Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.69%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.89%
baseline attrition
Rally response
-10.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BKVBKV Corporation | $15M | 9.3% | +35.8% | 1.8 yr |
| CNRCore Natural Resources, | $14M | 8.7% | +36.6% | 1.3 yr |
| NESRNational Energy Services | $12M | 7.1% | +191.7% | 2.8 yr |
| VISTVista Energy, S.A.B. de | $9M | 5.7% | +62.1% | 0.3 yr |
| CCJCameco Corporation | $6M | 3.9% | +164.4% | 3.0 yr |
| WULFTeraWulf Inc. | $6M | 3.6% | +428.6% | 0.8 yr |
| KOSKosmos Energy Ltd. | $6M | 3.4% | +21.9% | 2.8 yr |
| FLRFluor Corporation | $5M | 3.0% | +30.2% | 0.3 yr |
| SEISolaris Energy Infrastru | $5M | 2.9% | +163.1% | 2.5 yr |
| CENXCentury Aluminum Company | $5M | 2.9% | +216.2% | 0.5 yr |
| PUMPProPetro Holding Corp. | $5M | 2.8% | +96.1% | 0.8 yr |
| CVECenovus Energy Inc. | $4M | 2.6% | +97.2% | 2.5 yr |
| OIIOceaneering Internationa | $4M | 2.6% | +62.6% | 0.3 yr |
| MEOHMethanex Corporation | $4M | 2.5% | +72.7% | 0.5 yr |
| DKDelek US Holdings, Inc. | $4M | 2.4% | +212.1% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production19.7%-7.9pp$33M
Oil & Gas Equipment & Services19.4%+7.0pp$32M
Coal12.0%+1.5pp$20M
Uranium9.5%+3.9pp$16M
Oil & Gas Midstream5.3%-0.3pp$9M
Gold3.9%-10.5pp$7M
Financial - Capital Markets3.6%$6M
Oil & Gas Refining & Marketing3.6%+0.7pp$6M
Engineering & Construction3.0%$5M
Aluminum2.9%-0.9pp$5M
Country
US67.9%-8.5pp
CA18.6%+0.2pp
MX5.7%
BM3.0%+0.5pp
Unknown2.5%
SG1.2%
GB1.1%-1.6pp
Top 5: 34.6% · Top 10: 50.5% · Top 25: 83.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NESR | $6M | +0.01B | 191.7% |
| CENX | $3M | +0.01B | 216.2% |
| SEI | $4M | +0.01B | 163.1% |
| CCJ | $3M | +0.00B | 164.4% |
| FRO | $2M | +0.00B | 150.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| VIST Vista Energy, S.A.B. de C.V.new | +$9M |
| CNR Core Natural Resources, Inc. | +$6M |
| FLR Fluor Corporationnew | +$5M |
| OII Oceaneering International, Incnew | +$4M |
| KOS Kosmos Energy Ltd. | +$4M |
| ARIS Aris Mining Corporationnew | +$3M |
| WULF TeraWulf Inc. | +$2M |
| BTU Peabody Energy Corporation | +$2M |
| FPS Forgent Power Solutions, Inc.new | +$2M |
| URG Ur-Energy Inc. | +$2M |
Top sells this quarter · 15
| NESR National Energy Services Reuni | −$19M |
| HUT.TO Hut 8 Mining Corp.exit | −$8M |
| EE Excelerate Energy, Inc.exit | −$7M |
| BE Bloom Energy Corporationexit | −$6M |
| CF CF Industries Holdings, Inc. | −$6M |
| CENX Century Aluminum Company | −$3M |
| FCX Freeport-McMoRan Inc.exit | −$6M |
| HCC Warrior Met Coal, Inc. | −$5M |
| EQT EQT Corporationexit | −$5M |
| GLNG Golar LNG Limited | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $166M | 40 | +98.96% | +17.59% | +81.37% | -0.02B |
| 2025-12-31 | $145M | 34 | +42.08% | +17.72% | +24.36% | -0.01B |
| 2025-09-30 | $131M | 40 | +21.12% | +17.52% | +3.60% | +0.02B |
| 2025-06-30 | $98M | 40 | +3.60% | +14.94% | -11.34% | +0.01B |
| 2025-03-31 | $86M | 29 | +4.57% | +8.30% | -3.73% | -0.01B |
| 2024-12-31 | $100M | 31 | +24.08% | +24.89% | -0.81% | -0.02B |
| 2024-09-30 | $120M | 33 | +24.11% | +36.04% | -11.93% | -0.01B |
| 2024-06-30 | $129M | 26 | +46.71% | +24.49% | +22.22% | -0.00B |
| 2024-03-31 | $120M | 24 | +35.40% | +29.62% | +5.78% | +0.02B |
| 2023-12-31 | $86M | 21 | +25.15% | +26.18% | -1.02% | -0.02B |
| 2023-09-30 | $102M | 22 | +19.16% | -3.22% | +22.38% | -0.01B |
| 2023-06-30 | $90M | 25 | +0.16% | +8.68% | -8.52% | +0.01B |
| 2023-03-31 | $79M | 19 | +2.47% | +7.46% | -4.98% | -0.00B |
| 2022-12-31 | $81M | 25 | — | — | — | +0.07B |
| 2019-09-30 | $12M | 22 | — | — | — | -0.00B |
| 2019-06-30 | $15M | 19 | — | — | — | -0.00B |