Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.70%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.28%
baseline attrition
Rally response
-1.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TPLTexas Pacific Land Corpo | $135M | 48.8% | +8.1% | 5.3 yr |
| PBTPermian Basin Royalty Tr | $22M | 7.8% | — | 4.3 yr |
| HEHawaiian Electric Indust | $20M | 7.1% | +35.5% | 1.5 yr |
| GBTCGrayscale Bitcoin Trust | $19M | 6.9% | — | 2.3 yr |
| LBLandBridge Company LLC | $18M | 6.6% | -3.4% | 1.8 yr |
| WPMWheaton Precious Metals | $12M | 4.2% | +70.0% | 9.0 yr |
| MSBMesabi Trust | $10M | 3.7% | — | 5.8 yr |
| WBIWaterBridge Infrastructu | $7M | 2.6% | — | 0.8 yr |
| FNVFranco-Nevada Corporatio | $6M | 2.1% | +58.0% | 7.3 yr |
| FBTCFidelity Wise Origin Bit | $4M | 1.5% | — | 2.3 yr |
| CCLCarnival Corporation & p | $4M | 1.5% | +33.1% | 3.3 yr |
| MIAXMiami International Hold | $3M | 1.1% | — | 0.8 yr |
| VTIVanguard Total Stock Mar | $3M | 1.0% | — | 3.0 yr |
| BTCGrayscale Bitcoin Mini T | $2M | 0.9% | — | 1.5 yr |
| 0HQN.LCboe Global Markets, Inc | $2M | 0.7% | +26.3% | 8.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production48.8%-4.6pp$135M
Asset Management - Cryptocurrency8.4%-4.2pp$23M
Oil & Gas Midstream7.8%+5.8pp$22M
Diversified Utilities7.1%+1.4pp$20M
Oil & Gas Equipment & Services6.6%-0.5pp$18M
Gold6.5%-0.4pp$18M
Steel3.7%+0.2pp$10M
Oil & Gas Energy2.6%$7M
Asset Management2.0%-1.3pp$5M
Leisure1.5%-0.1pp$4M
Country
US93.5%+2.2pp
CA6.3%-0.6pp
IE0.2%
Top 5: 77.1% · Top 10: 91.2% · Top 25: 99.2%
Top buys this quarter · 9
| BTC Grayscale Bitcoin Mini Trust E | +$2M |
| MSB Mesabi Trust | +$10M |
| PBT Permian Basin Royalty Trust | +$0M |
| HE Hawaiian Electric Industries, | +$0M |
| WBI WaterBridge Infrastructure LLC | +$0M |
| MIAX Miami International Holdings, | +$3M |
| LB LandBridge Company LLC | +$0M |
| CCL Carnival Corporation & plc | +$4M |
| JPM JPMorgan Chase & Co. | +$0M |
Top sells this quarter · 14
| BRK-B Berkshire Hathaway Inc. | −$0M |
| FBTC Fidelity Wise Origin Bitcoin F | −$0M |
| GBTC Grayscale Bitcoin Trust ETF | −$0M |
| VIG Vanguard Dividend Appreciation | −$0M |
| VTI Vanguard Total Stock Market ET | −$0M |
| RSP Invesco S&P 500 Equal Weight Eexit | −$0M |
| WPM Wheaton Precious Metals Corp. | −$11M |
| TPL Texas Pacific Land Corporation | −$82M |
| C Citigroup Inc.exit | −$0M |
| KMB Kimberly-Clark Corporationexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $277M | 31 | +26.62% | +17.59% | +9.03% | -0.04B |
| 2025-12-31 | $219M | 34 | +2.27% | +17.72% | -15.45% | -0.01B |
| 2025-09-30 | $233M | 37 | +22.67% | +17.52% | +5.16% | +0.02B |
| 2025-06-30 | $223M | 23 | +49.99% | +14.94% | +35.04% | +0.00B |
| 2025-03-31 | $236M | 24 | +83.82% | +8.30% | +75.52% | -0.01B |
| 2024-12-31 | $215M | 26 | +66.17% | +24.89% | +41.29% | +0.01B |
| 2024-09-30 | $180M | 26 | +50.79% | +36.04% | +14.75% | +0.00B |
| 2024-06-30 | $149M | 27 | +23.40% | +24.49% | -1.09% | -0.02B |
| 2024-03-31 | $144M | 27 | +9.51% | +29.62% | -20.11% | +0.03B |
| 2023-12-31 | $108M | 26 | +4.09% | +26.18% | -22.09% | -0.04B |
| 2023-09-30 | $141M | 25 | +18.83% | +21.57% | -2.73% | +0.01B |
| 2023-06-30 | $135M | 27 | +18.89% | +19.42% | -0.54% | -0.01B |
| 2023-03-31 | $142M | 23 | +2.00% | -7.82% | +9.82% | -0.03B |
| 2022-12-31 | $172M | 26 | +20.77% | +7.56% | +13.20% | +0.01B |
| 2022-09-30 | $137M | 26 | -2.14% | -4.93% | +2.78% | +0.01B |
| 2022-06-30 | $128M | 27 | -12.58% | -16.11% | +3.53% | +0.01B |