Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.69%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.86%
baseline attrition
Rally response
-5.18%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $271M | 9.8% | +14.7% | 10.5 yr |
| TRGPTarga Resources Corp. | $136M | 4.9% | +28.0% | 10.3 yr |
| EPDEnterprise Products Part | $126M | 4.5% | +18.7% | 10.5 yr |
| ETEnergy Transfer LP | $125M | 4.5% | +12.1% | 10.5 yr |
| MPLXMPLX Lp | $103M | 3.7% | +15.4% | 5.3 yr |
| DTMDT Midstream, Inc. | $84M | 3.0% | +43.6% | 2.8 yr |
| WMBThe Williams Companies, | $72M | 2.6% | +25.8% | 10.5 yr |
| NVDANVIDIA Corporation | $64M | 2.3% | +60.9% | 3.8 yr |
| LNGCheniere Energy, Inc. | $63M | 2.3% | +23.8% | 5.3 yr |
| MSFTMicrosoft Corporation | $60M | 2.2% | -0.6% | 10.5 yr |
| KGSKodiak Gas Services, Inc | $54M | 2.0% | +64.4% | 1.3 yr |
| PAAPlains All American Pipe | $51M | 1.8% | +21.8% | 10.5 yr |
| GOOGLAlphabet Inc. | $51M | 1.8% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $50M | 1.8% | +21.8% | 5.3 yr |
| AMZNAmazon.com, Inc. | $49M | 1.8% | +9.5% | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream37.1%-1.9pp$1.03B
Consumer Electronics10.0%-0.3pp$277M
Semiconductors4.9%+2.1pp$137M
Internet Content & Information4.4%+1.1pp$122M
Asset Management3.9%+0.2pp$109M
Banks - Diversified2.7%+0.3pp$76M
Software - Infrastructure2.7%-0.6pp$76M
Financial - Credit Services2.7%-0.6pp$75M
Drug Manufacturers - General2.4%+0.3pp$67M
Oil & Gas Integrated2.3%+0.0pp$64M
Country
US88.4%-0.4pp
GB1.8%+0.4pp
IE1.6%-0.7pp
IL1.5%+0.2pp
CA1.4%+0.2pp
JP1.1%-0.0pp
NL0.7%+0.2pp
TW0.7%+0.3pp
Top 5: 27.4% · Top 10: 39.8% · Top 25: 62.0%
Top buys this quarter · 15
| AM Antero Midstream Corporation | +$31M |
| WMB The Williams Companies, Inc. | +$20M |
| DTM DT Midstream, Inc. | +$18M |
| EPD Enterprise Products Partners L | +$15M |
| FCX Freeport-McMoRan Inc. | +$15M |
| BEP Brookfield Renewable Partners new | +$9M |
| BA The Boeing Company | +$9M |
| AVGO Broadcom Inc. | +$9M |
| SUNB Sunbelt Rentals Holdings Incnew | +$8M |
| AZN AstraZeneca PLCnew | +$7M |
Top sells this quarter · 15
| HESM Hess Midstream LP | −$32M |
| PAA Plains All American Pipeline, | −$30M |
| LNG Cheniere Energy, Inc. | −$29M |
| PAGP Plains GP Holdings, L.P. | −$14M |
| KNTK Kinetik Holdings Inc. | −$14M |
| ICE Intercontinental Exchange, Inc | −$12M |
| HE Hawaiian Electric Industries, exit | −$12M |
| WES Western Midstream Partners, LP | −$8M |
| KGS Kodiak Gas Services, Inc. | −$40M |
| TRGP Targa Resources Corp. | −$105M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.78B | 276 | +17.99% | +17.59% | +0.40% | -0.13B |
| 2025-12-31 | $2.70B | 277 | +10.98% | +17.72% | -6.73% | +0.04B |
| 2025-09-30 | $2.61B | 275 | +14.14% | +17.52% | -3.37% | +0.03B |
| 2025-06-30 | $2.47B | 267 | +15.47% | +14.94% | +0.53% | -0.02B |
| 2025-03-31 | $2.43B | 271 | +18.21% | +8.30% | +9.91% | -0.04B |
| 2024-12-31 | $2.44B | 264 | +29.51% | +24.89% | +4.62% | +0.32B |
| 2024-09-30 | $2.01B | 237 | +34.05% | +36.04% | -1.98% | +0.01B |
| 2024-06-30 | $1.89B | 231 | +27.04% | +24.49% | +2.55% | +0.03B |
| 2024-03-31 | $1.77B | 235 | +28.35% | +29.62% | -1.27% | -0.06B |
| 2023-12-31 | $1.65B | 233 | +22.04% | +26.18% | -4.13% | -0.03B |
| 2023-09-30 | $1.54B | 222 | +21.17% | +21.57% | -0.40% | +0.02B |
| 2023-06-30 | $1.52B | 220 | +18.96% | +19.42% | -0.46% | -0.06B |
| 2023-03-31 | $1.48B | 218 | -2.87% | -7.82% | +4.94% | -0.05B |
| 2022-12-31 | $1.45B | 214 | -12.12% | -18.17% | +6.06% | +0.01B |
| 2022-09-30 | $1.33B | 213 | -9.70% | -15.51% | +5.81% | -0.00B |
| 2022-06-30 | $1.36B | 220 | -7.69% | -10.62% | +2.93% | -0.05B |