Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.55%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.62%
baseline attrition
Rally response
-5.97%
trims into rallies
when a holding rises +10%+
Top positions · 3
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HCCWarrior Met Coal, Inc. | $169M | 39.9% | +96.2% | 2.5 yr |
| RIGTransocean Ltd. | $135M | 32.0% | +109.1% | 0.8 yr |
| AMRAlpha Metallurgical Reso | $119M | 28.1% | +63.9% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Coal68.0%+9.3pp$288M
Oil & Gas Drilling32.0%+14.5pp$135M
Country
US68.0%-8.1pp
CH32.0%
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $423M | 3 | +98.27% | +17.59% | +80.68% | -0.07B |
| 2025-12-31 | $402M | 4 | +24.53% | +17.72% | +6.81% | -0.02B |
| 2025-09-30 | $337M | 5 | -16.36% | +17.52% | -33.87% | -0.01B |
| 2025-06-30 | $272M | 5 | -42.13% | +14.94% | -57.07% | +0.03B |
| 2025-03-31 | $235M | 4 | -49.50% | +8.30% | -57.81% | +0.04B |
| 2024-12-31 | $253M | 3 | -35.48% | +24.89% | -60.36% | +0.04B |
| 2024-09-30 | $247M | 5 | -1.89% | +36.04% | -37.93% | +0.04B |
| 2024-06-30 | $233M | 4 | +77.30% | +24.49% | +52.81% | +0.04B |
| 2024-03-31 | $216M | 4 | +107.52% | +29.62% | +77.90% | -0.03B |
| 2023-12-31 | $248M | 4 | +149.82% | +26.18% | +123.64% | +0.03B |
| 2023-09-30 | $170M | 3 | +92.67% | +21.57% | +71.10% | +0.05B |
| 2023-06-30 | $73M | 2 | +10.48% | +19.42% | -8.94% | -0.05B |
| 2023-03-31 | $121M | 3 | -23.77% | -7.82% | -15.95% | -0.02B |
| 2022-12-31 | $121M | 4 | -0.22% | +7.56% | -7.78% | +0.02B |
| 2022-09-30 | $99M | 3 | -9.18% | -4.93% | -4.25% | +0.01B |
| 2022-06-30 | $101M | 2 | -28.94% | -16.11% | -12.83% | -0.00B |