Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.07%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.97%
baseline attrition
Rally response
-13.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MTZMasTec, Inc. | $229M | 10.8% | +175.7% | 5.8 yr |
| NEENextEra Energy, Inc. | $189M | 8.9% | +34.9% | 5.8 yr |
| XELXcel Energy Inc. | $152M | 7.2% | +15.8% | 1.8 yr |
| FEFirstEnergy Corp. | $152M | 7.1% | +30.4% | 4.0 yr |
| ETREntergy Corporation | $142M | 6.7% | +35.0% | 3.3 yr |
| COHRCoherent, Inc. | $108M | 5.1% | +266.8% | 0.5 yr |
| DOWDow Inc. | $80M | 3.8% | +27.4% | 0.3 yr |
| WMBThe Williams Companies, | $79M | 3.7% | +25.8% | 0.5 yr |
| CEGConstellation Energy Cor | $62M | 2.9% | +39.2% | 4.3 yr |
| ULSUL Solutions Inc. | $61M | 2.9% | +53.1% | 1.0 yr |
| PCGPG&E Corporation | $61M | 2.9% | +2.9% | 9.0 yr |
| JCIJohnson Controls Interna | $61M | 2.9% | +65.7% | 2.5 yr |
| NRGNRG Energy, Inc. | $59M | 2.8% | +55.0% | 3.8 yr |
| XLUState Street Utilities S | $57M | 2.7% | — | 2.8 yr |
| FDXFedEx Corporation | $57M | 2.7% | +49.3% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric33.9%+0.2pp$722M
Hardware, Equipment & Parts11.7%+11.0pp$250M
Engineering & Construction11.0%+0.3pp$235M
Integrated Freight & Logistics5.3%$113M
Electrical Equipment & Parts4.6%-0.4pp$99M
Independent Power Producers3.9%$82M
Chemicals3.8%$80M
Oil & Gas Midstream3.7%$79M
Solar3.6%+2.2pp$77M
Renewable Utilities3.5%-12.4pp$75M
Country
US89.5%-2.9pp
IE2.9%-1.6pp
IL2.6%
SG2.5%
CN1.6%-0.8pp
Unknown1.0%+1.0pp
Top 5: 40.6% · Top 10: 59.0% · Top 25: 91.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MTZ | $86M | +0.15B | 175.7% |
| CEG | $140M | +0.05B | 39.2% |
| JCI | $63M | +0.04B | 65.7% |
| NEE | $63M | +0.02B | 34.9% |
| XEL | $136M | +0.02B | 15.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ENVX | $49M | -0.01B | -29.4% |
Top buys this quarter · 15
| DOW Dow Inc.new | +$80M |
| FE FirstEnergy Corp. | +$77M |
| FDX FedEx Corporationnew | +$57M |
| CHRW C.H. Robinson Worldwide, Inc.new | +$57M |
| NRG NRG Energy, Inc. | +$32M |
| GDS GDS Holdings Limited | +$27M |
| NEE NextEra Energy, Inc. | +$25M |
| ALB Albemarle Corporation | +$20M |
| PCG PG&E Corporation | +$20M |
| NPKI NPK International Inc.new | +$16M |
Top sells this quarter · 15
| MMM 3M Companyexit | −$116M |
| CEG Constellation Energy Corporati | −$100M |
| PWR Quanta Services, Inc. | −$93M |
| JCI Johnson Controls International | −$88M |
| EXC Exelon Corporationexit | −$81M |
| NXT Nextpower Inc. | −$73M |
| CAT Caterpillar Inc.exit | −$53M |
| UAL United Airlines Holdings, Inc.exit | −$36M |
| MTZ MasTec, Inc. | −$175M |
| CVNA Carvana Co.exit | −$29M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.13B | 44 | +50.89% | +17.59% | +33.30% | -0.25B |
| 2025-12-31 | $2.15B | 40 | +28.51% | +17.72% | +10.79% | -0.22B |
| 2025-09-30 | $2.21B | 37 | +25.18% | +17.52% | +7.67% | +0.17B |
| 2025-06-30 | $1.87B | 36 | +34.21% | +14.94% | +19.27% | +0.24B |
| 2025-03-31 | $1.40B | 37 | +18.08% | +8.30% | +9.78% | -0.23B |
| 2024-12-31 | $1.73B | 40 | +25.26% | +24.89% | +0.37% | -0.45B |
| 2024-09-30 | $2.08B | 45 | +27.91% | +36.04% | -8.13% | -0.35B |
| 2024-06-30 | $2.07B | 51 | -3.41% | +24.49% | -27.90% | -0.26B |
| 2024-03-31 | $2.28B | 46 | -14.23% | +29.62% | -43.85% | +0.13B |
| 2023-12-31 | $2.15B | 33 | -17.49% | +26.18% | -43.67% | +0.04B |
| 2023-09-30 | $1.97B | 38 | -29.78% | +21.57% | -51.35% | +0.30B |
| 2023-06-30 | $1.88B | 35 | +9.70% | +19.42% | -9.72% | +0.37B |
| 2023-03-31 | $1.66B | 37 | +1.15% | -7.82% | +8.97% | -0.48B |
| 2022-12-31 | $2.24B | 45 | -8.83% | +7.56% | -16.39% | +0.33B |
| 2022-09-30 | $2.09B | 51 | +38.12% | -4.93% | +43.05% | -0.38B |
| 2022-06-30 | $1.79B | 43 | -16.18% | -16.11% | -0.07% | -0.05B |