Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.71%
adds when stocks drop
when a holding falls −10%+
Middle response
-7.02%
baseline attrition
Rally response
-8.97%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CMPCompass Minerals Interna | $113M | 25.6% | +151.3% | 2.3 yr |
| LINLinde plc | $55M | 12.4% | +7.9% | 3.3 yr |
| RRCRange Resources Corporat | $44M | 10.1% | +14.2% | 10.5 yr |
| EPDEnterprise Products Part | $43M | 9.7% | +18.7% | 3.8 yr |
| IEIvanhoe Electric Inc. | $36M | 8.2% | +103.4% | 4.0 yr |
| ARAntero Resources Corpora | $36M | 8.1% | +4.9% | 10.5 yr |
| WFGWest Fraser Timber Co. L | $24M | 5.4% | -13.5% | 0.3 yr |
| WMBThe Williams Companies, | $16M | 3.7% | +25.8% | 2.0 yr |
| NRGVEnergy Vault Holdings, I | $15M | 3.3% | +374.5% | 4.3 yr |
| CCJCameco Corporation | $11M | 2.5% | +164.4% | 5.0 yr |
| NTRNutrien Ltd. | $10M | 2.3% | +56.2% | 3.3 yr |
| CEGConstellation Energy Cor | $9M | 2.1% | +39.2% | 1.0 yr |
| — | $9M | 2.0% | — | 0.3 yr |
| MTRNMaterion Corporation | $6M | 1.4% | +78.2% | 1.0 yr |
| HUBBHubbell Incorporated | $6M | 1.3% | +50.1% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Industrial Materials27.0%+5.6pp$119M
Oil & Gas Exploration & Production18.2%-4.0pp$80M
Oil & Gas Midstream13.4%+2.5pp$59M
Chemicals - Specialty13.2%+2.8pp$58M
Copper8.2%-6.1pp$36M
Paper, Lumber & Forest Products5.4%$24M
Renewable Utilities5.4%+3.3pp$24M
Uranium2.5%-3.4pp$11M
Agricultural Inputs2.3%-0.2pp$10M
Unknown2.0%-8.2pp$9M
Country
US66.4%+9.7pp
CA18.4%-4.3pp
GB12.4%+3.0pp
Unknown2.0%-8.2pp
CL0.9%-0.2pp
Top 5: 65.9% · Top 10: 89.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CMP | $58M | +0.09B | 151.3% |
| IE | $39M | +0.04B | 103.4% |
| NRGV | $6M | +0.02B | 374.5% |
| CCJ | $16M | +0.02B | 164.4% |
| RRC | $34M | +0.00B | 14.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 4
| — new | +$0M |
| WFG West Fraser Timber Co. Ltd.new | +$17M |
| CEG Constellation Energy Corporati | +$3M |
| LIN Linde plc | +$3M |
Top sells this quarter · 11
| CMP Compass Minerals International | −$106M |
| IE Ivanhoe Electric Inc. | −$9M |
| CCJ Cameco Corporation | −$3M |
| NTR Nutrien Ltd. | −$3M |
| RRC Range Resources Corporation | −$37M |
| SQM Sociedad QuÃmica y Minera de | −$2M |
| NRGV Energy Vault Holdings, Inc. | −$2M |
| AR Antero Resources Corporation | −$30M |
| EPD Enterprise Products Partners L | −$37M |
| WMB The Williams Companies, Inc. | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $440M | 17 | +89.00% | +17.59% | +71.41% | +0.00B |
| 2025-12-31 | $402M | 15 | +57.75% | +17.72% | +40.03% | -0.01B |
| 2025-09-30 | $382M | 16 | +55.04% | +17.52% | +37.52% | -0.04B |
| 2025-06-30 | $378M | 16 | +37.34% | +14.94% | +22.40% | -0.00B |
| 2025-03-31 | $270M | 12 | -4.86% | +8.30% | -13.17% | -0.01B |
| 2024-12-31 | $301M | 11 | +8.59% | +24.89% | -16.30% | -0.04B |
| 2024-09-30 | $318M | 14 | -3.25% | +36.04% | -39.28% | +0.04B |
| 2024-06-30 | $282M | 14 | -0.09% | +24.49% | -24.58% | +0.01B |
| 2024-03-31 | $276M | 14 | +7.78% | +29.62% | -21.84% | -0.01B |
| 2023-12-31 | $271M | 12 | +4.43% | +26.18% | -21.75% | -0.05B |
| 2023-09-30 | $340M | 12 | +11.57% | +21.57% | -9.99% | -0.03B |
| 2023-06-30 | $358M | 13 | +1.46% | +19.42% | -17.96% | +0.06B |
| 2023-03-31 | $281M | 11 | -15.58% | -7.82% | -7.76% | -0.02B |
| 2022-12-31 | $299M | 33 | +2.07% | +7.56% | -5.49% | -0.09B |
| 2022-09-30 | $384M | 15 | -6.98% | -4.93% | -2.05% | +0.02B |
| 2022-06-30 | $391M | 22 | -11.91% | -16.11% | +4.20% | -0.03B |