Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.22%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.94%
baseline attrition
Rally response
-8.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TDThe Toronto-Dominion Ban | $687M | 4.7% | +60.9% | 10.5 yr |
| RYRoyal Bank of Canada | $581M | 3.9% | +48.2% | 10.5 yr |
| BMOBank of Montreal | $419M | 2.8% | +47.5% | 8.5 yr |
| WABWestinghouse Air Brake T | $412M | 2.8% | +38.5% | 6.0 yr |
| PPGPPG Industries, Inc. | $397M | 2.7% | +0.3% | 6.0 yr |
| EBAYeBay Inc. | $389M | 2.6% | +36.3% | 5.5 yr |
| MDTMedtronic plc | $387M | 2.6% | -1.3% | 1.8 yr |
| CBChubb Limited | $377M | 2.6% | +9.3% | 1.8 yr |
| QSRRestaurant Brands Intern | $376M | 2.5% | +15.1% | 6.0 yr |
| NTAPNetApp, Inc. | $373M | 2.5% | +18.4% | 4.8 yr |
| MRKMerck & Co., Inc. | $364M | 2.5% | +38.9% | 8.5 yr |
| RCIRogers Communications In | $364M | 2.5% | +50.2% | 10.5 yr |
| MFCManulife Financial Corpo | $347M | 2.4% | +15.0% | 10.5 yr |
| DOXAmdocs Limited | $345M | 2.3% | -27.3% | 8.8 yr |
| — | $323M | 2.2% | — | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified12.8%-0.9pp$1.89B
Unknown7.8%+2.3pp$1.15B
Railroads6.2%+2.2pp$919M
Asset Management5.7%-0.7pp$839M
Telecommunications Services4.4%+0.0pp$642M
Drug Manufacturers - General4.1%-0.8pp$606M
Software - Infrastructure3.7%-1.6pp$551M
Semiconductors3.2%+0.7pp$466M
Chemicals - Specialty2.7%+0.3pp$397M
Medical - Devices2.7%+0.1pp$391M
Country
US44.5%-1.1pp
CA42.2%-1.7pp
Unknown7.8%+2.3pp
IE2.7%+0.2pp
CH2.6%+0.3pp
NL0.1%
BM0.1%-0.1pp
GB0.0%-0.0pp
Top 5: 16.9% · Top 10: 29.8% · Top 25: 60.6%
Top buys this quarter · 15
| UNP Union Pacific Corporation | +$258M |
| GIL Gildan Activewear Inc. | +$190M |
| WFC Wells Fargo & Company | +$162M |
| BDX Becton, Dickinson and Company | +$151M |
| SYY Sysco Corporationnew | +$128M |
| QCOM QUALCOMM Incorporated | +$310M |
| MDA MDA Space Ltdnew | +$49M |
| CIGI Colliers International Group I | +$217M |
| DOX Amdocs Limited | +$345M |
| NTAP NetApp, Inc. | +$30M |
Top sells this quarter · 15
| BMO Bank of Montreal | −$256M |
| AMGN Amgen Inc. | −$188M |
| NTR Nutrien Ltd. | −$173M |
| TRP TC Energy Corporation | −$142M |
| CPB Campbell Soup Companyexit | −$137M |
| KMB Kimberly-Clark Corporation | −$135M |
| HOG Harley-Davidson, Inc.exit | −$129M |
| MRK Merck & Co., Inc. | −$124M |
| CNQ Canadian Natural Resources Lim | −$118M |
| OMC Omnicom Group Inc. | −$113M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $14.75B | 165 | +18.66% | +17.59% | +1.07% | -1.49B |
| 2025-12-31 | $16.28B | 171 | +17.81% | +17.72% | +0.09% | -1.05B |
| 2025-09-30 | $16.60B | 173 | +8.34% | +17.52% | -9.18% | -2.04B |
| 2025-06-30 | $17.55B | 172 | +11.69% | +14.94% | -3.25% | -1.07B |
| 2025-03-31 | $17.35B | 202 | +0.66% | +8.30% | -7.64% | -0.86B |
| 2024-12-31 | $18.38B | 86 | +7.44% | +24.89% | -17.45% | -1.09B |
| 2024-09-30 | $20.29B | 89 | +25.77% | +36.04% | -10.27% | -0.31B |
| 2024-06-30 | $18.82B | 77 | +8.61% | +24.49% | -15.88% | +0.05B |
| 2024-03-31 | $19.41B | 75 | +16.11% | +29.62% | -13.51% | -0.52B |
| 2023-12-31 | $18.85B | 75 | +13.09% | +26.18% | -13.09% | -0.16B |
| 2023-09-30 | $16.93B | 75 | +13.46% | +21.57% | -8.11% | +0.06B |
| 2023-06-30 | $17.84B | 75 | +10.20% | +19.42% | -9.23% | +0.25B |
| 2023-03-31 | $17.01B | 74 | -5.06% | -7.82% | +2.75% | +0.01B |
| 2022-12-31 | $16.52B | 75 | +12.73% | +7.56% | +5.17% | -0.16B |
| 2022-09-30 | $14.79B | 72 | -8.16% | -4.93% | -3.23% | +0.01B |
| 2022-06-30 | $16.10B | 68 | -10.94% | -16.11% | +5.17% | +0.36B |