Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.55%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.72%
baseline attrition
Rally response
-15.81%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SGUStar Group, L.P. | $42M | 9.1% | -1.2% | 3.5 yr |
| — | $27M | 5.9% | — | 0.3 yr |
| OVVOvintiv Inc. | $27M | 5.8% | +42.6% | 1.8 yr |
| HDSNHudson Technologies, Inc | $22M | 4.8% | -4.7% | 1.3 yr |
| LNGCheniere Energy, Inc. | $22M | 4.8% | +23.8% | 3.0 yr |
| DVNDevon Energy Corporation | $22M | 4.7% | +38.1% | 2.0 yr |
| CVECenovus Energy Inc. | $21M | 4.5% | +97.2% | 3.8 yr |
| GLPGlobal Partners LP | $19M | 4.0% | -15.8% | 3.5 yr |
| TNKTeekay Tankers Ltd. | $14M | 2.9% | +99.4% | 1.3 yr |
| MEOHMethanex Corporation | $13M | 2.8% | +72.7% | 1.3 yr |
| CNRCore Natural Resources, | $11M | 2.4% | +36.6% | 0.3 yr |
| IAGIAMGOLD Corporation | $11M | 2.3% | +201.1% | 1.8 yr |
| OCOwens Corning | $11M | 2.3% | -22.3% | 0.3 yr |
| LLoews Corporation | $10M | 2.1% | +16.4% | 1.0 yr |
| SPYState Street SPDR S&P 50 | $9M | 1.9% | +17.6% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production17.4%-0.9pp$80M
Oil & Gas Midstream12.2%-7.8pp$56M
Unknown10.5%+0.4pp$49M
Oil & Gas Refining & Marketing9.1%-8.3pp$42M
Gold7.9%+5.7pp$36M
Marine Shipping6.8%$32M
Chemicals - Specialty5.4%-3.3pp$25M
Oil & Gas Integrated5.1%$23M
Asset Management3.7%+3.0pp$17M
Chemicals3.2%+2.8pp$15M
Country
US61.0%-12.9pp
CA20.0%+13.3pp
Unknown10.5%+0.4pp
BM1.7%-7.5pp
GB1.6%
IL1.1%
GR1.1%
FR1.1%
Top 5: 30.5% · Top 10: 49.4% · Top 25: 74.7%
Top buys this quarter · 15
| LNG Cheniere Energy, Inc. | +$21M |
| DVN Devon Energy Corporation | +$19M |
| CVE Cenovus Energy Inc. | +$14M |
| CNR Core Natural Resources, Inc.new | +$11M |
| OC Owens Corningnew | +$11M |
| SPY State Street SPDR S&P 500 ETF | +$8M |
| ASC Ardmore Shipping Corporationnew | +$8M |
| NRG NRG Energy, Inc. | +$6M |
| CHRD Chord Energy Corporation | +$6M |
| ZIM ZIM Integrated Shipping Servic | +$5M |
Top sells this quarter · 15
| STNG Scorpio Tankers Inc. | −$28M |
| ET Energy Transfer LP | −$13M |
| DAR Darling Ingredients Inc. | −$12M |
| OVV Ovintiv Inc. | −$24M |
| CENX Century Aluminum Company | −$10M |
| CTRA Coterra Energy Inc. | −$8M |
| B Barrick Mining Corporation | −$8M |
| DAC Danaos Corporationexit | −$7M |
| CSX CSX Corporation | −$7M |
| NEE NextEra Energy, Inc.exit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $461M | 110 | +48.39% | +17.59% | +30.80% | +0.14B |
| 2025-12-31 | $274M | 59 | +31.37% | +17.72% | +13.65% | -0.02B |
| 2025-09-30 | $288M | 68 | +30.96% | +17.52% | +13.45% | -0.09B |
| 2025-06-30 | $339M | 53 | +20.62% | +14.94% | +5.67% | +0.06B |
| 2025-03-31 | $252M | 41 | +14.41% | +8.30% | +6.11% | -0.02B |
| 2024-12-31 | $268M | 58 | +29.84% | +24.89% | +4.95% | -0.08B |
| 2024-09-30 | $348M | 58 | +35.93% | +36.04% | -0.11% | -0.07B |
| 2024-06-30 | $400M | 59 | +40.64% | +24.49% | +16.15% | -0.01B |
| 2024-03-31 | $385M | 44 | +40.42% | +29.62% | +10.80% | +0.06B |
| 2023-12-31 | $276M | 45 | +17.29% | +26.18% | -8.89% | +0.02B |
| 2023-09-30 | $245M | 40 | +19.49% | +21.57% | -2.08% | +0.03B |
| 2023-06-30 | $197M | 36 | +21.57% | +19.42% | +2.15% | +0.04B |
| 2023-03-31 | $153M | 34 | -2.08% | +7.46% | -9.54% | +0.04B |
| 2022-12-31 | $116M | 28 | +7.71% | +7.56% | +0.15% | -0.01B |
| 2022-09-30 | $118M | 22 | +9.24% | -4.93% | +14.16% | -0.34B |
| 2022-06-30 | $418M | 83 | — | — | — | +0.00B |