Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-12.63%
baseline attrition
Rally response
-17.33%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DINOHF Sinclair Corporation | $35M | 12.2% | +98.2% | 2.5 yr |
| CNRCore Natural Resources, | $24M | 8.2% | +36.6% | 0.8 yr |
| ARISAris Mining Corporation | $21M | 7.4% | +300.2% | 0.5 yr |
| STLDSteel Dynamics, Inc. | $19M | 6.6% | +45.4% | 1.3 yr |
| DKDelek US Holdings, Inc. | $17M | 5.8% | +212.1% | 1.0 yr |
| SSRMSSR Mining Inc. | $16M | 5.6% | +193.1% | 0.3 yr |
| EQXEquinox Gold Corp. | $13M | 4.5% | +110.2% | 0.3 yr |
| VLRSControladora Vuela Compa | $11M | 3.9% | +38.7% | 0.8 yr |
| PRPermian Resources Corpor | $11M | 3.8% | +60.4% | 0.5 yr |
| LUVSouthwest Airlines Co. | $11M | 3.8% | +14.2% | 1.0 yr |
| VOOVanguard S&P 500 ETF | $10M | 3.5% | — | 2.0 yr |
| RGLDRoyal Gold, Inc. | $9M | 3.3% | +56.8% | 0.3 yr |
| WLKWestlake Corporation | $9M | 3.0% | +20.0% | 1.5 yr |
| BTEGFBaytex Energy Corp. | $8M | 2.9% | — | 1.5 yr |
| BTUPeabody Energy Corporati | $8M | 2.6% | +146.4% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Refining & Marketing19.0%+8.1pp$55M
Gold14.2%$41M
Coal10.8%+8.1pp$31M
Airlines, Airports & Air Services9.1%$26M
Oil & Gas Exploration & Production7.9%+1.2pp$23M
Other Precious Metals7.8%+7.6pp$23M
Steel6.6%-3.9pp$19M
Asset Management5.4%-10.8pp$16M
Oil & Gas Midstream3.9%$11M
Auto - Recreational Vehicles3.3%$9M
Country
US70.8%+2.5pp
CA17.6%+10.4pp
MX3.9%
BM2.2%
MC1.6%
GB1.5%-1.5pp
IE1.1%
Unknown1.0%-18.2pp
Top 5: 40.2% · Top 10: 61.6% · Top 25: 91.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DINO | $18M | +0.02B | 98.2% |
| PARR | $2M | +0.01B | 339.3% |
| STLD | $7M | +0.00B | 45.4% |
| CNR | $6M | +0.00B | 36.6% |
| WLK | $5M | +0.00B | 20.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SSRM SSR Mining Inc.new | +$16M |
| DINO HF Sinclair Corporation | +$16M |
| EQX Equinox Gold Corp.new | +$13M |
| STLD Steel Dynamics, Inc. | +$11M |
| RGLD Royal Gold, Inc.new | +$9M |
| PR Permian Resources Corporation | +$8M |
| LUV Southwest Airlines Co. | +$7M |
| DHT DHT Holdings, Inc.new | +$4M |
| VLRS Controladora Vuela CompañÃa | +$4M |
| STNG Scorpio Tankers Inc. | +$4M |
Top sells this quarter · 15
| SOC Sable Offshore Corp.exit | −$30M |
| MPC Marathon Petroleum Corporationexit | −$23M |
| DAR Darling Ingredients Inc.exit | −$22M |
| AMPY Amplify Energy Corp. | −$19M |
| SM SM Energy Companyexit | −$17M |
| NUE Nucor Corporationexit | −$15M |
| B Barrick Mining Corporationexit | −$13M |
| HBM Hudbay Minerals Inc.exit | −$13M |
| GPRE Green Plains Inc.exit | −$12M |
| LIN Linde plcexit | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $288M | 42 | +68.13% | +17.59% | +50.54% | -0.15B |
| 2025-12-31 | $356M | 57 | +25.55% | +17.72% | +7.84% | +0.02B |
| 2025-09-30 | $306M | 58 | -2.44% | +17.52% | -19.96% | +0.12B |
| 2025-06-30 | $155M | 33 | -10.53% | +14.94% | -25.47% | -0.09B |
| 2025-03-31 | $238M | 33 | -21.58% | +8.30% | -29.88% | -0.05B |
| 2024-12-31 | $307M | 44 | -21.68% | +24.89% | -46.57% | -0.03B |
| 2024-09-30 | $396M | 28 | +3.59% | +36.04% | -32.45% | +0.10B |
| 2024-06-30 | $277M | 35 | -1.55% | +24.49% | -26.05% | +0.06B |
| 2024-03-31 | $239M | 26 | +8.87% | +29.62% | -20.75% | +0.03B |
| 2023-12-31 | $226M | 28 | +22.54% | +26.18% | -3.64% | +0.06B |
| 2023-09-30 | $151M | 24 | +22.06% | +21.57% | +0.50% | -0.01B |
| 2023-06-30 | $158M | 20 | +30.55% | +19.42% | +11.13% | -0.01B |
| 2023-03-31 | $169M | 20 | +27.35% | -7.82% | +35.17% | -0.04B |
| 2022-12-31 | $198M | 28 | +11.99% | +7.56% | +4.43% | +0.05B |
| 2022-09-30 | $134M | 20 | +10.38% | -4.93% | +15.31% | +0.01B |
| 2022-06-30 | $109M | 18 | -1.05% | -16.11% | +15.06% | -0.08B |