Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.54%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.35%
baseline attrition
Rally response
-8.73%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYRoyal Bank of Canada | $172M | 4.7% | +48.2% | 10.5 yr |
| CMCanadian Imperial Bank o | $118M | 3.2% | +73.0% | 10.5 yr |
| TDThe Toronto-Dominion Ban | $112M | 3.1% | +60.9% | 10.5 yr |
| BNSThe Bank of Nova Scotia | $90M | 2.4% | +52.4% | 10.5 yr |
| EFX.TOEnerflex Ltd. | $80M | 2.2% | +164.3% | 2.3 yr |
| AEMAgnico Eagle Mines Limit | $78M | 2.1% | +89.2% | 8.3 yr |
| BMOBank of Montreal | $74M | 2.0% | +47.5% | 10.5 yr |
| MFCManulife Financial Corpo | $64M | 1.7% | +15.0% | 10.5 yr |
| FTSFortis Inc. | $61M | 1.7% | +26.8% | 9.5 yr |
| CGAUCenterra Gold Inc. | $57M | 1.6% | +186.0% | 2.8 yr |
| BBarrick Mining Corporati | $54M | 1.5% | +114.9% | 1.0 yr |
| PDSPrecision Drilling Corpo | $48M | 1.3% | +111.1% | 1.5 yr |
| ENBEnbridge Inc. | $48M | 1.3% | +29.3% | 10.5 yr |
| NVDANVIDIA Corporation | $48M | 1.3% | +60.9% | 10.3 yr |
| SUSuncor Energy Inc. | $47M | 1.3% | +77.6% | 9.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified15.9%-2.1pp$584M
Gold10.1%-1.9pp$370M
Software - Application3.8%-2.9pp$140M
Semiconductors3.3%+2.2pp$120M
Hardware, Equipment & Parts3.2%+1.3pp$117M
Oil & Gas Equipment & Services2.8%-0.4pp$103M
Auto - Parts2.7%+2.4pp$98M
Regulated Electric2.6%+1.3pp$94M
Biotechnology2.5%-0.0pp$92M
Telecommunications Services2.4%+1.9pp$90M
Country
CA48.9%-6.8pp
US47.4%+8.1pp
Unknown1.6%-2.1pp
BM0.5%+0.4pp
CH0.3%
FR0.2%
GB0.2%+0.1pp
SG0.2%+0.2pp
Top 5: 15.6% · Top 10: 24.6% · Top 25: 42.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EFX.TO | $45M | +0.10B | 164.3% |
| CM | $72M | +0.05B | 73.0% |
| RY | $109M | +0.05B | 48.2% |
| AEM | $56M | +0.05B | 89.2% |
| KGC | $26M | +0.04B | 143.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $5M | -0.00B | -0.6% |
Top buys this quarter · 15
| MFC Manulife Financial Corporation | +$40M |
| CLS Celestica Inc. | +$24M |
| PDS Precision Drilling Corporation | +$19M |
| IAG IAMGOLD Corporation | +$17M |
| FTS Fortis Inc. | +$17M |
| RY Royal Bank of Canada | +$16M |
| CNQ Canadian Natural Resources Lim | +$14M |
| BNS The Bank of Nova Scotia | +$10M |
| SNDK Sandisk Corporationnew | +$9M |
| AXSM Axsome Therapeutics, Inc.new | +$9M |
Top sells this quarter · 15
| NGD New Gold Inc.exit | −$31M |
| ERO Ero Copper Corp. | −$26M |
| PBA Pembina Pipeline Corporation | −$26M |
| EFX.TO Enerflex Ltd. | −$72M |
| ORLA Orla Mining Ltd. | −$23M |
| ARIS Aris Mining Corporation | −$18M |
| DOCN DigitalOcean Holdings, Inc.exit | −$17M |
| ENB Enbridge Inc. | −$16M |
| ARWR Arrowhead Pharmaceuticals, Incexit | −$12M |
| WPM Wheaton Precious Metals Corp. | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.68B | 654 | +43.50% | +17.59% | +25.90% | -0.04B |
| 2025-12-31 | $3.62B | 652 | +38.28% | +17.72% | +20.56% | +0.04B |
| 2025-09-30 | $3.31B | 635 | +31.98% | +17.52% | +14.47% | +0.18B |
| 2025-06-30 | $2.71B | 612 | +24.42% | +14.94% | +9.48% | +0.51B |
| 2025-03-31 | $1.97B | 592 | +11.95% | +8.30% | +3.65% | +0.01B |
| 2024-12-31 | $1.98B | 575 | +20.51% | +24.89% | -4.37% | +0.64B |
| 2024-09-30 | $1.30B | 585 | +31.92% | +36.04% | -4.12% | -0.08B |
| 2024-06-30 | $1.27B | 574 | +16.50% | +24.49% | -7.99% | -0.00B |
| 2024-03-31 | $1.26B | 583 | +20.51% | +29.62% | -9.11% | -0.04B |
| 2023-12-31 | $1.23B | 560 | +15.50% | +26.18% | -10.68% | -0.01B |
| 2023-09-30 | $1.09B | 560 | +9.55% | +21.57% | -12.02% | +0.05B |
| 2023-06-30 | $1.09B | 551 | +8.93% | +19.42% | -10.49% | -0.13B |
| 2023-03-31 | $1.17B | 551 | -9.67% | -7.82% | -1.85% | -0.04B |
| 2022-12-31 | $1.18B | 545 | -15.53% | -18.17% | +2.65% | -0.00B |
| 2022-09-30 | $1.11B | 537 | -12.59% | -15.51% | +2.92% | -0.09B |
| 2022-06-30 | $1.25B | 536 | -8.02% | -10.62% | +2.60% | -0.09B |