Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.70%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.37%
baseline attrition
Rally response
-8.91%
trims into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMAntero Midstream Corpora | $35M | 9.6% | +33.3% | 6.0 yr |
| KMIKinder Morgan, Inc. | $29M | 8.0% | +22.6% | 3.8 yr |
| KNTKKinetik Holdings Inc. | $28M | 7.8% | +0.5% | 1.0 yr |
| WMBThe Williams Companies, | $27M | 7.6% | +25.8% | 3.5 yr |
| LNGCheniere Energy, Inc. | $26M | 7.3% | +23.8% | 2.8 yr |
| ETEnergy Transfer LP | $24M | 6.6% | +12.1% | 9.3 yr |
| PAGPPlains GP Holdings, L.P. | $20M | 5.6% | +23.4% | 9.5 yr |
| EPDEnterprise Products Part | $17M | 4.7% | +18.7% | 10.0 yr |
| GELGenesis Energy, L.P. | $15M | 4.3% | +18.6% | 10.5 yr |
| TRGPTarga Resources Corp. | $15M | 4.2% | +28.0% | 10.0 yr |
| — | $13M | 3.7% | — | 0.3 yr |
| WULFTeraWulf Inc. | $13M | 3.6% | +428.6% | 1.3 yr |
| MPLXMPLX Lp | $12M | 3.4% | +15.4% | 6.0 yr |
| ARAntero Resources Corpora | $12M | 3.3% | +4.9% | 5.3 yr |
| DTMDT Midstream, Inc. | $8M | 2.3% | +43.6% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream76.1%-9.8pp$274M
Oil & Gas Exploration & Production12.9%+3.7pp$47M
Financial - Capital Markets6.4%+5.8pp$23M
Unknown4.5%+2.6pp$16M
Country
US95.5%-1.0pp
Unknown4.5%+2.6pp
Top 5: 40.1% · Top 10: 65.7% · Top 25: 98.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AM | $40M | +0.01B | 33.3% |
| LNG | $41M | +0.01B | 23.8% |
| WMB | $34M | +0.01B | 25.8% |
| GEL | $39M | +0.01B | 18.6% |
| WULF | $2M | +0.01B | 428.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 7
| RIOT Riot Platforms, Inc. | +$5M |
| CIFR Cipher Mining Inc. | +$2M |
| ET Energy Transfer LP | +$1M |
| MPLX MPLX Lp | +$0M |
| WES Western Midstream Partners, LP | +$0M |
| EXE Expand Energy Corporation | +$0M |
| — new | +$0M |
Top sells this quarter · 15
| LNG Cheniere Energy, Inc. | −$26M |
| WMB The Williams Companies, Inc. | −$8M |
| AR Antero Resources Corporation | −$6M |
| TRGP Targa Resources Corp. | −$15M |
| VST Vistra Corp.exit | −$4M |
| AM Antero Midstream Corporation | −$30M |
| PAGP Plains GP Holdings, L.P. | −$19M |
| KMI Kinder Morgan, Inc. | −$26M |
| CEG Constellation Energy Corporatiexit | −$3M |
| RRC Range Resources Corporation | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $360M | 27 | +25.19% | +17.59% | +7.59% | -0.04B |
| 2025-12-31 | $320M | 28 | +14.79% | +17.72% | -2.93% | -0.10B |
| 2025-09-30 | $422M | 28 | +25.35% | +17.52% | +7.84% | +0.00B |
| 2025-06-30 | $416M | 27 | +25.62% | +14.94% | +10.68% | -0.01B |
| 2025-03-31 | $419M | 28 | +33.03% | +8.30% | +24.73% | -0.02B |
| 2024-12-31 | $389M | 24 | +34.01% | +24.89% | +9.12% | -0.00B |
| 2024-09-30 | $362M | 20 | +29.64% | +36.04% | -6.40% | -0.01B |
| 2024-06-30 | $373M | 24 | +41.32% | +24.49% | +16.83% | -0.03B |
| 2024-03-31 | $377M | 22 | +35.95% | +29.62% | +6.33% | -0.29B |
| 2023-12-31 | $584M | 21 | +22.74% | +26.18% | -3.44% | -0.02B |
| 2023-09-30 | $578M | 20 | +32.93% | +21.57% | +11.37% | -0.02B |
| 2023-06-30 | $547M | 19 | +28.79% | +19.42% | +9.37% | -0.05B |
| 2023-03-31 | $574M | 18 | +9.35% | -7.82% | +17.16% | -0.04B |
| 2022-12-31 | $594M | 18 | +12.77% | +7.56% | +5.21% | -0.02B |
| 2022-09-30 | $541M | 20 | +6.44% | -4.93% | +11.37% | -0.00B |
| 2022-06-30 | $513M | 20 | -12.01% | -16.11% | +4.10% | +0.00B |