Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.72%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.46%
baseline attrition
Rally response
+0.03%
adds into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KGCKinross Gold Corporation | $115M | 26.1% | +143.6% | 4.5 yr |
| VISTVista Energy, S.A.B. de | $70M | 16.0% | +62.1% | 1.0 yr |
| EROEro Copper Corp. | $52M | 11.8% | +120.0% | 1.0 yr |
| TXTernium S.A. | $43M | 9.7% | +40.9% | 6.5 yr |
| BAPCredicorp Ltd. | $37M | 8.5% | +92.5% | 5.5 yr |
| BMABanco Macro S.A. | $36M | 8.3% | +7.5% | 1.5 yr |
| EGOEldorado Gold Corporatio | $26M | 5.9% | +104.5% | 0.3 yr |
| LAURLaureate Education, Inc. | $19M | 4.2% | +70.4% | 1.8 yr |
| CPACopa Holdings, S.A. | $17M | 4.0% | +29.6% | 1.5 yr |
| KSPIJoint Stock Company Kasp | $13M | 3.0% | -20.2% | 0.8 yr |
| PBR-APetróleo Brasileiro S.A | $11M | 2.5% | — | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Gold32.1%+5.2pp$141M
Oil & Gas Exploration & Production16.0%$70M
Copper11.8%$52M
Steel9.7%-7.1pp$43M
Banks - Diversified8.5%-8.9pp$37M
Banks - Regional8.3%-0.8pp$36M
Education & Training Services4.2%-7.1pp$19M
Airlines, Airports & Air Services4.0%-8.3pp$17M
Software - Infrastructure3.0%$13M
Oil & Gas Integrated2.5%-1.0pp$11M
Country
CA43.9%+17.0pp
MX16.0%
LU9.7%-7.1pp
PE8.5%-8.9pp
AR8.3%-0.8pp
US4.2%-7.1pp
PA4.0%-8.3pp
KZ3.0%
Top 5: 72.2% · Top 10: 97.5% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KGC | $45M | +0.06B | 143.6% |
| BAP | $29M | +0.03B | 92.5% |
| LAUR | $19M | +0.01B | 70.4% |
| TX | $28M | +0.01B | 40.9% |
| CPA | $21M | +0.01B | 29.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $440M | 11 | +70.93% | +17.59% | +53.34% | +0.05B |
| 2025-12-31 | $368M | 10 | +74.47% | +17.72% | +56.75% | +0.01B |
| 2025-09-30 | $297M | 11 | +47.84% | +17.52% | +30.32% | +0.03B |
| 2025-06-30 | $233M | 9 | +40.97% | +14.94% | +26.03% | +0.04B |
| 2025-03-31 | $167M | 8 | +33.97% | +8.30% | +25.67% | -0.01B |
| 2024-12-31 | $159M | 8 | +28.34% | +24.89% | +3.45% | +0.01B |
| 2024-09-30 | $146M | 6 | +45.61% | +36.04% | +9.57% | +0.02B |
| 2024-06-30 | $117M | 6 | +22.24% | +24.49% | -2.25% | -0.01B |
| 2024-03-31 | $112M | 5 | +13.21% | +29.62% | -16.41% | -0.00B |
| 2023-12-31 | $111M | 6 | +23.95% | +26.18% | -2.23% | -0.01B |
| 2023-09-30 | $105M | 6 | +16.84% | +21.57% | -4.73% | +0.00B |
| 2023-06-30 | $112M | 6 | +6.22% | +19.42% | -13.21% | +0.00B |
| 2023-03-31 | $107M | 6 | -3.43% | -7.82% | +4.39% | +0.00B |
| 2022-12-31 | $91M | 6 | +8.23% | +7.56% | +0.67% | +0.00B |
| 2022-09-30 | $83M | 8 | -15.91% | -4.93% | -10.98% | -0.06B |
| 2022-06-30 | $174M | 9 | -7.10% | -16.11% | +9.01% | +0.01B |