Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.11%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.18%
baseline attrition
Rally response
-1.99%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AGGiShares Core U.S. Aggreg | $53M | 7.3% | — | 3.3 yr |
| VEAVanguard FTSE Developed | $49M | 6.8% | — | 6.5 yr |
| IAUiShares Gold Trust | $43M | 5.9% | — | 1.3 yr |
| VOOVanguard S&P 500 ETF | $42M | 5.8% | — | 6.3 yr |
| PYLDPIMCO Multisector Bond A | $39M | 5.4% | — | 0.5 yr |
| SPTSState Street SPDR Portfo | $38M | 5.2% | — | 6.5 yr |
| XOMExxon Mobil Corporation | $30M | 4.2% | +47.6% | 6.5 yr |
| AVUVAvantis U.S. Small Cap V | $30M | 4.2% | — | 4.0 yr |
| BRK-BBerkshire Hathaway Inc. | $28M | 3.8% | — | 6.5 yr |
| IBITiShares Bitcoin Trust ET | $25M | 3.5% | — | 2.3 yr |
| XLEState Street Energy Sele | $21M | 2.9% | — | 0.8 yr |
| AGFirst Majestic Silver Co | $19M | 2.7% | +221.6% | 0.5 yr |
| OIHVanEck Oil Services ETF | $19M | 2.6% | — | 0.3 yr |
| XBILUS Treasury 6 Month Bill | $18M | 2.4% | — | 2.8 yr |
| QQQInvesco QQQ Trust, Serie | $16M | 2.2% | — | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management59.8%-14.1pp$436M
Asset Management - Bonds6.1%+5.4pp$45M
Oil & Gas Midstream5.5%$40M
Asset Management - Leveraged5.2%+0.2pp$38M
Oil & Gas Integrated4.2%+3.9pp$31M
Insurance - Diversified3.9%+3.5pp$28M
Silver2.7%$19M
Consumer Electronics1.5%-0.8pp$11M
Software - Application1.3%-2.6pp$10M
Software - Infrastructure0.8%-0.8pp$6M
Country
US92.3%-5.7pp
BM3.6%
CA3.0%+2.5pp
Unknown0.6%-0.4pp
UY0.3%-0.1pp
TW0.1%
GB0.0%
IE0.0%-0.0pp
Top 5: 31.1% · Top 10: 51.9% · Top 25: 78.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AAPL | $13M | +0.00B | 14.7% |
| MAR | $3M | +0.00B | 38.6% |
| XOM | $2M | +0.00B | 47.6% |
| MSTR | $14M | -0.01B | -56.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSTR | $14M | -0.01B | -56.7% |
Top buys this quarter · 15
| XOM Exxon Mobil Corporation | +$28M |
| FRO Frontline Ltd.new | +$13M |
| INSW International Seaways, Inc.new | +$13M |
| DHT DHT Holdings, Inc.new | +$13M |
| RGLD Royal Gold, Inc.new | +$1M |
| NEM Newmont Corporationnew | +$1M |
| BEN Franklin Resources, Inc.new | +$1M |
| TROW T. Rowe Price Group, Inc.new | +$1M |
| MU Micron Technology, Inc.new | +$0M |
| HSBC HSBC Holdings plcnew | +$0M |
Top sells this quarter · 15
| SOFI SoFi Technologies, Inc. | −$2M |
| MSFT Microsoft Corporation | −$2M |
| EXAS Exact Sciences Corporationexit | −$2M |
| AMZN Amazon.com, Inc. | −$1M |
| AAPL Apple Inc. | −$1M |
| META Meta Platforms, Inc. | −$1M |
| SPY State Street SPDR S&P 500 ETF | −$1M |
| SHOP Shopify Inc. | −$0M |
| MSTR Strategy Inc | −$0M |
| MSIF MSC Income Fund, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $729M | 213 | +20.95% | +17.59% | +3.35% | +0.04B |
| 2025-12-31 | $677M | 213 | +9.41% | +17.72% | -8.31% | +0.04B |
| 2025-09-30 | $651M | 205 | +26.08% | +17.52% | +8.57% | +0.01B |
| 2025-06-30 | $609M | 197 | +27.66% | +14.94% | +12.72% | -0.02B |
| 2025-03-31 | $552M | 186 | +11.90% | +8.30% | +3.60% | -0.01B |
| 2024-12-31 | $606M | 203 | +27.86% | +24.89% | +2.98% | -0.03B |
| 2024-09-30 | $564M | 205 | +29.42% | +36.04% | -6.61% | -0.01B |
| 2024-06-30 | $535M | 201 | +16.75% | +24.49% | -7.74% | +0.01B |
| 2024-03-31 | $529M | 204 | +31.47% | +29.62% | +1.85% | -0.07B |
| 2023-12-31 | $570M | 240 | +41.51% | +26.18% | +15.33% | -0.07B |
| 2023-09-30 | $559M | 238 | +26.35% | +21.57% | +4.78% | +0.02B |
| 2023-06-30 | $562M | 239 | +24.04% | +19.42% | +4.61% | -0.02B |
| 2023-03-31 | $512M | 220 | -14.38% | -7.82% | -6.56% | -0.02B |
| 2022-12-31 | $470M | 212 | -28.34% | -18.17% | -10.17% | +0.04B |
| 2022-09-30 | $417M | 210 | -21.84% | -15.51% | -6.33% | +0.02B |
| 2022-06-30 | $418M | 204 | -17.22% | -10.62% | -6.60% | +0.03B |