Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.90%
adds when stocks drop
when a holding falls −10%+
Middle response
+5.29%
steady accumulation
Rally response
-1.02%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EQNREquinor ASA | $3.95B | 70.0% | +68.1% | 8.0 yr |
| — | $435M | 7.7% | — | 2.0 yr |
| — | $374M | 6.6% | — | 9.8 yr |
| NVONovo Nordisk A/S | $334M | 5.9% | -46.7% | 10.3 yr |
| — | $218M | 3.9% | — | 2.0 yr |
| — | $165M | 2.9% | — | 2.0 yr |
| NOKNokia Oyj | $108M | 1.9% | +57.0% | 10.3 yr |
| EURNEuronav N.V. | $35M | 0.6% | — | 0.8 yr |
| — | $8M | 0.2% | — | 0.5 yr |
| TRMDTORM plc | $8M | 0.1% | +86.1% | 0.8 yr |
| GMABGenmab A/S | $4M | 0.1% | +37.0% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Integrated70.0%+5.3pp$3.95B
Unknown21.3%+3.9pp$1.20B
Biotechnology6.0%-8.8pp$338M
Communication Equipment1.9%+0.7pp$108M
Oil & Gas Midstream0.8%+0.3pp$43M
Country
NO70.0%+5.3pp
Unknown21.3%+3.9pp
DK6.0%-8.8pp
FI1.9%+0.7pp
BE0.6%
GB0.1%
Top 5: 94.2% · Top 10: 99.9% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EQNR | $2.91B | +1.88B | 68.1% |
| NOK | $54M | +0.03B | 57.0% |
| GMAB | $3M | +0.00B | 37.0% |
| NVO | $661M | -0.31B | -46.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVO | $661M | -0.31B | -46.7% |
Top buys this quarter · 3
| — | +$0M |
| — | +$0M |
| TRMD TORM plc | +$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.64B | 11 | +44.68% | +17.59% | +27.09% | -1.25B |
| 2025-12-31 | $4.30B | 11 | -3.04% | +17.72% | -20.76% | +0.11B |
| 2025-09-30 | $4.28B | 10 | -11.46% | +17.52% | -28.97% | +0.01B |
| 2025-06-30 | $4.49B | 10 | -17.02% | +14.94% | -31.96% | +0.12B |
| 2025-03-31 | $4.49B | 10 | -6.78% | +8.30% | -15.08% | -0.29B |
| 2024-12-31 | $4.45B | 11 | -15.60% | +24.89% | -40.49% | -0.10B |
| 2024-09-30 | $5.09B | 12 | -3.65% | +36.04% | -39.69% | +0.05B |
| 2024-06-30 | $5.66B | 13 | +23.79% | +24.49% | -0.70% | +0.63B |
| 2024-03-31 | $4.61B | 11 | +18.85% | +29.62% | -10.77% | -0.16B |
| 2023-12-31 | $4.91B | 10 | +5.18% | +26.18% | -21.00% | -0.01B |
| 2023-09-30 | $4.83B | 10 | +15.42% | +21.57% | -6.15% | -0.17B |
| 2023-06-30 | $4.37B | 10 | -3.66% | +19.42% | -23.08% | -0.05B |
| 2023-03-31 | $4.21B | 10 | -13.77% | -7.82% | -5.95% | +0.16B |
| 2022-12-31 | $4.72B | 10 | +11.93% | +7.56% | +4.37% | -0.28B |
| 2022-09-30 | $4.46B | 10 | -4.48% | -4.93% | +0.45% | -0.09B |
| 2022-06-30 | $4.76B | 10 | -6.20% | -16.11% | +9.91% | +4.65B |