Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.15%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.55%
baseline attrition
Rally response
-4.77%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ETEnergy Transfer LP | $82M | 7.7% | +12.1% | 9.3 yr |
| PAAPlains All American Pipe | $69M | 6.5% | +21.8% | 9.5 yr |
| SUNSunoco LP | $63M | 5.9% | +19.7% | 2.5 yr |
| MPLXMPLX Lp | $61M | 5.7% | +15.4% | 9.5 yr |
| EPDEnterprise Products Part | $59M | 5.5% | +18.7% | 9.5 yr |
| ET-PIEnergy Transfer LP | $58M | 5.4% | — | 0.3 yr |
| WESWestern Midstream Partne | $51M | 4.8% | +10.3% | 6.0 yr |
| RLJ-PARLJ Lodging Trust | $46M | 4.3% | — | 5.0 yr |
| — | $44M | 4.1% | — | 1.3 yr |
| NYCB-PUNew York Community Capit | $43M | 4.0% | — | 5.0 yr |
| APO-PAApollo Global Management | $40M | 3.7% | — | 2.0 yr |
| — | $38M | 3.5% | — | 0.8 yr |
| HESMHess Midstream LP | $26M | 2.4% | -0.4% | 4.3 yr |
| TRGPTarga Resources Corp. | $23M | 2.2% | +28.0% | 6.5 yr |
| LNGCheniere Energy, Inc. | $23M | 2.2% | +23.8% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream51.2%+8.9pp$545M
Unknown12.1%-3.6pp$129M
Asset Management9.6%+1.1pp$102M
REIT - Hotel & Motel7.3%+0.4pp$78M
Oil & Gas Refining & Marketing7.1%+2.5pp$75M
Industrial - Machinery1.4%$15M
Software - Application1.0%+1.0pp$11M
Semiconductors0.9%+0.7pp$10M
Banks - Regional0.9%+0.4pp$9M
Oil & Gas Equipment & Services0.8%-7.4pp$9M
Country
US83.1%+4.0pp
Unknown16.2%-3.4pp
CA0.6%-0.6pp
BM0.1%+0.1pp
GB0.0%-0.1pp
Top 5: 31.3% · Top 10: 54.0% · Top 25: 81.7%
Top buys this quarter · 15
| ET Energy Transfer LP | +$23M |
| SUN Sunoco LP | +$16M |
| EPD Enterprise Products Partners L | +$8M |
| CQP Cheniere Energy Partners, L.P. | +$4M |
| TRP TC Energy Corporation | +$4M |
| TOL Toll Brothers, Inc. | +$4M |
| AMZN Amazon.com, Inc. | +$3M |
| WES Western Midstream Partners, LP | +$3M |
| PAA Plains All American Pipeline, | +$3M |
| LEN Lennar Corporationnew | +$3M |
Top sells this quarter · 15
| HESM Hess Midstream LP | −$28M |
| DINO HF Sinclair Corporation | −$16M |
| KNTK Kinetik Holdings Inc. | −$12M |
| LNG Cheniere Energy, Inc. | −$23M |
| PSX Phillips 66 | −$5M |
| OKE ONEOK, Inc. | −$5M |
| GNL Global Net Lease, Inc. | −$5M |
| MCD McDonald's Corporationexit | −$4M |
| VLO Valero Energy Corporation | −$4M |
| CVX Chevron Corporation | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.07B | 144 | +12.35% | +17.59% | -5.24% | -0.00B |
| 2025-12-31 | $908M | 142 | +4.77% | +17.72% | -12.95% | +0.08B |
| 2025-09-30 | $808M | 137 | +9.43% | +17.52% | -8.09% | -0.02B |
| 2025-06-30 | $830M | 130 | +11.22% | +14.94% | -3.72% | +0.10B |
| 2025-03-31 | $778M | 119 | +23.89% | +8.30% | +15.59% | -0.04B |
| 2024-12-31 | $747M | 124 | +27.42% | +24.89% | +2.54% | -0.01B |
| 2024-09-30 | $709M | 126 | +24.40% | +36.04% | -11.63% | -0.02B |
| 2024-06-30 | $719M | 92 | +31.57% | +24.49% | +7.08% | -0.07B |
| 2024-03-31 | $758M | 95 | +31.25% | +29.62% | +1.62% | +0.03B |
| 2023-12-31 | $642M | 96 | +22.20% | +26.18% | -3.98% | +0.09B |
| 2023-09-30 | $532M | 63 | +28.45% | +21.57% | +6.88% | -0.07B |
| 2023-06-30 | $555M | 88 | +24.07% | +19.42% | +4.64% | +0.03B |
| 2023-03-31 | $508M | 103 | +11.50% | -7.82% | +19.32% | -0.02B |
| 2022-12-31 | $503M | 85 | +9.28% | +7.56% | +1.72% | -0.01B |
| 2022-09-30 | $468M | 78 | +4.18% | -4.93% | +9.11% | -0.07B |
| 2022-06-30 | $512M | 85 | -6.73% | -16.11% | +9.39% | -0.10B |