Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.31%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.13%
baseline attrition
Rally response
-6.50%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYRoyal Bank of Canada | $168M | 12.1% | +48.2% | 10.5 yr |
| TDThe Toronto-Dominion Ban | $128M | 9.2% | +60.9% | 10.5 yr |
| SUSuncor Energy Inc. | $89M | 6.4% | +77.6% | 10.5 yr |
| BBarrick Mining Corporati | $84M | 6.0% | +114.9% | 1.0 yr |
| CVECenovus Energy Inc. | $82M | 5.9% | +97.2% | 10.5 yr |
| BMOBank of Montreal | $81M | 5.8% | +47.5% | 8.0 yr |
| BNBrookfield Corporation | $79M | 5.7% | +16.5% | 3.5 yr |
| CNICanadian National Railwa | $75M | 5.4% | +8.2% | 10.5 yr |
| TRPTC Energy Corporation | $50M | 3.6% | +37.4% | 7.0 yr |
| TUTELUS Corporation | $41M | 3.0% | -2.7% | 10.5 yr |
| RCIRogers Communications In | $40M | 2.9% | +50.2% | 10.5 yr |
| FNVFranco-Nevada Corporatio | $40M | 2.9% | +58.0% | 0.8 yr |
| MFCManulife Financial Corpo | $38M | 2.7% | +15.0% | 10.0 yr |
| CNQCanadian Natural Resourc | $37M | 2.7% | +66.0% | 10.5 yr |
| AGIAlamos Gold Inc. | $34M | 2.4% | +66.7% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified27.1%-2.5pp$377M
Gold13.7%+12.3pp$191M
Oil & Gas Integrated12.3%+3.1pp$171M
Oil & Gas Midstream6.0%-2.8pp$84M
Telecommunications Services5.9%-1.4pp$82M
Asset Management5.7%-0.3pp$79M
Railroads5.4%+0.2pp$75M
Unknown5.4%-5.7pp$75M
Insurance - Life2.7%-0.4pp$38M
Oil & Gas Exploration & Production2.7%+0.6pp$37M
Country
CA94.6%+7.1pp
Unknown5.4%-5.7pp
GB0.0%-0.0pp
Top 5: 39.6% · Top 10: 63.1% · Top 25: 95.6%
Top buys this quarter · 6
| BMO Bank of Montreal | +$18M |
| AGI Alamos Gold Inc. | +$14M |
| DSGX The Descartes Systems Group Innew | +$11M |
| FNV Franco-Nevada Corporation | +$4M |
| RY Royal Bank of Canada | +$168M |
| — new | +$0M |
Top sells this quarter · 15
| BNS The Bank of Nova Scotiaexit | −$64M |
| MEOH Methanex Corporation | −$31M |
| TD The Toronto-Dominion Bank | −$21M |
| NTR Nutrien Ltd. | −$13M |
| MGA Magna International Inc. | −$13M |
| B Barrick Mining Corporation | −$12M |
| CVE Cenovus Energy Inc. | −$58M |
| TRP TC Energy Corporation | −$8M |
| RCI Rogers Communications Inc. | −$7M |
| MFC Manulife Financial Corporation | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.39B | 33 | +46.15% | +17.59% | +28.55% | -0.16B |
| 2025-12-31 | $1.46B | 32 | +33.50% | +17.72% | +15.79% | -0.37B |
| 2025-09-30 | $1.68B | 32 | +18.13% | +17.52% | +0.61% | -0.06B |
| 2025-06-30 | $1.54B | 31 | +18.44% | +14.94% | +3.50% | +0.03B |
| 2025-03-31 | $1.35B | 37 | +2.14% | +8.30% | -6.16% | +0.02B |
| 2024-12-31 | $1.37B | 37 | +8.37% | +24.89% | -16.52% | -0.01B |
| 2024-09-30 | $1.43B | 38 | +24.14% | +36.04% | -11.90% | -0.04B |
| 2024-06-30 | $1.31B | 35 | +5.35% | +24.49% | -19.14% | -0.00B |
| 2024-03-31 | $1.35B | 33 | +10.74% | +29.62% | -18.88% | -0.01B |
| 2023-12-31 | $1.32B | 32 | +9.21% | +26.18% | -16.97% | +0.02B |
| 2023-09-30 | $1.19B | 32 | +7.79% | +21.57% | -13.78% | -0.01B |
| 2023-06-30 | $1.25B | 31 | +1.19% | +19.42% | -18.24% | +0.02B |
| 2023-03-31 | $1.21B | 29 | -14.09% | -7.82% | -6.28% | -0.01B |
| 2022-12-31 | $1.20B | 31 | +8.92% | +7.56% | +1.36% | -0.01B |
| 2022-09-30 | $1.11B | 29 | -10.15% | -4.93% | -5.22% | -0.03B |
| 2022-06-30 | $1.26B | 28 | -13.75% | -16.11% | +2.36% | -0.05B |