Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.62%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.81%
steady accumulation
Rally response
-19.66%
trims into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SASeabridge Gold Inc. | $208M | 14.5% | +142.8% | 5.8 yr |
| RRCRange Resources Corporat | $189M | 13.2% | +14.2% | 8.0 yr |
| KTKT Corporation | $114M | 8.0% | +23.5% | 10.3 yr |
| NTRNutrien Ltd. | $107M | 7.5% | +56.2% | 1.5 yr |
| EXEExpand Energy Corporatio | $89M | 6.2% | +1.7% | 1.5 yr |
| BENFranklin Resources, Inc. | $83M | 5.8% | +27.8% | 2.5 yr |
| CNCCentene Corporation | $82M | 5.8% | -46.1% | 0.8 yr |
| NGNovaGold Resources Inc. | $58M | 4.1% | +207.5% | 10.3 yr |
| CRESYCresud Sociedad Anónima | $56M | 3.9% | — | 2.5 yr |
| WYWeyerhaeuser Company | $47M | 3.3% | -13.6% | 0.3 yr |
| NAKNorthern Dynasty Mineral | $46M | 3.2% | +21.7% | 10.3 yr |
| RYNRayonier Inc. | $45M | 3.1% | -17.8% | 0.3 yr |
| CNXCConcentrix Corporation | $45M | 3.1% | -49.4% | 0.3 yr |
| THMInternational Tower Hill | $41M | 2.8% | +263.9% | 8.0 yr |
| MOHMolina Healthcare, Inc. | $39M | 2.7% | -59.5% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Gold26.5%-3.6pp$379M
Oil & Gas Exploration & Production19.5%-2.3pp$279M
Medical - Healthcare Plans9.8%$141M
Telecommunications Services9.3%-2.3pp$133M
Agricultural Inputs7.5%+4.6pp$107M
Asset Management5.8%+0.9pp$83M
Conglomerates3.9%+1.6pp$56M
Paper, Lumber & Forest Products3.3%$47M
Industrial Materials3.2%+0.8pp$46M
REIT - Specialty3.1%$45M
Country
US50.6%+11.8pp
CA35.2%+5.3pp
KR8.2%-4.3pp
AR3.9%+1.6pp
IL1.9%
Unknown0.1%-10.1pp
Top 5: 49.5% · Top 10: 72.3% · Top 25: 99.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SA | $86M | +0.12B | 142.8% |
| NG | $54M | +0.11B | 207.5% |
| RGLD | $49M | +0.03B | 56.8% |
| KT | $112M | +0.03B | 23.5% |
| NEM | $20M | +0.02B | 127.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| WY Weyerhaeuser Companynew | +$47M |
| RYN Rayonier Inc.new | +$45M |
| CNXC Concentrix Corporationnew | +$45M |
| NICE NICE Ltd.new | +$28M |
| VGZ Vista Gold Corp. | +$22M |
| MOH Molina Healthcare, Inc. | +$22M |
| HUM Humana Inc.new | +$20M |
| CNC Centene Corporation | +$82M |
| IE Ivanhoe Electric Inc. | +$16M |
| NAK Northern Dynasty Minerals Ltd. | +$15M |
Top sells this quarter · 11
| SLB SLB N.V.exit | −$67M |
| RRC Range Resources Corporation | −$185M |
| RGLD Royal Gold, Inc. | −$31M |
| NTR Nutrien Ltd. | −$25M |
| NG NovaGold Resources Inc. | −$17M |
| KT KT Corporation | −$109M |
| NEM Newmont Corporation | −$2M |
| B Barrick Mining Corporation | −$1M |
| KEP Korea Electric Power Corporati | −$1M |
| AL Air Lease Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.43B | 27 | +65.64% | +17.59% | +48.05% | +0.14B |
| 2025-12-31 | $1.25B | 22 | +86.04% | +17.72% | +68.32% | -0.12B |
| 2025-09-30 | $1.23B | 22 | +60.49% | +17.52% | +42.97% | +0.09B |
| 2025-06-30 | $910M | 22 | +48.65% | +14.94% | +33.71% | -0.20B |
| 2025-03-31 | $964M | 24 | +35.40% | +8.30% | +27.09% | -0.12B |
| 2024-12-31 | $935M | 26 | +25.68% | +24.89% | +0.79% | -0.03B |
| 2024-09-30 | $1000M | 24 | +49.70% | +36.04% | +13.66% | -0.02B |
| 2024-06-30 | $887M | 22 | +30.39% | +24.49% | +5.90% | -0.11B |
| 2024-03-31 | $953M | 22 | +27.42% | +29.62% | -2.21% | -0.09B |
| 2023-12-31 | $965M | 23 | +32.09% | +26.18% | +5.91% | -0.02B |
| 2023-09-30 | $861M | 22 | +44.25% | +21.57% | +22.68% | -0.12B |
| 2023-06-30 | $976M | 22 | +25.98% | +19.42% | +6.56% | -0.01B |
| 2023-03-31 | $961M | 24 | -9.83% | -7.82% | -2.02% | -0.15B |
| 2022-12-31 | $990M | 29 | +25.24% | +7.56% | +17.68% | -0.15B |
| 2022-09-30 | $908M | 28 | -12.31% | -4.93% | -7.38% | +0.15B |
| 2022-06-30 | $864M | 24 | -26.66% | -16.11% | -10.55% | +0.13B |