Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.13%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.84%
baseline attrition
Rally response
-13.74%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYRoyal Bank of Canada | $178M | 5.1% | +48.2% | 10.5 yr |
| SUSuncor Energy Inc. | $132M | 3.8% | +77.6% | 10.5 yr |
| TDThe Toronto-Dominion Ban | $117M | 3.3% | +60.9% | 10.5 yr |
| BIPBrookfield Infrastructur | $109M | 3.1% | +27.5% | 7.3 yr |
| CVECenovus Energy Inc. | $100M | 2.8% | +97.2% | 9.8 yr |
| CNICanadian National Railwa | $99M | 2.8% | +8.2% | 10.5 yr |
| EMA.TOEmera Incorporated | $93M | 2.7% | +24.4% | 1.0 yr |
| BCEBCE Inc. | $90M | 2.6% | +16.0% | 10.5 yr |
| MFCManulife Financial Corpo | $85M | 2.4% | +15.0% | 10.5 yr |
| PBAPembina Pipeline Corpora | $76M | 2.2% | +17.8% | 10.5 yr |
| — | $74M | 2.1% | — | 2.5 yr |
| MGAMagna International Inc. | $69M | 2.0% | +71.2% | 10.5 yr |
| RCIRogers Communications In | $68M | 1.9% | +50.2% | 10.5 yr |
| NTRNutrien Ltd. | $65M | 1.8% | +56.2% | 8.3 yr |
| GILGildan Activewear Inc. | $60M | 1.7% | +28.0% | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified12.7%-1.7pp$447M
Oil & Gas Integrated7.4%+3.7pp$261M
Telecommunications Services7.3%-0.3pp$257M
Gold6.7%+3.0pp$233M
Unknown5.2%-2.2pp$181M
Oil & Gas Midstream4.3%-1.3pp$152M
Oil & Gas Exploration & Production4.2%+1.3pp$147M
Regulated Electric4.1%+1.8pp$145M
Diversified Utilities3.3%+1.5pp$117M
Railroads3.3%+0.9pp$115M
Country
CA61.1%+5.8pp
US29.5%-5.0pp
Unknown5.2%-2.2pp
BM3.8%+1.4pp
IE0.5%+0.0pp
Top 5: 18.1% · Top 10: 30.8% · Top 25: 52.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TD | $146M | +0.09B | 60.9% |
| CM | $87M | +0.06B | 73.0% |
| CVE | $43M | +0.04B | 97.2% |
| RCI | $78M | +0.04B | 50.2% |
| SU | $50M | +0.04B | 77.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TU | $28M | -0.00B | -2.7% |
Top buys this quarter · 15
| EMA.TO Emera Incorporated | +$66M |
| RY Royal Bank of Canada | +$53M |
| CNI Canadian National Railway Comp | +$41M |
| OVV Ovintiv Inc.new | +$40M |
| KGC Kinross Gold Corporation | +$39M |
| BMO Bank of Montreal | +$24M |
| TU TELUS Corporation | +$22M |
| SU Suncor Energy Inc. | +$20M |
| EGO Eldorado Gold Corporation | +$16M |
| BIP Brookfield Infrastructure Part | +$16M |
Top sells this quarter · 15
| SLF Sun Life Financial Inc. | −$100M |
| TD The Toronto-Dominion Bank | −$98M |
| FTS Fortis Inc. | −$49M |
| B Barrick Mining Corporation | −$46M |
| MEOH Methanex Corporation | −$23M |
| CGAU Centerra Gold Inc. | −$21M |
| PBA Pembina Pipeline Corporation | −$21M |
| MGA Magna International Inc. | −$19M |
| RCI Rogers Communications Inc. | −$18M |
| FNV Franco-Nevada Corporation | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.51B | 269 | +37.50% | +17.59% | +19.91% | -0.18B |
| 2025-12-31 | $3.48B | 313 | +30.92% | +17.72% | +13.20% | -0.05B |
| 2025-09-30 | $3.31B | 254 | +17.78% | +17.52% | +0.26% | +0.03B |
| 2025-06-30 | $2.95B | 322 | +20.13% | +14.94% | +5.19% | -0.24B |
| 2025-03-31 | $2.92B | 314 | +7.23% | +8.30% | -1.07% | +0.02B |
| 2024-12-31 | $2.86B | 309 | +9.81% | +24.89% | -15.07% | -0.03B |
| 2024-09-30 | $3.01B | 306 | +26.74% | +36.04% | -9.29% | -0.01B |
| 2024-06-30 | $2.67B | 259 | +6.47% | +24.49% | -18.02% | +0.19B |
| 2024-03-31 | $2.54B | 256 | +11.78% | +29.62% | -17.84% | -0.02B |
| 2023-12-31 | $2.47B | 251 | +9.30% | +26.18% | -16.88% | -0.09B |
| 2023-09-30 | $2.31B | 251 | +7.07% | +21.57% | -14.50% | -0.02B |
| 2023-06-30 | $2.46B | 251 | +2.37% | +19.42% | -17.06% | -0.04B |
| 2023-03-31 | $2.43B | 253 | -11.16% | -7.82% | -3.35% | +0.09B |
| 2022-12-31 | $2.31B | 256 | +8.56% | +7.56% | +1.00% | -0.99B |
| 2022-09-30 | $3.04B | 254 | -9.18% | -4.93% | -4.25% | +0.13B |
| 2022-06-30 | $3.20B | 248 | -10.92% | -16.11% | +5.19% | -0.30B |