Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.27%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.49%
baseline attrition
Rally response
-2.67%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SIISprott Inc. | $598M | 18.1% | +224.0% | 6.0 yr |
| FUNDSprott Focus Trust, Inc. | $148M | 4.5% | — | 8.5 yr |
| AEMAgnico Eagle Mines Limit | $139M | 4.2% | +89.2% | 10.5 yr |
| EQXEquinox Gold Corp. | $137M | 4.2% | +110.2% | 6.3 yr |
| CDECoeur Mining, Inc. | $128M | 3.9% | +217.1% | 9.5 yr |
| IAGIAMGOLD Corporation | $124M | 3.8% | +201.1% | 6.0 yr |
| WPMWheaton Precious Metals | $115M | 3.5% | +70.0% | 9.0 yr |
| OROR Royalties Inc. | $90M | 2.7% | +80.9% | 1.0 yr |
| BILState Street SPDR Bloomb | $80M | 2.4% | — | 6.5 yr |
| PAASPan American Silver Corp | $78M | 2.4% | +114.7% | 10.5 yr |
| PHYSSprott Physical Gold Tru | $75M | 2.3% | — | 10.3 yr |
| KGCKinross Gold Corporation | $67M | 2.0% | +143.6% | 9.5 yr |
| BBarrick Mining Corporati | $65M | 2.0% | +114.9% | 1.0 yr |
| PPTAPerpetua Resources Corp. | $64M | 1.9% | +163.0% | 2.8 yr |
| — | $61M | 1.9% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Gold36.8%+1.0pp$1.21B
Asset Management33.3%+10.9pp$1.10B
Unknown5.7%-4.0pp$186M
Other Precious Metals4.3%+0.4pp$141M
Silver3.7%-6.2pp$122M
Steel2.1%-0.7pp$68M
Uranium1.6%+0.9pp$53M
Oil & Gas Integrated1.6%-0.1pp$52M
Oil & Gas Midstream1.4%+1.2pp$45M
Industrial Materials1.3%-0.5pp$42M
Country
CA64.4%+6.1pp
US28.8%-2.8pp
Unknown5.7%-4.0pp
PE0.3%
BR0.2%-0.1pp
CL0.2%+0.1pp
ZA0.1%+0.1pp
BM0.1%+0.1pp
Top 5: 34.9% · Top 10: 49.7% · Top 25: 73.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SII | $71M | +0.16B | 224.0% |
| CDE | $67M | +0.15B | 217.1% |
| AEM | $116M | +0.10B | 89.2% |
| PAAS | $76M | +0.09B | 114.7% |
| IAG | $37M | +0.07B | 201.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SII Sprott Inc. | +$360M |
| PAAS Pan American Silver Corp. | +$35M |
| VNOM Viper Energy, Inc. | +$15M |
| CALM Cal-Maine Foods, Inc. | +$6M |
| MP MP Materials Corp. | +$4M |
| TPL Texas Pacific Land Corporation | +$4M |
| PBR Petróleo Brasileiro S.A. - Pe | +$4M |
| HRB H&R Block, Inc. | +$4M |
| SCZM Santacruz Silver Mining Ltd. Cnew | +$2M |
| NXE NexGen Energy Ltd. | +$2M |
Top sells this quarter · 15
| B Barrick Mining Corporation | −$32M |
| SSRM SSR Mining Inc. | −$29M |
| THM International Tower Hill Mines | −$23M |
| NGD New Gold Inc.exit | −$14M |
| CDE Coeur Mining, Inc. | −$12M |
| ERO Ero Copper Corp. | −$12M |
| ODV Osisko Development Corp. | −$10M |
| SLS.TO Solaris Resources Inc. | −$9M |
| EGO Eldorado Gold Corporation | −$8M |
| KW Kennedy-Wilson Holdings, Inc.exit | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.29B | 228 | +109.19% | +17.59% | +91.60% | +0.13B |
| 2025-12-31 | $2.79B | 207 | +117.25% | +17.72% | +99.53% | -0.18B |
| 2025-09-30 | $2.67B | 197 | +80.58% | +17.52% | +63.06% | -0.19B |
| 2025-06-30 | $2.00B | 197 | +43.66% | +14.94% | +28.72% | +0.04B |
| 2025-03-31 | $1.69B | 190 | +26.73% | +8.30% | +18.43% | -0.08B |
| 2024-12-31 | $1.50B | 183 | +11.47% | +24.89% | -13.41% | +0.05B |
| 2024-09-30 | $1.56B | 147 | +33.96% | +36.04% | -2.08% | +0.03B |
| 2024-06-30 | $1.35B | 138 | +7.95% | +24.49% | -16.54% | -0.07B |
| 2024-03-31 | $1.39B | 139 | -1.69% | +29.62% | -31.32% | +0.24B |
| 2023-12-31 | $1.11B | 135 | +3.01% | +26.18% | -23.16% | -0.12B |
| 2023-09-30 | $1.11B | 135 | +8.05% | +21.57% | -13.52% | +0.10B |
| 2023-06-30 | $1.10B | 128 | +10.20% | +19.42% | -9.23% | +0.00B |
| 2023-03-31 | $1.18B | 131 | -14.10% | -7.82% | -6.28% | -0.04B |
| 2022-12-31 | $1.12B | 135 | +16.84% | +7.56% | +9.28% | -0.03B |
| 2022-09-30 | $985M | 136 | -6.60% | -4.93% | -1.67% | -0.02B |
| 2022-06-30 | $1.08B | 137 | -27.40% | -16.11% | -11.29% | +0.05B |