Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.41%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.18%
baseline attrition
Rally response
+0.16%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYRoyal Bank of Canada | $1.69B | 4.1% | +48.2% | 10.5 yr |
| NVDANVIDIA Corporation | $1.51B | 3.7% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $1.33B | 3.2% | +14.7% | 10.5 yr |
| TDThe Toronto-Dominion Ban | $1.12B | 2.7% | +60.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.02B | 2.5% | -0.6% | 10.5 yr |
| BMOBank of Montreal | $920M | 2.3% | +47.5% | 10.5 yr |
| AEMAgnico Eagle Mines Limit | $885M | 2.2% | +89.2% | 10.5 yr |
| BBarrick Mining Corporati | $860M | 2.1% | +114.9% | 1.0 yr |
| CMCanadian Imperial Bank o | $802M | 2.0% | +73.0% | 10.5 yr |
| ENBEnbridge Inc. | $787M | 1.9% | +29.3% | 10.5 yr |
| CNQCanadian Natural Resourc | $766M | 1.9% | +66.0% | 10.5 yr |
| SUSuncor Energy Inc. | $757M | 1.9% | +77.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $745M | 1.8% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $628M | 1.5% | — | 10.5 yr |
| BNSThe Bank of Nova Scotia | $611M | 1.5% | +52.4% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified13.9%-0.4pp$5.67B
Semiconductors8.0%+3.1pp$3.27B
Gold7.8%+3.0pp$3.18B
Asset Management5.1%-2.2pp$2.10B
Oil & Gas Midstream4.2%-1.7pp$1.71B
Internet Content & Information4.1%+1.2pp$1.69B
Oil & Gas Integrated3.9%+1.4pp$1.60B
Software - Infrastructure3.6%-0.1pp$1.46B
Consumer Electronics3.2%+0.3pp$1.33B
Unknown2.8%-1.5pp$1.16B
Country
US52.9%+5.2pp
CA41.3%-3.2pp
Unknown2.8%-1.5pp
BM0.9%-0.4pp
IE0.8%-0.2pp
GB0.5%-0.0pp
CH0.2%+0.1pp
NL0.2%+0.0pp
Top 5: 16.3% · Top 10: 26.7% · Top 25: 48.1%
Top buys this quarter · 15
| KGC Kinross Gold Corporation | +$243M |
| HBM Hudbay Minerals Inc. | +$203M |
| WMT Walmart Inc. | +$127M |
| SU Suncor Energy Inc. | +$104M |
| CIGI Colliers International Group I | +$102M |
| CVE Cenovus Energy Inc. | +$79M |
| EQX Equinox Gold Corp. | +$78M |
| BMO Bank of Montreal | +$73M |
| PAAS Pan American Silver Corp. | +$72M |
| CAE CAE Inc. | +$58M |
Top sells this quarter · 15
| TD The Toronto-Dominion Bank | −$204M |
| WCN Waste Connections, Inc. | −$161M |
| PBA Pembina Pipeline Corporation | −$132M |
| BN Brookfield Corporation | −$130M |
| CM Canadian Imperial Bank of Comm | −$111M |
| AGI Alamos Gold Inc. | −$109M |
| AEM Agnico Eagle Mines Limited | −$823M |
| MFC Manulife Financial Corporation | −$95M |
| BNS The Bank of Nova Scotia | −$73M |
| BIP Brookfield Infrastructure Part | −$66M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $40.91B | 1369 | +29.33% | +17.59% | +11.74% | -0.37B |
| 2025-12-31 | $41.42B | 1365 | +27.99% | +17.72% | +10.27% | +5.09B |
| 2025-09-30 | $34.54B | 1237 | +21.42% | +17.52% | +3.90% | -0.56B |
| 2025-06-30 | $31.82B | 1218 | +20.38% | +14.94% | +5.44% | -1.87B |
| 2025-03-31 | $30.13B | 1178 | +7.13% | +8.30% | -1.18% | +0.03B |
| 2024-12-31 | $30.51B | 1216 | +13.77% | +24.89% | -11.11% | -0.24B |
| 2024-09-30 | $30.82B | 1209 | +27.11% | +36.04% | -8.93% | +0.09B |
| 2024-06-30 | $28.10B | 1144 | +11.14% | +24.49% | -13.35% | -0.54B |
| 2024-03-31 | $28.78B | 1125 | +16.91% | +29.62% | -12.71% | +0.78B |
| 2023-12-31 | $26.73B | 1098 | +16.25% | +26.18% | -9.93% | -0.12B |
| 2023-09-30 | $24.08B | 1045 | +11.68% | +21.57% | -9.89% | -0.31B |
| 2023-06-30 | $25.51B | 1096 | +8.23% | +19.42% | -11.19% | -0.33B |
| 2023-03-31 | $24.68B | 1061 | -11.16% | -7.82% | -3.34% | +0.12B |
| 2022-12-31 | $23.58B | 1058 | -18.64% | -18.17% | -0.47% | -0.19B |
| 2022-09-30 | $22.20B | 1245 | -15.63% | -15.51% | -0.12% | -0.41B |
| 2022-06-30 | $24.39B | 1266 | -8.45% | -10.62% | +2.17% | -0.02B |