Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.11%
adds when stocks drop
when a holding falls −10%+
Middle response
-10.23%
baseline attrition
Rally response
-22.63%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PORPortland General Electri | $142M | 8.0% | +22.6% | 5.8 yr |
| TBNTamboran Resources Corp | $104M | 5.9% | +108.4% | 2.0 yr |
| XELXcel Energy Inc. | $92M | 5.2% | +15.8% | 5.0 yr |
| ETREntergy Corporation | $86M | 4.8% | +35.0% | 5.8 yr |
| DTEDTE Energy Company | $75M | 4.2% | +9.3% | 4.5 yr |
| CTRACoterra Energy Inc. | $66M | 3.7% | +25.8% | 3.8 yr |
| AEEAmeren Corporation | $46M | 2.6% | +12.7% | 5.3 yr |
| FANGDiamondback Energy, Inc. | $43M | 2.5% | +27.1% | 6.5 yr |
| AEPAmerican Electric Power | $43M | 2.4% | +24.0% | 0.5 yr |
| NINiSource Inc. | $41M | 2.3% | +19.6% | 5.5 yr |
| EVRGEvergy, Inc. | $39M | 2.2% | +23.3% | 5.5 yr |
| EXEExpand Energy Corporatio | $39M | 2.2% | +1.7% | 3.5 yr |
| CHRDChord Energy Corporation | $37M | 2.1% | +32.8% | 3.8 yr |
| ADNTAdient plc | $36M | 2.1% | +57.2% | 3.0 yr |
| LNTAlliant Energy Corporati | $32M | 1.8% | +15.1% | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric35.3%+5.5pp$625M
Oil & Gas Exploration & Production22.7%-4.2pp$402M
Oil & Gas Midstream4.6%-1.2pp$82M
Auto - Parts3.8%-0.2pp$67M
Unknown3.4%+0.4pp$60M
Auto - Manufacturers3.2%-0.2pp$56M
Auto - Dealerships2.4%-2.5pp$42M
Regulated Gas2.3%+1.2pp$41M
Oil & Gas Integrated2.3%+0.5pp$41M
Aerospace & Defense2.2%$40M
Country
US89.8%+1.6pp
Unknown3.4%+0.4pp
CA2.3%-0.9pp
IE2.2%+0.3pp
AR0.7%
NL0.6%
JP0.3%-1.6pp
KY0.2%
Top 5: 28.1% · Top 10: 41.7% · Top 25: 67.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TBN | $19M | +0.02B | 108.4% |
| ADNT | $30M | +0.02B | 57.2% |
| CHRD | $50M | +0.02B | 32.8% |
| ETR | $37M | +0.01B | 35.0% |
| DTE | $136M | +0.01B | 9.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| EXE Expand Energy Corporation | +$35M |
| FPS Forgent Power Solutions, Inc.new | +$29M |
| GPOR Gulfport Energy Corporation | +$25M |
| FANG Diamondback Energy, Inc. | +$25M |
| CTRA Coterra Energy Inc. | +$23M |
| F-PD Ford Motor Company 6.500% Note | +$20M |
| BETA BETA Technologies, Inc. | +$19M |
| MDU MDU Resources Group, Inc. | +$18M |
| APH Amphenol Corporation | +$17M |
| KNTK Kinetik Holdings Inc. | +$17M |
Top sells this quarter · 15
| EQT EQT Corporation | −$52M |
| MGY Magnolia Oil & Gas Corporationexit | −$46M |
| OVV Ovintiv Inc. | −$43M |
| XEL Xcel Energy Inc. | −$40M |
| ETR Entergy Corporation | −$34M |
| SU Suncor Energy Inc. | −$28M |
| NI NiSource Inc. | −$25M |
| Q Qnity Electronics, Inc.exit | −$25M |
| CRGY Crescent Energy Company | −$24M |
| ES Eversource Energyexit | −$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.77B | 125 | +28.97% | +17.59% | +11.37% | -0.07B |
| 2025-12-31 | $1.56B | 117 | +16.82% | +17.72% | -0.89% | -0.27B |
| 2025-09-30 | $1.84B | 113 | +26.01% | +17.52% | +8.49% | -0.05B |
| 2025-06-30 | $1.74B | 109 | +15.51% | +14.94% | +0.57% | +0.11B |
| 2025-03-31 | $1.61B | 105 | +7.44% | +8.30% | -0.87% | +0.16B |
| 2024-12-31 | $1.36B | 96 | +4.94% | +24.89% | -19.94% | +0.43B |
| 2024-09-30 | $870M | 84 | +1.39% | +36.04% | -34.64% | -0.15B |
| 2024-06-30 | $1.02B | 95 | +0.02% | +24.49% | -24.47% | +0.10B |
| 2024-03-31 | $975M | 83 | +6.94% | +29.62% | -22.68% | -0.02B |
| 2023-12-31 | $951M | 86 | -7.84% | +26.18% | -34.02% | +0.00B |
| 2023-09-30 | $913M | 104 | -12.23% | +21.57% | -33.80% | +0.07B |
| 2023-06-30 | $860M | 87 | +4.84% | +19.42% | -14.58% | -0.48B |
| 2023-03-31 | $1.33B | 94 | -13.09% | -7.82% | -5.27% | +0.25B |
| 2022-12-31 | $1.20B | 80 | -5.39% | -18.17% | +12.78% | +0.04B |
| 2022-09-30 | $1.18B | 86 | +17.40% | -4.93% | +22.33% | -0.05B |
| 2022-06-30 | $1.05B | 85 | -16.58% | -16.11% | -0.47% | +0.20B |