Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+46.66%
adds when stocks drop
when a holding falls −10%+
Middle response
-11.44%
baseline attrition
Rally response
-8.89%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAAlcoa Corporation | $32M | 11.2% | +119.9% | 1.3 yr |
| CVXChevron Corporation | $31M | 11.0% | +29.2% | 0.8 yr |
| AEMAgnico Eagle Mines Limit | $29M | 10.1% | +89.2% | 0.8 yr |
| FCXFreeport-McMoRan Inc. | $27M | 9.5% | +57.4% | 1.3 yr |
| DVNDevon Energy Corporation | $25M | 8.7% | +38.1% | 0.3 yr |
| SLBSLB N.V. | $24M | 8.6% | +26.7% | 0.3 yr |
| TECKTeck Resources Limited | $22M | 7.7% | +43.3% | 1.5 yr |
| NTRNutrien Ltd. | $21M | 7.3% | +56.2% | 0.3 yr |
| CENXCentury Aluminum Company | $16M | 5.8% | +216.2% | 0.5 yr |
| MLMMartin Marietta Material | $15M | 5.4% | +23.8% | 0.5 yr |
| FANGDiamondback Energy, Inc. | $15M | 5.3% | +27.1% | 0.3 yr |
| CCJCameco Corporation | $11M | 3.7% | +164.4% | 1.0 yr |
| DDDuPont de Nemours, Inc. | $10M | 3.7% | +49.6% | 1.3 yr |
| NXENexGen Energy Ltd. | $5M | 1.8% | +158.4% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Aluminum17.1%$48M
Oil & Gas Exploration & Production13.9%+6.4pp$39M
Oil & Gas Integrated11.0%+2.9pp$31M
Gold10.1%$29M
Copper9.5%-11.3pp$27M
Oil & Gas Equipment & Services8.6%$24M
Industrial Materials7.7%+3.3pp$22M
Agricultural Inputs7.3%$21M
Uranium5.6%$16M
Construction Materials5.4%-8.7pp$15M
Country
US69.3%-12.1pp
CA30.7%+26.3pp
Top 5: 50.6% · Top 10: 85.5% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 5
| DVN Devon Energy Corporationnew | +$25M |
| SLB SLB N.V.new | +$24M |
| NTR Nutrien Ltd.new | +$21M |
| FANG Diamondback Energy, Inc.new | +$15M |
| CVX Chevron Corporation | +$11M |
Top sells this quarter · 13
| B Barrick Mining Corporationexit | −$56M |
| FCX Freeport-McMoRan Inc. | −$50M |
| DD DuPont de Nemours, Inc. | −$45M |
| AA Alcoa Corporation | −$39M |
| XOM Exxon Mobil Corporationexit | −$37M |
| CTVA Corteva, Inc.exit | −$32M |
| CCJ Cameco Corporation | −$18M |
| CMC Commercial Metals Companyexit | −$13M |
| AEM Agnico Eagle Mines Limited | −$20M |
| MLM Martin Marietta Materials, Inc | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $283M | 14 | +61.45% | +17.59% | +43.86% | -0.14B |
| 2025-12-31 | $357M | 11 | +37.14% | +17.72% | +19.42% | -0.04B |
| 2025-09-30 | $327M | 12 | +8.90% | +8.12% | +0.78% | -0.01B |
| 2025-06-30 | $314M | 12 | +4.13% | +10.78% | -6.64% | +0.11B |
| 2025-03-31 | $199M | 11 | +0.48% | -4.27% | +4.75% | +0.06B |
| 2024-12-31 | $138M | 12 | — | — | — | — |