Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.29%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.02%
baseline attrition
Rally response
-13.97%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NEMNewmont Corporation | $210M | 11.4% | +127.1% | 2.5 yr |
| FCXFreeport-McMoRan Inc. | $143M | 7.8% | +57.4% | 2.8 yr |
| APOApollo Global Management | $141M | 7.7% | -17.4% | 2.5 yr |
| TECKTeck Resources Limited | $130M | 7.1% | +43.3% | 3.0 yr |
| BACBank of America Corporat | $128M | 7.0% | +19.4% | 2.5 yr |
| RPRXRoyalty Pharma plc | $126M | 6.8% | +57.7% | 2.3 yr |
| SNYSanofi | $123M | 6.7% | -10.4% | 1.5 yr |
| WYNNWynn Resorts, Limited | $91M | 5.0% | +22.7% | 2.5 yr |
| UNPUnion Pacific Corporatio | $66M | 3.6% | +5.1% | 0.8 yr |
| TFCTruist Financial Corpora | $55M | 3.0% | +17.1% | 2.5 yr |
| WFCWells Fargo & Company | $53M | 2.9% | +13.3% | 4.5 yr |
| GOOGAlphabet Inc. | $46M | 2.5% | +84.3% | 2.3 yr |
| SCHWThe Charles Schwab Corpo | $33M | 1.8% | +21.5% | 1.3 yr |
| CCJCameco Corporation | $30M | 1.6% | +164.4% | 1.8 yr |
| KGCKinross Gold Corporation | $25M | 1.3% | +143.6% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Gold16.6%+3.8pp$305M
Banks - Diversified9.9%-4.7pp$181M
Copper9.6%-1.1pp$176M
Asset Management8.6%+2.2pp$158M
Industrial Materials7.5%-4.3pp$137M
Biotechnology6.9%+2.2pp$126M
Drug Manufacturers - General6.7%+2.1pp$123M
Gambling, Resorts & Casinos5.0%-4.4pp$91M
Railroads3.6%$66M
Banks - Regional3.0%-0.9pp$55M
Country
US74.9%-2.1pp
CA17.3%+1.7pp
FR6.7%+2.3pp
BR0.4%
AU0.2%-0.5pp
Unknown0.2%-2.0pp
CN0.2%
SG0.1%+0.1pp
Top 5: 40.9% · Top 10: 66.0% · Top 25: 87.0%
Top buys this quarter · 15
| APO Apollo Global Management, Inc. | +$141M |
| SNY Sanofi | +$31M |
| DIS The Walt Disney Company | +$20M |
| AA Alcoa Corporation | +$20M |
| XOM Exxon Mobil Corporationnew | +$19M |
| NUE Nucor Corporation | +$17M |
| BAC Bank of America Corporation | +$17M |
| TFC Truist Financial Corporation | +$13M |
| CVX Chevron Corporation | +$13M |
| STLD Steel Dynamics, Inc. | +$10M |
Top sells this quarter · 15
| TECK Teck Resources Limited | −$52M |
| FCX Freeport-McMoRan Inc. | −$44M |
| B Barrick Mining Corporation | −$15M |
| MP MP Materials Corp. | −$14M |
| NEM Newmont Corporation | −$207M |
| CCJ Cameco Corporation | −$11M |
| SCCO Southern Copper Corporation | −$8M |
| UEC Uranium Energy Corp.exit | −$6M |
| IAG IAMGOLD Corporation | −$6M |
| CNR Core Natural Resources, Inc.exit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.84B | 106 | +54.06% | +17.59% | +36.47% | +0.07B |
| 2025-12-31 | $1.73B | 97 | +49.96% | +17.72% | +32.24% | +0.19B |
| 2025-09-30 | $1.40B | 86 | +32.14% | +17.52% | +14.62% | +0.03B |
| 2025-06-30 | $1.18B | 76 | +22.57% | +14.94% | +7.63% | +0.03B |
| 2025-03-31 | $976M | 49 | +6.10% | +8.30% | -2.20% | -0.01B |
| 2024-12-31 | $988M | 56 | +18.75% | +24.89% | -6.13% | -0.12B |
| 2024-09-30 | $1.13B | 48 | +33.39% | +36.04% | -2.65% | +0.10B |
| 2024-06-30 | $965M | 46 | +16.88% | +24.49% | -7.61% | -0.05B |
| 2024-03-31 | $995M | 49 | +22.98% | +29.62% | -6.64% | -0.05B |
| 2023-12-31 | $940M | 40 | +28.42% | +26.18% | +2.24% | +0.45B |
| 2023-09-30 | $448M | 40 | +11.96% | +21.57% | -9.61% | +0.02B |
| 2023-06-30 | $462M | 32 | +16.87% | +19.42% | -2.56% | -0.09B |
| 2023-03-31 | $513M | 35 | -17.05% | -7.82% | -9.23% | +0.01B |
| 2022-12-31 | $431M | 43 | -4.46% | +7.56% | -12.02% | -0.06B |
| 2022-09-30 | $514M | 39 | -2.25% | -4.93% | +2.68% | -0.06B |
| 2022-06-30 | $588M | 31 | -23.58% | -16.11% | -7.47% | -0.00B |