Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.96%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.13%
baseline attrition
Rally response
-0.73%
trims into rallies
when a holding rises +10%+
Top positions · 16
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EPDEnterprise Products Part | $19M | 17.1% | +18.7% | 10.5 yr |
| MPLXMPLX Lp | $18M | 16.9% | +15.4% | 10.5 yr |
| WMBThe Williams Companies, | $18M | 16.7% | +25.8% | 8.3 yr |
| ETEnergy Transfer LP | $15M | 14.1% | +12.1% | 10.5 yr |
| OKEONEOK, Inc. | $13M | 11.6% | -3.8% | 8.8 yr |
| WESWestern Midstream Partne | $8M | 7.8% | +10.3% | 7.3 yr |
| PAGPPlains GP Holdings, L.P. | $4M | 4.0% | +23.4% | 4.3 yr |
| HESMHess Midstream LP | $4M | 3.3% | -0.4% | 6.5 yr |
| KMIKinder Morgan, Inc. | $3M | 2.7% | +22.6% | 7.3 yr |
| TRGPTarga Resources Corp. | $3M | 2.4% | +28.0% | 7.8 yr |
| ENBEnbridge Inc. | $1M | 0.8% | +29.3% | 10.5 yr |
| PBAPembina Pipeline Corpora | $1M | 0.7% | +17.8% | 10.5 yr |
| TRPTC Energy Corporation | $1M | 0.7% | +37.4% | 5.8 yr |
| LNGCheniere Energy, Inc. | $1M | 0.6% | +23.8% | 3.5 yr |
| AMAntero Midstream Corpora | $0M | 0.4% | +33.3% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream100.0%+22.4pp$110M
Country
US97.8%+37.7pp
CA2.2%-31.8pp
Top 5: 76.4% · Top 10: 96.5% · Top 25: 100.0%
Top buys this quarter · 3
| WMB The Williams Companies, Inc. | +$0M |
| TRGP Targa Resources Corp. | +$0M |
| MPLX MPLX Lp | +$0M |
Top sells this quarter · 15
| ENB Enbridge Inc. | −$10M |
| CNQ Canadian Natural Resources Limexit | −$9M |
| SU Suncor Energy Inc.exit | −$9M |
| PBA Pembina Pipeline Corporation | −$8M |
| TRP TC Energy Corporation | −$8M |
| CNI Canadian National Railway Compexit | −$5M |
| FTS Fortis Inc.exit | −$5M |
| EMA.TO Emera Incorporatedexit | −$5M |
| TAC TransAlta Corporationexit | −$2M |
| CVE Cenovus Energy Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $110M | 16 | +18.16% | +17.59% | +0.57% | -0.09B |
| 2025-12-31 | $173M | 25 | +7.83% | +17.72% | -9.89% | -0.01B |
| 2025-09-30 | $183M | 25 | +14.40% | +17.52% | -3.12% | +0.00B |
| 2025-06-30 | $180M | 25 | +19.49% | +14.94% | +4.55% | +0.00B |
| 2025-03-31 | $183M | 24 | +26.44% | +8.30% | +18.13% | -0.00B |
| 2024-12-31 | $175M | 24 | +33.41% | +24.89% | +8.52% | -0.00B |
| 2024-09-30 | $164M | 23 | +30.94% | +36.04% | -5.10% | -0.00B |
| 2024-06-30 | $156M | 23 | +26.81% | +24.49% | +2.32% | -0.00B |
| 2024-03-31 | $155M | 23 | +26.19% | +29.62% | -3.44% | -0.00B |
| 2023-12-31 | $141M | 23 | +15.21% | +26.18% | -10.97% | -0.00B |
| 2023-09-30 | $136M | 23 | +19.32% | +21.57% | -2.24% | -0.00B |
| 2023-06-30 | $137M | 24 | +11.18% | +19.42% | -8.24% | -0.00B |
| 2023-03-31 | $136M | 24 | -0.72% | -7.82% | +7.10% | -0.03B |
| 2022-12-31 | $159M | 27 | +9.84% | +7.56% | +2.28% | +0.01B |
| 2022-09-30 | $139M | 24 | -4.25% | -4.93% | +0.68% | +0.00B |
| 2022-06-30 | $143M | 24 | -8.00% | -16.11% | +8.11% | +0.00B |