Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-24.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-14.49%
baseline attrition
Rally response
-4.00%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AZNAstraZeneca PLC | $281M | 3.0% | +36.2% | 0.3 yr |
| NVDANVIDIA Corporation | $262M | 2.8% | +60.9% | 5.8 yr |
| ABBVAbbVie Inc. | $227M | 2.4% | +7.3% | 10.5 yr |
| CSCOCisco Systems, Inc. | $219M | 2.3% | +28.1% | 8.0 yr |
| PFEPfizer Inc. | $208M | 2.2% | +18.8% | 9.3 yr |
| KGCKinross Gold Corporation | $205M | 2.2% | +143.6% | 2.3 yr |
| DOWDow Inc. | $198M | 2.1% | +27.4% | 1.0 yr |
| GOOGLAlphabet Inc. | $178M | 1.9% | — | 9.5 yr |
| BMYBristol-Myers Squibb Com | $175M | 1.9% | +3.4% | 6.0 yr |
| FCXFreeport-McMoRan Inc. | $166M | 1.8% | +57.4% | 5.5 yr |
| PAGPPlains GP Holdings, L.P. | $163M | 1.7% | +23.4% | 1.0 yr |
| AEMAgnico Eagle Mines Limit | $154M | 1.6% | +89.2% | 1.0 yr |
| FHNFirst Horizon Corporatio | $131M | 1.4% | +20.6% | 2.3 yr |
| JBHTJ.B. Hunt Transport Serv | $129M | 1.4% | +44.8% | 0.3 yr |
| PRIMPrimoris Services Corpor | $126M | 1.3% | +149.7% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General11.7%+7.2pp$1.10B
Banks - Regional7.5%+5.9pp$703M
Semiconductors7.4%+2.0pp$701M
Gold4.2%+2.8pp$394M
Oil & Gas Midstream3.0%+1.5pp$284M
Engineering & Construction3.0%+0.2pp$282M
Internet Content & Information2.8%-0.3pp$261M
Banks - Diversified2.6%-1.4pp$241M
Asset Management2.5%+0.9pp$238M
Oil & Gas Integrated2.4%+1.5pp$222M
Country
US80.6%-8.1pp
CA5.9%+4.0pp
GB4.3%+3.4pp
BR3.7%+2.3pp
Unknown1.3%-1.7pp
IE1.0%-1.1pp
PE0.9%+0.6pp
SG0.8%
Top 5: 12.7% · Top 10: 22.5% · Top 25: 42.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $215M | +0.13B | 60.9% |
| KGC | $87M | +0.12B | 143.6% |
| COHR | $30M | +0.08B | 266.8% |
| NVT | $56M | +0.07B | 127.9% |
| GM | $101M | +0.06B | 60.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$285M |
| DOW Dow Inc. | +$194M |
| JBHT J.B. Hunt Transport Services, new | +$129M |
| BEN Franklin Resources, Inc. | +$114M |
| FCX Freeport-McMoRan Inc. | +$114M |
| EXE Expand Energy Corporation | +$88M |
| BKR Baker Hughes Company | +$88M |
| ATI ATI Inc. | +$84M |
| PAGP Plains GP Holdings, L.P. | +$77M |
| COHR Coherent, Inc. | +$77M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$139M |
| STX Seagate Technology Holdings pl | −$122M |
| COF Capital One Financial Corporatexit | −$120M |
| DB Deutsche Bank AGexit | −$109M |
| C Citigroup Inc. | −$94M |
| CCL Carnival Corporation & plc | −$92M |
| FDX FedEx Corporation | −$91M |
| AMZN Amazon.com, Inc. | −$85M |
| HBM Hudbay Minerals Inc. | −$84M |
| WBS Webster Financial Corporationexit | −$62M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.43B | 203 | +40.59% | +17.59% | +22.99% | +0.91B |
| 2025-12-31 | $8.28B | 184 | +26.49% | +17.72% | +8.78% | -0.24B |
| 2025-09-30 | $8.04B | 183 | +23.41% | +17.52% | +5.89% | -0.69B |
| 2025-06-30 | $7.77B | 191 | +17.01% | +14.94% | +2.07% | +0.29B |
| 2025-03-31 | $6.52B | 194 | +0.32% | +8.30% | -7.98% | +0.03B |
| 2024-12-31 | $7.02B | 201 | +24.58% | +24.89% | -0.31% | +0.24B |
| 2024-09-30 | $6.55B | 195 | +36.22% | +36.04% | +0.19% | -1.37B |
| 2024-06-30 | $7.44B | 200 | +25.70% | +24.49% | +1.21% | -0.15B |
| 2024-03-31 | $7.71B | 203 | +38.54% | +29.62% | +8.92% | -0.13B |
| 2023-12-31 | $6.82B | 209 | +25.21% | +26.18% | -0.97% | -1.27B |
| 2023-09-30 | $7.15B | 199 | +18.67% | +21.57% | -2.90% | -0.56B |
| 2023-06-30 | $7.85B | 201 | +16.67% | +19.42% | -2.75% | -0.97B |
| 2023-03-31 | $8.13B | 208 | -10.85% | -7.82% | -3.03% | -1.03B |
| 2022-12-31 | $8.82B | 218 | +7.22% | +7.56% | -0.34% | -0.58B |
| 2022-09-30 | $8.77B | 225 | -3.41% | -4.93% | +1.52% | -0.63B |
| 2022-06-30 | $9.73B | 231 | -17.14% | -16.11% | -1.03% | -0.49B |