Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.03%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.32%
steady accumulation
Rally response
-1.44%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KRPKimbell Royalty Partners | $8M | 5.9% | +15.8% | 7.0 yr |
| AAPLApple Inc. | $7M | 5.0% | +14.7% | 8.5 yr |
| XOMExxon Mobil Corporation | $6M | 4.2% | +47.6% | 8.5 yr |
| EPDEnterprise Products Part | $5M | 3.5% | +18.7% | 8.5 yr |
| ETEnergy Transfer LP | $5M | 3.2% | +12.1% | 8.5 yr |
| TXOTXO Partners, L.P. | $5M | 3.2% | -28.9% | 2.5 yr |
| GOOGLAlphabet Inc. | $4M | 3.0% | — | 8.5 yr |
| HHHHoward Hughes Holdings I | $4M | 2.7% | -14.6% | 2.5 yr |
| HONHoneywell International | $3M | 2.4% | +9.0% | 7.5 yr |
| — | $3M | 2.4% | — | 1.3 yr |
| NOGNorthern Oil and Gas, In | $3M | 2.3% | +1.9% | 4.5 yr |
| EOGEOG Resources, Inc. | $3M | 2.2% | +16.9% | 8.5 yr |
| NGNovaGold Resources Inc. | $3M | 2.1% | +207.5% | 8.0 yr |
| CVXChevron Corporation | $3M | 1.8% | +29.2% | 8.5 yr |
| BRK-BBerkshire Hathaway Inc. | $2M | 1.8% | — | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production14.9%-3.1pp$21M
Asset Management11.2%+1.3pp$16M
Oil & Gas Midstream9.3%-0.0pp$13M
Oil & Gas Integrated7.1%+0.8pp$10M
Consumer Electronics5.0%-3.1pp$7M
Semiconductors4.6%+3.1pp$7M
Internet Content & Information4.6%+1.7pp$6M
Unknown3.6%+0.4pp$5M
Software - Infrastructure3.4%-1.2pp$5M
Gold3.2%+2.6pp$4M
Country
US90.0%-4.4pp
Unknown3.6%+0.4pp
CA3.5%+2.6pp
GB1.2%+0.2pp
TW1.1%+1.1pp
IE0.2%+0.0pp
JP0.1%+0.0pp
CH0.1%-0.0pp
Top 5: 21.8% · Top 10: 35.5% · Top 25: 59.3%
Top buys this quarter · 15
| LDOS Leidos Holdings, Inc. | +$1M |
| MSFT Microsoft Corporation | +$0M |
| WMB The Williams Companies, Inc. | +$0M |
| KMI Kinder Morgan, Inc. | +$0M |
| AEM Agnico Eagle Mines Limited | +$0M |
| NG NovaGold Resources Inc. | +$0M |
| LNG Cheniere Energy, Inc. | +$0M |
| OWL Blue Owl Capital Inc. | +$0M |
| TXO TXO Partners, L.P. | +$0M |
| PBR Petróleo Brasileiro S.A. - Penew | +$0M |
Top sells this quarter · 15
| MCK McKesson Corporation | −$9M |
| SPY State Street SPDR S&P 500 ETF | −$0M |
| XOM Exxon Mobil Corporation | −$5M |
| EPD Enterprise Products Partners L | −$5M |
| CPT Camden Property Trust | −$0M |
| TSM Taiwan Semiconductor Manufactu | −$0M |
| TRV The Travelers Companies, Inc. | −$0M |
| MSTR Strategy Inc | −$0M |
| JPM JPMorgan Chase & Co. | −$0M |
| INTU Intuit Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $141M | 493 | +15.22% | +17.59% | -2.37% | -0.01B |
| 2025-12-31 | $143M | 494 | +7.09% | +17.72% | -10.63% | +0.00B |
| 2025-09-30 | $140M | 497 | +10.75% | +17.52% | -6.76% | +0.01B |
| 2025-06-30 | $118M | 443 | +7.94% | +14.94% | -7.00% | -0.01B |
| 2025-03-31 | $128M | 432 | +9.22% | +8.30% | +0.92% | +0.02B |
| 2024-12-31 | $110M | 464 | +16.27% | +24.89% | -8.62% | -0.00B |
| 2024-09-30 | $110M | 467 | +17.15% | +36.04% | -18.89% | +0.00B |
| 2024-06-30 | $105M | 463 | +16.65% | +24.49% | -7.84% | -0.00B |
| 2024-03-31 | $104M | 454 | +19.21% | +29.62% | -10.42% | -0.00B |
| 2023-12-31 | $99M | 454 | +14.12% | +26.18% | -12.06% | +0.01B |
| 2023-09-30 | $89M | 459 | +21.40% | +21.57% | -0.16% | -0.00B |
| 2023-06-30 | $90M | 456 | +17.18% | +19.42% | -2.25% | +0.01B |
| 2023-03-31 | $81M | 428 | -0.40% | -7.82% | +7.41% | -0.00B |
| 2022-12-31 | $81M | 418 | -6.37% | -18.17% | +11.81% | -0.01B |
| 2022-09-30 | $79M | 388 | -5.29% | -15.51% | +10.22% | -0.00B |
| 2022-06-30 | $82M | 406 | -4.62% | -10.62% | +6.00% | -0.00B |