Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.75%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.02%
baseline attrition
Rally response
-3.99%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VBILVanguard 0-3 Month Treas | $173M | 14.7% | — | 0.8 yr |
| IAUiShares Gold Trust | $60M | 5.1% | — | 5.0 yr |
| EPDEnterprise Products Part | $52M | 4.4% | +18.7% | 10.5 yr |
| AAPLApple Inc. | $26M | 2.2% | +14.7% | 10.5 yr |
| GOOGAlphabet Inc. | $25M | 2.2% | +84.3% | 10.5 yr |
| MPLXMPLX Lp | $25M | 2.1% | +15.4% | 5.8 yr |
| AMLPAlerian MLP ETF | $24M | 2.0% | — | 2.5 yr |
| MSFTMicrosoft Corporation | $23M | 1.9% | -0.6% | 10.5 yr |
| PBProsperity Bancshares, I | $20M | 1.7% | -2.6% | 1.3 yr |
| AEMAgnico Eagle Mines Limit | $18M | 1.5% | +89.2% | 10.3 yr |
| CVXChevron Corporation | $17M | 1.4% | +29.2% | 10.5 yr |
| — | $16M | 1.4% | — | 1.5 yr |
| RGLDRoyal Gold, Inc. | $15M | 1.3% | +56.8% | 8.0 yr |
| MCOMoody's Corporation | $15M | 1.3% | -5.6% | 8.8 yr |
| LNGCheniere Energy, Inc. | $14M | 1.2% | +23.8% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management28.8%-5.9pp$339M
Oil & Gas Midstream11.1%+0.3pp$131M
Gold6.5%+0.8pp$76M
Oil & Gas Integrated4.5%+2.7pp$53M
Oil & Gas Exploration & Production2.9%+1.7pp$34M
Software - Infrastructure2.8%-0.9pp$33M
Drug Manufacturers - General2.8%-0.2pp$33M
Consumer Electronics2.5%-0.2pp$29M
Unknown2.4%-0.5pp$28M
Internet Content & Information2.3%-0.2pp$27M
Country
US84.4%-5.0pp
CA7.5%+2.5pp
Unknown2.4%-0.5pp
GB1.3%+0.0pp
BR1.2%+0.7pp
BM1.1%+0.6pp
CH0.9%+0.6pp
AU0.8%
Top 5: 28.6% · Top 10: 37.9% · Top 25: 54.4%
Top buys this quarter · 15
| PB Prosperity Bancshares, Inc. | +$20M |
| AZN AstraZeneca PLCnew | +$8M |
| WPM Wheaton Precious Metals Corp. | +$7M |
| AGI Alamos Gold Inc. | +$6M |
| CNR Core Natural Resources, Inc.new | +$6M |
| RIG Transocean Ltd.new | +$6M |
| CF CF Industries Holdings, Inc.new | +$6M |
| NFG National Fuel Gas Companynew | +$6M |
| CTVA Corteva, Inc. | +$4M |
| BKV BKV Corporationnew | +$4M |
Top sells this quarter · 15
| DHT DHT Holdings, Inc. | −$21M |
| APA APA Corporationexit | −$19M |
| GOOG Alphabet Inc. | −$12M |
| BMY Bristol-Myers Squibb Companyexit | −$11M |
| LYB LyondellBasell Industries N.V.exit | −$9M |
| SLB SLB N.V. | −$9M |
| INTU Intuit Inc.exit | −$8M |
| LNC Lincoln National Corporationexit | −$8M |
| GSK GSK plcexit | −$8M |
| OHI Omega Healthcare Investors, In | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.18B | 245 | +23.96% | +17.59% | +6.37% | -0.01B |
| 2025-12-31 | $1.14B | 250 | +24.15% | +17.72% | +6.43% | +0.01B |
| 2025-09-30 | $1.08B | 223 | +20.24% | +17.52% | +2.73% | +0.08B |
| 2025-06-30 | $915M | 209 | +17.62% | +14.94% | +2.68% | -0.07B |
| 2025-03-31 | $947M | 206 | +16.51% | +8.30% | +8.20% | +0.06B |
| 2024-12-31 | $850M | 212 | +18.24% | +24.89% | -6.65% | -0.17B |
| 2024-09-30 | $1.01B | 217 | +25.70% | +36.04% | -10.34% | +0.10B |
| 2024-06-30 | $852M | 230 | +16.48% | +24.49% | -8.01% | +0.10B |
| 2024-03-31 | $728M | 223 | +20.60% | +29.62% | -9.03% | +0.03B |
| 2023-12-31 | $659M | 208 | +20.32% | +26.18% | -5.86% | -0.03B |
| 2023-09-30 | $635M | 202 | +18.50% | +21.57% | -3.06% | +0.01B |
| 2023-06-30 | $637M | 210 | +14.61% | +19.42% | -4.81% | +0.04B |
| 2023-03-31 | $559M | 199 | -7.47% | -7.82% | +0.35% | -0.00B |
| 2022-12-31 | $531M | 210 | -16.82% | -18.17% | +1.36% | -0.14B |
| 2022-09-30 | $637M | 242 | -12.90% | -15.51% | +2.61% | -0.04B |
| 2022-06-30 | $704M | 253 | -8.43% | -10.62% | +2.19% | -0.15B |