Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.47%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.87%
baseline attrition
Rally response
-6.15%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYRoyal Bank of Canada | $1.75B | 4.0% | +48.2% | 10.5 yr |
| AEMAgnico Eagle Mines Limit | $1.17B | 2.7% | +89.2% | 10.5 yr |
| TDThe Toronto-Dominion Ban | $993M | 2.3% | +60.9% | 10.5 yr |
| SUSuncor Energy Inc. | $961M | 2.2% | +77.6% | 10.5 yr |
| ENBEnbridge Inc. | $944M | 2.2% | +29.3% | 10.5 yr |
| NVDANVIDIA Corporation | $904M | 2.1% | +60.9% | 10.0 yr |
| CMCanadian Imperial Bank o | $864M | 2.0% | +73.0% | 10.5 yr |
| TRPTC Energy Corporation | $816M | 1.9% | +37.4% | 7.0 yr |
| AAPLApple Inc. | $767M | 1.8% | +14.7% | 10.5 yr |
| SHOPShopify Inc. | $758M | 1.7% | +24.2% | 10.5 yr |
| BNSThe Bank of Nova Scotia | $647M | 1.5% | +52.4% | 10.5 yr |
| PBUSInvesco MSCI USA ETF | $627M | 1.4% | — | 1.5 yr |
| — | $557M | 1.3% | — | 3.0 yr |
| MSFTMicrosoft Corporation | $541M | 1.2% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $510M | 1.2% | +9.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified12.0%-1.3pp$5.19B
Gold6.9%-0.8pp$3.00B
Semiconductors6.6%+3.2pp$2.85B
Oil & Gas Midstream5.1%-0.4pp$2.21B
Oil & Gas Integrated4.7%+2.2pp$2.05B
Software - Application3.7%-2.2pp$1.60B
Asset Management3.2%+0.4pp$1.40B
Software - Infrastructure2.7%-0.8pp$1.18B
Internet Content & Information2.7%+0.9pp$1.18B
Unknown2.7%-2.9pp$1.17B
Country
US48.7%+10.6pp
CA38.6%-8.6pp
Unknown2.7%-2.9pp
GB1.9%+1.4pp
BM0.9%+0.6pp
TW0.8%+0.2pp
IN0.7%-0.6pp
NL0.7%+0.4pp
Top 5: 13.4% · Top 10: 22.9% · Top 25: 38.2%
Top buys this quarter · 15
| ENB Enbridge Inc. | +$409M |
| SU Suncor Energy Inc. | +$312M |
| MDA MDA Space Ltdnew | +$246M |
| CVX Chevron Corporation | +$221M |
| TRP TC Energy Corporation | +$213M |
| AAPL Apple Inc. | +$189M |
| LLY Eli Lilly and Company | +$166M |
| CNI Canadian National Railway Comp | +$155M |
| SNPS Synopsys, Inc. | +$154M |
| TD The Toronto-Dominion Bank | +$141M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $43.38B | 1522 | +37.84% | +17.59% | +20.25% | +4.45B |
| 2025-12-31 | $38.12B | 1506 | +32.97% | +17.72% | +15.25% | +4.29B |
| 2025-09-30 | $31.72B | 1473 | +26.26% | +17.52% | +8.74% | -0.14B |
| 2025-06-30 | $28.37B | 1484 | +22.09% | +14.94% | +7.15% | +2.55B |
| 2025-03-31 | $22.91B | 1380 | +7.62% | +8.30% | -0.68% | +1.13B |
| 2024-12-31 | $22.10B | 1383 | +15.80% | +24.89% | -9.08% | +1.23B |
| 2024-09-30 | $20.62B | 1397 | +29.75% | +36.04% | -6.28% | -5.24B |
| 2024-06-30 | $23.81B | 1341 | +12.40% | +24.49% | -12.09% | +0.72B |
| 2024-03-31 | $23.24B | 1497 | +17.86% | +29.62% | -11.76% | +0.51B |
| 2023-12-31 | $21.44B | 1346 | +17.47% | +26.18% | -8.71% | -0.24B |
| 2023-09-30 | $19.11B | 1329 | +9.41% | +21.57% | -12.15% | +0.29B |
| 2023-06-30 | $20.01B | 1285 | +8.15% | +19.42% | -11.28% | +0.80B |
| 2023-03-31 | $18.44B | 1212 | -11.76% | -7.82% | -3.94% | +0.09B |
| 2022-12-31 | $17.37B | 1174 | +5.66% | +7.56% | -1.90% | +1.24B |
| 2022-09-30 | $15.26B | 1082 | -6.99% | -4.93% | -2.06% | -0.05B |
| 2022-06-30 | $16.46B | 1016 | -15.01% | -16.11% | +1.10% | -0.87B |