Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.94%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.94%
baseline attrition
Rally response
-4.37%
trims into rallies
when a holding rises +10%+
Top positions · 19
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PHYSSprott Physical Gold Tru | $51M | 33.7% | — | 10.3 yr |
| GDXVanEck Gold Miners ETF | $25M | 16.7% | — | 7.5 yr |
| NEMNewmont Corporation | $21M | 13.8% | +127.1% | 7.5 yr |
| FNVFranco-Nevada Corporatio | $20M | 13.2% | +58.0% | 7.5 yr |
| SLViShares Silver Trust | $14M | 9.5% | — | 0.5 yr |
| PSLVSprott Physical Silver T | $9M | 6.2% | — | 0.8 yr |
| VYMIVanguard International H | $2M | 1.2% | — | 4.3 yr |
| VBRVanguard Small-Cap Value | $1M | 1.0% | — | 4.3 yr |
| CSCOCisco Systems, Inc. | $1M | 0.6% | +28.1% | 3.5 yr |
| DLRDigital Realty Trust, In | $1M | 0.6% | +29.4% | 3.3 yr |
| ENBEnbridge Inc. | $1M | 0.6% | +29.3% | 4.3 yr |
| BIPCBrookfield Infrastructur | $1M | 0.5% | +13.7% | 1.5 yr |
| ABBVAbbVie Inc. | $1M | 0.5% | +7.3% | 4.3 yr |
| JOEThe St. Joe Company | $1M | 0.5% | +35.3% | 5.5 yr |
| FHNFirst Horizon Corporatio | $1M | 0.4% | +20.6% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management68.3%+30.6pp$104M
Gold27.1%+10.4pp$41M
REIT - Specialty0.8%-2.1pp$1M
Oil & Gas Midstream0.7%+0.2pp$1M
Communication Equipment0.6%-0.0pp$1M
Regulated Gas0.5%-0.0pp$1M
Drug Manufacturers - General0.5%-0.1pp$1M
Real Estate - Diversified0.5%-2.3pp$1M
Banks - Regional0.4%-10.0pp$1M
Chemicals0.3%-1.8pp$0M
Country
CA53.7%+17.5pp
US46.3%-16.0pp
Top 5: 87.0% · Top 10: 96.6% · Top 25: 100.0%
Top buys this quarter · 1
| EPD Enterprise Products Partners Lnew | +$0M |
Top sells this quarter · 15
| ECVT Ecovyst Inc.exit | −$5M |
| JOE The St. Joe Company | −$4M |
| HUN Huntsman Corporation | −$3M |
| HWC Hancock Whitney Corporationexit | −$3M |
| DLR Digital Realty Trust, Inc. | −$3M |
| MSFT Microsoft Corporationexit | −$3M |
| HQY HealthEquity, Inc.exit | −$2M |
| PNFP Pinnacle Financial Partners, Iexit | −$2M |
| OBK Origin Bancorp, Inc.exit | −$2M |
| AUB Atlantic Union Bankshares Corpexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $152M | 19 | +33.50% | +17.59% | +15.91% | -0.06B |
| 2025-12-31 | $196M | 35 | +25.96% | +17.72% | +8.24% | +0.02B |
| 2025-09-30 | $170M | 37 | +20.11% | +17.52% | +2.59% | +0.01B |
| 2025-06-30 | $141M | 36 | +14.68% | +14.94% | -0.26% | -0.00B |
| 2025-03-31 | $134M | 38 | +7.04% | +8.30% | -1.26% | +0.00B |
| 2024-12-31 | $129M | 39 | +5.80% | +24.89% | -19.09% | -0.00B |
| 2024-09-30 | $132M | 41 | +25.31% | +36.04% | -10.73% | +0.00B |
| 2024-06-30 | $121M | 39 | +19.74% | +24.49% | -4.76% | +0.00B |
| 2024-03-31 | $116M | 38 | +8.04% | +29.62% | -21.58% | -0.08B |
| 2023-12-31 | $191M | 45 | -3.00% | +26.18% | -29.18% | -0.03B |
| 2023-09-30 | $193M | 45 | -13.25% | +21.57% | -34.82% | -0.02B |
| 2023-06-30 | $211M | 47 | -15.18% | +19.42% | -34.60% | +0.00B |
| 2023-03-31 | $230M | 46 | -17.79% | -7.82% | -9.97% | +0.02B |
| 2022-12-31 | $237M | 44 | +4.72% | +7.56% | -2.84% | -0.01B |
| 2022-09-30 | $234M | 45 | -1.13% | -4.93% | +3.80% | -0.00B |
| 2022-06-30 | $241M | 43 | -11.46% | -16.11% | +4.65% | -0.09B |