Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.07%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.54%
steady accumulation
Rally response
-14.42%
trims into rallies
when a holding rises +10%+
Top positions · 29
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PHYSSprott Physical Gold Tru | $16M | 10.3% | — | 6.0 yr |
| SGOLabrdn Physical Gold Shar | $14M | 9.4% | — | 5.5 yr |
| ALSNAllison Transmission Hol | $13M | 8.5% | +23.8% | 1.0 yr |
| VNOMViper Energy, Inc. | $12M | 7.8% | — | 0.8 yr |
| ANAutoNation, Inc. | $11M | 7.1% | +20.6% | 2.3 yr |
| NENoble Corporation Plc | $10M | 6.6% | +124.7% | 3.5 yr |
| RRCRange Resources Corporat | $10M | 6.3% | +14.2% | 1.0 yr |
| NRPNatural Resource Partner | $9M | 6.0% | +20.0% | 1.5 yr |
| DHID.R. Horton, Inc. | $9M | 5.8% | +9.2% | 1.0 yr |
| BLDRBuilders FirstSource, In | $9M | 5.6% | -34.1% | 2.5 yr |
| MOHMolina Healthcare, Inc. | $7M | 4.4% | -59.5% | 0.3 yr |
| AGMFederal Agricultural Mor | $6M | 4.1% | -18.1% | 0.3 yr |
| HPHelmerich & Payne, Inc. | $4M | 2.8% | +44.1% | 0.8 yr |
| ARAntero Resources Corpora | $4M | 2.7% | +4.9% | 9.3 yr |
| TFPM.TOTriple Flag Precious Met | $3M | 2.0% | +76.9% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management21.3%-7.0pp$33M
Oil & Gas Midstream10.3%+9.5pp$16M
Oil & Gas Drilling9.3%+1.8pp$14M
Oil & Gas Exploration & Production9.0%-0.2pp$14M
Auto - Dealerships8.6%-0.7pp$13M
Auto - Parts8.5%$13M
Coal6.0%+1.5pp$9M
Residential Construction5.8%$9M
Construction5.6%-0.9pp$9M
Medical - Healthcare Plans4.4%$7M
Country
US84.3%+12.0pp
CA13.6%-1.4pp
Unknown1.5%-10.3pp
BM0.5%-0.3pp
Top 5: 43.0% · Top 10: 73.2% · Top 25: 99.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NE | $5M | +0.01B | 124.7% |
| AN | $8M | +0.00B | 20.6% |
| VAL | $1M | +0.00B | 149.7% |
| TFPM.TO | $1M | +0.00B | 76.9% |
| OPLN | $2M | +0.00B | 51.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BLDR | $7M | -0.00B | -34.1% |
Top buys this quarter · 15
| RRC Range Resources Corporation | +$7M |
| MOH Molina Healthcare, Inc.new | +$7M |
| AGM Federal Agricultural Mortgage new | +$6M |
| AN AutoNation, Inc. | +$2M |
| BLDR Builders FirstSource, Inc. | +$9M |
| NRP Natural Resource Partners L.P. | +$1M |
| OPLN OPENLANE, Inc. | +$1M |
| TFPM.TO Triple Flag Precious Metals Co | +$1M |
| DHI D.R. Horton, Inc. | +$1M |
| CMP Compass Minerals International | +$1M |
Top sells this quarter · 11
| ALGT Allegiant Travel Companyexit | −$10M |
| EOG EOG Resources, Inc.exit | −$6M |
| VAL Valaris Limited | −$2M |
| NE Noble Corporation Plc | −$7M |
| CALM Cal-Maine Foods, Inc. | −$1M |
| DVA DaVita Inc. | −$1M |
| SGOL abrdn Physical Gold Shares ETF | −$0M |
| PHYS Sprott Physical Gold Trust | −$15M |
| PSLV Sprott Physical Silver Trust | −$0M |
| — | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $155M | 29 | +40.34% | +17.59% | +22.75% | +0.01B |
| 2025-12-31 | $132M | 23 | +11.08% | +17.72% | -6.64% | -0.01B |
| 2025-09-30 | $134M | 26 | +18.62% | +17.52% | +1.11% | +0.00B |
| 2025-06-30 | $120M | 27 | +9.59% | +14.94% | -5.35% | +0.00B |
| 2025-03-31 | $106M | 30 | -11.33% | +8.30% | -19.63% | +0.03B |
| 2024-12-31 | $87M | 29 | +9.72% | +24.89% | -15.16% | -0.02B |
| 2024-09-30 | $95M | 25 | -0.91% | +36.04% | -36.94% | -0.00B |
| 2024-06-30 | $95M | 26 | +2.18% | +24.49% | -22.32% | +0.01B |
| 2024-03-31 | $96M | 21 | +23.23% | +29.62% | -6.40% | -0.01B |
| 2023-12-31 | $98M | 17 | +5.41% | +26.18% | -20.77% | -0.01B |
| 2023-09-30 | $106M | 14 | +20.75% | +21.57% | -0.82% | -0.01B |
| 2023-06-30 | $109M | 14 | +10.04% | +19.42% | -9.38% | -0.01B |
| 2023-03-31 | $110M | 23 | -16.72% | -7.82% | -8.90% | -0.00B |
| 2022-12-31 | $119M | 29 | +13.87% | +7.56% | +6.31% | -0.01B |
| 2022-09-30 | $112M | 28 | -5.63% | -4.93% | -0.70% | +0.00B |
| 2022-06-30 | $115M | 22 | -16.73% | -16.11% | -0.62% | -0.02B |