Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.35%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.17%
baseline attrition
Rally response
-3.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CDECoeur Mining, Inc. | $33M | 8.0% | +217.1% | 6.3 yr |
| BVNCompañÃa de Minas Buen | $25M | 6.1% | +136.6% | 10.5 yr |
| ADEAAdeia Inc. | $24M | 5.9% | +84.3% | 3.5 yr |
| TMQTrilogy Metals Inc. | $24M | 5.9% | +131.6% | 6.0 yr |
| CIGCompanhia Energética de | $22M | 5.3% | +52.2% | 10.5 yr |
| NOKNokia Oyj | $20M | 4.9% | +57.0% | 7.3 yr |
| SLViShares Silver Trust | $18M | 4.4% | — | 10.5 yr |
| CTVACorteva, Inc. | $18M | 4.3% | +34.3% | 7.0 yr |
| MLPMaui Land & Pineapple Co | $17M | 4.1% | -12.4% | 10.5 yr |
| CWCOConsolidated Water Co. L | $16M | 3.9% | +37.0% | 5.5 yr |
| FCXFreeport-McMoRan Inc. | $13M | 3.1% | +57.4% | 10.5 yr |
| SBSWSibanye Stillwater Limit | $12M | 2.9% | +175.0% | 6.3 yr |
| CLDXCelldex Therapeutics, In | $12M | 2.9% | +74.8% | 7.3 yr |
| NVAXNovavax, Inc. | $11M | 2.8% | +27.0% | 6.5 yr |
| NEMNewmont Corporation | $11M | 2.7% | +127.1% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Gold13.6%+1.0pp$56M
Regulated Water10.6%+3.9pp$44M
Asset Management9.0%-3.4pp$37M
Biotechnology7.7%-1.8pp$31M
Other Precious Metals6.1%+0.9pp$25M
Software - Application5.9%+1.6pp$24M
Industrial Materials5.9%+3.3pp$24M
Diversified Utilities5.3%-0.0pp$22M
Communication Equipment5.1%+0.9pp$21M
Agricultural Inputs4.3%-0.1pp$18M
Country
US67.8%+0.3pp
CA6.5%-4.0pp
PE6.1%+0.9pp
BR5.3%-0.0pp
FI4.9%+0.9pp
KY3.9%-0.0pp
ZA2.9%+0.8pp
Unknown2.4%+0.8pp
Top 5: 31.2% · Top 10: 52.9% · Top 25: 88.9%
Top buys this quarter · 15
| CDE Coeur Mining, Inc. | +$25M |
| WU The Western Union Company | +$6M |
| AWK American Water Works Company, | +$6M |
| GWRS Global Water Resources, Inc. | +$3M |
| MSEX Middlesex Water Company | +$1M |
| MNKD MannKind Corporation | +$8M |
| NOK Nokia Oyj | +$0M |
| WY Weyerhaeuser Company | +$0M |
| MDT Medtronic plc | +$0M |
| SSYS Stratasys Ltd. | +$9M |
Top sells this quarter · 11
| NGD New Gold Inc.exit | −$32M |
| SBSW Sibanye Stillwater Limited | −$7M |
| BVN CompañÃa de Minas Buenaventu | −$23M |
| WBD Warner Bros. Discovery, Inc. | −$3M |
| GLW Corning Incorporated | −$1M |
| NEM Newmont Corporation | −$11M |
| WM Waste Management, Inc. | −$9M |
| MPV Barings Participation Investor | −$4M |
| MCI Barings Corporate Investors | −$0M |
| SLV iShares Silver Trust | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $410M | 45 | +51.92% | +17.59% | +34.33% | -0.01B |
| 2025-12-31 | $409M | 45 | +53.50% | +17.72% | +35.78% | -0.00B |
| 2025-09-30 | $374M | 44 | +28.75% | +17.52% | +11.23% | -0.02B |
| 2025-06-30 | $319M | 44 | +12.84% | +14.94% | -2.10% | -0.01B |
| 2025-03-31 | $304M | 46 | +10.38% | +8.30% | +2.07% | -0.00B |
| 2024-12-31 | $294M | 47 | +11.20% | +24.89% | -13.68% | -0.00B |
| 2024-09-30 | $323M | 47 | +35.14% | +36.04% | -0.89% | -0.02B |
| 2024-06-30 | $319M | 48 | +15.51% | +24.49% | -8.98% | -0.01B |
| 2024-03-31 | $311M | 48 | +11.42% | +29.62% | -18.20% | +0.01B |
| 2023-12-31 | $289M | 47 | +13.17% | +26.18% | -13.01% | -0.00B |
| 2023-09-30 | $259M | 47 | +13.84% | +21.57% | -7.73% | +0.01B |
| 2023-06-30 | $277M | 47 | +17.05% | +19.42% | -2.38% | -0.01B |
| 2023-03-31 | $277M | 51 | -3.96% | -7.82% | +3.86% | -0.01B |
| 2022-12-31 | $267M | 53 | +12.86% | +7.56% | +5.30% | -0.00B |
| 2022-09-30 | $237M | 51 | -5.80% | -4.93% | -0.87% | -0.00B |
| 2022-06-30 | $254M | 52 | -15.65% | -16.11% | +0.46% | +0.01B |