,420 | – | 24,845 | – | 0.44% | – |
| New | AVIDXCHANGE HOLDINGS INC | $870,840 | – | 83,896 | – | 0.43% | – | |
| QTWO | New | Q2 HLDGS INC | $863,995 | – | 27,961 | – | 0.42% | – |
| RDFN | New | REDFIN CORP | $834,177 | – | 67,164 | – | 0.41% | – |
| CACC | New | CREDIT ACCEP CORP MICH | $751,736 | – | 1,480 | – | 0.37% | – |
| RPAY | New | REPAY HLDGS CORP | $459,230 | – | 58,650 | – | 0.22% | – |
| New | ROOT INCcl a new | $218,225 | – | 24,410 | – | 0.11% | – | |
| New | HIPPO HLDGS INC | $108,288 | – | 6,551 | – | 0.05% | – | |
| ADS | New | BREAD FINANCIAL HOLDINGS INC | $3,139 | – | 100 | – | 0.00% | – |
Q4 2022
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| Exit | AVIDXCHANGE HOLDINGS INC | $0 | – | -574 | – | -0.00% | – | |
| MAX | Exit | MEDIAALPHA INCcl a | $0 | – | -22,501 | – | -0.13% | – |
| ACRE | Exit | ARES COML REAL ESTATE CORP | $0 | – | -19,723 | – | -0.14% | – |
| Exit | ROOT INCcl a new | $0 | – | -32,609 | – | -0.17% | – | |
| Exit | DOMA HOLDINGS INC | $0 | – | -680,615 | – | -0.20% | – | |
| LDI | Exit | LOANDEPOT INC | $0 | – | -263,182 | – | -0.23% | – |
| UMH | Exit | UMH PPTYS INC | $0 | – | -37,250 | – | -0.40% | – |
| GS | Exit | GOLDMAN SACHS GROUP INC | $0 | – | -2,204 | – | -0.43% | – |
| OPRT | Exit | OPORTUN FINL CORP | $0 | – | -185,997 | – | -0.55% | – |
| FNF | Exit | FIDELITY NATIONAL FINANCIAL | $0 | – | -25,119 | – | -0.61% | – |
| ADBE | Exit | ADOBE SYSTEMS INCORPORATED | $0 | – | -3,378 | – | -0.62% | – |
| CBOE | Exit | CBOE GLOBAL MKTS INC | $0 | – | -8,422 | – | -0.66% | – |
| JKHY | Exit | HENRY JACK & ASSOC INC | $0 | – | -6,416 | – | -0.79% | – |
| CAR | Exit | AVIS BUDGET GROUP | $0 | – | -9,013 | – | -0.90% | – |
| RDN | Exit | RADIAN GROUP INC | $0 | – | -69,839 | – | -0.91% | – |
| EQC | Exit | EQUITY COMWLTH | $0 | – | -76,132 | – | -1.25% | – |
| CRM | Exit | SALESFORCE COM INC | $0 | – | -13,027 | – | -1.26% | – |
| TREE | Exit | LENDINGTREE INC NEW | $0 | – | -82,565 | – | -1.32% | – |
| NAVI | Exit | NAVIENT CORPORATION | $0 | – | -165,329 | – | -1.63% | – |
| WFC | Exit | WELLS FARGO CO NEW | $0 | – | -66,483 | – | -1.80% | – |
| RDFN | Exit | REDFIN CORP | $0 | – | -498,966 | – | -1.96% | – |
| SHOP | Exit | SHOPIFY INCcl a | $0 | – | -137,460 | – | -2.49% | – |
| SCHW | Exit | SCHWAB CHARLES CORP | $0 | – | -51,851 | – | -2.51% | – |
| GPN | Exit | GLOBAL PMTS INC | $0 | – | -36,844 | – | -2.68% | – |
| TRU | Exit | TRANSUNION | $0 | – | -76,369 | – | -3.05% | – |
| MA | Exit | MASTERCARD INCORPORATEDcl a | $0 | – | -17,441 | – | -3.33% | – |
