Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.26%
adds when stocks drop
when a holding falls −10%+
Middle response
-12.45%
baseline attrition
Rally response
-18.63%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $70M | 11.7% | +105.6% | 0.8 yr |
| TLNTalen Energy Corporation | $67M | 11.2% | +59.9% | 1.8 yr |
| STLDSteel Dynamics, Inc. | $63M | 10.6% | +45.4% | 2.5 yr |
| CTRICenturi Holdings, Inc. | $62M | 10.4% | +78.2% | 0.3 yr |
| CRSCarpenter Technology Cor | $53M | 8.8% | +118.3% | 1.0 yr |
| ARAntero Resources Corpora | $44M | 7.4% | +4.9% | 0.3 yr |
| SKE.TOSkeena Resources Limited | $39M | 6.6% | +185.5% | 0.8 yr |
| DYDycom Industries, Inc. | $36M | 6.0% | +122.4% | 0.5 yr |
| METAMeta Platforms, Inc. | $34M | 5.8% | -0.4% | 1.8 yr |
| PWRQuanta Services, Inc. | $33M | 5.5% | +116.2% | 3.0 yr |
| CENXCentury Aluminum Company | $32M | 5.3% | +216.2% | 0.5 yr |
| FCXFreeport-McMoRan Inc. | $24M | 4.0% | +57.4% | 2.0 yr |
| LNGCheniere Energy, Inc. | $17M | 2.8% | +23.8% | 3.3 yr |
| DCDakota Gold Corp. | $10M | 1.7% | +90.6% | 0.3 yr |
| SPOTSpotify Technology S.A. | $10M | 1.6% | -11.8% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.7%$70M
Engineering & Construction11.5%+7.0pp$69M
Independent Power Producers11.2%+0.7pp$67M
Steel10.6%$63M
Regulated Gas10.4%$62M
Manufacturing - Metal Fabrication8.8%$53M
Oil & Gas Exploration & Production7.4%+7.2pp$44M
Internet Content & Information7.4%+2.2pp$44M
Industrial Materials6.8%+1.9pp$40M
Aluminum5.3%$32M
Country
US79.8%+11.5pp
TW11.7%
CA6.8%-5.0pp
LU1.6%
Top 5: 52.7% · Top 10: 84.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SKE.TO | $10M | +0.03B | 185.5% |
| TLN | $41M | +0.02B | 59.9% |
| PWR | $17M | +0.02B | 116.2% |
| LNG | $30M | +0.01B | 23.8% |
| GE | $16M | +0.01B | 42.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| META | $20M | -0.00B | -0.4% |
Top buys this quarter · 8
| CTRI Centuri Holdings, Inc.new | +$62M |
| STLD Steel Dynamics, Inc. | +$45M |
| AR Antero Resources Corporationnew | +$44M |
| SKE.TO Skeena Resources Limited | +$33M |
| CENX Century Aluminum Company | +$17M |
| META Meta Platforms, Inc. | +$11M |
| DC Dakota Gold Corp.new | +$10M |
| TLN Talen Energy Corporation | +$67M |
Top sells this quarter · 15
| GLW Corning Incorporatedexit | −$99M |
| LNG Cheniere Energy, Inc. | −$85M |
| VNOM Viper Energy, Inc.exit | −$70M |
| AMZN Amazon.com, Inc.exit | −$62M |
| GE GE Aerospace | −$57M |
| GFL GFL Environmental Inc.exit | −$56M |
| PWR Quanta Services, Inc. | −$52M |
| NUE Nucor Corporationexit | −$51M |
| RRC Range Resources Corporationexit | −$36M |
| CRS Carpenter Technology Corporati | −$30M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $595M | 17 | +52.58% | +17.59% | +34.98% | -0.53B |
| 2025-12-31 | $1.02B | 28 | +41.85% | +17.72% | +24.13% | -0.11B |
| 2025-09-30 | $1.08B | 35 | +40.13% | +17.52% | +22.61% | -0.05B |
| 2025-06-30 | $999M | 36 | +35.03% | +14.94% | +20.09% | +0.54B |
| 2025-03-31 | $388M | 28 | +17.08% | +8.30% | +8.78% | -0.37B |
| 2024-12-31 | $744M | 35 | +35.42% | +24.89% | +10.53% | +0.15B |
| 2024-09-30 | $566M | 36 | +39.66% | +36.04% | +3.62% | -0.09B |
| 2024-06-30 | $607M | 39 | +30.23% | +24.49% | +5.74% | +0.00B |
| 2024-03-31 | $597M | 37 | +35.42% | +29.62% | +5.79% | +0.09B |
| 2023-12-31 | $427M | 19 | +22.67% | +26.18% | -3.50% | +0.07B |
| 2023-09-30 | $331M | 45 | +20.91% | +21.57% | -0.66% | -0.19B |
| 2023-06-30 | $517M | 55 | +16.87% | +19.42% | -2.56% | +0.21B |
| 2023-03-31 | $295M | 54 | -0.12% | -7.82% | +7.69% | -0.11B |
| 2022-12-31 | $384M | 36 | +6.10% | +7.56% | -1.46% | +0.01B |
| 2022-09-30 | $353M | 20 | -2.25% | -4.93% | +2.68% | +0.06B |
| 2022-06-30 | $305M | 16 | -9.62% | -16.11% | +6.49% | +0.01B |