Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.63%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.13%
baseline attrition
Rally response
-11.79%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CENXCentury Aluminum Company | $57M | 26.7% | +216.2% | 6.3 yr |
| EROEro Copper Corp. | $27M | 12.8% | +120.0% | 5.0 yr |
| BKEThe Buckle, Inc. | $21M | 9.8% | +43.3% | 4.5 yr |
| — | $11M | 5.3% | — | 1.3 yr |
| EMNEastman Chemical Company | $9M | 4.1% | -9.1% | 0.8 yr |
| PPGPPG Industries, Inc. | $9M | 4.1% | +0.3% | 0.8 yr |
| AAAlcoa Corporation | $9M | 4.0% | +119.9% | 2.5 yr |
| SLBSLB N.V. | $8M | 3.8% | +26.7% | 3.3 yr |
| CECelanese Corporation | $7M | 3.4% | +16.1% | 0.5 yr |
| HUNHuntsman Corporation | $7M | 3.3% | -10.6% | 1.3 yr |
| ANFAbercrombie & Fitch Co. | $6M | 2.9% | +19.6% | 4.0 yr |
| — | $6M | 2.8% | — | 0.5 yr |
| MTArcelorMittal S.A. | $6M | 2.6% | +83.0% | 2.0 yr |
| TROXTronox Holdings plc | $5M | 2.4% | +47.1% | 2.3 yr |
| DKSDICK'S Sporting Goods, I | $4M | 2.1% | +0.1% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Aluminum30.7%+17.1pp$66M
Apparel - Retail14.9%-5.0pp$32M
Chemicals13.2%+3.9pp$28M
Copper12.8%-3.1pp$27M
Unknown8.1%+7.4pp$17M
Chemicals - Specialty4.1%$9M
Oil & Gas Equipment & Services3.8%+2.9pp$8M
Steel2.6%$6M
Oil & Gas Exploration & Production2.2%+0.2pp$5M
Specialty Retail2.1%-8.9pp$4M
Country
US72.3%+12.6pp
CA15.2%-22.9pp
Unknown8.1%+7.4pp
LU2.6%
GR1.3%-0.1pp
BM0.4%
Top 5: 58.7% · Top 10: 77.3% · Top 25: 99.6%
Top buys this quarter · 9
| CENX Century Aluminum Company | +$7M |
| EMN Eastman Chemical Company | +$6M |
| CE Celanese Corporation | +$6M |
| SLB SLB N.V. | +$3M |
| ERO Ero Copper Corp. | +$2M |
| CRC California Resources Corporatinew | +$2M |
| LULU Lululemon Athletica Inc. | +$1M |
| BKE The Buckle, Inc. | +$21M |
| DKS DICK'S Sporting Goods, Inc. | +$0M |
Top sells this quarter · 15
| DHT DHT Holdings, Inc. | −$30M |
| TROX Tronox Holdings plc | −$5M |
| WHR Whirlpool Corporationexit | −$6M |
| BLDR Builders FirstSource, Inc. | −$5M |
| ARCB ArcBest Corporation | −$5M |
| AMR Alpha Metallurgical Resources,exit | −$5M |
| WFG West Fraser Timber Co. Ltd. | −$5M |
| HUN Huntsman Corporation | −$4M |
| RIO Rio Tinto Groupexit | −$4M |
| APA APA Corporation | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $215M | 26 | +88.61% | +17.59% | +71.02% | +0.01B |
| 2025-12-31 | $155M | 22 | +23.28% | +17.72% | +5.56% | -0.03B |
| 2025-09-30 | $158M | 19 | +4.80% | +17.52% | -12.72% | -0.04B |
| 2025-06-30 | $169M | 25 | -1.31% | +14.94% | -16.26% | +0.03B |
| 2025-03-31 | $127M | 18 | -4.31% | +8.30% | -12.61% | +0.02B |
| 2024-12-31 | $124M | 14 | +19.92% | +24.89% | -4.96% | -0.04B |
| 2024-09-30 | $165M | 16 | +1.81% | +36.04% | -34.23% | +0.05B |
| 2024-06-30 | $111M | 15 | -8.40% | +24.49% | -32.90% | -0.00B |
| 2024-03-31 | $111M | 18 | -8.48% | +29.62% | -38.11% | +0.01B |
| 2023-12-31 | $92M | 15 | -8.41% | +26.18% | -34.59% | -0.00B |
| 2023-09-30 | $114M | 18 | +24.90% | +21.57% | +3.33% | +0.01B |
| 2023-06-30 | $111M | 15 | +16.57% | +19.42% | -2.86% | -0.01B |
| 2023-03-31 | $117M | 20 | -5.53% | -7.82% | +2.29% | -0.07B |
| 2022-12-31 | $173M | 26 | +15.88% | +7.56% | +8.32% | +0.01B |
| 2022-09-30 | $137M | 24 | -9.43% | -4.93% | -4.50% | +0.04B |
| 2022-06-30 | $105M | 18 | -17.03% | -16.11% | -0.92% | -0.83B |