Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.70%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.21%
steady accumulation
Rally response
-1.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $115M | 12.9% | — | 1.8 yr |
| OXYOccidental Petroleum Cor | $109M | 12.3% | +34.6% | 10.5 yr |
| — | $60M | 6.8% | — | 0.3 yr |
| SUNSunoco LP | $37M | 4.1% | +19.7% | 10.5 yr |
| ETEnergy Transfer LP | $28M | 3.1% | +12.1% | 6.3 yr |
| DMLPDorchester Minerals, L.P | $24M | 2.7% | +0.1% | 6.3 yr |
| NEMNewmont Corporation | $22M | 2.4% | +127.1% | 5.3 yr |
| OXY-WTOccidental Petroleum Cor | $20M | 2.3% | — | 3.5 yr |
| BTIBritish American Tobacco | $20M | 2.2% | +47.5% | 4.8 yr |
| AAPLApple Inc. | $20M | 2.2% | +14.7% | 10.5 yr |
| PAAPlains All American Pipe | $18M | 2.1% | +21.8% | 10.5 yr |
| CCitigroup Inc. | $17M | 1.9% | +63.9% | 4.0 yr |
| VLOValero Energy Corporatio | $16M | 1.8% | +92.6% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $16M | 1.8% | — | 3.5 yr |
| MOAltria Group, Inc. | $16M | 1.7% | +15.8% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Unknown19.7%+10.4pp$175M
Oil & Gas Exploration & Production17.4%-10.7pp$155M
Oil & Gas Midstream11.8%-0.2pp$105M
Oil & Gas Refining & Marketing7.6%+0.5pp$68M
Drug Manufacturers - General4.9%-1.4pp$44M
Tobacco4.8%-0.8pp$43M
Banks - Diversified4.7%-0.3pp$42M
Telecommunications Services3.1%-0.2pp$27M
Gold2.4%+1.0pp$22M
Asset Management2.2%+0.8pp$20M
Country
US77.8%-10.4pp
Unknown19.7%+10.4pp
GB2.2%+0.1pp
CA0.3%-0.0pp
Top 5: 39.2% · Top 10: 51.0% · Top 25: 76.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| OXY | $174M | +0.06B | 34.6% |
| NEM | $11M | +0.01B | 127.1% |
| DINO | $9M | +0.01B | 98.2% |
| VLO | $9M | +0.01B | 92.6% |
| C | $12M | +0.01B | 63.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PG The Procter & Gamble Company | +$2M |
| MKL Markel Corporationnew | +$2M |
| DMLP Dorchester Minerals, L.P. | +$2M |
| EPD Enterprise Products Partners L | +$1M |
| MSFT Microsoft Corporation | +$6M |
| GS The Goldman Sachs Group, Inc. | +$1M |
| OWL Blue Owl Capital Inc. | +$1M |
| KRP Kimbell Royalty Partners, LPnew | +$1M |
| NNN NNN REIT, Inc. | +$1M |
| WPC W. P. Carey Inc. | +$1M |
Top sells this quarter · 15
| OXY Occidental Petroleum Corporati | −$104M |
| META Meta Platforms, Inc. | −$1M |
| CMI Cummins Inc. | −$15M |
| NEM Newmont Corporation | −$20M |
| SUN Sunoco LP | −$30M |
| VLO Valero Energy Corporation | −$11M |
| BAC Bank of America Corporation | −$0M |
| C Citigroup Inc. | −$0M |
| PAA Plains All American Pipeline, | −$15M |
| T AT&T Inc. | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $891M | 88 | +24.60% | +17.59% | +7.00% | -0.03B |
| 2025-12-31 | $760M | 83 | +7.20% | +17.72% | -10.52% | -0.01B |
| 2025-09-30 | $776M | 81 | +8.48% | +17.52% | -9.03% | +0.00B |
| 2025-06-30 | $711M | 81 | -1.87% | +14.94% | -16.81% | +0.01B |
| 2025-03-31 | $729M | 77 | +3.49% | +8.30% | -4.82% | -0.08B |
| 2024-12-31 | $779M | 77 | +3.75% | +24.89% | -21.13% | +0.02B |
| 2024-09-30 | $756M | 75 | +4.45% | +36.04% | -31.59% | +0.00B |
| 2024-06-30 | $767M | 73 | +13.95% | +24.49% | -10.54% | -0.02B |
| 2024-03-31 | $773M | 77 | +9.52% | +29.62% | -20.10% | -0.00B |
| 2023-12-31 | $743M | 75 | +6.39% | +26.18% | -19.79% | -0.01B |
| 2023-09-30 | $745M | 77 | +18.12% | +21.57% | -3.45% | +0.01B |
| 2023-06-30 | $685M | 82 | +10.79% | +19.42% | -8.64% | -0.04B |
| 2023-03-31 | $747M | 85 | +7.47% | -7.82% | +15.29% | -0.01B |
| 2022-12-31 | $746M | 85 | +11.60% | +7.56% | +4.04% | +0.03B |
| 2022-09-30 | $645M | 75 | +0.60% | -4.93% | +5.53% | -0.02B |
| 2022-06-30 | $660M | 77 | -5.58% | -16.11% | +10.53% | +0.02B |