Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.28%
baseline attrition
Rally response
-2.70%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TRGPTarga Resources Corp. | $889M | 9.3% | +28.0% | 10.5 yr |
| WMBThe Williams Companies, | $837M | 8.7% | +25.8% | 10.5 yr |
| ETEnergy Transfer LP | $762M | 7.9% | +12.1% | 10.5 yr |
| MPLXMPLX Lp | $757M | 7.9% | +15.4% | 10.5 yr |
| LNGCheniere Energy, Inc. | $726M | 7.6% | +23.8% | 10.5 yr |
| EPDEnterprise Products Part | $562M | 5.9% | +18.7% | 10.5 yr |
| OKEONEOK, Inc. | $551M | 5.7% | -3.8% | 10.5 yr |
| TRPTC Energy Corporation | $501M | 5.2% | +37.4% | 7.0 yr |
| DTMDT Midstream, Inc. | $405M | 4.2% | +43.6% | 4.8 yr |
| ENBEnbridge Inc. | $363M | 3.8% | +29.3% | 10.5 yr |
| WESWestern Midstream Partne | $361M | 3.8% | +10.3% | 7.3 yr |
| PAGPPlains GP Holdings, L.P. | $286M | 3.0% | +23.4% | 9.5 yr |
| KMIKinder Morgan, Inc. | $263M | 2.7% | +22.6% | 10.5 yr |
| AMAntero Midstream Corpora | $254M | 2.7% | +33.3% | 7.3 yr |
| PAAPlains All American Pipe | $241M | 2.5% | +21.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream85.4%-5.9pp$8.20B
Regulated Electric2.7%+1.5pp$262M
Renewable Utilities2.7%+1.0pp$255M
Independent Power Producers1.8%+1.0pp$174M
Oil & Gas Refining & Marketing1.6%+0.5pp$150M
Diversified Utilities1.5%+0.3pp$143M
Oil & Gas Exploration & Production1.3%+0.0pp$122M
Oil & Gas Equipment & Services0.6%+0.3pp$59M
Regulated Gas0.3%$32M
Unknown0.3%-0.4pp$32M
Country
US88.5%-0.4pp
CA10.9%+0.5pp
Unknown0.3%-0.4pp
GB0.1%
SG0.1%
AU0.0%
RU0.0%
Top 5: 41.4% · Top 10: 66.2% · Top 25: 91.6%
Top buys this quarter · 15
| LNG Cheniere Energy, Inc. | +$75M |
| CEG Constellation Energy Corporati | +$51M |
| TRGP Targa Resources Corp. | +$40M |
| MPC Marathon Petroleum Corporation | +$35M |
| VLO Valero Energy Corporation | +$34M |
| OKE ONEOK, Inc. | +$28M |
| PAA Plains All American Pipeline, | +$28M |
| EPD Enterprise Products Partners L | +$22M |
| ET Energy Transfer LP | +$15M |
| CVX Chevron Corporation | +$12M |
Top sells this quarter · 15
| TRP TC Energy Corporation | −$74M |
| SRE Sempra | −$46M |
| KMI Kinder Morgan, Inc. | −$252M |
| XOM Exxon Mobil Corporationexit | −$23M |
| ENB Enbridge Inc. | −$338M |
| EXE Expand Energy Corporation | −$14M |
| EVRG Evergy, Inc. | −$99M |
| FSLR First Solar, Inc.exit | −$6M |
| AM Antero Midstream Corporation | −$203M |
| PSX Phillips 66 | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.60B | 90 | +19.01% | +17.59% | +1.42% | +0.15B |
| 2025-12-31 | $7.86B | 84 | +6.71% | +17.72% | -11.00% | +0.09B |
| 2025-09-30 | $7.75B | 82 | +18.38% | +17.52% | +0.87% | +0.04B |
| 2025-06-30 | $7.67B | 55 | +26.58% | +14.94% | +11.63% | -0.45B |
| 2025-03-31 | $8.27B | 51 | +37.56% | +8.30% | +29.26% | -0.15B |
| 2024-12-31 | $7.81B | 50 | +42.94% | +24.89% | +18.06% | -0.82B |
| 2024-09-30 | $7.76B | 84 | +35.75% | +36.04% | -0.29% | -0.37B |
| 2024-06-30 | $7.56B | 81 | +31.49% | +24.49% | +7.00% | -0.08B |
| 2024-03-31 | $7.16B | 84 | +26.62% | +29.62% | -3.00% | -0.10B |
| 2023-12-31 | $6.48B | 97 | +10.88% | +26.18% | -15.30% | -0.45B |
| 2023-09-30 | $6.56B | 95 | +11.37% | +21.57% | -10.20% | -0.27B |
| 2023-06-30 | $6.56B | 101 | +14.83% | +19.42% | -4.60% | -0.28B |
| 2023-03-31 | $6.65B | 103 | -0.90% | -7.82% | +6.92% | +0.12B |
| 2022-12-31 | $6.66B | 107 | +6.03% | +7.56% | -1.53% | -0.06B |
| 2022-09-30 | $6.34B | 115 | +7.48% | -4.93% | +12.41% | -0.54B |
| 2022-06-30 | $6.40B | 138 | -11.35% | -16.11% | +4.76% | -0.28B |