Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.53%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.95%
baseline attrition
Rally response
-10.64%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CTRACoterra Energy Inc. | $257M | 5.0% | +25.8% | 1.0 yr |
| OVVOvintiv Inc. | $254M | 4.9% | +42.6% | 4.3 yr |
| DARDarling Ingredients Inc. | $206M | 4.0% | +98.0% | 3.5 yr |
| SUSuncor Energy Inc. | $205M | 4.0% | +77.6% | 2.5 yr |
| VSTVistra Corp. | $168M | 3.3% | +28.7% | 4.0 yr |
| BPBP p.l.c. | $166M | 3.2% | +47.2% | 0.8 yr |
| TRGPTarga Resources Corp. | $163M | 3.2% | +28.0% | 5.0 yr |
| — | $142M | 2.8% | — | 0.8 yr |
| SRESempra | $137M | 2.7% | +40.3% | 1.3 yr |
| PRPermian Resources Corpor | $131M | 2.5% | +60.4% | 3.3 yr |
| LNGCheniere Energy, Inc. | $130M | 2.5% | +23.8% | 4.0 yr |
| NRGNRG Energy, Inc. | $130M | 2.5% | +55.0% | 1.3 yr |
| CNPCenterPoint Energy, Inc. | $127M | 2.5% | +21.9% | 1.5 yr |
| CVECenovus Energy Inc. | $127M | 2.5% | +97.2% | 4.3 yr |
| ETREntergy Corporation | $123M | 2.4% | +35.0% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production18.8%-3.1pp$970M
Oil & Gas Integrated12.1%-4.9pp$624M
Oil & Gas Midstream10.4%+0.1pp$537M
Independent Power Producers5.8%-1.2pp$298M
Unknown5.5%$284M
Diversified Utilities5.1%+2.4pp$265M
Regulated Electric4.8%-7.9pp$245M
Engineering & Construction4.7%+1.4pp$240M
Electrical Equipment & Parts4.2%$219M
Packaged Foods4.0%+4.0pp$206M
Country
US74.9%-1.0pp
CA10.7%-3.2pp
GB6.5%-1.4pp
Unknown5.5%
FR1.7%
IE0.7%
LU0.0%-1.8pp
CH0.0%
Top 5: 21.2% · Top 10: 35.5% · Top 25: 67.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MTZ | $89M | +0.16B | 175.7% |
| SU | $133M | +0.10B | 77.6% |
| CVE | $51M | +0.05B | 97.2% |
| PR | $81M | +0.05B | 60.4% |
| VST | $163M | +0.05B | 28.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CTRA Coterra Energy Inc. | +$184M |
| DAR Darling Ingredients Inc. | +$151M |
| VST Vistra Corp. | +$108M |
| TOTB.DE TotalEnergies SEnew | +$77M |
| CVE Cenovus Energy Inc. | +$71M |
| HUBB Hubbell Incorporated | +$56M |
| LYB LyondellBasell Industries N.V.new | +$53M |
| SOLS Solstice Advanced Materials Innew | +$49M |
| RAL Ralliant Corp.new | +$46M |
| WTTR Select Water Solutions, Inc.new | +$44M |
Top sells this quarter · 15
| BKR Baker Hughes Company | −$122M |
| MTZ MasTec, Inc. | −$111M |
| EXE Expand Energy Corporation | −$99M |
| VLO Valero Energy Corporationexit | −$89M |
| XOM Exxon Mobil Corporation | −$79M |
| ETR Entergy Corporation | −$79M |
| FANG Diamondback Energy, Inc. | −$74M |
| FSLR First Solar, Inc.exit | −$64M |
| FLS Flowserve Corporation | −$60M |
| AA Alcoa Corporationexit | −$59M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.15B | 78 | +55.09% | +17.59% | +37.50% | -0.22B |
| 2025-12-31 | $4.35B | 77 | +30.36% | +17.72% | +12.64% | -0.03B |
| 2025-09-30 | $4.18B | 70 | +29.85% | +17.52% | +12.33% | +0.32B |
| 2025-06-30 | $3.47B | 62 | +25.96% | +14.94% | +11.01% | +0.50B |
| 2025-03-31 | $2.75B | 54 | +22.39% | +8.30% | +14.08% | +0.15B |
| 2024-12-31 | $2.50B | 52 | +40.11% | +24.89% | +15.23% | +0.24B |
| 2024-09-30 | $2.17B | 46 | +35.49% | +36.04% | -0.54% | +0.13B |
| 2024-06-30 | $1.89B | 43 | +37.34% | +24.49% | +12.85% | -0.05B |
| 2024-03-31 | $1.85B | 40 | +36.51% | +29.62% | +6.89% | -0.17B |
| 2023-12-31 | $1.69B | 45 | +16.20% | +26.18% | -9.98% | +0.03B |
| 2023-09-30 | $1.65B | 40 | +36.39% | +21.57% | +14.82% | +0.15B |
| 2023-06-30 | $1.38B | 34 | +29.83% | +19.42% | +10.41% | +0.20B |
| 2023-03-31 | $1.13B | 36 | +10.15% | -7.82% | +17.97% | +0.09B |
| 2022-12-31 | $1.02B | 31 | +18.39% | +7.56% | +10.83% | -0.14B |
| 2022-09-30 | $985M | 32 | +3.98% | -4.93% | +8.91% | +0.20B |
| 2022-06-30 | $755M | 32 | -11.55% | -16.11% | +4.56% | -0.08B |