Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.63%
baseline attrition
Rally response
-4.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TPLTexas Pacific Land Corpo | $4.75B | 51.5% | +8.1% | 5.3 yr |
| GBTCGrayscale Bitcoin Trust | $739M | 8.0% | — | 3.5 yr |
| LBLandBridge Company LLC | $391M | 4.2% | -3.4% | 2.0 yr |
| HEHawaiian Electric Indust | $321M | 3.5% | +35.5% | 1.5 yr |
| WPMWheaton Precious Metals | $231M | 2.5% | +70.0% | 7.3 yr |
| WBIWaterBridge Infrastructu | $197M | 2.1% | — | 0.8 yr |
| FNVFranco-Nevada Corporatio | $187M | 2.0% | +58.0% | 7.3 yr |
| PBTPermian Basin Royalty Tr | $137M | 1.5% | — | 7.3 yr |
| MIAXMiami International Hold | $134M | 1.5% | — | 0.8 yr |
| ICEIntercontinental Exchang | $132M | 1.4% | -7.8% | 7.3 yr |
| LNGCheniere Energy, Inc. | $119M | 1.3% | +23.8% | 7.3 yr |
| 0HQN.LCboe Global Markets, Inc | $115M | 1.2% | +26.3% | 7.3 yr |
| MSBMesabi Trust | $99M | 1.1% | — | 7.3 yr |
| BTCGrayscale Bitcoin Mini T | $90M | 1.0% | — | 1.5 yr |
| CACICACI International Inc | $84M | 0.9% | +48.2% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production52.3%-2.4pp$4.83B
Asset Management - Cryptocurrency8.1%-2.8pp$749M
Gold5.4%+0.5pp$498M
Oil & Gas Equipment & Services4.3%-0.2pp$400M
Oil & Gas Midstream4.0%+1.9pp$367M
Financial - Data & Stock Exchanges3.6%+0.4pp$335M
Diversified Utilities3.5%+1.9pp$322M
Asset Management3.5%+0.0pp$321M
Oil & Gas Energy2.1%$197M
Financial - Capital Markets1.7%+1.3pp$160M
Country
US90.5%+0.7pp
CA7.3%+1.1pp
Unknown1.7%-1.8pp
BM0.3%+0.1pp
GB0.1%-0.0pp
MC0.0%+0.0pp
CH0.0%+0.0pp
GR0.0%+0.0pp
Top 5: 69.7% · Top 10: 78.2% · Top 25: 90.0%
Top buys this quarter · 15
| MIAX Miami International Holdings, | +$64M |
| HE Hawaiian Electric Industries, | +$33M |
| WBI WaterBridge Infrastructure LLC | +$14M |
| NRP Natural Resource Partners L.P. | +$4M |
| FRMI Fermi Inc. Common Stock | +$2M |
| PAA Plains All American Pipeline, new | +$2M |
| HUBB Hubbell Incorporatednew | +$2M |
| WES Western Midstream Partners, LP | +$1M |
| ICE Intercontinental Exchange, Inc | +$132M |
| ARLP Alliance Resource Partners, L. | +$1M |
Top sells this quarter · 15
| TPL Texas Pacific Land Corporation | −$2.97B |
| WPM Wheaton Precious Metals Corp. | −$96M |
| FNV Franco-Nevada Corporation | −$52M |
| LNG Cheniere Energy, Inc. | −$90M |
| RGLD Royal Gold, Inc. | −$12M |
| AN AutoNation, Inc. | −$6M |
| HHH Howard Hughes Holdings Inc. | −$6M |
| PAG Penske Automotive Group, Inc. | −$4M |
| VNOM Viper Energy, Inc. | −$66M |
| CCJ Cameco Corporation | −$62M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.23B | 350 | +29.48% | +17.59% | +11.88% | -1.20B |
| 2025-12-31 | $7.39B | 321 | +2.91% | +17.72% | -14.80% | -0.44B |
| 2025-09-30 | $8.20B | 333 | +21.22% | +17.52% | +3.70% | -0.22B |
| 2025-06-30 | $8.43B | 348 | +42.91% | +14.94% | +27.97% | -0.04B |
| 2025-03-31 | $8.81B | 341 | +61.79% | +8.30% | +53.49% | -0.20B |
| 2024-12-31 | $8.03B | 344 | +51.09% | +24.89% | +26.21% | +0.51B |
| 2024-09-30 | $6.68B | 343 | +40.53% | +36.04% | +4.49% | -0.05B |
| 2024-06-30 | $5.72B | 319 | +22.43% | +24.49% | -2.06% | -0.03B |
| 2024-03-31 | $5.29B | 317 | +12.29% | +29.62% | -17.33% | +0.29B |
| 2023-12-31 | $4.77B | 319 | +5.69% | +26.18% | -20.48% | -0.51B |
| 2023-09-30 | $5.05B | 324 | +15.33% | +21.57% | -6.23% | +0.31B |
| 2023-06-30 | $4.62B | 328 | +11.30% | +19.42% | -8.12% | -0.57B |
| 2023-03-31 | $5.20B | 328 | -2.81% | -7.82% | +5.00% | -0.77B |
| 2022-12-31 | $6.05B | 318 | -6.00% | -18.17% | +12.18% | +0.38B |
| 2022-09-30 | $4.97B | 329 | -8.61% | -15.51% | +6.90% | +0.25B |
| 2022-06-30 | $4.77B | 330 | -7.14% | -10.62% | +3.48% | +0.45B |