Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-18.84%
baseline attrition
Rally response
-33.07%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ADCAgree Realty Corporation | $248M | 6.3% | +1.5% | 4.3 yr |
| NINiSource Inc. | $240M | 6.1% | +19.6% | 8.3 yr |
| ESEversource Energy | $232M | 5.9% | +16.7% | 8.5 yr |
| WELLWelltower Inc. | $221M | 5.6% | +31.2% | 6.8 yr |
| XELXcel Energy Inc. | $209M | 5.3% | +15.8% | 3.8 yr |
| TRGPTarga Resources Corp. | $199M | 5.1% | +28.0% | 8.3 yr |
| KMIKinder Morgan, Inc. | $192M | 4.9% | +22.6% | 3.0 yr |
| KGSKodiak Gas Services, Inc | $139M | 3.5% | +64.4% | 3.0 yr |
| PCGPG&E Corporation | $113M | 2.9% | +2.9% | 10.0 yr |
| ETREntergy Corporation | $104M | 2.6% | +35.0% | 6.3 yr |
| IDAIDACORP, Inc. | $103M | 2.6% | +26.5% | 0.8 yr |
| WECWEC Energy Group, Inc. | $97M | 2.4% | +9.8% | 3.0 yr |
| TXNMTXNM Energy, Inc. | $90M | 2.3% | +12.5% | 4.5 yr |
| SRESempra | $68M | 1.7% | +40.3% | 7.0 yr |
| HTOH2O America | $59M | 1.5% | +10.9% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric27.8%-6.2pp$1.09B
Oil & Gas Midstream11.7%-0.5pp$462M
Regulated Gas7.4%+4.5pp$293M
REIT - Healthcare Facilities7.0%+0.2pp$278M
REIT - Retail6.6%+5.7pp$259M
Aerospace & Defense5.5%+4.4pp$217M
Oil & Gas Equipment & Services3.7%+0.4pp$146M
Diversified Utilities3.5%-2.8pp$139M
Unknown2.7%-2.6pp$105M
Industrial - Machinery2.6%+1.1pp$101M
Country
US94.3%+4.3pp
Unknown2.7%-2.6pp
GB1.1%+0.6pp
IE1.1%-0.5pp
CA0.7%+0.5pp
BE0.1%-0.5pp
Top 5: 29.2% · Top 10: 48.1% · Top 25: 71.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KGS | $143M | +0.09B | 64.4% |
| WELL | $284M | +0.09B | 31.2% |
| TRGP | $222M | +0.06B | 28.0% |
| XEL | $292M | +0.04B | 15.8% |
| SRE | $86M | +0.03B | 40.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| ADC Agree Realty Corporation | +$248M |
| NI NiSource Inc. | +$59M |
| KMI Kinder Morgan, Inc. | +$58M |
| FPS Forgent Power Solutions, Inc.new | +$57M |
| HTO H2O America | +$56M |
| KTOS Kratos Defense & Security Solu | +$49M |
| BKV BKV Corporation | +$41M |
| SWX Southwest Gas Holdings, Inc. | +$37M |
| PNW Pinnacle West Capital Corporat | +$37M |
| BKH Black Hills Corporation | +$32M |
Top sells this quarter · 15
| KNTK Kinetik Holdings Inc. | −$126M |
| KGS Kodiak Gas Services, Inc. | −$110M |
| ETR Entergy Corporation | −$82M |
| ADT ADT Inc.exit | −$81M |
| AEE Ameren Corporationexit | −$78M |
| D Dominion Energy, Inc. | −$76M |
| LNG Cheniere Energy, Inc. | −$72M |
| SRE Sempra | −$69M |
| CMS CMS Energy Corporationexit | −$58M |
| ETN Eaton Corporation plcexit | −$49M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.95B | 118 | +24.42% | +17.59% | +6.83% | -0.17B |
| 2025-12-31 | $3.67B | 118 | +16.36% | +17.72% | -1.36% | -0.41B |
| 2025-09-30 | $3.97B | 132 | +15.38% | +17.52% | -2.14% | -0.54B |
| 2025-06-30 | $4.24B | 144 | +25.43% | +14.94% | +10.49% | -0.76B |
| 2025-03-31 | $4.93B | 147 | +28.13% | +8.30% | +19.82% | -1.11B |
| 2024-12-31 | $5.76B | 144 | +32.33% | +24.89% | +7.44% | +0.34B |
| 2024-09-30 | $5.33B | 142 | +39.30% | +36.04% | +3.26% | -0.73B |
| 2024-06-30 | $5.24B | 148 | +17.79% | +24.49% | -6.70% | +0.48B |
| 2024-03-31 | $4.59B | 128 | +16.22% | +29.62% | -13.40% | +1.64B |
| 2023-12-31 | $2.72B | 100 | +7.60% | +26.18% | -18.58% | -1.33B |
| 2023-09-30 | $3.78B | 117 | +7.42% | +21.57% | -14.14% | -0.12B |
| 2023-06-30 | $3.99B | 107 | +4.12% | +19.42% | -15.31% | -0.99B |
| 2023-03-31 | $4.87B | 95 | -12.52% | -7.82% | -4.70% | -0.12B |
| 2022-12-31 | $4.97B | 76 | +7.05% | +7.56% | -0.51% | +0.14B |
| 2022-09-30 | $4.51B | 89 | -5.25% | -4.93% | -0.33% | +0.08B |
| 2022-06-30 | $4.68B | 85 | -14.02% | -16.11% | +2.09% | -1.26B |