Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.50%
trims when stocks drop
when a holding falls −10%+
Middle response
-27.73%
baseline attrition
Rally response
-22.65%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ETREntergy Corporation | $78M | 3.8% | +35.0% | 2.5 yr |
| NFGNational Fuel Gas Compan | $68M | 3.3% | +20.9% | 2.0 yr |
| CNPCenterPoint Energy, Inc. | $47M | 2.3% | +21.9% | 1.0 yr |
| ATOAtmos Energy Corporation | $46M | 2.2% | +22.2% | 1.5 yr |
| CNXCNX Resources Corporatio | $44M | 2.1% | +22.5% | 4.0 yr |
| APAAPA Corporation | $42M | 2.0% | +112.3% | 1.3 yr |
| GEVGE Vernova Inc. | $41M | 2.0% | +186.8% | 2.0 yr |
| PPLPPL Corporation | $38M | 1.8% | +9.1% | 2.8 yr |
| NRGNRG Energy, Inc. | $37M | 1.8% | +55.0% | 1.5 yr |
| WWDWoodward, Inc. | $37M | 1.8% | +97.0% | 0.5 yr |
| AEEAmeren Corporation | $34M | 1.7% | +12.7% | 0.8 yr |
| SOThe Southern Company | $31M | 1.5% | +8.4% | 2.3 yr |
| AEPAmerican Electric Power | $31M | 1.5% | +24.0% | 0.5 yr |
| PEGPublic Service Enterpris | $30M | 1.5% | +1.5% | 3.0 yr |
| MODModine Manufacturing Com | $30M | 1.4% | +182.4% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric22.4%-7.7pp$464M
Oil & Gas Exploration & Production16.4%-3.4pp$339M
Oil & Gas Integrated8.5%+5.0pp$176M
Oil & Gas Equipment & Services5.8%+2.4pp$120M
Oil & Gas Midstream5.6%-13.4pp$116M
Regulated Gas3.8%+0.8pp$78M
Diversified Utilities3.7%+2.0pp$76M
Engineering & Construction3.2%+2.6pp$67M
Industrial - Machinery3.1%$64M
Independent Power Producers2.8%-3.7pp$57M
Country
US89.9%-0.6pp
CA3.2%+2.1pp
Unknown2.8%-0.1pp
GB2.0%-0.1pp
CO0.6%
IE0.5%
FR0.5%-0.3pp
LU0.2%-0.1pp
Top 5: 13.6% · Top 10: 23.1% · Top 25: 43.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GEV | $31M | +0.06B | 186.8% |
| ETR | $95M | +0.03B | 35.0% |
| NRG | $60M | +0.03B | 55.0% |
| PR | $42M | +0.02B | 60.4% |
| TRGP | $80M | +0.02B | 28.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CNX CNX Resources Corporation | +$42M |
| APA APA Corporation | +$40M |
| GEV GE Vernova Inc. | +$37M |
| CNP CenterPoint Energy, Inc. | +$31M |
| PPL PPL Corporation | +$29M |
| ATI ATI Inc.new | +$27M |
| LII Lennox International Inc.new | +$21M |
| BWA BorgWarner Inc.new | +$19M |
| NXT Nextpower Inc. | +$19M |
| TRGP Targa Resources Corp. | +$18M |
Top sells this quarter · 15
| SLB SLB N.V. | −$60M |
| MOD Modine Manufacturing Company | −$57M |
| AR Antero Resources Corporation | −$53M |
| AEE Ameren Corporation | −$39M |
| ES Eversource Energy | −$38M |
| NFG National Fuel Gas Company | −$35M |
| OKE ONEOK, Inc. | −$34M |
| AEP American Electric Power Compan | −$34M |
| DVN Devon Energy Corporation | −$30M |
| PEG Public Service Enterprise Grou | −$27M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.07B | 169 | +36.28% | +17.59% | +18.69% | -0.05B |
| 2025-12-31 | $1.74B | 156 | +15.16% | +17.72% | -2.56% | -0.37B |
| 2025-09-30 | $2.10B | 138 | +20.26% | +17.52% | +2.74% | -0.32B |
| 2025-06-30 | $2.25B | 127 | +15.96% | +14.94% | +1.02% | +0.16B |
| 2025-03-31 | $2.02B | 127 | +15.79% | +8.30% | +7.49% | +0.05B |
| 2024-12-31 | $1.91B | 110 | +27.41% | +24.89% | +2.53% | +0.14B |
| 2024-09-30 | $1.70B | 91 | +25.30% | +36.04% | -10.73% | +0.21B |
| 2024-06-30 | $1.43B | 89 | +35.98% | +24.49% | +11.49% | +0.08B |
| 2024-03-31 | $1.31B | 74 | +32.92% | +29.62% | +3.30% | -0.03B |
| 2023-12-31 | $1.18B | 66 | +14.65% | +26.18% | -11.53% | -0.29B |
| 2023-09-30 | $1.44B | 74 | +14.56% | +21.57% | -7.00% | +0.33B |
| 2023-06-30 | $983M | 52 | +9.49% | +19.42% | -9.93% | -0.21B |
| 2023-03-31 | $1.18B | 47 | +4.73% | -7.82% | +12.55% | +0.37B |
| 2022-12-31 | $832M | 47 | +2.65% | +7.56% | -4.91% | -0.51B |
| 2022-09-30 | $1.31B | 51 | +7.82% | -4.93% | +12.75% | +0.60B |
| 2022-06-30 | $655M | 39 | -3.28% | -16.11% | +12.83% | +0.01B |