Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.20%
baseline attrition
Rally response
-12.21%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CRH.LCRH plc | $27M | 30.2% | — | 2.8 yr |
| NMMNavios Maritime Partners | $14M | 15.2% | +72.8% | 1.8 yr |
| AGIAlamos Gold Inc. | $12M | 13.2% | +66.7% | 0.5 yr |
| KSPIJoint Stock Company Kasp | $10M | 11.6% | -20.2% | 1.8 yr |
| FCNCAFirst Citizens BancShare | $5M | 5.4% | — | 3.0 yr |
| SKE.TOSkeena Resources Limited | $4M | 4.9% | +185.5% | 0.5 yr |
| ZBHZimmer Biomet Holdings, | $4M | 4.7% | -19.5% | 0.3 yr |
| FERGFerguson plc | $4M | 4.4% | +47.8% | 1.5 yr |
| ZTSZoetis Inc. | $4M | 4.3% | -27.2% | 0.3 yr |
| DVNDevon Energy Corporation | $1M | 1.6% | +38.1% | 0.3 yr |
| SASeabridge Gold Inc. | $1M | 1.6% | +142.8% | 5.5 yr |
| ODVOsisko Development Corp. | $1M | 1.3% | +118.1% | 0.3 yr |
| EXKEndeavour Silver Corp. | $1M | 1.2% | +118.0% | 0.5 yr |
| EOGEOG Resources, Inc. | $0M | 0.5% | +16.9% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Construction Materials30.2%+6.2pp$27M
Gold16.0%-6.7pp$14M
Marine Shipping15.2%+3.3pp$14M
Software - Infrastructure11.6%+5.3pp$10M
Banks - Regional5.4%-0.4pp$5M
Industrial Materials4.9%$4M
Medical - Devices4.7%$4M
Industrial - Distribution4.4%-6.4pp$4M
Drug Manufacturers - General4.3%$4M
Oil & Gas Exploration & Production2.1%$2M
Country
IE30.2%+0.3pp
CA22.1%+9.3pp
US16.5%-2.0pp
MC15.2%+8.4pp
KZ11.6%+5.3pp
GB4.4%-6.4pp
Top 5: 75.6% · Top 10: 95.5% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KSPI | $6M | -0.00B | -20.2% |
Top buys this quarter · 11
| ZBH Zimmer Biomet Holdings, Inc.new | +$4M |
| ZTS Zoetis Inc.new | +$4M |
| SKE.TO Skeena Resources Limited | +$2M |
| DVN Devon Energy Corporationnew | +$1M |
| ODV Osisko Development Corp.new | +$1M |
| AGI Alamos Gold Inc. | +$1M |
| KSPI Joint Stock Company Kaspi.kz | +$1M |
| FERG Ferguson plc | +$0M |
| EXK Endeavour Silver Corp. | +$1M |
| FCNCA First Citizens BancShares, Inc | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $90M | 14 | +41.78% | +17.59% | +24.19% | -0.01B |
| 2025-12-31 | $96M | 13 | +25.49% | +17.72% | +7.77% | -0.01B |
| 2025-09-30 | $106M | 13 | -1.29% | +17.52% | -18.81% | -0.01B |
| 2025-06-30 | $101M | 14 | -12.05% | +14.94% | -26.99% | -0.01B |
| 2025-03-31 | $102M | 14 | -17.11% | +8.30% | -25.41% | +0.02B |
| 2024-12-31 | $82M | 11 | -6.59% | +24.89% | -31.48% | -0.02B |
| 2024-09-30 | $120M | 11 | +16.76% | +36.04% | -19.28% | -0.01B |
| 2024-06-30 | $126M | 11 | +9.77% | +24.49% | -14.72% | -0.01B |
| 2024-03-31 | $139M | 12 | +14.27% | +29.62% | -15.35% | +0.03B |
| 2023-12-31 | $104M | 12 | +8.25% | +26.18% | -17.93% | +0.00B |
| 2023-09-30 | $101M | 13 | +21.54% | +21.57% | -0.03% | -0.00B |
| 2023-06-30 | $103M | 13 | +15.23% | +19.42% | -4.20% | -0.02B |
| 2023-03-31 | $117M | 11 | -13.02% | -7.82% | -5.21% | +0.01B |
| 2022-12-31 | $108M | 8 | +14.67% | +7.56% | +7.11% | -0.00B |
| 2022-09-30 | $94M | 9 | -6.46% | -4.93% | -1.53% | -0.01B |
| 2022-06-30 | $114M | 9 | -21.00% | -16.11% | -4.89% | -0.03B |