| SYF | Exit | SYNCHRONY FINANCIAL | $0 | – | -181,966 | – | -3.45% | – |
| Z | Exit | ZILLOW GROUP INCcl c cap stk | $0 | – | -205,309 | – | -3.95% | – |
| ALL | Exit | ALLSTATE CORP | $0 | – | -53,615 | – | -4.49% | – |
| AER | Exit | AERCAP HOLDINGS NV | $0 | – | -234,087 | – | -6.66% | – |
| BKI | Exit | BLACK KNIGHT INC | $0 | – | -164,750 | – | -7.17% | – |
| DFS | Exit | DISCOVER FINL SVCS | $0 | – | -135,760 | – | -8.30% | – |
| PYPL | Exit | PAYPAL HLDGS INC | $0 | – | -151,274 | – | -8.75% | – |
| FIS | Exit | FIDELITY NATL INFORMATION SV | $0 | – | -224,497 | – | -11.40% | – |
| AL | Exit | AIR LEASE CORPcl a | $0 | – | -757,294 | – | -15.79% | – |
Q3 2022
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| AL | Buy | AIR LEASE CORPcl a | $23,484,000 | -3.0% | 757,294 | +4.5% | 15.79% | -3.2% |
| FIS | Buy | FIDELITY NATL INFORMATION SV | $16,965,000 | -14.5% | 224,497 | +3.7% | 11.40% | -14.7% |
| PYPL | Buy | PAYPAL HLDGS INC | $13,020,000 | +52.2% | 151,274 | +23.5% | 8.75% | +51.9% |
| DFS | Sell | DISCOVER FINL SVCS | $12,343,000 | -35.2% | 135,760 | -32.6% | 8.30% | -35.3% |
| BKI | Sell | BLACK KNIGHT INC | $10,664,000 | -27.4% | 164,750 | -26.7% | 7.17% | -27.6% |
| AER | Sell | AERCAP HOLDINGS NV | $9,909,000 | +0.3% | 234,087 | -3.0% | 6.66% | +0.0% |
| ALL | New | ALLSTATE CORP | $6,677,000 | – | 53,615 | – | 4.49% | – |
| Z | Sell | ZILLOW GROUP INCcl c cap stk | $5,874,000 | -32.7% | 205,309 | -25.3% | 3.95% | -32.8% |
| SYF | Buy | SYNCHRONY FINANCIAL | $5,130,000 | +18.3% | 181,966 | +15.9% | 3.45% | +18.1% |
| MA | Sell | MASTERCARD INCORPORATEDcl a | $4,959,000 | -74.7% | 17,441 | -71.9% | 3.33% | -74.7% |
| TRU | New | TRANSUNION | $4,543,000 | – | 76,369 | – | 3.05% | – |
| GPN | New | GLOBAL PMTS INC | $3,981,000 | – | 36,844 | – | 2.68% | – |
| SCHW | New | SCHWAB CHARLES CORP | $3,727,000 | – | 51,851 | – | 2.51% | – |
| SHOP | New | SHOPIFY INCcl a | $3,703,000 | – | 137,460 | – | 2.49% | – |
| RDFN | Sell | REDFIN CORP | $2,914,000 | -52.9% | 498,966 | -33.5% | 1.96% | -53.0% |
| WFC | New | WELLS FARGO CO NEW | $2,674,000 | – | 66,483 | – | 1.80% | – |
| NAVI | New | NAVIENT CORPORATION | $2,429,000 | – | 165,329 | – | 1.63% | – |
| CRM | New | SALESFORCE COM INC | $1,874,000 | – | 13,027 | – | 1.26% | – |
| EQC | Sell | EQUITY COMWLTH | $1,855,000 | -43.5% | 76,132 | -36.2% | 1.25% | -43.7% |
| RDN | New | RADIAN GROUP INC | $1,347,000 | – | 69,839 | – | 0.91% | – |
| CAR | New | AVIS BUDGET GROUP | $1,338,000 | – | 9,013 | – | 0.90% | – |
| JKHY | New | HENRY JACK & ASSOC INC | $1,169,000 | – | 6,416 | – | 0.79% | – |
