Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.01%
trims when stocks drop
when a holding falls −10%+
Middle response
+1.17%
steady accumulation
Rally response
-13.14%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CQPCheniere Energy Partners | $6.61B | 27.3% | +3.9% | 10.5 yr |
| CRBGCorebridge Financial, In | $1.48B | 6.1% | -21.9% | 3.8 yr |
| FEFirstEnergy Corp. | $1.46B | 6.0% | +30.4% | 5.5 yr |
| LGNLegence Corp. Class A Co | $1.43B | 5.9% | — | 0.8 yr |
| WMBThe Williams Companies, | $1.24B | 5.1% | +25.8% | 6.3 yr |
| MPLXMPLX Lp | $876M | 3.6% | +15.4% | 6.5 yr |
| TRGPTarga Resources Corp. | $838M | 3.5% | +28.0% | 9.5 yr |
| EPDEnterprise Products Part | $799M | 3.3% | +18.7% | 6.5 yr |
| ENBEnbridge Inc. | $764M | 3.2% | +29.3% | 6.0 yr |
| KMIKinder Morgan, Inc. | $703M | 2.9% | +22.6% | 6.3 yr |
| ETEnergy Transfer LP | $601M | 2.5% | +12.1% | 6.5 yr |
| KNTKKinetik Holdings Inc. | $577M | 2.4% | +0.5% | 5.0 yr |
| LNGCheniere Energy, Inc. | $534M | 2.2% | +23.8% | 7.3 yr |
| TXNMTXNM Energy, Inc. | $468M | 1.9% | +12.5% | 1.0 yr |
| PAAPlains All American Pipe | $418M | 1.7% | +21.8% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream66.5%+1.1pp$16.10B
Asset Management8.0%-1.8pp$1.93B
Regulated Electric8.0%+2.5pp$1.93B
Engineering & Construction5.9%+5.8pp$1.44B
Software - Application1.2%-0.0pp$282M
Semiconductors0.8%$182M
REIT - Mortgage0.7%-0.0pp$178M
Information Technology Services0.7%+0.3pp$168M
Biotechnology0.7%+0.1pp$165M
Specialty Retail0.6%+0.4pp$154M
Country
US92.6%-1.4pp
CA5.1%+1.6pp
Unknown0.6%-1.1pp
GB0.5%+0.4pp
MX0.4%
CN0.4%-0.0pp
SG0.2%
SE0.1%-0.0pp
Top 5: 50.5% · Top 10: 67.0% · Top 25: 88.1%
Top buys this quarter · 15
| TRP TC Energy Corporation | +$261M |
| HESM Hess Midstream LP | +$160M |
| PAA Plains All American Pipeline, | +$122M |
| ET Energy Transfer LP | +$103M |
| SUNC SunocoCorp LLC | +$87M |
| AMAT Applied Materials, Inc.new | +$85M |
| EPD Enterprise Products Partners L | +$70M |
| DTM DT Midstream, Inc. | +$61M |
| AMD Advanced Micro Devices, Inc. | +$56M |
| NFG National Fuel Gas Companynew | +$55M |
Top sells this quarter · 15
| EQT EQT Corporation | −$1.12B |
| LNG Cheniere Energy, Inc. | −$570M |
| CNP CenterPoint Energy, Inc. | −$333M |
| PTEN Patterson-UTI Energy, Inc. | −$227M |
| CIEN Ciena Corporation | −$225M |
| VNOM Viper Energy, Inc. | −$211M |
| HCC Warrior Met Coal, Inc. | −$205M |
| LOAR Loar Holdings Inc.exit | −$203M |
| ALNY Alnylam Pharmaceuticals, Inc. | −$168M |
| AVB AvalonBay Communities, Inc. | −$158M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $24.20B | 413 | +18.05% | +17.59% | +0.46% | -2.01B |
| 2025-12-31 | $22.88B | 237 | +12.99% | +17.72% | -4.73% | -0.86B |
| 2025-09-30 | $23.34B | 242 | +21.90% | +17.52% | +4.38% | +1.11B |
| 2025-06-30 | $22.23B | 162 | +26.62% | +14.94% | +11.68% | -0.88B |
| 2025-03-31 | $22.82B | 167 | +26.05% | +8.30% | +17.74% | -0.30B |
| 2024-12-31 | $21.08B | 153 | +26.60% | +24.89% | +1.71% | -3.04B |
| 2024-09-30 | $21.97B | 150 | +18.46% | +36.04% | -17.57% | -1.37B |
| 2024-06-30 | $22.47B | 162 | +20.58% | +24.49% | -3.92% | -0.86B |
| 2024-03-31 | $23.14B | 164 | +21.03% | +29.62% | -8.60% | -0.57B |
| 2023-12-31 | $21.53B | 150 | +6.25% | +26.18% | -19.93% | -2.35B |
| 2023-09-30 | $23.25B | 143 | +12.22% | +21.57% | -9.34% | -0.94B |
| 2023-06-30 | $22.89B | 140 | +14.68% | +19.42% | -4.74% | -1.14B |
| 2023-03-31 | $23.74B | 152 | -6.48% | -7.82% | +1.34% | -1.57B |
| 2022-12-31 | $26.18B | 162 | +8.50% | +7.56% | +0.94% | -2.88B |
| 2022-09-30 | $26.78B | 209 | +8.02% | -4.93% | +12.95% | -5.66B |
| 2022-06-30 | $30.03B | 246 | -17.46% | -16.11% | -1.35% | -2.47B |