Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.15%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.09%
steady accumulation
Rally response
-4.49%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TDWTidewater Inc. | $34M | 3.7% | +97.7% | 1.5 yr |
| CNRCore Natural Resources, | $31M | 3.3% | +36.6% | 0.8 yr |
| LMTLockheed Martin Corporat | $30M | 3.2% | +39.0% | 5.5 yr |
| NTRNutrien Ltd. | $29M | 3.2% | +56.2% | 0.3 yr |
| CNQCanadian Natural Resourc | $28M | 3.0% | +66.0% | 3.3 yr |
| — | $28M | 3.0% | — | 2.5 yr |
| SUSuncor Energy Inc. | $27M | 3.0% | +77.6% | 1.0 yr |
| SLBSLB N.V. | $25M | 2.8% | +26.7% | 0.5 yr |
| OIIOceaneering Internationa | $25M | 2.7% | +62.6% | 1.5 yr |
| — | $24M | 2.6% | — | 0.3 yr |
| APDAir Products and Chemica | $24M | 2.6% | +0.5% | 0.3 yr |
| BRKRPBruker Corporation 6.375 | $23M | 2.5% | — | 1.3 yr |
| NXENexGen Energy Ltd. | $23M | 2.5% | +158.4% | 7.8 yr |
| CFCF Industries Holdings, | $22M | 2.4% | +70.0% | 0.3 yr |
| CCJCameco Corporation | $21M | 2.3% | +164.4% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Equipment & Services10.9%+7.0pp$100M
Unknown10.5%+4.9pp$96M
Aerospace & Defense7.2%+0.2pp$66M
Agricultural Inputs7.0%$64M
Industrial Materials5.8%-9.2pp$53M
Chemicals - Specialty5.3%+4.1pp$49M
Uranium5.0%-2.9pp$46M
Semiconductors4.5%+3.9pp$41M
Coal4.2%+1.4pp$38M
Oil & Gas Integrated3.8%$34M
Country
US60.6%+4.6pp
CA19.9%-12.4pp
Unknown10.5%+4.9pp
GB3.1%-1.5pp
NL1.8%+1.3pp
FI1.3%
BM1.2%+0.2pp
BR1.0%
Top 5: 16.6% · Top 10: 30.6% · Top 25: 60.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TMQ | $20M | +0.03B | 131.6% |
| CCJ | $12M | +0.02B | 164.4% |
| NXE | $9M | +0.01B | 158.4% |
| AGI | $19M | +0.01B | 66.7% |
| AEM | $12M | +0.01B | 89.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| NTR Nutrien Ltd.new | +$29M |
| TDW Tidewater Inc. | +$28M |
| APD Air Products and Chemicals, Innew | +$24M |
| SLB SLB N.V. | +$23M |
| CF CF Industries Holdings, Inc.new | +$22M |
| CNR Core Natural Resources, Inc. | +$19M |
| SU Suncor Energy Inc. | +$19M |
| NOC Northrop Grumman Corporation | +$18M |
| VNOM Viper Energy, Inc.new | +$11M |
| DOW Dow Inc.new | +$10M |
Top sells this quarter · 15
| AEM Agnico Eagle Mines Limited | −$10M |
| CNQ Canadian Natural Resources Lim | −$26M |
| NXE NexGen Energy Ltd. | −$9M |
| ALB Albemarle Corporation | −$9M |
| TMC TMC the metals company Inc.exit | −$9M |
| AR Antero Resources Corporationexit | −$9M |
| HCC Warrior Met Coal, Inc.exit | −$7M |
| AGI Alamos Gold Inc. | −$7M |
| BLDR Builders FirstSource, Inc. | −$7M |
| KW Kennedy-Wilson Holdings, Inc.exit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $917M | 122 | +78.03% | +17.59% | +60.43% | +0.26B |
| 2025-12-31 | $560M | 102 | +49.29% | +17.72% | +31.57% | +0.07B |
| 2025-09-30 | $436M | 86 | +31.20% | +17.52% | +13.68% | +0.09B |
| 2025-06-30 | $303M | 62 | +21.03% | +14.94% | +6.08% | -0.02B |
| 2025-03-31 | $277M | 59 | +10.37% | +8.30% | +2.06% | +0.03B |
| 2024-12-31 | $247M | 55 | +5.44% | +24.89% | -19.45% | -0.01B |
| 2024-09-30 | $259M | 58 | +20.66% | +36.04% | -15.38% | +0.02B |
| 2024-06-30 | $227M | 58 | +15.54% | +24.49% | -8.95% | +0.02B |
| 2024-03-31 | $198M | 53 | +15.73% | +29.62% | -13.89% | +0.02B |
| 2023-12-31 | $195M | 39 | +27.92% | +26.18% | +1.75% | -0.03B |
| 2023-09-30 | $198M | 42 | +19.41% | +21.57% | -2.16% | +0.00B |
| 2023-06-30 | $191M | 42 | +12.59% | +19.42% | -6.84% | -0.01B |
| 2023-03-31 | $186M | 56 | -20.05% | -7.82% | -12.23% | +0.02B |
| 2022-12-31 | $160M | 42 | +6.07% | +7.56% | -1.49% | +0.01B |
| 2022-09-30 | $141M | 41 | -3.69% | -4.93% | +1.24% | +0.00B |
| 2022-06-30 | $143M | 42 | -24.51% | -16.11% | -8.40% | +0.00B |