Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-20.26%
baseline attrition
Rally response
-24.35%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BNSThe Bank of Nova Scotia | $16M | 0.9% | +52.4% | 2.3 yr |
| SHELShell plc | $15M | 0.9% | +32.0% | 2.5 yr |
| ITWIllinois Tool Works Inc. | $13M | 0.8% | +6.9% | 4.5 yr |
| WMBThe Williams Companies, | $12M | 0.7% | +25.8% | 4.8 yr |
| GOOGLAlphabet Inc. | $12M | 0.7% | — | 1.5 yr |
| PSXPhillips 66 | $12M | 0.7% | +53.0% | 4.8 yr |
| MURMurphy Oil Corporation | $11M | 0.6% | +52.7% | 2.8 yr |
| TDYTeledyne Technologies In | $10M | 0.6% | +21.6% | 4.0 yr |
| NDSNNordson Corporation | $10M | 0.6% | +33.7% | 3.0 yr |
| AAgilent Technologies, In | $10M | 0.6% | -1.8% | 4.3 yr |
| EQTEQT Corporation | $10M | 0.6% | +20.5% | 1.5 yr |
| EXEExpand Energy Corporatio | $9M | 0.5% | +1.7% | 1.0 yr |
| ATOAtmos Energy Corporation | $9M | 0.5% | +22.2% | 3.5 yr |
| CVXChevron Corporation | $9M | 0.5% | +29.2% | 5.0 yr |
| BKRBaker Hughes Company | $9M | 0.5% | +41.7% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional5.5%+0.7pp$96M
Industrial - Machinery4.4%+2.8pp$77M
Oil & Gas Exploration & Production4.1%+2.3pp$72M
Software - Application3.6%-0.0pp$63M
Regulated Electric3.1%-0.1pp$55M
Oil & Gas Midstream3.0%+1.6pp$53M
Biotechnology3.0%-0.6pp$52M
Banks - Diversified2.9%+1.2pp$51M
Medical - Diagnostics & Research2.8%+1.1pp$49M
Software - Infrastructure2.3%+0.9pp$40M
Country
US82.8%-0.1pp
CA4.6%+0.3pp
GB3.4%-0.1pp
Unknown1.9%+0.7pp
BM1.1%+0.8pp
CH1.1%+0.4pp
IE0.6%-1.1pp
LU0.6%-0.1pp
Top 5: 3.9% · Top 10: 7.0% · Top 25: 14.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BNS | $4M | +0.00B | 52.4% |
| SHEL | $2M | +0.00B | 32.0% |
| ATO | $3M | +0.00B | 22.2% |
| CMC | $1M | +0.00B | 34.2% |
| CVX | $1M | +0.00B | 29.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| A | $3M | -0.00B | -1.8% |
Top buys this quarter · 15
| BNS The Bank of Nova Scotia | +$14M |
| WMB The Williams Companies, Inc. | +$12M |
| PSX Phillips 66 | +$11M |
| MUR Murphy Oil Corporation | +$10M |
| TDY Teledyne Technologies Incorpor | +$10M |
| EQT EQT Corporation | +$9M |
| ITW Illinois Tool Works Inc. | +$9M |
| SHEL Shell plc | +$8M |
| EXE Expand Energy Corporation | +$8M |
| APD Air Products and Chemicals, In | +$8M |
Top sells this quarter · 15
| LNG Cheniere Energy, Inc.exit | −$23M |
| ITT ITT Inc.exit | −$17M |
| BHP BHP Group Limitedexit | −$17M |
| ABCB Ameris Bancorp | −$13M |
| URI United Rentals, Inc.exit | −$13M |
| CFR Cullen/Frost Bankers, Inc. | −$12M |
| ASB Associated Banc-Corpexit | −$12M |
| POOL Pool Corporation | −$12M |
| DTE DTE Energy Companyexit | −$12M |
| EOG EOG Resources, Inc.exit | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.76B | 1013 | +19.40% | +17.59% | +1.81% | -0.37B |
| 2025-12-31 | $2.08B | 1096 | +15.37% | +17.72% | -2.35% | +0.70B |
| 2025-09-30 | $1.32B | 1050 | +11.06% | +17.52% | -6.46% | -0.38B |
| 2025-06-30 | $1.59B | 1100 | +11.74% | +14.94% | -3.21% | +0.24B |
| 2025-03-31 | $1.30B | 992 | +8.06% | +8.30% | -0.25% | +0.02B |
| 2024-12-31 | $1.30B | 1017 | +17.82% | +24.89% | -7.07% | -0.06B |
| 2024-09-30 | $1.34B | 1056 | +28.89% | +36.04% | -7.15% | +0.07B |
| 2024-06-30 | $1.18B | 1005 | +16.95% | +24.49% | -7.54% | +0.01B |
| 2024-03-31 | $1.16B | 1067 | +22.88% | +29.62% | -6.74% | -0.04B |
| 2023-12-31 | $1.11B | 1068 | +21.84% | +26.18% | -4.33% | +0.19B |
| 2023-09-30 | $836M | 903 | +18.96% | +21.57% | -2.61% | +0.28B |
| 2023-06-30 | $561M | 849 | +14.82% | +19.42% | -4.61% | -0.00B |
| 2023-03-31 | $537M | 780 | -3.01% | -7.82% | +4.80% | +0.09B |
| 2022-12-31 | $418M | 736 | +7.71% | +7.56% | +0.15% | -0.06B |
| 2022-09-30 | $440M | 688 | -5.24% | -4.93% | -0.31% | +0.09B |
| 2022-06-30 | $372M | 654 | -11.02% | -16.11% | +5.09% | +0.04B |