Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.79%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.88%
baseline attrition
Rally response
-0.13%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WMBThe Williams Companies, | $342M | 2.5% | +25.8% | 9.0 yr |
| ETEnergy Transfer LP | $328M | 2.4% | +12.1% | 10.5 yr |
| BILState Street SPDR Bloomb | $321M | 2.3% | — | 3.5 yr |
| VEAVanguard FTSE Developed | $310M | 2.3% | — | 8.0 yr |
| KMIKinder Morgan, Inc. | $260M | 1.9% | +22.6% | 8.3 yr |
| LNGCheniere Energy, Inc. | $213M | 1.5% | +23.8% | 10.5 yr |
| EPDEnterprise Products Part | $208M | 1.5% | +18.7% | 10.3 yr |
| ENBEnbridge Inc. | $203M | 1.5% | +29.3% | 9.8 yr |
| RSPInvesco S&P 500 Equal We | $162M | 1.2% | — | 2.5 yr |
| TRGPTarga Resources Corp. | $151M | 1.1% | +28.0% | 10.5 yr |
| DTMDT Midstream, Inc. | $145M | 1.1% | +43.6% | 3.8 yr |
| OKEONEOK, Inc. | $137M | 1.0% | -3.8% | 9.8 yr |
| TRPTC Energy Corporation | $134M | 1.0% | +37.4% | 4.5 yr |
| AMZNAmazon.com, Inc. | $128M | 0.9% | +9.5% | 9.8 yr |
| MPLXMPLX Lp | $128M | 0.9% | +15.4% | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream19.3%+1.1pp$2.65B
Asset Management9.8%+5.4pp$1.35B
Banks - Regional5.9%+0.2pp$810M
Semiconductors4.2%+2.0pp$578M
Unknown2.4%+0.7pp$330M
Regulated Electric2.1%-1.2pp$293M
Aerospace & Defense2.1%-1.3pp$282M
Specialty Retail2.0%+0.3pp$280M
Financial - Capital Markets1.9%+0.8pp$265M
Oil & Gas Exploration & Production1.9%-1.0pp$263M
Country
US92.7%-1.6pp
CA3.8%+2.0pp
Unknown2.4%+0.7pp
IE0.3%-0.5pp
FR0.3%-0.2pp
BM0.2%-0.3pp
TW0.2%-0.0pp
CH0.1%+0.1pp
Top 5: 11.4% · Top 10: 18.2% · Top 25: 30.8%
Top buys this quarter · 15
| ET Energy Transfer LP | +$322M |
| EPD Enterprise Products Partners L | +$203M |
| MPLX MPLX Lp | +$125M |
| AIR AAR Corp. | +$103M |
| IPGP IPG Photonics Corporationnew | +$89M |
| WES Western Midstream Partners, LP | +$86M |
| PIPR Piper Sandler Companiesnew | +$85M |
| NIC Nicolet Bankshares, Inc.new | +$72M |
| MSI Motorola Solutions, Inc. | +$61M |
| TREX Trex Company, Inc. | +$59M |
Top sells this quarter · 15
| CSTM Constellium SE | −$126M |
| BANR Banner Corporationexit | −$69M |
| NOG Northern Oil and Gas, Inc. | −$61M |
| TRGP Targa Resources Corp. | −$150M |
| BCC Boise Cascade Companyexit | −$52M |
| WM Waste Management, Inc. | −$51M |
| SCL Stepan Companyexit | −$37M |
| PAGP Plains GP Holdings, L.P. | −$36M |
| CRM Salesforce, Inc. | −$36M |
| IOSP Innospec Inc.exit | −$36M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $13.73B | 460 | +14.49% | +17.59% | -3.11% | +0.87B |
| 2025-12-31 | $12.19B | 433 | +7.25% | +17.72% | -10.47% | -1.64B |
| 2025-09-30 | $13.87B | 440 | +9.46% | +17.52% | -8.06% | -0.48B |
| 2025-06-30 | $13.76B | 428 | +11.59% | +14.94% | -3.35% | +0.06B |
| 2025-03-31 | $13.13B | 424 | +5.96% | +8.30% | -2.34% | +0.39B |
| 2024-12-31 | $12.89B | 445 | +4.63% | +24.89% | -20.26% | -0.32B |
| 2024-09-30 | $12.98B | 429 | +14.16% | +36.04% | -21.88% | +0.06B |
| 2024-06-30 | $12.15B | 414 | +6.02% | +24.49% | -18.47% | -0.44B |
| 2024-03-31 | $12.71B | 420 | +11.41% | +29.62% | -18.22% | +1.23B |
| 2023-12-31 | $11.76B | 422 | +16.11% | +26.18% | -10.07% | -0.05B |
| 2023-09-30 | $10.63B | 409 | +16.74% | +21.57% | -4.83% | -0.30B |
| 2023-06-30 | $11.07B | 445 | +13.71% | +19.42% | -5.72% | -0.38B |
| 2023-03-31 | $11.00B | 448 | -4.74% | -7.82% | +3.07% | -0.27B |
| 2022-12-31 | $11.08B | 516 | -10.68% | -18.17% | +7.50% | +1.77B |
| 2022-09-30 | $8.34B | 398 | -11.15% | -15.51% | +4.36% | -0.32B |
| 2022-06-30 | $9.00B | 396 | -7.11% | -10.62% | +3.51% | -0.28B |