Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.92%
adds when stocks drop
when a holding falls −10%+
Middle response
-5.88%
baseline attrition
Rally response
-2.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ETEnergy Transfer LP | $1.66B | 7.8% | +12.1% | 10.5 yr |
| EPDEnterprise Products Part | $1.65B | 7.8% | +18.7% | 10.5 yr |
| PAAPlains All American Pipe | $1.63B | 7.7% | +21.8% | 10.5 yr |
| SUNSunoco LP | $1.60B | 7.6% | +19.7% | 2.5 yr |
| WESWestern Midstream Partne | $1.59B | 7.5% | +10.3% | 7.0 yr |
| MPLXMPLX Lp | $1.54B | 7.3% | +15.4% | 10.5 yr |
| HESMHess Midstream LP | $1.20B | 5.7% | -0.4% | 6.0 yr |
| CQPCheniere Energy Partners | $615M | 2.9% | +3.9% | 10.5 yr |
| USACUSA Compression Partners | $517M | 2.4% | +9.6% | 2.5 yr |
| CCJCameco Corporation | $471M | 2.2% | +164.4% | 4.0 yr |
| GELGenesis Energy, L.P. | $462M | 2.2% | +18.6% | 10.5 yr |
| SPHSuburban Propane Partner | $303M | 1.4% | +0.2% | 4.0 yr |
| NXENexGen Energy Ltd. | $284M | 1.3% | +158.4% | 4.0 yr |
| GLPGlobal Partners LP | $254M | 1.2% | -15.8% | 2.5 yr |
| DKLDelek Logistics Partners | $228M | 1.1% | +27.2% | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream52.6%-4.3pp$11.16B
Oil & Gas Refining & Marketing7.6%-0.4pp$1.60B
Asset Management7.5%+0.9pp$1.59B
Uranium6.1%+3.1pp$1.29B
Oil & Gas Equipment & Services2.5%-0.1pp$522M
Silver1.6%+1.5pp$347M
Regulated Gas1.5%-0.3pp$317M
Drug Manufacturers - General1.0%-0.1pp$204M
Gold1.0%+0.3pp$202M
Unknown0.9%+0.6pp$193M
Country
US90.4%-5.7pp
CA7.7%+5.4pp
Unknown0.9%+0.6pp
IE0.3%+0.1pp
IN0.1%-0.1pp
BM0.1%-0.2pp
PE0.1%+0.1pp
ZA0.1%+0.0pp
Top 5: 38.3% · Top 10: 58.8% · Top 25: 72.3%
Top buys this quarter · 15
| MPLX MPLX Lp | +$1.52B |
| WES Western Midstream Partners, LP | +$147M |
| NXE NexGen Energy Ltd. | +$121M |
| FCX Freeport-McMoRan Inc. | +$50M |
| CCJ Cameco Corporation | +$42M |
| ET Energy Transfer LP | +$41M |
| USAC USA Compression Partners, LP | +$36M |
| EPD Enterprise Products Partners L | +$33M |
| CDE Coeur Mining, Inc. | +$24M |
| HESM Hess Midstream LP | +$22M |
Top sells this quarter · 15
| UEC Uranium Energy Corp. | −$108M |
| PAA Plains All American Pipeline, | −$1.37B |
| STX Seagate Technology Holdings pl | −$49M |
| PSX Phillips 66 | −$34M |
| HAS Hasbro, Inc. | −$30M |
| RGLD Royal Gold, Inc. | −$29M |
| MCD McDonald's Corporation | −$27M |
| TPR Tapestry, Inc. | −$16M |
| LYB LyondellBasell Industries N.V. | −$24M |
| HMY Harmony Gold Mining Company Li | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $21.23B | 1035 | +21.05% | +17.59% | +3.46% | +1.61B |
| 2025-12-31 | $17.13B | 1006 | +13.63% | +17.72% | -4.09% | -1.24B |
| 2025-09-30 | $17.92B | 1017 | +14.95% | +17.52% | -2.57% | +0.01B |
| 2025-06-30 | $17.30B | 1023 | +14.18% | +14.94% | -0.76% | +0.17B |
| 2025-03-31 | $17.20B | 988 | +17.72% | +8.30% | +9.41% | +0.21B |
| 2024-12-31 | $15.80B | 987 | +20.94% | +24.89% | -3.94% | +0.36B |
| 2024-09-30 | $14.90B | 990 | +22.51% | +36.04% | -13.53% | -0.04B |
| 2024-06-30 | $14.52B | 965 | +21.99% | +24.49% | -2.51% | +0.08B |
| 2024-03-31 | $14.07B | 970 | +22.98% | +29.62% | -6.64% | +0.08B |
| 2023-12-31 | $12.66B | 957 | +14.06% | +26.18% | -12.12% | +0.06B |
| 2023-09-30 | $11.99B | 977 | +11.57% | +21.57% | -9.99% | +0.24B |
| 2023-06-30 | $11.48B | 990 | +14.29% | +19.42% | -5.13% | -0.20B |
| 2023-03-31 | $11.29B | 1010 | -7.91% | -7.82% | -0.09% | -0.18B |
| 2022-12-31 | $11.19B | 1016 | +2.75% | +7.56% | -4.81% | +0.35B |
| 2022-09-30 | $10.55B | 1037 | +4.91% | -4.93% | +9.84% | -0.22B |
| 2022-06-30 | $10.26B | 1025 | -16.62% | -16.11% | -0.50% | +2.60B |