Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.77%
baseline attrition
Rally response
-5.43%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYRoyal Bank of Canada | $429M | 4.5% | +48.2% | 1.3 yr |
| TDThe Toronto-Dominion Ban | $350M | 3.7% | +60.9% | 1.3 yr |
| CNQCanadian Natural Resourc | $263M | 2.8% | +66.0% | 1.8 yr |
| SHOPShopify Inc. | $253M | 2.7% | +24.2% | 1.5 yr |
| AEMAgnico Eagle Mines Limit | $197M | 2.1% | +89.2% | 2.5 yr |
| — | $195M | 2.1% | — | 1.0 yr |
| SUSuncor Energy Inc. | $190M | 2.0% | +77.6% | 1.3 yr |
| FNVFranco-Nevada Corporatio | $188M | 2.0% | +58.0% | 1.3 yr |
| NVDANVIDIA Corporation | $155M | 1.6% | +60.9% | 9.0 yr |
| ENBEnbridge Inc. | $151M | 1.6% | +29.3% | 1.0 yr |
| BNBrookfield Corporation | $148M | 1.6% | +16.5% | 1.0 yr |
| TRPTC Energy Corporation | $129M | 1.4% | +37.4% | 1.0 yr |
| CVECenovus Energy Inc. | $129M | 1.4% | +97.2% | 1.3 yr |
| OROR Royalties Inc. | $127M | 1.3% | +80.9% | 1.0 yr |
| GOOGLAlphabet Inc. | $119M | 1.3% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified9.5%+7.1pp$898M
Gold9.2%+9.0pp$870M
Unknown8.8%-1.6pp$828M
Asset Management5.1%+0.7pp$477M
Semiconductors4.4%-0.9pp$420M
Software - Application4.1%-0.1pp$390M
Oil & Gas Integrated3.4%+3.3pp$322M
Oil & Gas Midstream3.4%+2.4pp$319M
Oil & Gas Exploration & Production3.2%+1.5pp$304M
Shell Companies2.6%+0.8pp$244M
Country
US44.3%-39.1pp
CA42.8%+42.7pp
Unknown8.8%-1.3pp
BM1.2%+0.2pp
KY0.6%+0.3pp
GB0.4%+0.2pp
IE0.4%-0.5pp
TW0.4%-0.2pp
Top 5: 15.8% · Top 10: 25.1% · Top 25: 41.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $73M | +0.04B | 60.9% |
| AAPL | $71M | +0.01B | 14.7% |
| AMZN | $46M | +0.00B | 9.5% |
| SHOP | $0M | +0.00B | 24.2% |
| MSFT | $72M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $72M | -0.00B | -0.6% |
Top buys this quarter · 15
| SU Suncor Energy Inc. | +$127M |
| PAAS Pan American Silver Corp. | +$44M |
| AEM Agnico Eagle Mines Limited | +$41M |
| CNQ Canadian Natural Resources Lim | +$35M |
| TD The Toronto-Dominion Bank | +$32M |
| FNV Franco-Nevada Corporation | +$32M |
| BMO Bank of Montreal | +$30M |
| PEN Penumbra, Inc. | +$25M |
| SHOP Shopify Inc. | +$253M |
| MCO Moody's Corporation | +$22M |
Top sells this quarter · 15
| CM Canadian Imperial Bank of Comm | −$77M |
| CVE Cenovus Energy Inc. | −$116M |
| BCE BCE Inc. | −$49M |
| SSRM SSR Mining Inc. | −$48M |
| EXAS Exact Sciences Corporationexit | −$42M |
| CIGI Colliers International Group Iexit | −$40M |
| BAC Bank of America Corporation | −$36M |
| WCN Waste Connections, Inc. | −$33M |
| MFC Manulife Financial Corporation | −$29M |
| HBM Hudbay Minerals Inc. | −$27M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.44B | 1188 | +34.59% | +17.59% | +17.00% | +0.36B |
| 2025-12-31 | $9.05B | 1162 | +27.79% | +17.72% | +10.07% | +0.84B |
| 2025-09-30 | $7.79B | 1029 | +28.41% | +17.52% | +10.90% | -0.12B |
| 2025-06-30 | $7.09B | 933 | +23.17% | +14.94% | +8.23% | +3.77B |
| 2025-03-31 | $2.91B | 889 | +10.28% | +8.30% | +1.98% | +0.40B |
| 2024-12-31 | $2.63B | 814 | +29.47% | +24.89% | +4.58% | -0.10B |
| 2024-09-30 | $2.58B | 810 | +36.34% | +36.04% | +0.31% | +0.07B |
| 2024-06-30 | $2.35B | 569 | +23.99% | +24.49% | -0.50% | -0.08B |
| 2024-03-31 | $2.38B | 348 | +30.75% | +29.62% | +1.13% | -0.04B |
| 2023-12-31 | $2.16B | 415 | +22.67% | +26.18% | -3.51% | -0.26B |
| 2023-09-30 | $2.17B | 397 | +16.55% | +21.57% | -5.01% | +0.18B |
| 2023-06-30 | $2.04B | 408 | +54.27% | +19.42% | +34.85% | -0.09B |
| 2023-03-31 | $1.97B | 471 | +21.19% | -7.82% | +29.01% | -0.06B |
| 2022-12-31 | $1.94B | 654 | +10.10% | -18.17% | +28.27% | -0.38B |
| 2022-09-30 | $2.19B | 732 | +15.49% | -15.51% | +31.00% | -0.87B |
| 2022-06-30 | $2.38B | 833 | -9.85% | -10.62% | +0.77% | +0.10B |