Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.01%
trims when stocks drop
when a holding falls −10%+
Middle response
-16.02%
baseline attrition
Rally response
-13.69%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $49M | 7.4% | +540.0% | 2.8 yr |
| MSFTMicrosoft Corporation | $25M | 3.8% | +24.1% | 3.0 yr |
| DARDarling Ingredients Inc. | $22M | 3.3% | -23.1% | 1.8 yr |
| AMZNAmazon.com, Inc. | $21M | 3.2% | +27.8% | 2.5 yr |
| AVGOBroadcom Inc. | $21M | 3.2% | +427.0% | 1.0 yr |
| HALHalliburton Company | $20M | 3.0% | +11.9% | 1.0 yr |
| SLBSLB N.V. | $17M | 2.6% | +36.5% | 1.0 yr |
| GOOGAlphabet Inc. | $17M | 2.6% | +107.1% | 1.0 yr |
| WMWaste Management, Inc. | $16M | 2.5% | +54.3% | 2.8 yr |
| GOOGLAlphabet Inc. | $14M | 2.1% | — | 2.0 yr |
| NEENextEra Energy, Inc. | $13M | 2.0% | +22.3% | 2.8 yr |
| RSGRepublic Services, Inc. | $13M | 2.0% | +72.7% | 3.0 yr |
| LBRTLiberty Energy Inc. | $12M | 1.9% | +106.0% | 0.3 yr |
| PUMPProPetro Holding Corp. | $12M | 1.8% | +3.4% | 0.3 yr |
| — | $11M | 1.7% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Equipment & Services15.8%$105M
Semiconductors13.3%+6.2pp$88M
Waste Management6.4%-5.5pp$43M
Internet Content & Information4.7%+2.5pp$31M
Software - Infrastructure4.7%+1.3pp$31M
Oil & Gas Refining & Marketing4.3%$28M
Regulated Electric3.8%-0.1pp$25M
Oil & Gas Drilling3.7%$24M
Packaged Foods3.3%+0.6pp$22M
Gold3.2%+2.8pp$21M
Country
US89.5%-1.7pp
CA5.5%+0.5pp
Unknown3.1%+2.2pp
GB1.1%
BM0.7%+0.6pp
CL0.0%
NO0.0%
MC0.0%
Top 5: 21.0% · Top 10: 33.8% · Top 25: 57.4%
Top buys this quarter · 15
| DAR Darling Ingredients Inc. | +$17M |
| NVDA NVIDIA Corporation | +$14M |
| HAL Halliburton Company | +$13M |
| SLB SLB N.V. | +$13M |
| WM Waste Management, Inc. | +$13M |
| LBRT Liberty Energy Inc.new | +$12M |
| PUMP ProPetro Holding Corp.new | +$12M |
| WHD Cactus, Inc.new | +$11M |
| PTEN Patterson-UTI Energy, Inc.new | +$10M |
| HP Helmerich & Payne, Inc.new | +$10M |
Top sells this quarter · 15
| COST Costco Wholesale Corporationexit | −$13M |
| ORCL Oracle Corporationexit | −$9M |
| BX Blackstone Inc.exit | −$7M |
| STNG Scorpio Tankers Inc. | −$7M |
| ROP Roper Technologies, Inc.exit | −$5M |
| TRV The Travelers Companies, Inc.exit | −$5M |
| OGE OGE Energy Corp. | −$4M |
| AEE Ameren Corporation | −$4M |
| TSM Taiwan Semiconductor Manufactuexit | −$3M |
| VRT Vertiv Holdings Coexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $662M | 219 | +27.47% | +17.59% | +9.88% | +0.15B |
| 2025-12-31 | $501M | 239 | +1.91% | +2.66% | -0.75% | +0.13B |
| 2025-09-30 | $363M | 178 | +6.78% | +8.12% | -1.34% | -0.01B |
| 2025-06-30 | $350M | 181 | +15.70% | +10.78% | +4.92% | +0.03B |
| 2022-03-31 | $276M | 171 | — | — | — | +0.08B |
| 2021-12-31 | $196M | 202 | — | — | — | +0.00B |
| 2021-09-30 | $194M | 179 | — | — | — | +0.07B |
| 2021-06-30 | $124M | 73 | — | — | — | -0.03B |
| 2021-03-31 | $155M | 179 | — | — | — | -0.14B |
| 2020-12-31 | $296M | 142 | — | — | — | +0.14B |
| 2020-09-30 | $156M | 116 | — | — | — | -0.14B |
| 2020-06-30 | $298M | 144 | — | — | — | — |