Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.76%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.19%
baseline attrition
Rally response
+0.51%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARLPAlliance Resource Partne | $59M | 9.7% | +11.9% | 7.5 yr |
| GOOGAlphabet Inc. | $27M | 4.4% | +84.3% | 7.5 yr |
| AAPLApple Inc. | $21M | 3.5% | +14.7% | 7.5 yr |
| MSFTMicrosoft Corporation | $16M | 2.6% | -0.6% | 7.5 yr |
| IVViShares Core S&P 500 ETF | $15M | 2.5% | — | 7.5 yr |
| WMBThe Williams Companies, | $14M | 2.3% | +25.8% | 7.5 yr |
| OKEONEOK, Inc. | $12M | 1.9% | -3.8% | 6.3 yr |
| AMZNAmazon.com, Inc. | $10M | 1.6% | +9.5% | 7.5 yr |
| IEFAiShares Core MSCI EAFE E | $10M | 1.6% | — | 7.5 yr |
| EPDEnterprise Products Part | $9M | 1.6% | +18.7% | 7.5 yr |
| WMTWalmart Inc. | $9M | 1.4% | +42.8% | 7.5 yr |
| QQQInvesco QQQ Trust, Serie | $8M | 1.4% | — | 7.3 yr |
| SPYState Street SPDR S&P 50 | $8M | 1.3% | +17.6% | 7.5 yr |
| RTXRTX Corporation | $8M | 1.3% | +48.1% | 5.5 yr |
| APOApollo Global Management | $8M | 1.3% | -17.4% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management22.1%-0.3pp$133M
Oil & Gas Midstream10.1%+1.2pp$61M
Coal9.7%-1.7pp$59M
Internet Content & Information6.1%+1.2pp$37M
Drug Manufacturers - General4.4%-0.2pp$27M
Regulated Electric4.0%-0.1pp$24M
Consumer Electronics3.5%-0.5pp$21M
Aerospace & Defense3.2%+0.6pp$19M
Software - Infrastructure2.8%-0.3pp$17M
Banks - Diversified2.7%+0.3pp$16M
Country
US93.0%-0.9pp
CA2.2%+0.5pp
TW1.2%+0.5pp
GB1.1%+0.4pp
Unknown0.7%+0.1pp
IE0.5%+0.1pp
CN0.4%-0.0pp
BM0.4%+0.0pp
Top 5: 22.7% · Top 10: 31.7% · Top 25: 50.3%
Top buys this quarter · 15
| ET Energy Transfer LP | +$1M |
| MSFT Microsoft Corporation | +$16M |
| SM SM Energy Companynew | +$1M |
| ARLP Alliance Resource Partners, L. | +$0M |
| AAPL Apple Inc. | +$21M |
| OKE ONEOK, Inc. | +$0M |
| CRM Salesforce, Inc. | +$3M |
| KMI Kinder Morgan, Inc. | +$0M |
| ENB Enbridge Inc. | +$0M |
| MPLX MPLX Lp | +$0M |
Top sells this quarter · 15
| REPX Riley Exploration Permian, Inc | −$8M |
| NBHC National Bank Holdings Corpora | −$1M |
| META Meta Platforms, Inc. | −$1M |
| SPY State Street SPDR S&P 500 ETF | −$0M |
| ACN Accenture plcexit | −$0M |
| FCX Freeport-McMoRan Inc. | −$0M |
| RTX RTX Corporation | −$8M |
| LMT Lockheed Martin Corporation | −$5M |
| IBM International Business Machine | −$0M |
| TRP TC Energy Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $604M | 311 | +19.44% | +17.59% | +1.84% | -0.01B |
| 2025-12-31 | $584M | 309 | +13.60% | +17.72% | -4.12% | -0.01B |
| 2025-09-30 | $585M | 304 | +16.13% | +17.52% | -1.39% | +0.00B |
| 2025-06-30 | $545M | 282 | +15.44% | +14.94% | +0.50% | +0.02B |
| 2025-03-31 | $504M | 278 | +15.79% | +8.30% | +7.49% | +0.01B |
| 2024-12-31 | $495M | 273 | +23.51% | +24.89% | -1.38% | -0.00B |
| 2024-09-30 | $480M | 268 | +27.51% | +36.04% | -8.53% | -0.00B |
| 2024-06-30 | $454M | 270 | +21.06% | +24.49% | -3.44% | -0.00B |
| 2024-03-31 | $436M | 270 | +19.54% | +29.62% | -10.08% | +0.02B |
| 2023-12-31 | $392M | 271 | +17.09% | +26.18% | -9.08% | +0.03B |
| 2023-09-30 | $341M | 257 | +16.04% | +21.57% | -5.53% | -0.02B |
| 2023-06-30 | $364M | 270 | +12.62% | +19.42% | -6.80% | -0.03B |
| 2023-03-31 | $378M | 292 | +0.47% | -7.82% | +8.29% | +0.03B |
| 2022-12-31 | $334M | 261 | -8.69% | -18.17% | +9.48% | -0.01B |
| 2022-09-30 | $324M | 257 | -4.77% | -15.51% | +10.74% | +0.01B |
| 2022-06-30 | $320M | 235 | -1.72% | -10.62% | +8.90% | -0.00B |