Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.87%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.25%
baseline attrition
Rally response
-14.47%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NFGNational Fuel Gas Compan | $98M | 4.8% | +20.9% | 2.8 yr |
| CTRACoterra Energy Inc. | $95M | 4.7% | +25.8% | 2.5 yr |
| CVECenovus Energy Inc. | $76M | 3.7% | +97.2% | 4.8 yr |
| VSTVistra Corp. | $68M | 3.4% | +28.7% | 2.3 yr |
| OVVOvintiv Inc. | $65M | 3.2% | +42.6% | 4.8 yr |
| PRPermian Resources Corpor | $64M | 3.2% | +60.4% | 3.3 yr |
| BKVBKV Corporation | $58M | 2.9% | +35.8% | 1.8 yr |
| NINiSource Inc. | $58M | 2.9% | +19.6% | 4.5 yr |
| CSXCSX Corporation | $56M | 2.7% | +41.6% | 2.0 yr |
| PEGPublic Service Enterpris | $54M | 2.7% | +1.5% | 3.5 yr |
| HTOH2O America | $53M | 2.6% | +10.9% | 1.0 yr |
| BPBP p.l.c. | $45M | 2.2% | +47.2% | 2.0 yr |
| AEEAmeren Corporation | $44M | 2.2% | +12.7% | 2.5 yr |
| DUKDuke Energy Corporation | $44M | 2.2% | +11.2% | 2.5 yr |
| AWKAmerican Water Works Com | $43M | 2.1% | -5.4% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production19.7%-0.7pp$399M
Regulated Electric15.7%-10.3pp$318M
Oil & Gas Integrated12.7%+0.3pp$257M
Oil & Gas Midstream8.8%+4.1pp$178M
Independent Power Producers8.5%+6.9pp$173M
Regulated Water4.7%+3.8pp$96M
Regulated Gas3.3%-1.3pp$67M
Unknown3.0%-2.6pp$62M
Railroads2.7%$56M
Diversified Utilities2.6%+0.7pp$52M
Country
US80.4%+10.1pp
CA11.1%-0.7pp
GB5.3%-6.9pp
Unknown3.0%-2.6pp
DK0.1%-0.1pp
IL0.1%
Top 5: 19.8% · Top 10: 34.2% · Top 25: 63.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BP | $67M | +0.03B | 47.2% |
| OVV | $50M | +0.02B | 42.6% |
| SHEL | $63M | +0.02B | 32.0% |
| CVE | $20M | +0.02B | 97.2% |
| PR | $27M | +0.02B | 60.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AWK | $13M | -0.00B | -5.4% |
Top buys this quarter · 15
| HTO H2O America | +$47M |
| BKV BKV Corporation | +$37M |
| PEG Public Service Enterprise Grou | +$35M |
| VST Vistra Corp. | +$34M |
| HUT.TO Hut 8 Mining Corp. | +$24M |
| LYB LyondellBasell Industries N.V.new | +$23M |
| VNOM Viper Energy, Inc.new | +$22M |
| COP ConocoPhillips | +$19M |
| TLN Talen Energy Corporation | +$16M |
| LITE Lumentum Holdings Inc.new | +$16M |
Top sells this quarter · 15
| BP BP p.l.c. | −$60M |
| FTI TechnipFMC plc | −$41M |
| CVE Cenovus Energy Inc. | −$74M |
| KGS Kodiak Gas Services, Inc.exit | −$38M |
| MTZ MasTec, Inc.exit | −$38M |
| NUE Nucor Corporationexit | −$37M |
| OVV Ovintiv Inc. | −$35M |
| ROK Rockwell Automation, Inc.exit | −$34M |
| TRP TC Energy Corporation | −$28M |
| AES The AES Corporation | −$28M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.03B | 87 | +45.40% | +17.59% | +27.81% | -0.42B |
| 2025-12-31 | $2.03B | 91 | +23.74% | +17.72% | +6.03% | +0.00B |
| 2025-09-30 | $1.94B | 93 | +24.08% | +17.52% | +6.56% | +0.30B |
| 2025-06-30 | $1.50B | 83 | +23.53% | +14.94% | +8.58% | +0.06B |
| 2025-03-31 | $1.36B | 67 | +18.96% | +8.30% | +10.65% | -0.26B |
| 2024-12-31 | $1.58B | 88 | +24.22% | +24.89% | -0.67% | +0.02B |
| 2024-09-30 | $1.49B | 78 | +19.20% | +36.04% | -16.84% | +0.27B |
| 2024-06-30 | $1.12B | 76 | +9.67% | +24.49% | -14.82% | -0.06B |
| 2024-03-31 | $1.16B | 80 | +10.92% | +29.62% | -18.70% | +0.17B |
| 2023-12-31 | $922M | 86 | +4.23% | +26.18% | -21.95% | +0.03B |
| 2023-09-30 | $884M | 100 | +1.70% | +21.57% | -19.87% | +0.05B |
| 2023-06-30 | $835M | 110 | +26.33% | +19.42% | +6.90% | +0.18B |
| 2023-03-31 | $638M | 97 | +3.25% | -7.82% | +11.06% | +0.08B |
| 2022-12-31 | $555M | 86 | -1.92% | +7.56% | -9.48% | +0.26B |
| 2022-09-30 | $298M | 78 | +24.57% | -4.93% | +29.50% | -0.06B |
| 2022-06-30 | $284M | 72 | -16.02% | -16.11% | +0.09% | +0.13B |