Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.31%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.47%
baseline attrition
Rally response
-5.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SUNCSunocoCorp LLC | $72M | 5.8% | — | 0.5 yr |
| RYRoyal Bank of Canada | $66M | 5.4% | +48.2% | 6.8 yr |
| CNICanadian National Railwa | $63M | 5.1% | +8.2% | 9.0 yr |
| — | $56M | 4.5% | — | 2.8 yr |
| FNVFranco-Nevada Corporatio | $55M | 4.4% | +58.0% | 2.8 yr |
| GIBCGI Inc. | $50M | 4.1% | -26.4% | 6.5 yr |
| FTSFortis Inc. | $47M | 3.8% | +26.8% | 9.0 yr |
| TFIITFI International Inc. | $44M | 3.5% | +42.3% | 3.8 yr |
| TDThe Toronto-Dominion Ban | $43M | 3.5% | +60.9% | 8.3 yr |
| EMA.TOEmera Incorporated | $40M | 3.3% | +24.4% | 1.0 yr |
| ENBEnbridge Inc. | $39M | 3.2% | +29.3% | 8.0 yr |
| MGAMagna International Inc. | $33M | 2.6% | +71.2% | 6.8 yr |
| RCIRogers Communications In | $33M | 2.6% | +50.2% | 3.5 yr |
| SLFSun Life Financial Inc. | $32M | 2.6% | +14.0% | 6.3 yr |
| DOOOBRP Inc. | $31M | 2.5% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified9.2%-0.2pp$114M
Oil & Gas Midstream9.2%+2.3pp$113M
Unknown7.9%-1.5pp$97M
Regulated Electric7.1%+2.3pp$88M
Railroads6.4%+0.1pp$79M
Trucking5.5%+2.7pp$68M
Oil & Gas Integrated4.9%+4.0pp$60M
Gold4.4%+0.5pp$55M
Oil & Gas Exploration & Production4.2%+1.2pp$52M
Information Technology Services4.1%-2.0pp$50M
Country
CA55.7%-2.3pp
US35.1%+4.9pp
Unknown7.9%-1.5pp
DK0.9%+0.8pp
CN0.5%-0.6pp
Top 5: 25.3% · Top 10: 43.5% · Top 25: 75.9%
Top buys this quarter · 11
| WFG West Fraser Timber Co. Ltd.new | +$15M |
| CVX Chevron Corporation | +$14M |
| EOG EOG Resources, Inc. | +$14M |
| BN Brookfield Corporation | +$10M |
| XOM Exxon Mobil Corporation | +$9M |
| HAL Halliburton Company | +$9M |
| NFLX Netflix, Inc. | +$8M |
| NVO Novo Nordisk A/S | +$11M |
| HAE Haemonetics Corporation | +$2M |
| VNOM Viper Energy, Inc. | +$0M |
Top sells this quarter · 15
| ENB Enbridge Inc. | −$20M |
| SLF Sun Life Financial Inc. | −$18M |
| JNJ Johnson & Johnson | −$14M |
| AMAT Applied Materials, Inc. | −$8M |
| UNH UnitedHealth Group Incorporate | −$6M |
| CNC Centene Corporation | −$5M |
| HCC Warrior Met Coal, Inc. | −$3M |
| FTS Fortis Inc. | −$47M |
| CMI Cummins Inc. | −$2M |
| RY Royal Bank of Canada | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.24B | 65 | +25.98% | +17.59% | +8.39% | -0.04B |
| 2025-12-31 | $1.22B | 64 | +21.45% | +17.72% | +3.73% | -0.00B |
| 2025-09-30 | $1.16B | 63 | +10.57% | +17.52% | -6.95% | +0.07B |
| 2025-06-30 | $1.02B | 63 | +13.99% | +14.94% | -0.95% | -0.04B |
| 2025-03-31 | $990M | 65 | +2.10% | +8.30% | -6.20% | +0.02B |
| 2024-12-31 | $970M | 63 | +7.68% | +24.89% | -17.21% | -0.12B |
| 2024-09-30 | $1.13B | 65 | +21.99% | +36.04% | -14.05% | -0.04B |
| 2024-06-30 | $1.06B | 64 | +8.25% | +24.49% | -16.24% | -0.04B |
| 2024-03-31 | $1.15B | 65 | +17.53% | +29.62% | -12.09% | -0.02B |
| 2023-12-31 | $1.11B | 66 | +14.56% | +26.18% | -11.62% | +0.05B |
| 2023-09-30 | $964M | 65 | +16.27% | +21.57% | -5.30% | -0.12B |
| 2023-06-30 | $1.11B | 69 | +11.14% | +19.42% | -8.28% | -0.00B |
| 2023-03-31 | $1.07B | 66 | -3.41% | -7.82% | +4.41% | -0.01B |
| 2022-12-31 | $1.04B | 69 | +11.03% | +7.56% | +3.47% | -0.11B |
| 2022-09-30 | $1.04B | 69 | -6.58% | -4.93% | -1.66% | +0.01B |
| 2022-06-30 | $1.10B | 72 | -9.72% | -16.11% | +6.39% | -0.17B |