Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.26%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.84%
baseline attrition
Rally response
-6.14%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EPDEnterprise Products Part | $520M | 8.4% | +18.7% | 10.5 yr |
| ETEnergy Transfer LP | $487M | 7.8% | +12.1% | 8.3 yr |
| MPLXMPLX Lp | $294M | 4.7% | +15.4% | 6.8 yr |
| KMIKinder Morgan, Inc. | $249M | 4.0% | +22.6% | 10.5 yr |
| NFGNational Fuel Gas Compan | $243M | 3.9% | +20.9% | 4.3 yr |
| PAGPPlains GP Holdings, L.P. | $218M | 3.5% | +23.4% | 8.5 yr |
| SOThe Southern Company | $166M | 2.7% | +8.4% | 10.5 yr |
| PPLPPL Corporation | $153M | 2.5% | +9.1% | 8.5 yr |
| OKEONEOK, Inc. | $153M | 2.5% | -3.8% | 10.5 yr |
| ETREntergy Corporation | $147M | 2.4% | +35.0% | 3.5 yr |
| DUKDuke Energy Corporation | $136M | 2.2% | +11.2% | 10.3 yr |
| SRESempra | $130M | 2.1% | +40.3% | 10.5 yr |
| SUNSunoco LP | $124M | 2.0% | +19.7% | 2.3 yr |
| AEPAmerican Electric Power | $119M | 1.9% | +24.0% | 10.3 yr |
| PEGPublic Service Enterpris | $115M | 1.8% | +1.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream40.5%-6.3pp$2.52B
Regulated Electric28.9%+6.0pp$1.79B
Regulated Gas5.9%+1.8pp$368M
Oil & Gas Integrated5.9%-1.9pp$365M
Diversified Utilities3.6%-1.3pp$222M
Oil & Gas Equipment & Services2.4%+0.4pp$151M
Oil & Gas Refining & Marketing2.3%+0.2pp$143M
Renewable Utilities2.0%+0.5pp$125M
Industrial - Machinery1.8%+1.1pp$110M
Oil & Gas Exploration & Production1.7%-0.2pp$105M
Country
US96.6%+2.8pp
CA1.7%-1.3pp
GB1.3%-0.3pp
FR0.1%-1.3pp
BM0.1%+0.0pp
Unknown0.1%+0.0pp
Top 5: 28.8% · Top 10: 42.3% · Top 25: 68.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EPD | $437M | +0.08B | 18.7% |
| SRE | $156M | +0.06B | 40.3% |
| ET | $430M | +0.05B | 12.1% |
| PAGP | $217M | +0.05B | 23.4% |
| KMI | $189M | +0.04B | 22.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| OKE | $223M | -0.01B | -3.8% |
Top buys this quarter · 15
| PEG Public Service Enterprise Grou | +$58M |
| OKE ONEOK, Inc. | +$56M |
| XEL Xcel Energy Inc. | +$32M |
| VST Vistra Corp. | +$19M |
| CEG Constellation Energy Corporati | +$16M |
| AEP American Electric Power Compan | +$15M |
| SUNC SunocoCorp LLCnew | +$13M |
| RRC Range Resources Corporation | +$12M |
| ARLP Alliance Resource Partners, L. | +$12M |
| KBR KBR, Inc.new | +$12M |
Top sells this quarter · 15
| XOM Exxon Mobil Corporation | −$68M |
| TRGP Targa Resources Corp. | −$60M |
| PWR Quanta Services, Inc. | −$51M |
| TTE TotalEnergies SE | −$46M |
| GNRC Generac Holdings Inc. | −$44M |
| EPD Enterprise Products Partners L | −$477M |
| LNG Cheniere Energy, Inc. | −$91M |
| CMI Cummins Inc. | −$38M |
| SHEL Shell plc | −$24M |
| NJR New Jersey Resources Corporati | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.22B | 87 | +21.90% | +17.59% | +4.31% | -0.31B |
| 2025-12-31 | $5.52B | 88 | +10.36% | +17.72% | -7.36% | +0.33B |
| 2025-09-30 | $5.19B | 90 | +18.32% | +17.52% | +0.80% | -0.08B |
| 2025-06-30 | $5.10B | 92 | +25.52% | +14.94% | +10.58% | -0.11B |
| 2025-03-31 | $5.23B | 93 | +31.13% | +8.30% | +22.82% | +0.01B |
| 2024-12-31 | $4.87B | 93 | +33.13% | +24.89% | +8.24% | -0.13B |
| 2024-09-30 | $4.66B | 87 | +30.10% | +36.04% | -5.94% | -0.26B |
| 2024-06-30 | $4.49B | 81 | +20.29% | +24.49% | -4.20% | -0.60B |
| 2024-03-31 | $4.89B | 83 | +17.32% | +29.62% | -12.30% | -0.15B |
| 2023-12-31 | $4.64B | 80 | +8.70% | +26.18% | -17.48% | +0.02B |
| 2023-09-30 | $4.40B | 85 | +13.21% | +21.57% | -8.35% | -0.37B |
| 2023-06-30 | $4.70B | 85 | +10.71% | +19.42% | -8.72% | +0.11B |
| 2023-03-31 | $4.52B | 86 | +1.84% | -7.82% | +9.66% | +0.05B |
| 2022-12-31 | $4.44B | 83 | +9.19% | +7.56% | +1.63% | -0.23B |
| 2022-09-30 | $4.28B | 67 | -0.90% | -4.93% | +4.02% | +0.00B |
| 2022-06-30 | $4.31B | 67 | -6.50% | -16.11% | +9.61% | -0.04B |