Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.66%
baseline attrition
Rally response
-6.36%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $53.03B | 71.4% | — | 2.3 yr |
| CQPCheniere Energy Partners | $6.57B | 8.8% | +3.9% | 5.0 yr |
| — | $4.52B | 6.1% | — | 0.3 yr |
| BEPBrookfield Renewable Par | $2.65B | 3.6% | +55.7% | 10.5 yr |
| BNBrookfield Corporation | $1.89B | 2.5% | +16.5% | 3.5 yr |
| BEPCBrookfield Renewable Cor | $402M | 0.5% | +48.7% | 1.5 yr |
| WMBThe Williams Companies, | $378M | 0.5% | +25.8% | 9.8 yr |
| TRGPTarga Resources Corp. | $367M | 0.5% | +28.0% | 9.8 yr |
| TACTransAlta Corporation | $354M | 0.5% | +42.2% | 11.5 yr |
| LNGCheniere Energy, Inc. | $256M | 0.3% | +23.8% | 8.8 yr |
| PCGPG&E Corporation | $193M | 0.3% | +2.9% | 9.5 yr |
| NEENextEra Energy, Inc. | $192M | 0.3% | +34.9% | 9.5 yr |
| CNPCenterPoint Energy, Inc. | $184M | 0.2% | +21.9% | 6.5 yr |
| CCICrown Castle Inc. | $177M | 0.2% | -18.3% | 9.8 yr |
| NINiSource Inc. | $172M | 0.2% | +19.6% | 9.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown77.6%+0.9pp$57.62B
Oil & Gas Midstream11.6%+0.0pp$8.59B
Renewable Utilities4.1%+1.6pp$3.06B
Asset Management2.6%-1.2pp$1.94B
Regulated Electric0.9%-0.3pp$635M
Diversified Utilities0.7%+0.3pp$510M
REIT - Specialty0.5%-0.2pp$371M
Independent Power Producers0.5%+0.1pp$354M
Regulated Gas0.3%+0.2pp$233M
Railroads0.3%+0.0pp$224M
Country
Unknown77.6%+0.9pp
US15.2%-1.7pp
BM3.9%+0.1pp
CA3.3%+0.7pp
GB0.0%
IE0.0%+0.0pp
Top 5: 92.5% · Top 10: 94.9% · Top 25: 97.8%
Top buys this quarter · 15
| NI NiSource Inc. | +$104M |
| PAA Plains All American Pipeline, | +$67M |
| SWX Southwest Gas Holdings, Inc. | +$31M |
| CMS CMS Energy Corporation | +$25M |
| DEO Diageo plcnew | +$22M |
| KMI Kinder Morgan, Inc. | +$21M |
| BX Blackstone Inc. | +$20M |
| KKR KKR & Co. Inc. | +$18M |
| APC ARKO Petroleum Corp. Class A Cnew | +$17M |
| EQIX Equinix, Inc. | +$10M |
Top sells this quarter · 15
| BBUC Brookfield Business Corporatioexit | −$1.49B |
| BBU Brookfield Business Partners Lexit | −$1.31B |
| XEL Xcel Energy Inc.exit | −$180M |
| WMB The Williams Companies, Inc. | −$365M |
| TRGP Targa Resources Corp. | −$308M |
| ES Eversource Energy | −$46M |
| MPLX MPLX Lp | −$45M |
| PNW Pinnacle West Capital Corporat | −$42M |
| WPC W. P. Carey Inc. | −$40M |
| EQR Equity Residential | −$35M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $74.23B | 132 | +18.54% | +17.59% | +0.95% | -15.05B |
| 2025-12-31 | $80.76B | 129 | +17.05% | +17.72% | -0.67% | -7.12B |
| 2025-09-30 | $85.84B | 119 | +19.58% | +17.52% | +2.07% | -0.36B |
| 2025-06-30 | $82.19B | 100 | +26.65% | +14.94% | +11.71% | +6.92B |
| 2025-03-31 | $75.38B | 96 | +27.28% | +8.30% | +18.98% | +57.36B |
| 2024-12-31 | $16.51B | 108 | +17.21% | +24.89% | -7.68% | -2.00B |
| 2024-09-30 | $17.69B | 107 | +19.37% | +36.04% | -16.66% | -0.03B |
| 2024-06-30 | $15.95B | 109 | +7.16% | +24.49% | -17.33% | -1.05B |
| 2024-03-31 | $16.94B | 115 | +7.48% | +29.62% | -22.15% | -0.68B |
| 2023-12-31 | $17.53B | 112 | +6.70% | +26.18% | -19.48% | +0.49B |
| 2023-09-30 | $16.00B | 105 | +2.21% | +21.57% | -19.36% | -9.20B |
| 2023-06-30 | $25.27B | 565 | -4.34% | +19.42% | -23.76% | -0.32B |
| 2023-03-31 | $25.42B | 641 | -17.41% | -7.82% | -9.59% | -0.91B |
| 2022-12-31 | $26.39B | 550 | +2.04% | +7.56% | -5.52% | -1.32B |
| 2022-09-30 | $27.15B | 596 | -6.67% | -4.93% | -1.74% | +5.18B |
| 2022-06-30 | $23.54B | 558 | -13.10% | -16.11% | +3.01% | +0.37B |