Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.71%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.39%
steady accumulation
Rally response
-1.41%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| XOMExxon Mobil Corporation | $72M | 8.1% | +47.6% | 10.3 yr |
| NEMNewmont Corporation | $54M | 6.1% | +127.1% | 10.3 yr |
| CVXChevron Corporation | $49M | 5.5% | +29.2% | 10.3 yr |
| TECKTeck Resources Limited | $47M | 5.3% | +43.3% | 10.3 yr |
| BRK-BBerkshire Hathaway Inc. | $46M | 5.2% | — | 10.3 yr |
| — | $38M | 4.3% | — | 10.3 yr |
| AEMAgnico Eagle Mines Limit | $36M | 4.0% | +89.2% | 4.5 yr |
| DGDollar General Corporati | $34M | 3.8% | +37.3% | 1.8 yr |
| VZVerizon Communications I | $32M | 3.6% | +16.5% | 3.8 yr |
| PFEPfizer Inc. | $26M | 2.9% | +18.8% | 10.3 yr |
| MRKMerck & Co., Inc. | $24M | 2.7% | +38.9% | 10.3 yr |
| FHIFederated Hermes, Inc. | $22M | 2.5% | +43.1% | 7.5 yr |
| HPQHP Inc. | $21M | 2.4% | -27.1% | 10.3 yr |
| ABEVAmbev S.A. | $21M | 2.3% | +34.6% | 4.0 yr |
| INTCIntel Corporation | $20M | 2.3% | +94.3% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown21.4%-0.1pp$190M
Oil & Gas Integrated15.2%+0.2pp$135M
Gold10.1%-0.5pp$90M
Drug Manufacturers - General8.5%-1.1pp$75M
Telecommunications Services5.8%+1.4pp$52M
Insurance - Diversified5.6%-3.1pp$50M
Industrial Materials5.3%-0.1pp$47M
Discount Stores4.0%-0.1pp$36M
Asset Management4.0%-0.3pp$36M
Computer Hardware2.4%+0.8pp$21M
Country
US64.4%+0.6pp
Unknown21.4%-0.1pp
CA11.0%-1.0pp
BR2.3%-0.2pp
DK0.7%
CH0.2%+0.0pp
Top 5: 30.2% · Top 10: 48.9% · Top 25: 79.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NEM | $33M | +0.04B | 127.1% |
| AEM | $33M | +0.03B | 89.2% |
| XOM | $50M | +0.02B | 47.6% |
| TECK | $35M | +0.01B | 43.3% |
| INTC | $12M | +0.01B | 94.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| HPQ | $10M | -0.00B | -27.1% |
Top buys this quarter · 15
| HPQ HP Inc. | +$14M |
| CPB Campbell Soup Companynew | +$8M |
| MRK Merck & Co., Inc. | +$1M |
| PFE Pfizer Inc. | +$1M |
| VZ Verizon Communications Inc. | +$1M |
| APA APA Corporation | +$1M |
| CVE Cenovus Energy Inc. | +$1M |
| BMY Bristol-Myers Squibb Company | +$1M |
| CVX Chevron Corporation | +$1M |
| ABEV Ambev S.A. | +$0M |
Top sells this quarter · 15
| NEM Newmont Corporation | −$8M |
| AEM Agnico Eagle Mines Limited | −$7M |
| INTC Intel Corporation | −$19M |
| GILD Gilead Sciences, Inc. | −$13M |
| FHI Federated Hermes, Inc. | −$21M |
| TECK Teck Resources Limited | −$44M |
| PSX Phillips 66 | −$8M |
| DG Dollar General Corporation | −$0M |
| RIG Transocean Ltd. | −$1M |
| BEN Franklin Resources, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $889M | 55 | +42.86% | +17.59% | +25.27% | +0.02B |
| 2025-12-31 | $747M | 52 | +35.52% | +17.72% | +17.80% | +0.00B |
| 2025-09-30 | $696M | 51 | +15.74% | +17.52% | -1.78% | -0.03B |
| 2025-06-30 | $647M | 50 | +8.68% | +14.94% | -6.26% | -0.01B |
| 2025-03-31 | $634M | 50 | +3.56% | +8.30% | -4.75% | -0.02B |
| 2024-12-31 | $599M | 52 | -1.16% | +24.89% | -26.05% | +0.01B |
| 2024-09-30 | $647M | 52 | +12.28% | +36.04% | -23.76% | -0.01B |
| 2024-06-30 | $626M | 52 | +5.19% | +24.49% | -19.31% | +0.00B |
| 2024-03-31 | $637M | 52 | +6.67% | +29.62% | -22.96% | -0.02B |
| 2023-12-31 | $628M | 52 | -1.08% | +26.18% | -27.26% | +0.00B |
| 2023-09-30 | $602M | 52 | +11.80% | +21.57% | -9.76% | +0.01B |
| 2023-06-30 | $600M | 51 | -0.06% | +19.42% | -19.49% | +0.00B |
| 2023-03-31 | $604M | 52 | -9.84% | -7.82% | -2.02% | +0.02B |
| 2022-12-31 | $604M | 53 | +17.32% | +7.56% | +9.76% | -0.01B |
| 2022-09-30 | $526M | 51 | -11.54% | -4.93% | -6.61% | +0.03B |
| 2022-06-30 | $561M | 52 | -10.44% | -16.11% | +5.67% | -0.02B |