Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.98%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.52%
baseline attrition
Rally response
-3.40%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $101M | 27.5% | — | 0.8 yr |
| ORLAOrla Mining Ltd. | $100M | 27.2% | +72.7% | 5.3 yr |
| EQXEquinox Gold Corp. | $71M | 19.2% | +110.2% | 1.0 yr |
| AGIAlamos Gold Inc. | $20M | 5.4% | +66.7% | 6.3 yr |
| MTAMetalla Royalty & Stream | $20M | 5.4% | +131.8% | 2.3 yr |
| AEMAgnico Eagle Mines Limit | $16M | 4.4% | +89.2% | 6.3 yr |
| VMETVersamet Royalties Corpo | $13M | 3.6% | — | 0.3 yr |
| BTGB2Gold Corp. | $9M | 2.5% | +62.4% | 6.3 yr |
| NFGCNew Found Gold Corp. | $9M | 2.4% | +61.7% | 0.8 yr |
| — | $7M | 1.9% | — | 3.0 yr |
| OUNZVanEck Merk Gold ETF | $2M | 0.4% | — | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Gold61.1%-3.9pp$225M
Unknown29.4%+20.1pp$108M
Other Precious Metals5.4%+0.7pp$20M
Asset Management4.0%+3.8pp$15M
Country
CA70.2%-14.3pp
Unknown29.4%+20.1pp
US0.4%+0.2pp
Top 5: 84.8% · Top 10: 99.6% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ORLA | $58M | +0.04B | 72.7% |
| AGI | $27M | +0.02B | 66.7% |
| AEM | $18M | +0.02B | 89.2% |
| MTA | $9M | +0.01B | 131.8% |
| BTG | $6M | +0.00B | 62.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top sells this quarter · 1
| — | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $368M | 11 | +131.78% | +17.59% | +114.19% | -0.02B |
| 2025-12-31 | $361M | 10 | +227.69% | +17.72% | +209.98% | -0.02B |
| 2025-09-30 | $325M | 11 | +194.50% | +17.52% | +176.98% | -0.05B |
| 2025-06-30 | $246M | 11 | +124.14% | +14.94% | +109.20% | +0.02B |
| 2025-03-31 | $183M | 10 | +89.95% | +8.30% | +81.65% | +0.04B |
| 2024-12-31 | $97M | 10 | +30.30% | +24.89% | +5.41% | -0.01B |
| 2024-09-30 | $106M | 11 | +26.05% | +36.04% | -9.98% | +0.00B |
| 2024-06-30 | $90M | 12 | -3.33% | +24.49% | -27.82% | -0.00B |
| 2024-03-31 | $90M | 13 | -12.99% | +29.62% | -42.62% | -0.01B |
| 2023-12-31 | $94M | 14 | -6.65% | +26.18% | -32.83% | +0.00B |
| 2023-09-30 | $89M | 14 | +12.74% | +21.57% | -8.83% | -0.00B |
| 2023-06-30 | $106M | 13 | +6.76% | +19.42% | -12.66% | -0.00B |
| 2023-03-31 | $115M | 15 | -18.09% | -7.82% | -10.27% | -0.01B |
| 2022-12-31 | $110M | 15 | +23.67% | +7.56% | +16.11% | -0.02B |
| 2022-09-30 | $102M | 15 | -16.78% | -4.93% | -11.86% | +0.04B |
| 2022-06-30 | $76M | 12 | -28.42% | -16.11% | -12.31% | -0.05B |