Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.09%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.15%
baseline attrition
Rally response
-11.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $31M | 8.8% | — | 0.3 yr |
| CAECAE Inc. | $20M | 5.8% | +5.9% | 3.3 yr |
| EFX.TOEnerflex Ltd. | $14M | 3.9% | +164.3% | 3.5 yr |
| RYRoyal Bank of Canada | $14M | 3.9% | +48.2% | 10.5 yr |
| BTEGFBaytex Energy Corp. | $13M | 3.6% | — | 2.8 yr |
| — | $12M | 3.4% | — | 0.5 yr |
| CRH.LCRH plc | $12M | 3.4% | — | 1.8 yr |
| CVECenovus Energy Inc. | $12M | 3.3% | +97.2% | 8.0 yr |
| TDThe Toronto-Dominion Ban | $11M | 3.2% | +60.9% | 10.5 yr |
| BIPBrookfield Infrastructur | $11M | 3.0% | +27.5% | 4.3 yr |
| DNNDenison Mines Corp. | $9M | 2.7% | +171.5% | 4.5 yr |
| SHOPShopify Inc. | $9M | 2.5% | +24.2% | 9.3 yr |
| EQXEquinox Gold Corp. | $8M | 2.3% | +110.2% | 2.5 yr |
| GFLGFL Environmental Inc. | $8M | 2.2% | -13.5% | 4.3 yr |
| IAGIAMGOLD Corporation | $8M | 2.2% | +201.1% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown14.9%+5.2pp$52M
Gold13.0%+1.2pp$46M
Banks - Diversified10.5%+1.5pp$37M
Aerospace & Defense5.8%+2.2pp$20M
Oil & Gas Exploration & Production5.3%+2.1pp$19M
Oil & Gas Integrated4.9%+3.5pp$17M
Uranium4.8%+3.1pp$17M
Copper4.4%+4.3pp$16M
Oil & Gas Equipment & Services3.9%-0.1pp$14M
Construction Materials3.4%-3.3pp$12M
Country
CA74.6%+15.6pp
Unknown14.9%+5.2pp
BM4.6%-10.9pp
IE3.4%-5.3pp
US2.6%-4.5pp
Top 5: 25.9% · Top 10: 42.3% · Top 25: 71.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EFX.TO | $10M | +0.02B | 164.3% |
| IAG | $4M | +0.01B | 201.1% |
| CNQ | $8M | +0.01B | 66.0% |
| RY | $8M | +0.00B | 48.2% |
| TD | $6M | +0.00B | 60.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GFL | $1M | -0.00B | -13.5% |
Top buys this quarter · 15
| GFL GFL Environmental Inc. | +$7M |
| BEP Brookfield Renewable Partners new | +$6M |
| CM Canadian Imperial Bank of Comm | +$5M |
| ARIS Aris Mining Corporationnew | +$5M |
| PPTA Perpetua Resources Corp.new | +$5M |
| BIP Brookfield Infrastructure Part | +$4M |
| ERO Ero Copper Corp. | +$3M |
| CNI Canadian National Railway Comp | +$3M |
| TFII TFI International Inc. | +$3M |
| ALI1.DE Almonty Industries Inc.new | +$3M |
Top sells this quarter · 15
| BBU Brookfield Business Partners Lexit | −$35M |
| MEOH Methanex Corporationexit | −$12M |
| BN Brookfield Corporation | −$9M |
| EFX.TO Enerflex Ltd. | −$14M |
| PAAS Pan American Silver Corp.exit | −$6M |
| AG First Majestic Silver Corp.exit | −$6M |
| RGLD Royal Gold, Inc.exit | −$5M |
| CVNA Carvana Co. | −$5M |
| EQX Equinox Gold Corp. | −$5M |
| BNS The Bank of Nova Scotia | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $352M | 59 | +61.69% | +17.59% | +44.10% | -0.07B |
| 2025-12-31 | $404M | 61 | +49.88% | +17.72% | +32.17% | -0.00B |
| 2025-09-30 | $359M | 64 | +36.22% | +17.52% | +18.70% | +0.01B |
| 2025-06-30 | $293M | 65 | +28.72% | +14.94% | +13.78% | +0.00B |
| 2025-03-31 | $256M | 64 | +11.46% | +8.30% | +3.15% | -0.03B |
| 2024-12-31 | $296M | 69 | +24.17% | +24.89% | -0.72% | -0.03B |
| 2024-09-30 | $316M | 70 | +33.61% | +36.04% | -2.42% | +0.04B |
| 2024-06-30 | $241M | 73 | +13.52% | +24.49% | -10.97% | -0.06B |
| 2024-03-31 | $303M | 79 | +20.42% | +29.62% | -9.20% | +0.02B |
| 2023-12-31 | $259M | 70 | +15.01% | +26.18% | -11.16% | +0.02B |
| 2023-09-30 | $217M | 68 | +14.05% | +21.57% | -7.51% | -0.01B |
| 2023-06-30 | $236M | 68 | +8.62% | +19.42% | -10.80% | -0.03B |
| 2023-03-31 | $252M | 76 | -11.91% | -7.82% | -4.10% | +0.01B |
| 2022-12-31 | $230M | 77 | +9.32% | +7.56% | +1.76% | +0.01B |
| 2022-09-30 | $204M | 68 | -8.03% | -4.93% | -3.10% | +0.02B |
| 2022-06-30 | $202M | 72 | -15.68% | -16.11% | +0.43% | -0.03B |