Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.03%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.54%
baseline attrition
Rally response
-4.01%
trims into rallies
when a holding rises +10%+
Top positions · 28
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EQXEquinox Gold Corp. | $120M | 12.6% | +110.2% | 2.0 yr |
| GPORGulfport Energy Corporat | $108M | 11.3% | +14.9% | 1.3 yr |
| AMZNAmazon.com, Inc. | $60M | 6.4% | +9.5% | 4.0 yr |
| BBarrick Mining Corporati | $56M | 5.9% | +114.9% | 1.0 yr |
| VISTVista Energy, S.A.B. de | $51M | 5.3% | +62.1% | 1.8 yr |
| EXEExpand Energy Corporatio | $48M | 5.1% | +1.7% | 0.8 yr |
| EQTEQT Corporation | $47M | 4.9% | +20.5% | 1.3 yr |
| ARAntero Resources Corpora | $42M | 4.4% | +4.9% | 1.5 yr |
| NEMNewmont Corporation | $40M | 4.3% | +127.1% | 2.0 yr |
| KSPIJoint Stock Company Kasp | $38M | 4.0% | -20.2% | 1.5 yr |
| GOOGAlphabet Inc. | $38M | 4.0% | +84.3% | 4.3 yr |
| UBSUBS Group AG | $24M | 2.6% | +31.6% | 0.3 yr |
| GGALGrupo Financiero Galicia | $22M | 2.3% | -11.7% | 1.0 yr |
| TECKTeck Resources Limited | $22M | 2.3% | +43.3% | 4.0 yr |
| DBDeutsche Bank AG | $21M | 2.2% | +28.4% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production32.9%+17.7pp$312M
Gold23.9%+7.7pp$227M
Specialty Retail8.3%+3.1pp$79M
Banks - Regional6.6%-11.9pp$63M
Banks - Diversified6.5%$62M
Industrial Materials4.4%-2.1pp$42M
Software - Infrastructure4.0%-10.4pp$38M
Internet Content & Information4.0%-1.1pp$38M
Asset Management3.5%+0.0pp$33M
Semiconductors2.0%$19M
Country
US53.5%+14.4pp
CA21.9%+4.5pp
BR6.2%
MX5.3%+0.4pp
KZ4.0%-10.4pp
CH2.6%
AR2.3%-12.1pp
DE2.2%-2.0pp
Top 5: 41.5% · Top 10: 64.2% · Top 25: 97.4%
Top buys this quarter · 15
| EQX Equinox Gold Corp. | +$44M |
| GPOR Gulfport Energy Corporation | +$36M |
| UBS UBS Group AGnew | +$25M |
| KSPI Joint Stock Company Kaspi.kz | +$24M |
| CRM Salesforce, Inc.new | +$19M |
| AMZN Amazon.com, Inc. | +$15M |
| GOOG Alphabet Inc. | +$13M |
| EGO Eldorado Gold Corporationnew | +$11M |
| NVDA NVIDIA Corporation | +$10M |
| B Barrick Mining Corporation | +$8M |
Top sells this quarter · 9
| MSFT Microsoft Corporationexit | −$25M |
| VALE Vale S.A. | −$11M |
| CRK Comstock Resources, Inc. | −$0M |
| TUR iShares MSCI Turkey ETF | −$0M |
| SLV iShares Silver Trust | −$12M |
| EWY iShares MSCI South Korea ETFexit | −$0M |
| EEM iShares MSCI Emerging Markets exit | −$0M |
| SMH VanEck Semiconductor ETFexit | −$0M |
| GDXJ VanEck Junior Gold Miners ETFexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $949M | 28 | +49.34% | +17.59% | +31.75% | +0.23B |
| 2025-12-31 | $687M | 20 | +38.48% | +17.72% | +20.76% | +0.24B |
| 2025-09-30 | $377M | 14 | +13.28% | +17.52% | -4.23% | -0.07B |
| 2025-06-30 | $382M | 16 | -1.43% | +14.94% | -16.37% | +0.10B |
| 2025-03-31 | $265M | 18 | +0.97% | +8.30% | -7.34% | -0.20B |
| 2024-12-31 | $483M | 15 | +16.60% | +24.89% | -8.29% | +0.28B |
| 2024-09-30 | $207M | 9 | +48.08% | +36.04% | +12.04% | -0.11B |
| 2024-06-30 | $314M | 13 | +39.81% | +24.49% | +15.32% | +0.03B |
| 2024-03-31 | $265M | 13 | +50.64% | +29.62% | +21.02% | -0.04B |
| 2023-12-31 | $269M | 13 | +36.39% | +26.18% | +10.22% | -0.01B |
| 2023-09-30 | $228M | 9 | +16.56% | +21.57% | -5.01% | +0.09B |
| 2023-06-30 | $148M | 7 | +26.43% | +19.42% | +7.01% | +0.04B |
| 2023-03-31 | $92M | 7 | -4.47% | -7.82% | +3.35% | -0.04B |
| 2022-12-31 | $126M | 8 | +4.26% | +7.56% | -3.30% | +0.02B |
| 2022-09-30 | $101M | 5 | +3.89% | -4.93% | +8.82% | +0.02B |
| 2022-06-30 | $78M | 6 | -12.73% | -16.11% | +3.38% | -0.25B |