Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.33%
trims when stocks drop
when a holding falls −10%+
Middle response
+1.07%
steady accumulation
Rally response
-2.76%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TRGPTarga Resources Corp. | $164M | 8.1% | +28.0% | 10.5 yr |
| ETEnergy Transfer LP | $154M | 7.7% | +12.1% | 10.5 yr |
| WMBThe Williams Companies, | $124M | 6.2% | +25.8% | 10.3 yr |
| MPLXMPLX Lp | $106M | 5.3% | +15.4% | 10.5 yr |
| DTMDT Midstream, Inc. | $98M | 4.9% | +43.6% | 4.8 yr |
| OKEONEOK, Inc. | $97M | 4.8% | -3.8% | 10.5 yr |
| KMIKinder Morgan, Inc. | $91M | 4.5% | +22.6% | 10.5 yr |
| KNTKKinetik Holdings Inc. | $91M | 4.5% | +0.5% | 3.5 yr |
| PAGPPlains GP Holdings, L.P. | $84M | 4.2% | +23.4% | 9.5 yr |
| TRPTC Energy Corporation | $80M | 4.0% | +37.4% | 7.0 yr |
| LNGCheniere Energy, Inc. | $79M | 4.0% | +23.8% | 10.5 yr |
| WESWestern Midstream Partne | $69M | 3.4% | +10.3% | 6.5 yr |
| EPDEnterprise Products Part | $66M | 3.3% | +18.7% | 10.5 yr |
| PBAPembina Pipeline Corpora | $61M | 3.0% | +17.8% | 8.3 yr |
| ENBEnbridge Inc. | $54M | 2.7% | +29.3% | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream72.2%-10.7pp$1.45B
Engineering & Construction5.1%+4.4pp$103M
Independent Power Producers4.0%+0.7pp$81M
Oil & Gas Refining & Marketing4.0%+1.8pp$80M
Renewable Utilities2.7%+0.4pp$55M
Software - Infrastructure2.2%+0.7pp$45M
Unknown1.7%+0.7pp$35M
Oil & Gas Exploration & Production1.6%-0.7pp$33M
Regulated Electric1.6%+0.7pp$32M
Oil & Gas Equipment & Services1.1%$22M
Country
US88.2%-0.6pp
CA9.8%-0.3pp
Unknown1.7%+0.7pp
AU0.3%
BM0.0%
Top 5: 32.1% · Top 10: 54.2% · Top 25: 84.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TRGP | $137M | +0.04B | 28.0% |
| DTM | $72M | +0.03B | 43.6% |
| LNG | $125M | +0.03B | 23.8% |
| TRP | $74M | +0.03B | 37.4% |
| WMB | $80M | +0.02B | 25.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| OKE | $113M | -0.00B | -3.8% |
Top buys this quarter · 15
| ENB Enbridge Inc. | +$22M |
| SEI Solaris Energy Infrastructure, | +$18M |
| MPC Marathon Petroleum Corporation | +$15M |
| APC ARKO Petroleum Corp. Class A Cnew | +$13M |
| SUNC SunocoCorp LLCnew | +$12M |
| WMB The Williams Companies, Inc. | +$8M |
| EE Excelerate Energy, Inc. | +$7M |
| DY Dycom Industries, Inc. | +$7M |
| WTTR Select Water Solutions, Inc. | +$6M |
| WES Western Midstream Partners, LP | +$6M |
Top sells this quarter · 15
| STRL Sterling Infrastructure, Inc. | −$2M |
| HESM Hess Midstream LPexit | −$53M |
| GEV GE Vernova Inc. | −$21M |
| OKE ONEOK, Inc. | −$95M |
| FSLR First Solar, Inc.exit | −$13M |
| LNG Cheniere Energy, Inc. | −$63M |
| CVE Cenovus Energy Inc. | −$11M |
| CEG Constellation Energy Corporati | −$9M |
| TLN Talen Energy Corporation | −$9M |
| TRGP Targa Resources Corp. | −$126M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.01B | 64 | +25.44% | +17.59% | +7.85% | -0.08B |
| 2025-12-31 | $1.74B | 60 | +10.64% | +17.72% | -7.08% | -0.01B |
| 2025-09-30 | $1.76B | 59 | +23.39% | +17.52% | +5.88% | +0.07B |
| 2025-06-30 | $1.65B | 60 | +28.88% | +14.94% | +13.93% | -0.02B |
| 2025-03-31 | $1.62B | 60 | +34.30% | +8.30% | +26.00% | +0.03B |
| 2024-12-31 | $1.51B | 64 | +43.22% | +24.89% | +18.33% | +0.00B |
| 2024-09-30 | $1.36B | 62 | +28.21% | +36.04% | -7.82% | +0.00B |
| 2024-06-30 | $1.26B | 57 | -4.94% | +24.49% | -29.43% | -0.00B |
| 2024-03-31 | $1.18B | 56 | -8.64% | +29.62% | -38.26% | -0.04B |
| 2023-12-31 | $1.09B | 56 | -6.51% | +26.18% | -32.69% | +0.11B |
| 2023-09-30 | $987M | 59 | -9.12% | +21.57% | -30.69% | +0.16B |
| 2023-06-30 | $1.03B | 72 | +31.15% | +19.42% | +11.72% | +0.02B |
| 2023-03-31 | $985M | 72 | +13.09% | -7.82% | +20.90% | -0.22B |
| 2022-12-31 | $1.05B | 74 | -3.50% | +7.56% | -11.06% | +0.10B |
| 2022-09-30 | $986M | 73 | +15.00% | -4.93% | +19.93% | -0.13B |
| 2022-06-30 | $971M | 89 | -11.49% | -16.11% | +4.62% | -0.02B |