Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+14.06%
adds when stocks drop
when a holding falls −10%+
Middle response
-5.69%
baseline attrition
Rally response
-12.41%
trims into rallies
when a holding rises +10%+
Top positions · 16
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VISTVista Energy, S.A.B. de | $19M | 12.1% | +62.1% | 3.3 yr |
| BBarrick Mining Corporati | $16M | 10.5% | +114.9% | 1.0 yr |
| NEXANexa Resources S.A. | $14M | 9.1% | +74.5% | 4.0 yr |
| — | $14M | 8.7% | — | 0.3 yr |
| TEOTelecom Argentina S.A. | $14M | 8.7% | +17.8% | 0.5 yr |
| GGALGrupo Financiero Galicia | $11M | 6.9% | -11.7% | 1.5 yr |
| TNPTsakos Energy Navigation | $10M | 6.3% | — | 0.8 yr |
| BBARBanco BBVA Argentina S.A | $10M | 6.2% | -9.6% | 1.3 yr |
| NUNu Holdings Ltd. | $9M | 5.5% | +40.3% | 0.5 yr |
| ARISAris Mining Corporation | $8M | 5.4% | +300.2% | 0.8 yr |
| AGROAdecoagro S.A. | $8M | 4.8% | +40.0% | 3.5 yr |
| NTRNutrien Ltd. | $8M | 4.8% | +56.2% | 0.3 yr |
| ZIMZIM Integrated Shipping | $7M | 4.6% | +98.9% | 0.5 yr |
| LQDiShares iBoxx $ Investme | $4M | 2.5% | — | 1.5 yr |
| GLOBGlobant S.A. | $3M | 2.2% | -60.8% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional13.1%-10.5pp$20M
Oil & Gas Exploration & Production12.1%$19M
Gold10.5%+0.8pp$16M
Industrial Materials9.1%+5.4pp$14M
Unknown8.7%+3.3pp$14M
Telecommunications Services8.7%$14M
Oil & Gas Midstream6.3%+3.1pp$10M
Banks - Diversified5.5%+2.1pp$9M
Other Precious Metals5.4%-13.2pp$8M
Agricultural Farm Products4.8%$8M
Country
AR21.8%
CA20.6%+16.4pp
LU16.1%
MX12.1%
Unknown8.7%+3.3pp
GR6.3%
BR5.5%-32.5pp
IL4.6%
Top 5: 49.0% · Top 10: 79.3% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CPAC | $1M | +0.00B | 88.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 10
| — new | +$0M |
| VIST Vista Energy, S.A.B. de C.V. | +$9M |
| NTR Nutrien Ltd.new | +$8M |
| BBAR Banco BBVA Argentina S.A. | +$6M |
| TEO Telecom Argentina S.A. | +$6M |
| ZIM ZIM Integrated Shipping Servic | +$5M |
| GLOB Globant S.A.new | +$3M |
| GGAL Grupo Financiero Galicia S.A. | +$2M |
| CPAC Cementos Pacasmayo S.A.A. | +$1M |
| NEXA Nexa Resources S.A. | +$0M |
Top sells this quarter · 13
| TNP Tsakos Energy Navigation Limit | −$0M |
| — exit | −$0M |
| PBR-A Petróleo Brasileiro S.A. - Peexit | −$0M |
| EURN Euronav N.V.exit | −$0M |
| TNK Teekay Tankers Ltd.exit | −$27M |
| AUGO Aura Mineralsexit | −$13M |
| PBR Petróleo Brasileiro S.A. - Peexit | −$13M |
| NU Nu Holdings Ltd. | −$6M |
| CPA Copa Holdings, S.A.exit | −$6M |
| GGB Gerdau S.A.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $156M | 16 | +86.16% | +17.59% | +68.57% | -0.03B |
| 2025-12-31 | $160M | 17 | +78.78% | +17.72% | +61.06% | -0.04B |
| 2025-09-30 | $166M | 15 | +29.45% | +17.52% | +11.93% | -0.06B |
| 2025-06-30 | $186M | 17 | +8.40% | +14.94% | -6.55% | +0.06B |
| 2025-03-31 | $115M | 15 | -5.44% | +8.30% | -13.75% | -0.00B |
| 2024-12-31 | $107M | 11 | -13.01% | +24.89% | -37.90% | +0.02B |
| 2024-09-30 | $98M | 14 | +4.18% | +36.04% | -31.86% | -0.02B |
| 2024-06-30 | $114M | 14 | +6.00% | +24.49% | -18.49% | +0.01B |
| 2024-03-31 | $108M | 18 | +19.63% | +29.62% | -9.99% | +0.04B |
| 2023-12-31 | $70M | 15 | +24.16% | +26.18% | -2.02% | -0.02B |
| 2023-09-30 | $86M | 15 | +46.44% | +21.57% | +24.88% | -0.01B |
| 2023-06-30 | $90M | 18 | +33.16% | +19.42% | +13.74% | +0.00B |
| 2023-03-31 | $80M | 13 | +3.15% | -7.82% | +10.97% | -0.01B |
| 2022-12-31 | $88M | 12 | +23.23% | +7.56% | +15.67% | -0.01B |
| 2022-09-30 | $77M | 12 | -6.79% | -4.93% | -1.87% | +0.00B |
| 2022-06-30 | $82M | 14 | -15.51% | -16.11% | +0.60% | +0.02B |