Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.12%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.51%
baseline attrition
Rally response
-2.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $442M | 15.6% | — | 10.5 yr |
| — | $299M | 10.6% | — | 10.5 yr |
| — | $298M | 10.5% | — | 10.5 yr |
| WESWestern Midstream Partne | $230M | 8.1% | +10.3% | 7.3 yr |
| WMBThe Williams Companies, | $219M | 7.7% | +25.8% | 10.5 yr |
| OKEONEOK, Inc. | $212M | 7.5% | -3.8% | 6.5 yr |
| — | $211M | 7.4% | — | 9.5 yr |
| — | $207M | 7.3% | — | 6.0 yr |
| EPDEnterprise Products Part | $182M | 6.4% | +18.7% | 10.5 yr |
| PAAPlains All American Pipe | $59M | 2.1% | +21.8% | 10.5 yr |
| — | $53M | 1.9% | — | 3.3 yr |
| PSXPhillips 66 | $49M | 1.7% | +53.0% | 4.3 yr |
| GELGenesis Energy, L.P. | $48M | 1.7% | +18.6% | 10.5 yr |
| AAPLApple Inc. | $32M | 1.1% | +14.7% | 10.5 yr |
| — | $31M | 1.1% | — | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown61.2%+2.9pp$1.73B
Oil & Gas Midstream33.6%-4.0pp$951M
Oil & Gas Refining & Marketing1.8%+1.1pp$50M
Consumer Electronics1.1%+0.0pp$32M
Specialty Retail0.5%-0.0pp$13M
Discount Stores0.4%+0.1pp$11M
Software - Infrastructure0.4%-0.0pp$10M
Drug Manufacturers - General0.2%+0.1pp$5M
Beverages - Non-Alcoholic0.1%-0.0pp$4M
Banks - Regional0.1%+0.0pp$3M
Country
Unknown61.2%+2.9pp
US38.7%-2.9pp
CA0.1%-0.0pp
Top 5: 52.6% · Top 10: 83.4% · Top 25: 96.0%
Top buys this quarter · 15
| PSX Phillips 66 | +$23M |
| JNJ Johnson & Johnson | +$1M |
| HBAN Huntington Bancshares Incorpornew | +$0M |
| MSFT Microsoft Corporation | +$10M |
| AMZN Amazon.com, Inc. | +$7M |
| PEP PepsiCo, Inc. | +$0M |
| AXP American Express Company | +$0M |
| — | +$8M |
| — | +$2M |
| — | +$0M |
Top sells this quarter · 15
| OKE ONEOK, Inc. | −$199M |
| HESM Hess Midstream LP | −$4M |
| WMB The Williams Companies, Inc. | −$183M |
| WES Western Midstream Partners, LP | −$223M |
| GEL Genesis Energy, L.P. | −$44M |
| PAA Plains All American Pipeline, | −$49M |
| AAPL Apple Inc. | −$0M |
| EPD Enterprise Products Partners L | −$154M |
| WMT Walmart Inc. | −$10M |
| NKE NIKE, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.83B | 95 | +14.69% | +17.59% | -2.90% | +0.00B |
| 2025-12-31 | $2.43B | 93 | +7.18% | +17.72% | -10.54% | -0.05B |
| 2025-09-30 | $2.45B | 93 | +11.74% | +17.52% | -5.78% | -0.10B |
| 2025-06-30 | $2.52B | 95 | +13.92% | +14.94% | -1.02% | +0.01B |
| 2025-03-31 | $2.60B | 94 | +27.33% | +8.30% | +19.03% | -0.09B |
| 2024-12-31 | $2.47B | 96 | +34.44% | +24.89% | +9.55% | +0.01B |
| 2024-09-30 | $2.34B | 100 | +36.57% | +36.04% | +0.53% | +0.01B |
| 2024-06-30 | $2.25B | 98 | +40.81% | +24.49% | +16.32% | -0.00B |
| 2024-03-31 | $2.09B | 96 | +35.84% | +29.62% | +6.21% | -0.10B |
| 2023-12-31 | $1.91B | 90 | +22.68% | +26.18% | -3.49% | -0.10B |
| 2023-09-30 | $1.87B | 83 | +26.59% | +21.57% | +5.02% | -0.05B |
| 2023-06-30 | $1.81B | 83 | +22.15% | +19.42% | +2.73% | -0.14B |
| 2023-03-31 | $1.88B | 83 | +9.50% | -7.82% | +17.32% | -0.08B |
| 2022-12-31 | $1.89B | 83 | +10.46% | +7.56% | +2.90% | -0.28B |
| 2022-09-30 | $1.97B | 80 | +2.46% | -4.93% | +7.39% | -0.03B |
| 2022-06-30 | $1.95B | 81 | -6.71% | -16.11% | +9.40% | -0.17B |