Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.15%
adds when stocks drop
when a holding falls −10%+
Middle response
+4.70%
steady accumulation
Rally response
+3.37%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CVECenovus Energy Inc. | $160M | 9.6% | +97.2% | 6.5 yr |
| TRGPTarga Resources Corp. | $118M | 7.1% | +28.0% | 5.5 yr |
| ETEnergy Transfer LP | $107M | 6.5% | +12.1% | 6.5 yr |
| OKEONEOK, Inc. | $104M | 6.3% | -3.8% | 4.0 yr |
| SUSuncor Energy Inc. | $102M | 6.1% | +77.6% | 6.0 yr |
| LNGCheniere Energy, Inc. | $85M | 5.1% | +23.8% | 6.5 yr |
| KMIKinder Morgan, Inc. | $81M | 4.9% | +22.6% | 6.5 yr |
| PSXPhillips 66 | $75M | 4.5% | +53.0% | 6.5 yr |
| MUSAMurphy USA Inc. | $72M | 4.3% | +5.8% | 3.0 yr |
| PBAPembina Pipeline Corpora | $67M | 4.0% | +17.8% | 6.5 yr |
| SUNSunoco LP | $67M | 4.0% | +19.7% | 6.5 yr |
| EPDEnterprise Products Part | $63M | 3.8% | +18.7% | 6.5 yr |
| WMBThe Williams Companies, | $56M | 3.3% | +25.8% | 6.5 yr |
| PAGPPlains GP Holdings, L.P. | $51M | 3.1% | +23.4% | 6.5 yr |
| DTMDT Midstream, Inc. | $48M | 2.9% | +43.6% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream54.3%-7.9pp$903M
Oil & Gas Integrated17.1%+4.1pp$284M
Oil & Gas Refining & Marketing14.1%-1.5pp$235M
Specialty Retail4.3%+4.3pp$72M
Unknown2.4%+0.6pp$40M
Chemicals2.3%+2.2pp$38M
Gold1.3%+1.0pp$22M
Oil & Gas Exploration & Production1.0%-0.1pp$16M
Chemicals - Specialty0.9%+0.6pp$14M
Industrial Materials0.6%+0.2pp$10M
Country
US74.0%-1.5pp
CA22.7%+0.7pp
Unknown2.4%+0.6pp
GB0.3%+0.1pp
BR0.2%+0.2pp
AU0.1%+0.0pp
KR0.1%-0.0pp
FR0.1%-0.0pp
Top 5: 35.6% · Top 10: 58.6% · Top 25: 93.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CVE | $71M | +0.06B | 97.2% |
| SU | $70M | +0.05B | 77.6% |
| PBF | $28M | +0.04B | 159.4% |
| PSX | $51M | +0.03B | 53.0% |
| LNG | $86M | +0.02B | 23.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| OKE | $67M | -0.00B | -3.8% |
Top buys this quarter · 15
| KMI Kinder Morgan, Inc. | +$32M |
| SUN Sunoco LP | +$23M |
| MUSA Murphy USA Inc. | +$14M |
| VNOM Viper Energy, Inc. | +$13M |
| LNG Cheniere Energy, Inc. | +$10M |
| LYB LyondellBasell Industries N.V. | +$5M |
| DOW Dow Inc. | +$5M |
| WLK Westlake Corporation | +$4M |
| ET Energy Transfer LP | +$4M |
| HUN Huntsman Corporation | +$4M |
Top sells this quarter · 15
| KEY KeyCorpexit | −$39M |
| MPC Marathon Petroleum Corporation | −$25M |
| SU Suncor Energy Inc. | −$79M |
| CVE Cenovus Energy Inc. | −$111M |
| TRGP Targa Resources Corp. | −$98M |
| PBF PBF Energy Inc. | −$34M |
| WES Western Midstream Partners, LP | −$8M |
| PAGP Plains GP Holdings, L.P. | −$47M |
| PSX Phillips 66 | −$59M |
| FCX Freeport-McMoRan Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.66B | 67 | +39.08% | +17.59% | +21.49% | -0.11B |
| 2025-12-31 | $1.35B | 70 | +11.56% | +17.72% | -6.16% | +0.04B |
| 2025-09-30 | $1.30B | 63 | +17.15% | +17.52% | -0.36% | -0.01B |
| 2025-06-30 | $1.24B | 64 | +12.24% | +14.94% | -2.71% | +0.07B |
| 2025-03-31 | $1.18B | 64 | +17.71% | +8.30% | +9.41% | +0.03B |
| 2024-12-31 | $1.09B | 64 | +28.03% | +24.89% | +3.15% | +0.03B |
| 2024-09-30 | $1.00B | 52 | +23.19% | +36.04% | -12.84% | +0.04B |
| 2024-06-30 | $947M | 49 | +34.79% | +24.49% | +10.30% | +0.06B |
| 2024-03-31 | $862M | 49 | +29.48% | +29.62% | -0.15% | +0.08B |
| 2023-12-31 | $682M | 44 | +15.25% | +26.18% | -10.92% | -0.01B |
| 2023-09-30 | $680M | 50 | +29.40% | +21.57% | +7.83% | +0.02B |
| 2023-06-30 | $590M | 52 | +15.85% | +19.42% | -3.57% | +0.09B |
| 2023-03-31 | $506M | 43 | +11.41% | -7.82% | +19.23% | +0.03B |
| 2022-12-31 | $469M | 52 | +14.18% | +7.56% | +6.62% | +0.05B |
| 2022-09-30 | $371M | 42 | +0.08% | -4.93% | +5.01% | +0.04B |
| 2022-06-30 | $330M | 49 | -4.45% | -16.11% | +11.66% | +0.03B |