Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.86%
trims when stocks drop
when a holding falls −10%+
Middle response
-23.60%
baseline attrition
Rally response
-11.53%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SUSuncor Energy Inc. | $14M | 4.8% | +77.6% | 5.5 yr |
| AGIAlamos Gold Inc. | $14M | 4.7% | +66.7% | 2.0 yr |
| NTRNutrien Ltd. | $13M | 4.5% | +56.2% | 3.0 yr |
| — | $13M | 4.3% | — | 1.0 yr |
| IMOImperial Oil Limited | $12M | 4.1% | +85.2% | 3.5 yr |
| CATCaterpillar Inc. | $12M | 4.0% | +117.8% | 2.0 yr |
| HWMHowmet Aerospace Inc. | $11M | 3.9% | +78.1% | 3.0 yr |
| CMCanadian Imperial Bank o | $10M | 3.3% | +73.0% | 5.5 yr |
| AEMAgnico Eagle Mines Limit | $9M | 3.2% | +89.2% | 4.5 yr |
| — | $9M | 3.1% | — | 0.3 yr |
| CNQCanadian Natural Resourc | $9M | 3.0% | +66.0% | 6.3 yr |
| BMOBank of Montreal | $8M | 2.8% | +47.5% | 6.3 yr |
| RTXRTX Corporation | $8M | 2.7% | +48.1% | 1.5 yr |
| ENBEnbridge Inc. | $7M | 2.5% | +29.3% | 6.8 yr |
| GDSGDS Holdings Limited | $6M | 2.2% | +59.1% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown11.4%+10.9pp$33M
Gold11.1%-10.0pp$32M
Oil & Gas Integrated10.6%+10.1pp$31M
Banks - Diversified10.1%-0.2pp$29M
Aerospace & Defense9.6%+3.6pp$28M
Agricultural Inputs4.5%$13M
Semiconductors4.3%+4.0pp$13M
Agricultural - Machinery4.0%+3.0pp$12M
Asset Management4.0%-4.2pp$12M
Telecommunications Services3.7%+3.2pp$11M
Country
CA37.5%-11.2pp
US21.1%-16.3pp
Unknown11.4%+10.9pp
CN5.0%+1.4pp
BR2.5%+0.6pp
GB2.5%+1.5pp
ID2.2%
AR1.9%+1.2pp
Top 5: 22.4% · Top 10: 39.9% · Top 25: 68.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AEM | $24M | +0.01B | 89.2% |
| KGC | $14M | +0.01B | 143.6% |
| HWM | $12M | +0.01B | 78.1% |
| BMO | $11M | +0.00B | 47.5% |
| AGI | $6M | +0.00B | 66.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| AGI Alamos Gold Inc. | +$10M |
| GDS GDS Holdings Limited | +$6M |
| RTX RTX Corporation | +$5M |
| ENB Enbridge Inc. | +$5M |
| KGC Kinross Gold Corporation | +$4M |
| CAT Caterpillar Inc. | +$3M |
| YPF YPF Sociedad Anónima | +$2M |
| ASX ASE Technology Holding Co., Lt | +$2M |
| TLK Perusahaan Perseroan (Persero) | +$2M |
| TEVA Teva Pharmaceutical Industries | +$2M |
Top sells this quarter · 15
| AEM Agnico Eagle Mines Limited | −$9M |
| MT ArcelorMittal S.A.exit | −$25M |
| SAN Banco Santander, S.A. | −$16M |
| CCJ Cameco Corporation | −$15M |
| AVGO Broadcom Inc.exit | −$10M |
| GEV GE Vernova Inc. | −$8M |
| IMO Imperial Oil Limited | −$8M |
| OMAB Grupo Aeroportuario del Centroexit | −$7M |
| EDU New Oriental Education & Technexit | −$7M |
| BMA Banco Macro S.A. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $292M | 113 | +66.42% | +17.59% | +48.83% | -0.01B |
| 2025-12-31 | $265M | 91 | +56.85% | +17.72% | +39.13% | -0.19B |
| 2025-09-30 | $437M | 173 | +51.96% | +17.52% | +34.45% | +0.02B |
| 2025-06-30 | $362M | 178 | +45.02% | +14.94% | +30.08% | +0.04B |
| 2025-03-31 | $269M | 146 | +22.92% | +8.30% | +14.62% | -0.00B |
| 2024-12-31 | $250M | 133 | +3.59% | +24.89% | -21.29% | -0.10B |
| 2024-09-30 | $347M | 161 | +0.45% | +36.04% | -35.58% | +0.06B |
| 2024-06-30 | $258M | 172 | +2.41% | +24.49% | -22.08% | -0.14B |
| 2024-03-31 | $386M | 173 | +10.87% | +29.62% | -18.75% | +0.06B |
| 2023-12-31 | $353M | 177 | +21.76% | +26.18% | -4.42% | +0.04B |
| 2023-09-30 | $317M | 104 | +29.73% | +21.57% | +8.17% | -0.10B |
| 2023-06-30 | $375M | 125 | +7.73% | +19.42% | -11.70% | -0.06B |
| 2023-03-31 | $390M | 107 | -12.38% | -7.82% | -4.56% | +0.05B |
| 2022-12-31 | $339M | 122 | +4.23% | +7.56% | -3.33% | +0.09B |
| 2022-09-30 | $242M | 64 | -7.08% | -4.93% | -2.15% | +0.02B |
| 2022-06-30 | $244M | 69 | -9.78% | -16.11% | +6.33% | -0.25B |