Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.03%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.16%
baseline attrition
Rally response
+4.98%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AEMAgnico Eagle Mines Limit | $178M | 5.0% | +89.2% | 9.5 yr |
| TDThe Toronto-Dominion Ban | $169M | 4.8% | +60.9% | 10.5 yr |
| RYRoyal Bank of Canada | $168M | 4.7% | +48.2% | 10.5 yr |
| BMOBank of Montreal | $127M | 3.6% | +47.5% | 10.3 yr |
| CNQCanadian Natural Resourc | $124M | 3.5% | +66.0% | 10.5 yr |
| AGIAlamos Gold Inc. | $123M | 3.5% | +66.7% | 1.5 yr |
| BNBrookfield Corporation | $122M | 3.4% | +16.5% | 3.5 yr |
| SHOPShopify Inc. | $118M | 3.3% | +24.2% | 8.5 yr |
| WPMWheaton Precious Metals | $113M | 3.2% | +70.0% | 8.8 yr |
| ENBEnbridge Inc. | $106M | 3.0% | +29.3% | 10.5 yr |
| BNSThe Bank of Nova Scotia | $104M | 2.9% | +52.4% | 10.3 yr |
| CCJCameco Corporation | $83M | 2.3% | +164.4% | 4.5 yr |
| TRPTC Energy Corporation | $80M | 2.3% | +37.4% | 7.0 yr |
| — | $77M | 2.2% | — | 3.0 yr |
| FNVFranco-Nevada Corporatio | $76M | 2.2% | +58.0% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified17.9%+1.5pp$635M
Gold15.6%+5.1pp$553M
Oil & Gas Midstream6.3%-0.8pp$224M
Software - Application3.9%-2.5pp$139M
Asset Management3.6%-1.3pp$128M
Oil & Gas Exploration & Production3.5%-0.1pp$124M
Unknown3.4%-1.7pp$120M
Semiconductors3.3%+1.6pp$116M
Railroads2.8%-0.2pp$99M
Oil & Gas Integrated2.6%+0.7pp$93M
Country
CA66.8%-0.5pp
US26.6%+1.4pp
Unknown3.4%-1.7pp
BM1.1%+0.1pp
GB0.9%+0.1pp
IE0.5%+0.2pp
TW0.4%
AU0.3%+0.1pp
Top 5: 21.6% · Top 10: 38.0% · Top 25: 65.0%
Top buys this quarter · 15
| KGC Kinross Gold Corporation | +$41M |
| SUNB Sunbelt Rentals Holdings Incnew | +$13M |
| HBM Hudbay Minerals Inc. | +$13M |
| CLS Celestica Inc.new | +$11M |
| RY Royal Bank of Canada | +$7M |
| TSM Taiwan Semiconductor Manufactu | +$7M |
| STE STERIS plc | +$7M |
| WPM Wheaton Precious Metals Corp. | +$6M |
| TMO Thermo Fisher Scientific Inc. | +$5M |
| FNV Franco-Nevada Corporation | +$4M |
Top sells this quarter · 15
| GIB CGI Inc. | −$14M |
| AGI Alamos Gold Inc. | −$118M |
| CM Canadian Imperial Bank of Comm | −$11M |
| IQV IQVIA Holdings Inc.exit | −$10M |
| PEP PepsiCo, Inc. | −$9M |
| AEM Agnico Eagle Mines Limited | −$155M |
| BMO Bank of Montreal | −$7M |
| CNQ Canadian Natural Resources Lim | −$90M |
| EMA.TO Emera Incorporated | −$3M |
| MKC McCormick & Company, Incorporaexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.55B | 129 | +30.18% | +17.59% | +12.59% | +0.12B |
| 2025-12-31 | $3.41B | 125 | +29.27% | +17.72% | +11.55% | -0.14B |
| 2025-09-30 | $3.38B | 126 | +23.36% | +17.52% | +5.84% | +0.30B |
| 2025-06-30 | $2.79B | 120 | +22.45% | +14.94% | +7.51% | -0.23B |
| 2025-03-31 | $2.70B | 123 | +6.42% | +8.30% | -1.88% | -0.13B |
| 2024-12-31 | $2.83B | 123 | +10.51% | +24.89% | -14.37% | +0.03B |
| 2024-09-30 | $2.80B | 125 | +23.34% | +36.04% | -12.70% | +0.00B |
| 2024-06-30 | $2.55B | 128 | +8.26% | +24.49% | -16.23% | -0.01B |
| 2024-03-31 | $2.63B | 131 | +15.75% | +29.62% | -13.87% | -0.02B |
| 2023-12-31 | $2.56B | 130 | +16.69% | +26.18% | -9.48% | -0.00B |
| 2023-09-30 | $2.30B | 131 | +13.25% | +21.57% | -8.32% | +0.00B |
| 2023-06-30 | $2.38B | 132 | +8.13% | +19.42% | -11.30% | -0.14B |
| 2023-03-31 | $2.43B | 136 | -10.48% | -7.82% | -2.66% | +0.02B |
| 2022-12-31 | $2.30B | 144 | -9.30% | -18.17% | +8.87% | -0.07B |
| 2022-09-30 | $2.19B | 138 | -11.66% | -15.51% | +3.85% | +0.27B |
| 2022-06-30 | $2.09B | 102 | -3.42% | -10.62% | +7.20% | -0.01B |