Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.23%
adds when stocks drop
when a holding falls −10%+
Middle response
+2.30%
steady accumulation
Rally response
-3.16%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EXEExpand Energy Corporatio | $82M | 5.9% | +1.7% | 4.5 yr |
| PRPermian Resources Corpor | $81M | 5.8% | +60.4% | 3.8 yr |
| MTDRMatador Resources Compan | $56M | 4.0% | +27.6% | 4.5 yr |
| FTITechnipFMC plc | $45M | 3.2% | +119.3% | 2.8 yr |
| COPConocoPhillips | $43M | 3.1% | +30.0% | 4.5 yr |
| 0YY7.LDigitalBridge Group, Inc | $41M | 2.9% | — | 0.3 yr |
| WBSWebster Financial Corpor | $39M | 2.8% | +38.5% | 0.3 yr |
| — | $38M | 2.7% | — | 2.8 yr |
| APAAPA Corporation | $38M | 2.7% | +112.3% | 4.5 yr |
| CTRACoterra Energy Inc. | $36M | 2.6% | +25.8% | 0.5 yr |
| VLOValero Energy Corporatio | $35M | 2.5% | +92.6% | 4.5 yr |
| RRCRange Resources Corporat | $34M | 2.5% | +14.2% | 4.5 yr |
| XOMExxon Mobil Corporation | $32M | 2.3% | +47.6% | 4.5 yr |
| OVVOvintiv Inc. | $31M | 2.2% | +42.6% | 2.3 yr |
| TPHTri Pointe Homes, Inc. | $28M | 2.0% | +46.4% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production31.4%-19.2pp$436M
Oil & Gas Equipment & Services8.7%-1.0pp$121M
Oil & Gas Integrated6.0%+5.0pp$84M
Oil & Gas Refining & Marketing4.0%+3.1pp$55M
Regulated Electric3.9%-7.9pp$54M
Unknown3.5%+2.4pp$49M
Asset Management3.0%+2.9pp$41M
Banks - Regional2.8%+2.4pp$39M
Oil & Gas Midstream2.7%-2.2pp$38M
Industrial - Machinery2.2%+1.2pp$30M
Country
US85.7%-3.6pp
GB4.7%+0.8pp
Unknown3.5%+2.4pp
CA2.8%-0.5pp
BM1.3%-0.6pp
BR0.7%
MX0.5%
IE0.4%+0.0pp
Top 5: 22.1% · Top 10: 35.8% · Top 25: 62.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PR | $61M | +0.04B | 60.4% |
| FTI | $26M | +0.03B | 119.3% |
| CCJ | $11M | +0.02B | 164.4% |
| MTDR | $50M | +0.01B | 27.6% |
| SEI | $8M | +0.01B | 163.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| WBS Webster Financial Corporationnew | +$39M |
| TPH Tri Pointe Homes, Inc.new | +$28M |
| CTRA Coterra Energy Inc. | +$26M |
| MASI Masimo Corporationnew | +$22M |
| FOLD Amicus Therapeutics, Inc.new | +$15M |
| TALK Talkspace, Inc.new | +$14M |
| SEE Sealed Air Corporation | +$13M |
| KW Kennedy-Wilson Holdings, Inc. | +$13M |
| APA APA Corporation | +$10M |
| SLB SLB N.V. | +$10M |
Top sells this quarter · 15
| AL Air Lease Corporation | −$28M |
| CFLT Confluent, Inc.exit | −$26M |
| NGD New Gold Inc.exit | −$22M |
| XOM Exxon Mobil Corporation | −$20M |
| SM SM Energy Company | −$18M |
| EXAS Exact Sciences Corporationexit | −$18M |
| COP ConocoPhillips | −$42M |
| MTDR Matador Resources Company | −$47M |
| FTI TechnipFMC plc | −$37M |
| WMB The Williams Companies, Inc. | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.39B | 111 | +43.54% | +17.59% | +25.95% | -0.09B |
| 2025-12-31 | $1.18B | 102 | +13.18% | +17.72% | -4.54% | +0.26B |
| 2025-09-30 | $894M | 108 | +10.89% | +17.52% | -6.63% | +0.13B |
| 2025-06-30 | $715M | 90 | +0.43% | +14.94% | -14.51% | -0.15B |
| 2025-03-31 | $830M | 109 | -10.61% | +8.30% | -18.91% | -0.08B |
| 2024-12-31 | $922M | 90 | -13.52% | +24.89% | -38.40% | -0.01B |
| 2024-09-30 | $921M | 94 | -16.13% | +36.04% | -52.17% | +0.01B |
| 2024-06-30 | $948M | 93 | -11.16% | +24.49% | -35.65% | +0.19B |
| 2024-03-31 | $817M | 96 | -1.38% | +29.62% | -31.00% | +0.08B |
| 2023-12-31 | $772M | 85 | +7.85% | +26.18% | -18.33% | +0.07B |
| 2023-09-30 | $711M | 105 | +22.96% | +21.57% | +1.40% | +0.23B |
| 2023-06-30 | $468M | 92 | +35.29% | +19.42% | +15.87% | +0.02B |
| 2023-03-31 | $432M | 94 | +18.66% | -7.82% | +26.47% | +0.02B |
| 2022-12-31 | $394M | 97 | +12.06% | +7.56% | +4.50% | +0.04B |
| 2022-09-30 | $314M | 133 | +12.17% | -4.93% | +17.10% | +0.07B |
| 2022-06-30 | $219M | 142 | -9.68% | -16.11% | +6.43% | +0.01B |