Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+11.03%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.66%
steady accumulation
Rally response
+6.03%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BHVNBiohaven Ltd. | $20M | 10.9% | -64.8% | 8.8 yr |
| PHYSSprott Physical Gold Tru | $14M | 7.6% | — | 0.3 yr |
| RGLDRoyal Gold, Inc. | $13M | 7.5% | +56.8% | 2.8 yr |
| MGTXMeiraGTx Holdings plc | $11M | 6.0% | +27.7% | 1.8 yr |
| AEMAgnico Eagle Mines Limit | $11M | 5.9% | +89.2% | 5.0 yr |
| KGCKinross Gold Corporation | $10M | 5.4% | +143.6% | 2.8 yr |
| ALDXAldeyra Therapeutics, In | $9M | 5.1% | -70.6% | 10.3 yr |
| SASeabridge Gold Inc. | $9M | 5.0% | +142.8% | 5.8 yr |
| FNVFranco-Nevada Corporatio | $8M | 4.4% | +58.0% | 5.3 yr |
| SSRMSSR Mining Inc. | $7M | 4.0% | +193.1% | 0.5 yr |
| ELTXElicio Therapeutics, Inc | $7M | 3.7% | +73.5% | 1.3 yr |
| ENTXEntera Bio Ltd. | $6M | 3.6% | -34.7% | 7.5 yr |
| NUVBNuvation Bio Inc. | $6M | 3.6% | +143.8% | 1.3 yr |
| CGAUCenterra Gold Inc. | $6M | 3.5% | +186.0% | 0.8 yr |
| PAASPan American Silver Corp | $5M | 3.0% | +114.7% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Gold39.2%+18.3pp$71M
Biotechnology37.3%-21.5pp$67M
Asset Management11.9%+3.5pp$21M
Other Precious Metals5.3%+5.0pp$10M
Silver3.0%+1.3pp$5M
Tobacco0.9%-0.1pp$2M
Unknown0.8%+0.4pp$1M
Aerospace & Defense0.8%+0.1pp$1M
Consulting Services0.6%-0.3pp$1M
Drug Manufacturers - Specialty & Generic0.1%-3.0pp$0M
Country
US49.7%-15.2pp
CA45.8%+21.9pp
IL3.6%-2.9pp
Unknown0.8%+0.4pp
NL0.0%
Top 5: 38.0% · Top 10: 61.9% · Top 25: 95.8%
Top buys this quarter · 10
| 0H7R.L Abeona Therapeutics Inc. | +$0M |
| — new | +$0M |
| PHYS Sprott Physical Gold Trustnew | +$0M |
| PSLV Sprott Physical Silver Trustnew | +$0M |
| — new | +$0M |
| GROY Gold Royalty Corp.new | +$4M |
| TFPM.TO Triple Flag Precious Metals Co | +$3M |
| FNV Franco-Nevada Corporation | +$2M |
| VMET Versamet Royalties Corporationnew | +$1M |
| PHAR Pharming Group N.V.new | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $180M | 36 | +3.83% | +17.59% | -13.76% | -0.01B |
| 2025-12-31 | $218M | 33 | +17.81% | +17.72% | +0.09% | +0.02B |
| 2025-09-30 | $187M | 38 | +4.00% | +17.52% | -13.52% | +0.01B |
| 2025-06-30 | $140M | 36 | +4.84% | +14.94% | -10.10% | -0.00B |
| 2025-03-31 | $154M | 36 | +1.04% | +8.30% | -7.27% | +0.00B |
| 2024-12-31 | $155M | 35 | +20.84% | +24.89% | -4.05% | -0.04B |
| 2024-09-30 | $207M | 35 | +37.39% | +36.04% | +1.35% | +0.02B |
| 2024-06-30 | $148M | 35 | -4.74% | +24.49% | -29.24% | +0.01B |
| 2024-03-31 | $161M | 34 | +9.83% | +29.62% | -19.79% | +0.02B |
| 2023-12-31 | $121M | 32 | +6.62% | +26.18% | -19.56% | +0.02B |
| 2023-09-30 | $96M | 36 | +14.38% | +21.57% | -7.18% | +0.02B |
| 2023-06-30 | $81M | 25 | -2.90% | +19.42% | -22.33% | +0.02B |
| 2023-03-31 | $60M | 24 | -46.27% | -7.82% | -38.45% | +0.01B |
| 2022-12-31 | $44M | 20 | +12.39% | +7.56% | +4.83% | -0.15B |
| 2022-09-30 | $171M | 32 | -23.98% | -4.93% | -19.05% | +0.04B |
| 2022-06-30 | $175M | 41 | -43.87% | -16.11% | -27.76% | +0.09B |