Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.08%
baseline attrition
Rally response
-0.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $36M | 7.7% | — | 7.0 yr |
| — | $26M | 5.6% | — | 0.5 yr |
| EMBiShares J.P. Morgan USD | $25M | 5.3% | — | 4.5 yr |
| — | $21M | 4.6% | — | 0.8 yr |
| FCXFreeport-McMoRan Inc. | $21M | 4.5% | +57.4% | 6.5 yr |
| TSLATesla, Inc. | $20M | 4.3% | +43.4% | 2.0 yr |
| FLOTiShares Floating Rate Bo | $20M | 4.3% | — | 2.0 yr |
| PAASPan American Silver Corp | $14M | 3.0% | +114.7% | 5.0 yr |
| — | $14M | 3.0% | — | 0.8 yr |
| PSLVSprott Physical Silver T | $12M | 2.6% | — | 5.5 yr |
| GEVGE Vernova Inc. | $12M | 2.6% | +186.8% | 1.0 yr |
| NTRNutrien Ltd. | $11M | 2.3% | +56.2% | 5.8 yr |
| NEMNewmont Corporation | $8M | 1.8% | +127.1% | 5.8 yr |
| BPBP p.l.c. | $8M | 1.6% | +47.2% | 6.0 yr |
| WPMWheaton Precious Metals | $7M | 1.6% | +70.0% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management28.4%-8.9pp$132M
Unknown13.4%+11.6pp$62M
Gold8.7%+1.0pp$40M
Copper4.7%+3.7pp$22M
Asset Management - Bonds4.6%+1.6pp$21M
Auto - Manufacturers4.3%-1.0pp$20M
Silver3.2%-4.2pp$15M
Oil & Gas Integrated3.1%+0.5pp$14M
Drug Manufacturers - General2.6%+0.6pp$12M
Renewable Utilities2.6%$12M
Country
US68.9%-13.0pp
CA14.2%+0.3pp
Unknown13.4%+11.6pp
GB1.9%
IL1.1%-0.8pp
ZA0.3%
IE0.2%-0.1pp
KR0.1%
Top 5: 27.8% · Top 10: 45.0% · Top 25: 68.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PAAS | $24M | +0.03B | 114.7% |
| NEM | $13M | +0.02B | 127.1% |
| TSLA | $18M | +0.01B | 43.4% |
| TEVA | $6M | +0.01B | 96.0% |
| AEM | $6M | +0.01B | 89.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| HESM | $15M | -0.00B | -0.4% |
Top buys this quarter · 15
| GEV GE Vernova Inc. | +$9M |
| AWK American Water Works Company, new | +$5M |
| CDE Coeur Mining, Inc. | +$4M |
| GLW Corning Incorporated | +$4M |
| ORLA Orla Mining Ltd. | +$3M |
| HESM Hess Midstream LP | +$3M |
| UUUU Energy Fuels Inc.new | +$2M |
| DOW Dow Inc. | +$2M |
| TRX.TO TRX Gold Corporation | +$2M |
| NOG Northern Oil and Gas, Inc.new | +$1M |
Top sells this quarter · 15
| BP BP p.l.c. | −$20M |
| TEVA Teva Pharmaceutical Industries | −$18M |
| PAAS Pan American Silver Corp. | −$9M |
| VALE Vale S.A.exit | −$6M |
| NEM Newmont Corporation | −$5M |
| MO Altria Group, Inc. | −$5M |
| AA Alcoa Corporation | −$4M |
| BBY Best Buy Co., Inc.exit | −$4M |
| FCX Freeport-McMoRan Inc. | −$4M |
| TGT Target Corporationexit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $463M | 139 | +60.06% | +17.59% | +42.47% | -0.10B |
| 2025-12-31 | $525M | 145 | +47.10% | +17.72% | +29.38% | -0.07B |
| 2025-09-30 | $531M | 151 | +35.83% | +17.52% | +18.31% | +0.06B |
| 2025-06-30 | $396M | 134 | +22.05% | +14.94% | +7.11% | +0.03B |
| 2025-03-31 | $332M | 111 | +17.88% | +8.30% | +9.58% | +0.05B |
| 2024-12-31 | $280M | 102 | +32.05% | +24.89% | +7.16% | -0.08B |
| 2024-09-30 | $345M | 117 | +38.08% | +36.04% | +2.04% | +0.02B |
| 2024-06-30 | $301M | 110 | +33.55% | +24.49% | +9.06% | +0.01B |
| 2024-03-31 | $277M | 107 | +23.97% | +29.62% | -5.66% | -0.00B |
| 2023-12-31 | $251M | 108 | +15.66% | +26.18% | -10.52% | +0.01B |
| 2023-09-30 | $219M | 95 | +18.99% | +21.57% | -2.58% | +0.01B |
| 2023-06-30 | $204M | 90 | +10.15% | +19.42% | -9.27% | +0.00B |
| 2023-03-31 | $204M | 87 | +0.41% | -7.82% | +8.23% | -0.03B |
| 2022-12-31 | $227M | 93 | -7.74% | -18.17% | +10.43% | -0.04B |
| 2022-09-30 | $236M | 79 | -8.06% | -15.51% | +7.45% | +0.00B |
| 2022-06-30 | $243M | 95 | -4.40% | -10.62% | +6.22% | +0.00B |