Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.02%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.06%
baseline attrition
Rally response
+5.67%
adds into rallies
when a holding rises +10%+
Top positions · 3
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TPLTexas Pacific Land Corpo | $504M | 78.1% | +8.1% | 5.3 yr |
| PBTPermian Basin Royalty Tr | $134M | 20.7% | — | 6.3 yr |
| CRTCross Timbers Royalty Tr | $7M | 1.1% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production79.3%-13.0pp$511M
Oil & Gas Midstream20.7%+13.0pp$134M
Country
US100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TPL | $521M | +0.01B | 8.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 1
| CRT Cross Timbers Royalty Trustnew | +$0M |
Top sells this quarter · 1
| TPL Texas Pacific Land Corporation | −$339M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $645M | 3 | +8.11% | +17.59% | -9.48% | -0.09B |
| 2025-12-31 | $445M | 2 | -21.61% | +17.72% | -39.33% | +0.00B |
| 2025-09-30 | $481M | 2 | +5.95% | +17.52% | -11.57% | +0.04B |
| 2025-06-30 | $493M | 2 | +46.19% | +14.94% | +31.24% | +0.04B |
| 2025-03-31 | $565M | 2 | +132.80% | +8.30% | +124.49% | -0.03B |
| 2024-12-31 | $500M | 3 | +117.64% | +24.89% | +92.75% | -0.00B |
| 2024-09-30 | $402M | 3 | +51.07% | +36.04% | +15.03% | -0.01B |
| 2024-06-30 | $339M | 3 | +69.62% | +24.49% | +45.13% | -0.02B |
| 2024-03-31 | $281M | 3 | +4.46% | +29.62% | -25.17% | -0.02B |
| 2023-12-31 | $264M | 3 | -31.02% | +26.18% | -57.20% | -0.02B |
| 2023-09-30 | $327M | 3 | +2.88% | +21.57% | -18.68% | -0.05B |
| 2023-06-30 | $277M | 4 | -9.89% | +19.42% | -29.32% | +0.02B |
| 2023-03-31 | $324M | 3 | +28.98% | -7.82% | +36.80% | +0.02B |
| 2022-12-31 | $413M | 3 | +29.37% | +7.56% | +21.81% | +0.02B |
| 2022-09-30 | $302M | 3 | +20.13% | -4.93% | +25.05% | -0.02B |
| 2022-06-30 | $264M | 3 | +12.08% | -16.11% | +28.19% | +0.01B |