Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-32.25%
trims when stocks drop
when a holding falls −10%+
Middle response
-15.16%
baseline attrition
Rally response
-13.19%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CCJCameco Corporation | $25M | 7.4% | +164.4% | 2.3 yr |
| CENXCentury Aluminum Company | $22M | 6.7% | +216.2% | 0.5 yr |
| KGSKodiak Gas Services, Inc | $22M | 6.5% | +64.4% | 0.5 yr |
| PWRQuanta Services, Inc. | $19M | 5.9% | +116.2% | 2.3 yr |
| FCXFreeport-McMoRan Inc. | $18M | 5.4% | +57.4% | 2.3 yr |
| BAThe Boeing Company | $16M | 4.8% | +16.7% | 2.5 yr |
| ETEnergy Transfer LP | $16M | 4.7% | +12.1% | 2.3 yr |
| CATCaterpillar Inc. | $14M | 4.2% | +117.8% | 1.5 yr |
| MRKMerck & Co., Inc. | $14M | 4.1% | +38.9% | 3.3 yr |
| AAPLApple Inc. | $13M | 3.9% | +14.7% | 3.3 yr |
| HWMHowmet Aerospace Inc. | $12M | 3.6% | +78.1% | 2.3 yr |
| AMZNAmazon.com, Inc. | $12M | 3.5% | +9.5% | 2.8 yr |
| GOOGLAlphabet Inc. | $11M | 3.4% | — | 3.3 yr |
| SCHWThe Charles Schwab Corpo | $11M | 3.4% | +21.5% | 2.0 yr |
| DBDeutsche Bank AG | $11M | 3.3% | +28.4% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Aerospace & Defense11.3%-10.1pp$38M
Uranium7.4%+3.3pp$25M
Engineering & Construction7.4%+3.9pp$25M
Aluminum6.7%$22M
Drug Manufacturers - General6.6%-0.6pp$22M
Oil & Gas Equipment & Services6.5%+6.5pp$22M
Semiconductors5.6%+5.6pp$19M
Copper5.4%+5.4pp$18M
Oil & Gas Midstream4.7%-0.6pp$16M
Agricultural - Machinery4.2%+4.2pp$14M
Country
US80.1%-6.5pp
CA7.6%+3.5pp
DE3.3%
Unknown3.3%-0.9pp
NL3.0%+3.0pp
GB2.5%+2.5pp
ES0.1%+0.0pp
IE0.0%+0.0pp
Top 5: 31.8% · Top 10: 53.5% · Top 25: 95.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CCJ | $11M | +0.02B | 164.4% |
| PWR | $9M | +0.01B | 116.2% |
| HWM | $9M | +0.01B | 78.1% |
| GE | $16M | +0.01B | 42.5% |
| BA | $25M | +0.00B | 16.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| ASML ASML Holding N.V. | +$10M |
| EQT EQT Corporation | +$9M |
| ARM Arm Holdings plc American Depo | +$8M |
| FLR Fluor Corporation | +$4M |
| KGS Kodiak Gas Services, Inc. | +$0M |
| O Realty Income Corporationnew | +$0M |
| CAT Caterpillar Inc. | +$0M |
| DB Deutsche Bank AG | +$11M |
| AXP American Express Company | +$11M |
| FCX Freeport-McMoRan Inc. | +$0M |
Top sells this quarter · 15
| BABA Alibaba Group Holding Limited | −$16M |
| PLTR Palantir Technologies Inc. | −$15M |
| META Meta Platforms, Inc. | −$14M |
| AMD Advanced Micro Devices, Inc. | −$13M |
| MRVL Marvell Technology, Inc. | −$13M |
| BA The Boeing Company | −$13M |
| ISRG Intuitive Surgical, Inc. | −$11M |
| SNOW Snowflake Inc. | −$11M |
| GE GE Aerospace | −$10M |
| WYNN Wynn Resorts, Limitedexit | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $333M | 253 | +30.36% | +17.59% | +12.77% | -0.02B |
| 2025-12-31 | $357M | 238 | +20.89% | +17.72% | +3.17% | +0.00B |
| 2025-09-30 | $343M | 253 | +32.23% | +17.52% | +14.71% | -0.01B |
| 2025-06-30 | $325M | 227 | +26.97% | +14.94% | +12.03% | +0.01B |
| 2025-03-31 | $263M | 232 | +15.26% | +8.30% | +6.95% | -0.05B |
| 2024-12-31 | $337M | 224 | +12.81% | +2.49% | +10.32% | +0.01B |
| 2024-09-30 | $292M | 243 | +3.35% | +5.75% | -2.40% | -0.00B |
| 2024-06-30 | $285M | 229 | +7.70% | +4.38% | +3.32% | +0.01B |
| 2024-03-31 | $258M | 314 | — | — | — | +0.19B |
| 2016-09-30 | $72M | 60 | — | — | — | +0.00B |
| 2016-06-30 | $69M | 64 | — | — | — | -0.00B |
| 2016-03-31 | $73M | 65 | — | — | — | +0.00B |
| 2015-12-31 | $73M | 56 | — | — | — | — |