Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.45%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.32%
baseline attrition
Rally response
-7.25%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WCNWaste Connections, Inc. | $34M | 4.1% | -16.2% | 2.0 yr |
| PBAPembina Pipeline Corpora | $30M | 3.6% | +17.8% | 1.0 yr |
| SLFSun Life Financial Inc. | $25M | 3.0% | +14.0% | 4.0 yr |
| TOTB.DETotalEnergies SE | $24M | 2.9% | +41.2% | 0.5 yr |
| TAT&T Inc. | $22M | 2.6% | +5.9% | 5.0 yr |
| VVisa Inc. | $21M | 2.6% | -13.1% | 8.3 yr |
| NVDANVIDIA Corporation | $21M | 2.6% | +60.9% | 4.5 yr |
| NFLXNetflix, Inc. | $21M | 2.6% | +3.1% | 4.0 yr |
| UNPUnion Pacific Corporatio | $21M | 2.5% | +5.1% | 7.5 yr |
| ISRGIntuitive Surgical, Inc. | $20M | 2.4% | -6.9% | 2.0 yr |
| LINLinde plc | $20M | 2.4% | +7.9% | 1.3 yr |
| MSFTMicrosoft Corporation | $20M | 2.4% | -0.6% | 8.3 yr |
| — | $19M | 2.3% | — | 3.5 yr |
| METAMeta Platforms, Inc. | $19M | 2.3% | -0.4% | 3.3 yr |
| BCEBCE Inc. | $18M | 2.2% | +16.0% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Telecommunications Services6.7%+2.0pp$56M
Semiconductors5.9%+0.7pp$49M
Railroads4.6%+0.4pp$38M
Software - Infrastructure4.3%+1.6pp$36M
Waste Management4.1%$34M
Internet Content & Information3.8%-0.1pp$32M
Engineering & Construction3.6%+2.7pp$30M
Oil & Gas Midstream3.6%+2.5pp$30M
Software - Application3.2%-2.5pp$27M
Insurance - Diversified3.0%+2.0pp$25M
Country
US59.2%-4.4pp
CA27.2%-0.3pp
IN3.5%+1.4pp
FR2.9%
GB2.4%+0.9pp
Unknown2.3%-1.1pp
TW1.9%+0.8pp
IE0.5%-0.1pp
Top 5: 16.1% · Top 10: 28.8% · Top 25: 60.1%
Top buys this quarter · 15
| STN Stantec Inc. | +$12M |
| MCO Moody's Corporationnew | +$11M |
| MSI Motorola Solutions, Inc.new | +$10M |
| TOTB.DE TotalEnergies SE | +$9M |
| NFLX Netflix, Inc. | +$5M |
| FSV FirstService Corporation | +$5M |
| SNPS Synopsys, Inc. | +$5M |
| WCN Waste Connections, Inc. | +$4M |
| HDB HDFC Bank Limited | +$13M |
| INFY Infosys Limited | +$15M |
Top sells this quarter · 15
| TRP TC Energy Corporationexit | −$125M |
| BNS The Bank of Nova Scotiaexit | −$93M |
| TD The Toronto-Dominion Bank | −$17M |
| PBA Pembina Pipeline Corporation | −$14M |
| DE Deere & Company | −$11M |
| WMT Walmart Inc. | −$9M |
| CPRT Copart, Inc.exit | −$8M |
| TSM Taiwan Semiconductor Manufactu | −$7M |
| UNP Union Pacific Corporation | −$6M |
| IT Gartner, Inc.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $833M | 62 | +21.52% | +17.59% | +3.93% | -0.26B |
| 2025-12-31 | $1.10B | 65 | +18.22% | +17.72% | +0.50% | -0.05B |
| 2025-09-30 | $1.12B | 65 | +14.49% | +17.52% | -3.03% | -0.01B |
| 2025-06-30 | $1.07B | 104 | +19.22% | +14.94% | +4.28% | -0.08B |
| 2025-03-31 | $1.03B | 111 | +5.57% | +8.30% | -2.73% | +0.00B |
| 2024-12-31 | $1.06B | 104 | +10.30% | +24.89% | -14.58% | -0.19B |
| 2024-09-30 | $1.26B | 104 | +19.29% | +36.04% | -16.75% | +0.02B |
| 2024-06-30 | $1.12B | 108 | -0.49% | +24.49% | -24.98% | +0.09B |
| 2024-03-31 | $1.03B | 113 | +2.14% | +29.62% | -27.48% | +0.07B |
| 2023-12-31 | $953M | 114 | +1.94% | +26.18% | -24.24% | -0.04B |
| 2023-09-30 | $927M | 110 | -4.09% | +21.57% | -25.66% | -0.01B |
| 2023-06-30 | $1.02B | 103 | +4.56% | +19.42% | -14.87% | -0.02B |
| 2023-03-31 | $1.01B | 109 | -13.41% | -7.82% | -5.59% | +0.01B |
| 2022-12-31 | $986M | 116 | +0.93% | +7.56% | -6.64% | +0.07B |
| 2022-09-30 | $911M | 126 | +0.30% | -4.93% | +5.23% | -0.13B |
| 2022-06-30 | $1.04B | 141 | -15.50% | -16.11% | +0.61% | +0.09B |