Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.36%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.39%
baseline attrition
Rally response
-4.72%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CCJCameco Corporation | $21M | 2.2% | +164.4% | 6.8 yr |
| MTBASimplify MBS ETF | $20M | 2.1% | — | 2.5 yr |
| XOMExxon Mobil Corporation | $19M | 2.0% | +47.6% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $18M | 1.9% | — | 10.5 yr |
| EWZiShares MSCI Brazil ETF | $15M | 1.6% | — | 5.5 yr |
| AAPLApple Inc. | $15M | 1.6% | +14.7% | 10.5 yr |
| SMSM Energy Company | $15M | 1.5% | +8.9% | 4.3 yr |
| GDXVanEck Gold Miners ETF | $14M | 1.5% | — | 10.0 yr |
| EWYiShares MSCI South Korea | $13M | 1.4% | — | 5.0 yr |
| GOOGLAlphabet Inc. | $13M | 1.4% | — | 10.5 yr |
| OUNZVanEck Merk Gold ETF | $12M | 1.3% | — | 9.5 yr |
| LYBLyondellBasell Industrie | $12M | 1.2% | +25.0% | 4.0 yr |
| GOOGAlphabet Inc. | $12M | 1.2% | +84.3% | 10.5 yr |
| EMLCVanEck J.P. Morgan EM Lo | $11M | 1.2% | — | 4.3 yr |
| DVNDevon Energy Corporation | $10M | 1.1% | +38.1% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management30.0%-4.0pp$286M
Oil & Gas Exploration & Production4.7%+1.2pp$45M
Oil & Gas Integrated3.3%-0.0pp$31M
Gold2.9%-0.1pp$28M
Oil & Gas Midstream2.8%-0.3pp$27M
Internet Content & Information2.7%+0.5pp$26M
Uranium2.4%+0.6pp$23M
Drug Manufacturers - General2.2%-0.5pp$21M
Banks - Diversified2.0%+0.8pp$19M
Insurance - Diversified1.9%-1.0pp$18M
Country
US78.7%+10.6pp
CA9.2%-11.9pp
Unknown1.8%+1.5pp
IE1.6%-0.6pp
IL1.5%+0.7pp
GB1.4%+0.3pp
JP1.1%-0.5pp
CN0.9%-0.6pp
Top 5: 9.8% · Top 10: 17.2% · Top 25: 32.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CCJ | $14M | +0.02B | 164.4% |
| AEM | $9M | +0.01B | 89.2% |
| XOM | $14M | +0.01B | 47.6% |
| GOOG | $7M | +0.01B | 84.3% |
| CF | $8M | +0.01B | 70.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SFM Sprouts Farmers Market, Inc. | +$7M |
| TGB Taseko Mines Limited | +$5M |
| WY Weyerhaeuser Company | +$3M |
| SM SM Energy Company | +$2M |
| SSL Sasol Limited | +$2M |
| TROX Tronox Holdings plcnew | +$2M |
| QURE uniQure N.V. | +$1M |
| WLFC Willis Lease Finance Corporati | +$1M |
| LXU LSB Industries, Inc. | +$1M |
| NICE NICE Ltd. | +$1M |
Top sells this quarter · 15
| AEM Agnico Eagle Mines Limited | −$7M |
| SKE.TO Skeena Resources Limited | −$4M |
| SU Suncor Energy Inc. | −$4M |
| HUM Humana Inc. | −$4M |
| AGI Alamos Gold Inc. | −$3M |
| CZR Caesars Entertainment, Inc. | −$3M |
| VFC V.F. Corporationexit | −$3M |
| VAL Valaris Limitedexit | −$2M |
| DVN Devon Energy Corporation | −$9M |
| CF CF Industries Holdings, Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $954M | 475 | +34.73% | +17.59% | +17.14% | -0.23B |
| 2025-12-31 | $1.08B | 452 | +25.23% | +17.72% | +7.51% | +0.04B |
| 2025-09-30 | $990M | 405 | +17.52% | +17.52% | +0.00% | +0.04B |
| 2025-06-30 | $874M | 357 | +13.24% | +14.94% | -1.70% | -0.01B |
| 2025-03-31 | $822M | 357 | +5.19% | +8.30% | -3.11% | +0.02B |
| 2024-12-31 | $785M | 357 | +10.54% | +24.89% | -14.35% | +0.02B |
| 2024-09-30 | $781M | 336 | +19.67% | +36.04% | -16.37% | +0.02B |
| 2024-06-30 | $726M | 321 | +16.04% | +24.49% | -8.45% | -0.00B |
| 2024-03-31 | $730M | 321 | +18.37% | +29.62% | -11.26% | +0.02B |
| 2023-12-31 | $663M | 295 | +13.38% | +26.18% | -12.80% | -0.01B |
| 2023-09-30 | $627M | 303 | +13.44% | +21.57% | -8.13% | -0.02B |
| 2023-06-30 | $636M | 304 | +9.01% | +19.42% | -10.41% | -0.01B |
| 2023-03-31 | $639M | 302 | -8.31% | -7.82% | -0.49% | -0.00B |
| 2022-12-31 | $625M | 301 | -14.65% | -18.17% | +3.53% | -0.01B |
| 2022-09-30 | $593M | 298 | -11.27% | -15.51% | +4.24% | -0.03B |
| 2022-06-30 | $634M | 308 | -8.78% | -10.62% | +1.84% | +0.02B |