Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.58%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.73%
baseline attrition
Rally response
-11.14%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $3.79B | 25.7% | — | 2.5 yr |
| VOOVanguard S&P 500 ETF | $2.01B | 13.6% | — | 1.3 yr |
| CNQCanadian Natural Resourc | $433M | 2.9% | +66.0% | 10.3 yr |
| TDThe Toronto-Dominion Ban | $392M | 2.7% | +60.9% | 10.3 yr |
| RYRoyal Bank of Canada | $356M | 2.4% | +48.2% | 10.3 yr |
| BNSThe Bank of Nova Scotia | $316M | 2.1% | +52.4% | 10.3 yr |
| SPYState Street SPDR S&P 50 | $258M | 1.7% | +17.6% | 3.0 yr |
| TRPTC Energy Corporation | $251M | 1.7% | +37.4% | 6.8 yr |
| CVECenovus Energy Inc. | $245M | 1.7% | +97.2% | 8.8 yr |
| SUSuncor Energy Inc. | $243M | 1.6% | +77.6% | 10.3 yr |
| AEMAgnico Eagle Mines Limit | $234M | 1.6% | +89.2% | 10.3 yr |
| CMCanadian Imperial Bank o | $203M | 1.4% | +73.0% | 10.3 yr |
| MSTRStrategy Inc | $172M | 1.2% | -56.7% | 1.0 yr |
| BNBrookfield Corporation | $149M | 1.0% | +16.5% | 3.5 yr |
| BMOBank of Montreal | $114M | 0.8% | +47.5% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management43.7%+7.5pp$6.44B
Banks - Diversified9.5%+1.9pp$1.39B
Unknown7.8%+4.1pp$1.15B
Oil & Gas Integrated3.3%+1.0pp$493M
Oil & Gas Exploration & Production3.3%+1.8pp$482M
Oil & Gas Midstream2.7%-0.1pp$405M
Shell Companies2.6%+2.5pp$381M
Gold2.4%-0.6pp$347M
Software - Application2.2%-0.3pp$331M
Banks - Regional1.2%+0.2pp$179M
Country
US61.0%-0.8pp
CA28.4%-0.7pp
Unknown7.7%+4.0pp
KY0.8%
BM0.5%+0.4pp
CN0.5%-1.7pp
BE0.3%-0.0pp
JP0.3%+0.1pp
Top 5: 47.4% · Top 10: 56.3% · Top 25: 68.1%
Top buys this quarter · 15
| CNQ Canadian Natural Resources Lim | +$334M |
| BNS The Bank of Nova Scotia | +$200M |
| TRP TC Energy Corporation | +$187M |
| CM Canadian Imperial Bank of Comm | +$178M |
| MSTR Strategy Inc | +$172M |
| SU Suncor Energy Inc. | +$103M |
| CVE Cenovus Energy Inc. | +$98M |
| TD The Toronto-Dominion Bank | +$94M |
| GPGI GPGI, Inc. | +$90M |
| PBA Pembina Pipeline Corporation | +$76M |
Top sells this quarter · 15
| NVDA NVIDIA Corporationexit | −$137M |
| SPY State Street SPDR S&P 500 ETF | −$120M |
| AAPL Apple Inc.exit | −$100M |
| ENB Enbridge Inc. | −$93M |
| JPM JPMorgan Chase & Co. | −$77M |
| EXAS Exact Sciences Corporationexit | −$71M |
| TSLA Tesla, Inc.exit | −$70M |
| KLAC KLA Corporationexit | −$69M |
| AVGO Broadcom Inc.exit | −$54M |
| RTO Rentokil Initial plcexit | −$51M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $14.74B | 544 | +26.92% | +17.59% | +9.33% | -0.70B |
| 2025-12-31 | $15.16B | 707 | +22.55% | +17.72% | +4.83% | +1.91B |
| 2025-09-30 | $12.65B | 491 | +16.80% | +17.52% | -0.72% | -0.35B |
| 2025-06-30 | $11.98B | 559 | +18.51% | +14.94% | +3.57% | -3.35B |
| 2025-03-31 | $13.98B | 719 | +6.90% | +8.30% | -1.40% | -0.07B |
| 2024-12-31 | $14.28B | 764 | +14.89% | +24.89% | -10.00% | +3.29B |
| 2024-09-30 | $11.02B | 739 | +28.60% | +36.04% | -7.44% | +1.07B |
| 2024-06-30 | $9.03B | 676 | +12.04% | +24.49% | -12.45% | -0.36B |
| 2024-03-31 | $9.50B | 990 | +17.68% | +29.62% | -11.95% | -1.33B |
| 2023-12-31 | $10.25B | 1001 | +17.59% | +26.18% | -8.59% | +0.24B |
| 2023-09-30 | $8.95B | 1020 | +13.73% | +21.57% | -7.84% | -0.50B |
| 2023-06-30 | $9.85B | 1196 | +8.56% | +19.42% | -10.87% | -0.21B |
| 2023-03-31 | $9.68B | 1223 | -10.56% | -7.82% | -2.74% | -1.57B |
| 2022-12-31 | $10.66B | 1037 | +8.08% | +7.56% | +0.52% | -2.70B |
| 2022-09-30 | $12.37B | 1212 | -8.42% | -4.93% | -3.49% | +0.10B |
| 2022-06-30 | $13.40B | 1218 | -14.40% | -16.11% | +1.71% | -0.89B |