Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.96%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.50%
baseline attrition
Rally response
-1.47%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PHYSSprott Physical Gold Tru | $21M | 5.8% | — | 2.8 yr |
| IBKRInteractive Brokers Grou | $17M | 4.8% | +62.8% | 2.8 yr |
| FLBRFranklin FTSE Brazil ETF | $15M | 4.1% | — | 1.0 yr |
| AAPLApple Inc. | $14M | 4.0% | +14.7% | 7.5 yr |
| BRK-BBerkshire Hathaway Inc. | $13M | 3.8% | — | 7.5 yr |
| WMTWalmart Inc. | $13M | 3.6% | +42.8% | 7.5 yr |
| VLOValero Energy Corporatio | $12M | 3.5% | +92.6% | 5.3 yr |
| EOGEOG Resources, Inc. | $12M | 3.4% | +16.9% | 7.5 yr |
| FNVFranco-Nevada Corporatio | $12M | 3.4% | +58.0% | 6.0 yr |
| WMBThe Williams Companies, | $11M | 3.2% | +25.8% | 5.3 yr |
| 0HQN.LCboe Global Markets, Inc | $11M | 3.0% | +26.3% | 3.0 yr |
| AMGNAmgen Inc. | $10M | 3.0% | +16.5% | 7.5 yr |
| CSCOCisco Systems, Inc. | $10M | 2.9% | +28.1% | 7.5 yr |
| NTRNutrien Ltd. | $10M | 2.8% | +56.2% | 7.5 yr |
| UNPUnion Pacific Corporatio | $10M | 2.8% | +5.1% | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management12.2%+5.8pp$43M
Financial - Data & Stock Exchanges5.4%-0.5pp$19M
Consumer Electronics5.3%+1.0pp$19M
Investment - Banking & Investment Services4.8%+0.8pp$17M
Discount Stores4.7%+0.0pp$17M
Drug Manufacturers - General4.6%-0.5pp$16M
Oil & Gas Midstream4.5%+0.4pp$16M
Oil & Gas Exploration & Production3.9%-0.3pp$14M
Insurance - Diversified3.8%-1.5pp$13M
Gold3.6%+0.8pp$13M
Country
US77.0%-6.1pp
CA13.9%+4.2pp
CH2.2%+1.8pp
Unknown1.7%-1.6pp
JP1.6%+1.3pp
BM1.2%+0.1pp
GB0.9%-0.1pp
MX0.4%+0.1pp
Top 5: 22.5% · Top 10: 39.6% · Top 25: 73.9%
Top buys this quarter · 15
| LYB LyondellBasell Industries N.V.new | +$7M |
| BSX Boston Scientific Corporationnew | +$5M |
| EC Ecopetrol S.A. | +$1M |
| SNEX StoneX Group Inc. | +$1M |
| CF CF Industries Holdings, Inc.new | +$1M |
| VIRT Virtu Financial, Inc.new | +$1M |
| RGR Sturm, Ruger & Company, Inc. | +$0M |
| NTR Nutrien Ltd. | +$0M |
| DHR Danaher Corporation | +$8M |
| MSFT Microsoft Corporation | +$8M |
Top sells this quarter · 15
| GAW.L Games Workshop Group PLCexit | −$44M |
| MEDP Medpace Holdings, Inc.exit | −$6M |
| BR Broadridge Financial Solutionsexit | −$5M |
| FDX FedEx Corporation | −$4M |
| TOI.V Topicus.com Inc.exit | −$4M |
| TLN Talen Energy Corporation | −$2M |
| ADP Automatic Data Processing, Inc | −$1M |
| CROX Crocs, Inc.exit | −$1M |
| TDW Tidewater Inc. | −$1M |
| CCJ Cameco Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $353M | 133 | +23.67% | +17.59% | +6.08% | +0.00B |
| 2025-12-31 | $337M | 136 | +17.57% | +17.72% | -0.15% | +0.00B |
| 2025-09-30 | $325M | 128 | +10.85% | +17.52% | -6.67% | -0.01B |
| 2025-06-30 | $306M | 135 | +7.29% | +14.94% | -7.65% | -0.01B |
| 2025-03-31 | $298M | 135 | +1.31% | +8.30% | -6.99% | -0.01B |
| 2024-12-31 | $308M | 133 | +7.35% | +24.89% | -17.54% | -0.00B |
| 2024-09-30 | $321M | 135 | +18.29% | +36.04% | -17.75% | -0.01B |
| 2024-06-30 | $316M | 138 | +17.24% | +24.49% | -7.25% | +0.01B |
| 2024-03-31 | $304M | 130 | +20.23% | +29.62% | -9.39% | +0.01B |
| 2023-12-31 | $284M | 127 | +17.51% | +26.18% | -8.67% | -0.01B |
| 2023-09-30 | $273M | 127 | +18.07% | +21.57% | -3.50% | -0.03B |
| 2023-06-30 | $288M | 122 | +10.39% | +19.42% | -9.03% | +0.01B |
| 2023-03-31 | $267M | 123 | -9.56% | -7.82% | -1.74% | -0.00B |
| 2022-12-31 | $264M | 126 | -15.98% | -18.17% | +2.19% | -0.55B |
| 2022-09-30 | $755M | 129 | -12.94% | -15.51% | +2.57% | +0.50B |
| 2022-06-30 | $265M | 131 | -9.71% | -10.62% | +0.91% | +0.01B |