Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.08%
trims when stocks drop
when a holding falls −10%+
Middle response
+5.27%
steady accumulation
Rally response
-11.70%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CVECenovus Energy Inc. | $394M | 8.6% | +97.2% | 5.3 yr |
| APAAPA Corporation | $351M | 7.6% | +112.3% | 3.3 yr |
| MRKMerck & Co., Inc. | $297M | 6.5% | +38.9% | 10.5 yr |
| SPGSimon Property Group, In | $291M | 6.3% | +17.9% | 6.3 yr |
| AMGNAmgen Inc. | $246M | 5.3% | +16.5% | 10.0 yr |
| MACThe Macerich Company | $230M | 5.0% | +14.3% | 6.8 yr |
| COPConocoPhillips | $221M | 4.8% | +30.0% | 5.5 yr |
| FANGDiamondback Energy, Inc. | $212M | 4.6% | +27.1% | 1.0 yr |
| DHID.R. Horton, Inc. | $206M | 4.5% | +9.2% | 6.3 yr |
| OXYOccidental Petroleum Cor | $201M | 4.4% | +34.6% | 5.5 yr |
| AXPAmerican Express Company | $182M | 4.0% | +13.3% | 10.0 yr |
| TGTTarget Corporation | $181M | 3.9% | +21.5% | 9.0 yr |
| EBAYeBay Inc. | $161M | 3.5% | +36.3% | 10.5 yr |
| NVRNVR, Inc. | $142M | 3.1% | -9.0% | 10.5 yr |
| LENLennar Corporation | $138M | 3.0% | -23.0% | 9.8 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production21.6%+0.0pp$991M
Drug Manufacturers - General11.8%+1.1pp$543M
REIT - Retail11.3%-0.7pp$521M
Residential Construction10.6%-3.0pp$485M
Oil & Gas Integrated8.6%+4.9pp$394M
Banks - Regional6.3%+2.0pp$288M
Financial - Credit Services5.9%-1.4pp$271M
Banks - Diversified5.6%-2.6pp$257M
Specialty Retail4.9%-0.1pp$227M
Discount Stores3.9%+1.0pp$181M
Country
US90.7%-5.3pp
CA8.7%+4.9pp
BM0.5%+0.3pp
CH0.1%
Top 5: 34.4% · Top 10: 57.6% · Top 25: 96.8%
Top buys this quarter · 6
| UNH UnitedHealth Group Incorporate | +$94M |
| CACC Credit Acceptance Corporation | +$9M |
| WFG West Fraser Timber Co. Ltd. | +$4M |
| FRO Frontline Ltd. | +$1M |
| GTX Garrett Motion Inc. | +$0M |
| IWD iShares Russell 1000 Value ETF | +$0M |
Top sells this quarter · 15
| APA APA Corporation | −$232M |
| CVE Cenovus Energy Inc. | −$284M |
| AXP American Express Company | −$50M |
| MRK Merck & Co., Inc. | −$44M |
| SPG Simon Property Group, Inc. | −$43M |
| JPM JPMorgan Chase & Co. | −$43M |
| AMGN Amgen Inc. | −$37M |
| MAC The Macerich Company | −$34M |
| COP ConocoPhillips | −$180M |
| FANG Diamondback Energy, Inc. | −$185M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.60B | 32 | +22.19% | +17.59% | +4.60% | -0.71B |
| 2025-12-31 | $4.82B | 32 | +6.98% | +17.72% | -10.74% | -0.40B |
| 2025-09-30 | $5.18B | 34 | -0.23% | +17.52% | -17.74% | -0.41B |
| 2025-06-30 | $4.99B | 33 | -5.86% | +14.94% | -20.80% | -0.75B |
| 2025-03-31 | $5.83B | 34 | -8.65% | +8.30% | -16.95% | -0.38B |
| 2024-12-31 | $6.45B | 34 | +6.16% | +24.89% | -18.73% | -0.14B |
| 2024-09-30 | $7.01B | 30 | +29.37% | +36.04% | -6.67% | +0.25B |
| 2024-06-30 | $6.41B | 32 | +21.43% | +24.49% | -3.06% | +0.28B |
| 2024-03-31 | $6.41B | 32 | +32.10% | +29.62% | +2.48% | +0.16B |
| 2023-12-31 | $5.58B | 33 | +18.94% | +26.18% | -7.24% | -0.03B |
| 2023-09-30 | $4.90B | 30 | +20.57% | +21.57% | -1.00% | -0.09B |
| 2023-06-30 | $5.04B | 28 | +19.43% | +19.42% | +0.01% | -0.18B |
| 2023-03-31 | $5.02B | 29 | -3.07% | -7.82% | +4.74% | +0.31B |
| 2022-12-31 | $4.68B | 26 | -6.05% | -18.17% | +12.13% | +0.21B |
| 2022-09-30 | $3.85B | 27 | +4.13% | -15.51% | +19.64% | +0.01B |
| 2022-06-30 | $3.91B | 31 | -15.62% | -16.11% | +0.49% | +0.27B |