Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.63%
adds when stocks drop
when a holding falls −10%+
Middle response
-11.32%
baseline attrition
Rally response
-18.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARAntero Resources Corpora | $53M | 4.9% | +4.9% | 5.0 yr |
| DVNDevon Energy Corporation | $52M | 4.9% | +38.1% | 7.0 yr |
| PRPermian Resources Corpor | $47M | 4.4% | +60.4% | 3.8 yr |
| EXEExpand Energy Corporatio | $45M | 4.2% | +1.7% | 4.0 yr |
| CVECenovus Energy Inc. | $39M | 3.7% | +97.2% | 2.5 yr |
| OKEONEOK, Inc. | $39M | 3.7% | -3.8% | 3.5 yr |
| OVVOvintiv Inc. | $38M | 3.5% | +42.6% | 3.5 yr |
| HALHalliburton Company | $37M | 3.5% | +57.9% | 7.0 yr |
| FCXFreeport-McMoRan Inc. | $33M | 3.1% | +57.4% | 0.8 yr |
| LBRTLiberty Energy Inc. | $31M | 2.9% | +86.0% | 2.3 yr |
| KNTKKinetik Holdings Inc. | $30M | 2.8% | +0.5% | 2.3 yr |
| SUSuncor Energy Inc. | $29M | 2.7% | +77.6% | 3.5 yr |
| PSXPhillips 66 | $27M | 2.5% | +53.0% | 4.3 yr |
| MGYMagnolia Oil & Gas Corpo | $27M | 2.5% | +28.3% | 4.3 yr |
| CHRDChord Energy Corporation | $26M | 2.4% | +32.8% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production29.9%-3.5pp$320M
Oil & Gas Midstream13.6%-6.8pp$145M
Oil & Gas Equipment & Services12.1%-3.0pp$129M
Oil & Gas Integrated7.8%+6.4pp$84M
Oil & Gas Refining & Marketing4.3%+1.6pp$47M
Copper4.3%$46M
Unknown3.9%-0.3pp$42M
Regulated Electric3.7%-1.0pp$39M
Engineering & Construction2.9%+1.2pp$31M
Electrical Equipment & Parts2.5%+2.4pp$26M
Country
US83.9%+1.5pp
CA10.4%+2.7pp
Unknown3.9%-0.3pp
GB0.7%-1.5pp
BR0.5%-0.1pp
BM0.3%
IE0.2%-1.3pp
Top 5: 22.0% · Top 10: 38.7% · Top 25: 68.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PR | $57M | +0.03B | 60.4% |
| HAL | $46M | +0.03B | 57.9% |
| TRP | $49M | +0.02B | 37.4% |
| KMI | $59M | +0.01B | 22.6% |
| LBRT | $13M | +0.01B | 86.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| OKE | $44M | -0.00B | -3.8% |
Top buys this quarter · 15
| HAL Halliburton Company | +$34M |
| EXE Expand Energy Corporation | +$32M |
| AR Antero Resources Corporation | +$31M |
| DVN Devon Energy Corporation | +$27M |
| LBRT Liberty Energy Inc. | +$26M |
| CVE Cenovus Energy Inc. | +$25M |
| OVV Ovintiv Inc. | +$13M |
| RES RPC, Inc. | +$10M |
| FPS Forgent Power Solutions, Inc.new | +$9M |
| TECK Teck Resources Limitednew | +$9M |
Top sells this quarter · 15
| VNOM Viper Energy, Inc.exit | −$72M |
| AM Antero Midstream Corporationexit | −$40M |
| CTRA Coterra Energy Inc.exit | −$40M |
| WMB The Williams Companies, Inc.exit | −$38M |
| CVX Chevron Corporation | −$34M |
| DINO HF Sinclair Corporationexit | −$33M |
| MTZ MasTec, Inc. | −$31M |
| CHRD Chord Energy Corporation | −$28M |
| KMI Kinder Morgan, Inc. | −$26M |
| SUNC SunocoCorp LLCexit | −$23M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.07B | 88 | +49.46% | +17.59% | +31.87% | -0.05B |
| 2025-12-31 | $904M | 80 | +18.40% | +17.72% | +0.69% | -0.26B |
| 2025-09-30 | $1.11B | 78 | +15.56% | +17.52% | -1.96% | -0.14B |
| 2025-06-30 | $1.12B | 87 | +0.11% | +14.94% | -14.83% | -0.05B |
| 2025-03-31 | $1.14B | 76 | -2.58% | +8.30% | -10.88% | +0.19B |
| 2024-12-31 | $970M | 73 | +5.13% | +24.89% | -19.75% | -0.08B |
| 2024-09-30 | $1.03B | 67 | -14.70% | +36.04% | -50.73% | +0.05B |
| 2024-06-30 | $1.01B | 79 | -4.49% | +24.49% | -28.99% | +0.01B |
| 2024-03-31 | $993M | 68 | -3.53% | +29.62% | -33.16% | -0.04B |
| 2023-12-31 | $977M | 65 | -11.99% | +26.18% | -38.17% | +0.28B |
| 2023-09-30 | $843M | 63 | +23.02% | +21.57% | +1.46% | -0.14B |
| 2023-06-30 | $909M | 64 | +20.82% | +19.42% | +1.40% | -0.04B |
| 2023-03-31 | $938M | 62 | +7.30% | -7.82% | +15.12% | +0.02B |
| 2022-12-31 | $951M | 64 | +15.57% | +7.56% | +8.01% | +0.28B |
| 2022-09-30 | $583M | 74 | +6.63% | -4.93% | +11.56% | -0.18B |
| 2022-06-30 | $718M | 77 | -10.10% | -16.11% | +6.01% | +0.21B |