| CBOE | New | CBOE GLOBAL MKTS INC | $988,000 | – | 8,422 | – | 0.66% | – |
| ADBE | New | ADOBE SYSTEMS INCORPORATED | $930,000 | – | 3,378 | – | 0.62% | – |
| FNF | New | FIDELITY NATIONAL FINANCIAL | $909,000 | – | 25,119 | – | 0.61% | – |
| OPRT | Buy | OPORTUN FINL CORP | $813,000 | +58.8% | 185,997 | +200.5% | 0.55% | +58.6% |
| GS | New | GOLDMAN SACHS GROUP INC | $646,000 | – | 2,204 | – | 0.43% | – |
| UMH | Buy | UMH PPTYS INC | $602,000 | +34.4% | 37,250 | +46.9% | 0.40% | +34.1% |
| New | ROOT INCcl a new | $257,000 | – | 32,609 | – | 0.17% | – | |
| ACRE | New | ARES COML REAL ESTATE CORP | $206,000 | – | 19,723 | – | 0.14% | – |
| MAX | New | MEDIAALPHA INCcl a | $197,000 | – | 22,501 | – | 0.13% | – |
| New | AVIDXCHANGE HOLDINGS INC | $5,000 | – | 574 | – | 0.00% | – | |
| ROOT | Exit | ROOT INC | $0 | – | -586,962 | – | -0.47% | – |
| BTRS | Exit | BTRS HOLDINGS INC | $0 | – | -145,628 | – | -0.49% | – |
| AGNC | Exit | AGNC INVT CORP | $0 | – | -268,663 | – | -2.00% | – |
Q2 2022
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| AL | New | AIR LEASE CORPcl a | $24,219,000 | – | 724,477 | – | 16.32% | – |
| FIS | New | FIDELITY NATL INFORMATION SV | $19,849,000 | – | 216,526 | – | 13.37% | – |
| MA | New | MASTERCARD INCORPORATEDcl a | $19,595,000 | – | 62,113 | – | 13.20% | – |
| DFS | New | DISCOVER FINL SVCS | $19,044,000 | – | 201,349 | – | 12.83% | – |
| BKI | New | BLACK KNIGHT INC | $14,696,000 | – | 224,741 | – | 9.90% | – |
| AER | New | AERCAP HOLDINGS NV | $9,884,000 | – | 241,416 | – | 6.66% | – |
| Z | New | ZILLOW GROUP INCcl c cap stk | $8,727,000 | – | 274,880 | – | 5.88% | – |
| PYPL | New | PAYPAL HLDGS INC | $8,554,000 | – | 122,478 | – | 5.76% | – |
| RDFN | New | REDFIN CORP | $6,184,000 | – | 750,546 | – | 4.17% | – |
| SYF | New | SYNCHRONY FINANCIAL | $4,335,000 | – | 156,952 | – | 2.92% | – |
| TREE | New | LENDINGTREE INC NEW | $3,618,000 | – | 82,565 | – | 2.44% | – |
| EQC | New | EQUITY COMWLTH | $3,286,000 | – | 119,358 | – | 2.21% | – |
| AGNC | New | AGNC INVT CORP | $2,974,000 | – | 268,663 | – | 2.00% | – |
| BTRS | New | BTRS HOLDINGS INC | $725,000 | – | 145,628 | – | 0.49% | – |
| New | DOMA HOLDINGS INC | $701,000 | – | 680,615 | – | 0.47% | – | |
| ROOT | New | ROOT INC | $698,000 | – | 586,962 | – | 0.47% | – |
| OPRT | New | OPORTUN FINL CORP | $512,000 | – | 61,903 | – | 0.34% | – |
| UMH | New | UMH PPTYS INC | $448,000 | – | 25,362 | – | 0.30% | – |
| LDI | New | LOANDEPOT INC | $379,000 | – | 263,182 | – | 0.26% | – |