Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.76%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.01%
steady accumulation
Rally response
-5.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AEMAgnico Eagle Mines Limit | $84M | 8.3% | +89.2% | 6.5 yr |
| PAASPan American Silver Corp | $63M | 6.2% | +114.7% | 6.5 yr |
| BBarrick Mining Corporati | $61M | 6.1% | +114.9% | 1.0 yr |
| FNVFranco-Nevada Corporatio | $57M | 5.7% | +58.0% | 6.5 yr |
| FSMFortuna Mining Corp. | $44M | 4.4% | +62.8% | 2.0 yr |
| RGLDRoyal Gold, Inc. | $42M | 4.2% | +56.8% | 6.5 yr |
| OROR Royalties Inc. | $39M | 3.8% | +80.9% | 1.0 yr |
| WPMWheaton Precious Metals | $38M | 3.8% | +70.0% | 6.5 yr |
| MTAMetalla Royalty & Stream | $37M | 3.7% | +131.8% | 6.3 yr |
| BTGB2Gold Corp. | $37M | 3.6% | +62.4% | 6.5 yr |
| BTIBritish American Tobacco | $35M | 3.5% | +47.5% | 6.5 yr |
| EQXEquinox Gold Corp. | $33M | 3.2% | +110.2% | 6.3 yr |
| NEMNewmont Corporation | $30M | 3.0% | +127.1% | 6.5 yr |
| — | $27M | 2.7% | — | 2.3 yr |
| IAGIAMGOLD Corporation | $24M | 2.4% | +201.1% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Gold53.9%+11.5pp$544M
Silver6.3%+0.1pp$64M
Other Precious Metals5.5%+2.9pp$56M
Oil & Gas Integrated4.9%-2.9pp$50M
Unknown4.9%-6.3pp$49M
Tobacco4.3%-3.1pp$43M
Asset Management4.0%-1.5pp$40M
Biotechnology2.2%+1.1pp$22M
Telecommunications Services1.8%+1.2pp$19M
Industrial Materials1.8%+1.2pp$19M
Country
CA61.8%+12.5pp
US13.3%-2.3pp
GB7.6%-6.5pp
Unknown4.9%-6.3pp
BR2.3%+0.4pp
DK2.2%+1.1pp
IE1.6%
FR1.5%-0.4pp
Top 5: 30.7% · Top 10: 49.7% · Top 25: 81.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AEM | $56M | +0.05B | 89.2% |
| PAAS | $34M | +0.04B | 114.7% |
| NEM | $19M | +0.02B | 127.1% |
| FNV | $36M | +0.02B | 58.0% |
| KGC | $14M | +0.02B | 143.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVO | $6M | -0.00B | -46.7% |
Top buys this quarter · 15
| TOTB.DE TotalEnergies SEnew | +$14M |
| ACN Accenture plc | +$6M |
| EQX Equinox Gold Corp. | +$6M |
| NVO Novo Nordisk A/S | +$4M |
| WRN Western Copper and Gold Corpor | +$4M |
| FNV Franco-Nevada Corporation | +$3M |
| SKM SK Telecom Co.,Ltd | +$3M |
| BTG B2Gold Corp. | +$3M |
| DC Dakota Gold Corp. | +$2M |
| KSPI Joint Stock Company Kaspi.kznew | +$2M |
Top sells this quarter · 15
| B Barrick Mining Corporation | −$3M |
| ABEV Ambev S.A. | −$2M |
| PAAS Pan American Silver Corp. | −$62M |
| NEM Newmont Corporation | −$29M |
| AEM Agnico Eagle Mines Limited | −$73M |
| IAG IAMGOLD Corporation | −$22M |
| BTI British American Tobacco p.l.c | −$35M |
| MICC The Magnum Ice Cream Company Nexit | −$0M |
| AGI Alamos Gold Inc. | −$0M |
| SAP SAP SEexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.01B | 96 | +73.80% | +17.59% | +56.21% | +0.05B |
| 2025-12-31 | $901M | 93 | +101.45% | +17.72% | +83.73% | -0.02B |
| 2025-09-30 | $829M | 88 | +63.40% | +17.52% | +45.88% | +0.01B |
| 2025-06-30 | $620M | 83 | +36.13% | +14.94% | +21.19% | +0.01B |
| 2025-03-31 | $551M | 79 | +29.63% | +8.30% | +21.33% | -0.02B |
| 2024-12-31 | $464M | 71 | +7.41% | +24.89% | -17.47% | -0.02B |
| 2024-09-30 | $542M | 74 | +29.19% | +36.04% | -6.85% | -0.02B |
| 2024-06-30 | $505M | 68 | +9.54% | +24.49% | -14.95% | -0.01B |
| 2024-03-31 | $491M | 72 | +1.46% | +29.62% | -28.16% | +0.01B |
| 2023-12-31 | $468M | 67 | +6.03% | +26.18% | -20.14% | +0.01B |
| 2023-09-30 | $427M | 67 | +14.03% | +21.57% | -7.54% | -0.00B |
| 2023-06-30 | $458M | 65 | +9.34% | +19.42% | -10.08% | +0.00B |
| 2023-03-31 | $466M | 65 | -8.97% | -7.82% | -1.15% | -0.01B |
| 2022-12-31 | $442M | 67 | +16.27% | +7.56% | +8.71% | -0.00B |
| 2022-09-30 | $381M | 60 | -10.04% | -4.93% | -5.12% | +0.00B |
| 2022-06-30 | $420M | 62 | -18.66% | -16.11% | -2.55% | +0.01B |