Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+11.08%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.41%
baseline attrition
Rally response
-8.69%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ETEnergy Transfer LP | $42M | 8.8% | +12.1% | 5.5 yr |
| EPDEnterprise Products Part | $39M | 8.1% | +18.7% | 5.5 yr |
| WESWestern Midstream Partne | $38M | 7.8% | +10.3% | 4.0 yr |
| MPLXMPLX Lp | $33M | 6.9% | +15.4% | 5.5 yr |
| PAAPlains All American Pipe | $27M | 5.7% | +21.8% | 5.5 yr |
| HESMHess Midstream LP | $22M | 4.6% | -0.4% | 4.5 yr |
| CMCSAComcast Corporation | $16M | 3.3% | — | 5.0 yr |
| VZVerizon Communications I | $16M | 3.3% | +16.5% | 5.5 yr |
| BXBlackstone Inc. | $13M | 2.6% | -14.9% | 1.3 yr |
| APDAir Products and Chemica | $10M | 2.1% | +0.5% | 5.5 yr |
| CQPCheniere Energy Partners | $9M | 1.8% | +3.9% | 3.0 yr |
| PFEPfizer Inc. | $8M | 1.8% | +18.8% | 5.5 yr |
| KHCThe Kraft Heinz Company | $8M | 1.7% | -21.4% | 5.5 yr |
| INDAiShares MSCI India ETF | $7M | 1.5% | — | 0.8 yr |
| BXMTBlackstone Mortgage Trus | $6M | 1.3% | +3.0% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream44.1%-11.0pp$212M
Telecommunications Services7.7%+4.6pp$37M
Asset Management5.0%+4.3pp$24M
Drug Manufacturers - General3.7%+0.2pp$18M
Chemicals - Specialty2.9%+2.5pp$14M
Banks - Regional2.4%+0.1pp$11M
Banks - Diversified1.8%-0.1pp$9M
Packaged Foods1.7%+1.5pp$8M
Semiconductors1.6%-0.4pp$8M
Aerospace & Defense1.4%+0.5pp$7M
Country
US91.9%+2.1pp
BR3.8%-2.0pp
IN2.0%-0.1pp
Unknown0.7%-1.3pp
DE0.6%
SG0.4%
GB0.4%+0.2pp
IE0.2%+0.0pp
Top 5: 37.4% · Top 10: 53.4% · Top 25: 71.9%
Top buys this quarter · 15
| BX Blackstone Inc. | +$12M |
| KHC The Kraft Heinz Company | +$8M |
| APD Air Products and Chemicals, In | +$8M |
| QCOM QUALCOMM Incorporated | +$5M |
| UPS United Parcel Service, Inc. | +$5M |
| VZ Verizon Communications Inc. | +$5M |
| MSFT Microsoft Corporation | +$4M |
| MTN Vail Resorts, Inc. | +$4M |
| DIS The Walt Disney Company | +$4M |
| SAP SAP SEnew | +$3M |
Top sells this quarter · 15
| CNQ Canadian Natural Resources Limexit | −$23M |
| EPD Enterprise Products Partners L | −$21M |
| ET Energy Transfer LP | −$16M |
| MPLX MPLX Lp | −$11M |
| PAA Plains All American Pipeline, | −$8M |
| WES Western Midstream Partners, LP | −$7M |
| BMY Bristol-Myers Squibb Company | −$3M |
| VALE Vale S.A. | −$2M |
| XOM Exxon Mobil Corporation | −$2M |
| NVO Novo Nordisk A/Sexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $480M | 243 | +19.05% | +17.59% | +1.46% | -0.01B |
| 2025-12-31 | $443M | 233 | +16.73% | +17.72% | -0.99% | +0.01B |
| 2025-09-30 | $422M | 258 | +15.83% | +17.52% | -1.68% | +0.01B |
| 2025-06-30 | $404M | 265 | +19.70% | +14.94% | +4.76% | -0.00B |
| 2025-03-31 | $410M | 275 | +21.81% | +8.30% | +13.51% | -0.01B |
| 2024-12-31 | $389M | 279 | +22.90% | +24.89% | -1.98% | -0.02B |
| 2024-09-30 | $399M | 259 | +26.12% | +36.04% | -9.91% | -0.02B |
| 2024-06-30 | $398M | 256 | +22.90% | +24.49% | -1.59% | -0.05B |
| 2024-03-31 | $442M | 277 | +24.61% | +29.62% | -5.01% | -0.00B |
| 2023-12-31 | $405M | 255 | +18.92% | +26.18% | -7.26% | +0.01B |
| 2023-09-30 | $378M | 248 | +25.00% | +21.57% | +3.43% | -0.07B |
| 2023-06-30 | $435M | 269 | +20.30% | +19.42% | +0.87% | -0.01B |
| 2023-03-31 | $437M | 272 | +7.63% | -7.82% | +15.45% | -0.03B |
| 2022-12-31 | $441M | 276 | +11.20% | +7.56% | +3.64% | -0.10B |
| 2022-09-30 | $489M | 324 | -0.14% | -4.93% | +4.79% | +0.03B |
| 2022-06-30 | $463M | 359 | -7.86% | -16.11% | +8.26% | -0.11B |