Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.75%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.22%
steady accumulation
Rally response
+2.57%
adds into rallies
when a holding rises +10%+
Top positions · 9
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PPTAPerpetua Resources Corp. | $910M | 29.2% | +163.0% | 5.3 yr |
| MDGLMadrigal Pharmaceuticals | $729M | 23.4% | +58.0% | 3.0 yr |
| AAMIAcadian Asset Management | $421M | 13.5% | +111.0% | 6.8 yr |
| BHCBausch Health Companies | $396M | 12.7% | -16.5% | 7.8 yr |
| NGNovaGold Resources Inc. | $245M | 7.9% | +207.5% | 10.5 yr |
| THMInternational Tower Hill | $229M | 7.4% | +263.9% | 10.5 yr |
| AEMAgnico Eagle Mines Limit | $159M | 5.1% | +89.2% | 8.5 yr |
| THRYThryv Holdings, Inc. | $23M | 0.7% | -78.6% | 5.5 yr |
| FOLDAmicus Therapeutics, Inc | $0M | 0.0% | +77.2% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Other Precious Metals29.2%+14.1pp$910M
Biotechnology23.4%-16.4pp$729M
Gold20.3%+5.3pp$633M
Asset Management13.5%+0.3pp$421M
Drug Manufacturers - Specialty & Generic12.7%+2.8pp$396M
Internet Content & Information0.7%-2.4pp$23M
Country
US67.0%-7.0pp
CA33.0%+7.0pp
Top 5: 86.8% · Top 10: 100.0% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.11B | 9 | +81.06% | +17.59% | +63.47% | -0.17B |
| 2025-12-31 | $3.26B | 9 | +82.72% | +17.72% | +65.00% | -0.12B |
| 2025-09-30 | $2.97B | 10 | +82.80% | +17.52% | +65.28% | +0.01B |
| 2025-06-30 | $2.01B | 15 | +31.77% | +14.94% | +16.83% | +0.14B |
| 2025-03-31 | $1.75B | 14 | +17.38% | +8.30% | +9.07% | +0.07B |
| 2024-12-31 | $1.65B | 13 | +34.28% | +24.89% | +9.39% | +0.03B |
| 2024-09-30 | $1.43B | 15 | +26.88% | +36.04% | -9.16% | -0.01B |
| 2024-06-30 | $1.35B | 16 | +8.38% | +24.49% | -16.11% | -0.03B |
| 2024-03-31 | $1.45B | 18 | -0.10% | +29.62% | -29.72% | +0.16B |
| 2023-12-31 | $1.11B | 17 | +2.22% | +26.18% | -23.95% | -0.09B |
| 2023-09-30 | $1.12B | 18 | +8.34% | +21.57% | -13.23% | +0.19B |
| 2023-06-30 | $1.02B | 21 | +6.91% | +19.42% | -12.52% | -0.03B |
| 2023-03-31 | $1.20B | 20 | -22.01% | -7.82% | -14.19% | -0.12B |
| 2022-12-31 | $1.11B | 22 | +14.05% | +7.56% | +6.49% | -0.45B |
| 2022-09-30 | $1.37B | 28 | -10.45% | -4.93% | -5.53% | -0.45B |
| 2022-06-30 | $2.03B | 32 | -35.82% | -16.11% | -19.71% | -0.06B |