Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.90%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.27%
baseline attrition
Rally response
-3.05%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYRoyal Bank of Canada | $275M | 7.3% | +48.2% | 10.5 yr |
| CNQCanadian Natural Resourc | $168M | 4.4% | +66.0% | 10.5 yr |
| AEMAgnico Eagle Mines Limit | $166M | 4.4% | +89.2% | 10.5 yr |
| TDThe Toronto-Dominion Ban | $121M | 3.2% | +60.9% | 10.5 yr |
| SUSuncor Energy Inc. | $118M | 3.1% | +77.6% | 10.5 yr |
| BNBrookfield Corporation | $111M | 2.9% | +16.5% | 3.5 yr |
| GIBCGI Inc. | $104M | 2.7% | -26.4% | 7.3 yr |
| OTEXOpen Text Corporation | $102M | 2.7% | -8.7% | 10.5 yr |
| — | $96M | 2.5% | — | 3.0 yr |
| BMOBank of Montreal | $92M | 2.4% | +47.5% | 10.5 yr |
| MDAMDA Space Ltd | $90M | 2.4% | — | 0.3 yr |
| AAPLApple Inc. | $85M | 2.2% | +14.7% | 10.5 yr |
| — | $78M | 2.1% | — | 0.5 yr |
| CMCanadian Imperial Bank o | $78M | 2.1% | +73.0% | 10.5 yr |
| QSRRestaurant Brands Intern | $72M | 1.9% | +15.1% | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified16.4%-3.8pp$618M
Gold6.6%+1.0pp$250M
Unknown5.7%+1.5pp$216M
Oil & Gas Integrated5.7%+0.8pp$214M
Software - Application5.0%+0.2pp$189M
Oil & Gas Exploration & Production4.4%+1.1pp$168M
Oil & Gas Midstream4.4%-0.1pp$165M
Semiconductors4.2%+1.3pp$160M
Restaurants3.7%-0.8pp$140M
Drug Manufacturers - General3.3%+1.2pp$126M
Country
CA57.7%-1.3pp
US30.4%+0.4pp
Unknown5.7%+1.5pp
GB1.7%+0.4pp
FR1.5%+0.4pp
NL1.4%+0.4pp
BM0.7%-0.1pp
IN0.4%-0.2pp
Top 5: 22.4% · Top 10: 35.8% · Top 25: 62.6%
Top buys this quarter · 15
| MDA MDA Space Ltdnew | +$90M |
| SHOP Shopify Inc. | +$57M |
| AZN AstraZeneca PLCnew | +$34M |
| OTEX Open Text Corporation | +$102M |
| APH Amphenol Corporation | +$14M |
| AAPL Apple Inc. | +$13M |
| AVGO Broadcom Inc. | +$13M |
| NVDA NVIDIA Corporation | +$11M |
| MSFT Microsoft Corporation | +$65M |
| VST Vistra Corp. | +$10M |
Top sells this quarter · 15
| AEM Agnico Eagle Mines Limited | −$42M |
| TU TELUS Corporation | −$33M |
| ADI Analog Devices, Inc. | −$26M |
| NTR Nutrien Ltd. | −$17M |
| SU Suncor Energy Inc. | −$88M |
| CM Canadian Imperial Bank of Comm | −$11M |
| RY Royal Bank of Canada | −$10M |
| ENB Enbridge Inc. | −$64M |
| CCJ Cameco Corporationexit | −$4M |
| TECK Teck Resources Limited | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.78B | 160 | +28.76% | +17.59% | +11.17% | +0.32B |
| 2025-12-31 | $3.37B | 160 | +26.04% | +17.72% | +8.32% | +0.17B |
| 2025-09-30 | $3.10B | 152 | +19.09% | +17.52% | +1.57% | -0.00B |
| 2025-06-30 | $2.83B | 139 | +19.54% | +14.94% | +4.60% | +0.01B |
| 2025-03-31 | $2.54B | 132 | +6.22% | +8.30% | -2.08% | -0.16B |
| 2024-12-31 | $2.69B | 125 | +9.38% | +24.89% | -15.51% | +0.02B |
| 2024-09-30 | $2.73B | 125 | +26.27% | +36.04% | -9.76% | -0.18B |
| 2024-06-30 | $2.65B | 126 | +9.79% | +24.49% | -14.70% | -0.17B |
| 2024-03-31 | $2.87B | 147 | +15.64% | +29.62% | -13.98% | -0.02B |
| 2023-12-31 | $2.79B | 153 | +17.15% | +26.18% | -9.02% | -0.24B |
| 2023-09-30 | $2.69B | 149 | +13.12% | +21.57% | -8.44% | -0.30B |
| 2023-06-30 | $3.12B | 151 | +8.52% | +19.42% | -10.91% | -0.13B |
| 2023-03-31 | $3.14B | 155 | -9.02% | -7.82% | -1.20% | -0.04B |
| 2022-12-31 | $3.03B | 157 | +8.92% | +7.56% | +1.36% | -0.12B |
| 2022-09-30 | $2.90B | 158 | -8.35% | -4.93% | -3.42% | -0.09B |
| 2022-06-30 | $3.26B | 162 | -13.02% | -16.11% | +3.09% | -1.21B |