Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.74%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.15%
baseline attrition
Rally response
-6.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HYGiShares iBoxx $ High Yie | $1.19B | 7.0% | — | 5.8 yr |
| USHYiShares Broad USD High Y | $834M | 4.9% | — | 1.5 yr |
| NVDANVIDIA Corporation | $716M | 4.2% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $606M | 3.6% | +14.7% | 10.5 yr |
| — | $583M | 3.5% | — | 2.5 yr |
| TDThe Toronto-Dominion Ban | $470M | 2.8% | +60.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $465M | 2.8% | -0.6% | 10.5 yr |
| RYRoyal Bank of Canada | $390M | 2.3% | +48.2% | 8.0 yr |
| CNQCanadian Natural Resourc | $381M | 2.3% | +66.0% | 7.5 yr |
| AMZNAmazon.com, Inc. | $362M | 2.1% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $326M | 1.9% | — | 10.5 yr |
| AVGOBroadcom Inc. | $229M | 1.4% | +86.0% | 8.0 yr |
| METAMeta Platforms, Inc. | $215M | 1.3% | -0.4% | 10.5 yr |
| SHOPShopify Inc. | $208M | 1.2% | +24.2% | 7.5 yr |
| GOOGAlphabet Inc. | $192M | 1.1% | +84.3% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management - Bonds12.7%+9.0pp$2.14B
Banks - Diversified8.9%+1.8pp$1.50B
Semiconductors7.7%+0.6pp$1.30B
Unknown5.2%+2.5pp$875M
Asset Management4.6%+2.4pp$781M
Internet Content & Information4.4%-0.5pp$750M
Software - Infrastructure3.8%-2.0pp$650M
Consumer Electronics3.6%-0.9pp$606M
Gold3.3%+1.0pp$566M
Specialty Retail2.7%-1.3pp$454M
Country
US68.4%-8.2pp
CA23.7%+7.1pp
Unknown5.2%+2.5pp
IE0.8%-0.6pp
GB0.5%-0.7pp
BM0.4%+0.0pp
CN0.3%+0.1pp
BR0.2%+0.1pp
Top 5: 23.2% · Top 10: 35.5% · Top 25: 50.8%
Top buys this quarter · 15
| CNQ Canadian Natural Resources Lim | +$300M |
| TD The Toronto-Dominion Bank | +$204M |
| CM Canadian Imperial Bank of Comm | +$74M |
| WPM Wheaton Precious Metals Corp. | +$51M |
| MFC Manulife Financial Corporation | +$41M |
| SPY State Street SPDR S&P 500 ETF | +$39M |
| CCJ Cameco Corporation | +$38M |
| BNS The Bank of Nova Scotia | +$37M |
| AZN AstraZeneca PLCnew | +$28M |
| IMO Imperial Oil Limited | +$23M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$225M |
| AAPL Apple Inc. | −$179M |
| MSFT Microsoft Corporation | −$171M |
| AMZN Amazon.com, Inc. | −$148M |
| META Meta Platforms, Inc. | −$74M |
| WCN Waste Connections, Inc. | −$67M |
| AVGO Broadcom Inc. | −$67M |
| SHOP Shopify Inc. | −$60M |
| FNV Franco-Nevada Corporation | −$57M |
| GOOG Alphabet Inc. | −$56M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $16.89B | 688 | +22.06% | +17.59% | +4.47% | -1.36B |
| 2025-12-31 | $18.92B | 695 | +22.00% | +17.72% | +4.28% | +0.87B |
| 2025-09-30 | $17.46B | 682 | +19.22% | +17.52% | +1.71% | -1.31B |
| 2025-06-30 | $17.19B | 677 | +18.12% | +14.94% | +3.18% | -1.01B |
| 2025-03-31 | $16.24B | 707 | +5.25% | +8.30% | -3.05% | +0.05B |
| 2024-12-31 | $16.78B | 727 | +16.32% | +24.89% | -8.56% | -0.05B |
| 2024-09-30 | $16.66B | 725 | +30.37% | +36.04% | -5.66% | -1.26B |
| 2024-06-30 | $16.57B | 732 | +15.93% | +24.49% | -8.56% | +2.12B |
| 2024-03-31 | $14.47B | 788 | +22.52% | +29.62% | -7.10% | +1.43B |
| 2023-12-31 | $12.24B | 782 | +22.25% | +26.18% | -3.93% | +0.33B |
| 2023-09-30 | $10.52B | 804 | +16.18% | +21.57% | -5.39% | +0.26B |
| 2023-06-30 | $10.67B | 802 | +13.04% | +19.42% | -6.39% | +0.55B |
| 2023-03-31 | $9.59B | 807 | -7.75% | -7.82% | +0.07% | -0.13B |
| 2022-12-31 | $9.14B | 811 | +7.58% | +7.56% | +0.02% | -0.41B |
| 2022-09-30 | $8.87B | 819 | -6.42% | -4.93% | -1.49% | -0.99B |
| 2022-06-30 | $10.54B | 817 | -13.87% | -16.11% | +2.25% | -2.93B |