Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-26.76%
trims when stocks drop
when a holding falls −10%+
Middle response
-17.91%
baseline attrition
Rally response
-17.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DSGXThe Descartes Systems Gr | $85M | 7.6% | -29.0% | 1.5 yr |
| AGIAlamos Gold Inc. | $61M | 5.5% | +66.7% | 1.8 yr |
| KGCKinross Gold Corporation | $40M | 3.6% | +143.6% | 2.5 yr |
| CGAUCenterra Gold Inc. | $39M | 3.5% | +186.0% | 1.3 yr |
| IAGIAMGOLD Corporation | $37M | 3.3% | +201.1% | 1.3 yr |
| SKE.TOSkeena Resources Limited | $34M | 3.0% | +185.5% | 1.0 yr |
| SUSuncor Energy Inc. | $33M | 3.0% | +77.6% | 3.8 yr |
| SPXCSPX Technologies, Inc. | $31M | 2.8% | +55.3% | 1.5 yr |
| WELLWelltower Inc. | $30M | 2.7% | +31.2% | 1.5 yr |
| — | $30M | 2.7% | — | 0.5 yr |
| CVECenovus Energy Inc. | $28M | 2.5% | +97.2% | 7.5 yr |
| CNICanadian National Railwa | $28M | 2.5% | +8.2% | 4.3 yr |
| CRCrane Company | $28M | 2.5% | +12.2% | 0.8 yr |
| NVTnVent Electric plc | $26M | 2.3% | +127.9% | 0.8 yr |
| MLMMartin Marietta Material | $26M | 2.3% | +23.8% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Gold19.3%+7.2pp$215M
Software - Application7.6%+6.8pp$85M
Industrial - Machinery6.3%-0.1pp$70M
Oil & Gas Integrated5.5%+4.2pp$62M
Unknown5.3%+1.3pp$59M
Industrial Materials4.0%+3.9pp$45M
Electrical Equipment & Parts3.8%$42M
Engineering & Construction3.4%-0.2pp$38M
Aerospace & Defense3.3%+1.5pp$37M
Banks - Diversified3.0%+0.8pp$34M
Country
CA51.2%+18.2pp
US39.2%-20.9pp
Unknown5.3%+1.3pp
GB2.3%+1.4pp
BM1.4%
BR0.3%+0.2pp
NL0.2%
KY0.1%
Top 5: 23.4% · Top 10: 37.6% · Top 25: 67.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KGC | $40M | +0.06B | 143.6% |
| CGAU | $31M | +0.06B | 186.0% |
| AEM | $47M | +0.04B | 89.2% |
| SII | $18M | +0.04B | 224.0% |
| NXE | $17M | +0.03B | 158.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| DSGX The Descartes Systems Group In | +$77M |
| SU Suncor Energy Inc. | +$33M |
| NVT nVent Electric plc | +$25M |
| SPXC SPX Technologies, Inc. | +$24M |
| AGI Alamos Gold Inc. | +$19M |
| NI NiSource Inc.new | +$18M |
| CAE CAE Inc. | +$15M |
| WELL Welltower Inc. | +$15M |
| MLM Martin Marietta Materials, Inc | +$13M |
| MOD Modine Manufacturing Companynew | +$11M |
Top sells this quarter · 15
| B Barrick Mining Corporationexit | −$42M |
| ASML ASML Holding N.V. | −$39M |
| EXK Endeavour Silver Corp.exit | −$35M |
| AMZN Amazon.com, Inc.exit | −$30M |
| FIX Comfort Systems USA, Inc. | −$27M |
| DHR Danaher Corporationexit | −$27M |
| CGAU Centerra Gold Inc. | −$27M |
| EXE Expand Energy Corporationexit | −$26M |
| AR Antero Resources Corporationexit | −$25M |
| KGC Kinross Gold Corporation | −$25M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.12B | 98 | +48.18% | +17.59% | +30.59% | -0.34B |
| 2025-12-31 | $1.32B | 104 | +35.37% | +17.72% | +17.66% | -0.26B |
| 2025-09-30 | $1.47B | 138 | +25.72% | +17.52% | +8.20% | -0.17B |
| 2025-06-30 | $1.47B | 121 | +17.96% | +14.94% | +3.02% | -0.18B |
| 2025-03-31 | $1.47B | 137 | +4.96% | +8.30% | -3.34% | -0.34B |
| 2024-12-31 | $1.79B | 111 | +14.79% | +24.89% | -10.10% | +0.12B |
| 2024-09-30 | $1.68B | 98 | +23.58% | +36.04% | -12.45% | -0.05B |
| 2024-06-30 | $1.65B | 78 | +15.54% | +24.49% | -8.96% | -0.30B |
| 2024-03-31 | $1.95B | 129 | +19.04% | +29.62% | -10.58% | +0.02B |
| 2023-12-31 | $1.75B | 132 | +13.52% | +26.18% | -12.66% | -0.58B |
| 2023-09-30 | $2.18B | 126 | +12.05% | +21.57% | -9.52% | +0.24B |
| 2023-06-30 | $1.98B | 130 | +11.80% | +19.42% | -7.63% | -0.07B |
| 2023-03-31 | $2.00B | 141 | -6.02% | -7.82% | +1.80% | +0.35B |
| 2022-12-31 | $1.57B | 159 | +5.60% | +7.56% | -1.96% | -0.00B |
| 2022-09-30 | $1.48B | 124 | -2.31% | -4.93% | +2.62% | -0.33B |
| 2022-06-30 | $1.86B | 140 | -13.49% | -16.11% | +2.62% | +0.02B |