Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.77%
adds when stocks drop
when a holding falls −10%+
Middle response
-5.16%
baseline attrition
Rally response
-5.07%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FNVFranco-Nevada Corporatio | $19M | 15.6% | — | 2.8 yr |
| MTAMetalla Royalty & Stream | $15M | 12.7% | — | 1.3 yr |
| AEMAgnico Eagle Mines Limit | $14M | 11.5% | — | 2.8 yr |
| TFPM.TOTriple Flag Precious Met | $10M | 8.7% | — | 0.5 yr |
| FSMFortuna Mining Corp. | $10M | 8.0% | — | 0.5 yr |
| PAASPan American Silver Corp | $8M | 6.7% | — | 2.8 yr |
| OROR Royalties Inc. | $8M | 6.7% | — | 0.5 yr |
| RGLDRoyal Gold, Inc. | $6M | 4.7% | — | 2.8 yr |
| WPMWheaton Precious Metals | $5M | 3.9% | — | 2.8 yr |
| — | $5M | 3.9% | — | 0.5 yr |
| BBarrick Mining Corporati | $3M | 2.5% | — | 0.5 yr |
| — | $3M | 2.3% | — | 0.3 yr |
| EQXEquinox Gold Corp. | $3M | 2.1% | — | 1.3 yr |
| BTGB2Gold Corp. | $2M | 2.1% | — | 2.5 yr |
| ARCCAres Capital Corporation | $2M | 1.5% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Gold58.3%+9.6pp$70M
Other Precious Metals21.4%+15.2pp$26M
Silver6.7%+1.9pp$8M
Unknown6.2%-15.3pp$7M
Asset Management3.9%-5.0pp$5M
REIT - Specialty1.0%-0.4pp$1M
Industrial Materials0.9%-5.6pp$1M
Beverages - Wineries & Distilleries0.6%$1M
Packaged Foods0.5%$1M
Copper0.4%-0.7pp$0M
Country
CA84.8%+28.0pp
US8.4%-13.1pp
Unknown6.2%-15.3pp
GB0.6%
Top 5: 56.6% · Top 10: 82.5% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 11
| MTA Metalla Royalty & Streaming Lt | +$15M |
| DEO Diageo plcnew | +$1M |
| EQX Equinox Gold Corp. | +$1M |
| FSM Fortuna Mining Corp. | +$0M |
| VMET Versamet Royalties Corporationnew | +$0M |
| WRN Western Copper and Gold Corpor | +$0M |
| GBDC Golub Capital BDC, Inc. | +$0M |
| IAUX i-80 Gold Corp.new | +$0M |
| CAG Conagra Brands, Inc. | +$0M |
| BTG B2Gold Corp. | +$0M |
Top sells this quarter · 15
| B Barrick Mining Corporation | −$2M |
| TFPM.TO Triple Flag Precious Metals Co | −$1M |
| DMLP Dorchester Minerals, L.P.exit | −$1M |
| FNV Franco-Nevada Corporation | −$16M |
| OR OR Royalties Inc. | −$8M |
| ERO Ero Copper Corp.exit | −$0M |
| RGLD Royal Gold, Inc. | −$5M |
| WPM Wheaton Precious Metals Corp. | −$5M |
| SEG Seaport Entertainment Group Inexit | −$0M |
| LAND Gladstone Land Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $120M | 25 | +5.35% | -4.37% | +9.72% | -0.01B |
| 2025-12-31 | $120M | 27 | — | — | — | +0.04B |
| 2020-12-31 | $83M | 32 | — | — | — | +0.00B |
| 2020-09-30 | $78M | 29 | — | — | — | +0.01B |
| 2020-06-30 | $69M | 29 | — | — | — | +0.02B |
| 2020-03-31 | $47M | 31 | — | — | — | -0.01B |
| 2019-12-31 | $61M | 31 | — | — | — | -0.07B |
| 2019-09-30 | $126M | 34 | — | — | — | +0.02B |
| 2019-06-30 | $110M | 32 | — | — | — | +0.00B |
| 2019-03-31 | $106M | 31 | — | — | — | +0.00B |
| 2018-12-31 | $102M | 28 | — | — | — | — |