Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.76%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.70%
baseline attrition
Rally response
-3.59%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TFPM.TOTriple Flag Precious Met | $4.63B | 29.1% | +76.9% | 3.8 yr |
| PSXPhillips 66 | $3.51B | 22.1% | +53.0% | 3.0 yr |
| SUSuncor Energy Inc. | $3.48B | 21.9% | +77.6% | 4.3 yr |
| LUVSouthwest Airlines Co. | $1.14B | 7.2% | +14.2% | 2.0 yr |
| HPEHewlett Packard Enterpri | $653M | 4.1% | +57.2% | 1.0 yr |
| UNITUniti Group Inc. | $554M | 3.5% | — | 0.8 yr |
| PINSPinterest, Inc. | $514M | 3.2% | -40.8% | 4.8 yr |
| ETSYEtsy, Inc. | $250M | 1.6% | +5.9% | 2.5 yr |
| NCLHNorwegian Cruise Line Ho | $247M | 1.6% | -1.4% | 0.3 yr |
| — | $215M | 1.4% | — | 3.0 yr |
| PEPPepsiCo, Inc. | $198M | 1.2% | +7.7% | 0.8 yr |
| EQIXEquinix, Inc. | $147M | 0.9% | +23.0% | 1.3 yr |
| OROR Royalties Inc. | $118M | 0.7% | +80.9% | 1.0 yr |
| RIGTransocean Ltd. | $104M | 0.7% | +109.1% | 1.5 yr |
| CCICrown Castle Inc. | $100M | 0.6% | -18.3% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Other Precious Metals29.1%+5.6pp$4.63B
Oil & Gas Refining & Marketing22.1%+4.3pp$3.51B
Oil & Gas Integrated21.9%+3.2pp$3.48B
Airlines, Airports & Air Services7.2%-9.4pp$1.14B
Computer Hardware4.1%+3.3pp$653M
Telecommunications Services3.6%+1.8pp$578M
Internet Content & Information3.2%-6.4pp$514M
Specialty Retail1.6%-0.6pp$250M
REIT - Specialty1.6%-0.7pp$247M
Travel Services1.6%$247M
Country
CA51.7%+9.6pp
US46.1%-9.1pp
Unknown1.4%-0.4pp
CH0.7%+0.3pp
IN0.1%-0.3pp
Top 5: 84.3% · Top 10: 95.5% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $15.90B | 17 | +49.75% | +17.59% | +32.16% | -0.78B |
| 2025-12-31 | $14.53B | 19 | +44.70% | +17.72% | +26.98% | -0.04B |
| 2025-09-30 | $13.63B | 18 | +34.04% | +17.52% | +16.52% | -0.21B |
| 2025-06-30 | $12.09B | 17 | +15.74% | +14.94% | +0.80% | +0.44B |
| 2025-03-31 | $10.92B | 23 | +14.02% | +8.30% | +5.71% | +0.89B |
| 2024-12-31 | $9.05B | 22 | +16.74% | +24.89% | -8.15% | -1.28B |
| 2024-09-30 | $10.43B | 25 | +25.42% | +36.04% | -10.61% | +0.49B |
| 2024-06-30 | $10.04B | 26 | +34.53% | +24.49% | +10.04% | +0.04B |
| 2024-03-31 | $9.53B | 29 | +23.17% | +29.62% | -6.45% | +0.14B |
| 2023-12-31 | $8.28B | 29 | +15.97% | +26.18% | -10.20% | +0.25B |
| 2023-09-30 | $7.55B | 29 | +23.38% | +21.57% | +1.81% | -0.42B |
| 2023-06-30 | $7.51B | 29 | +18.63% | +19.42% | -0.79% | +0.36B |
| 2023-03-31 | $7.43B | 23 | +12.88% | -7.82% | +20.69% | -1.25B |
| 2022-12-31 | $8.13B | 26 | +13.17% | +7.56% | +5.61% | +0.19B |
| 2022-09-30 | $7.01B | 22 | +2.02% | -4.93% | +6.94% | +2.22B |
| 2022-06-30 | $4.69B | 20 | -8.52% | -16.11% | +7.59% | -0.37B |