Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+10.59%
adds when stocks drop
when a holding falls −10%+
Middle response
-9.02%
baseline attrition
Rally response
-9.39%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NXENexGen Energy Ltd. | $408M | 16.0% | +158.4% | 5.0 yr |
| EGOEldorado Gold Corporatio | $358M | 14.1% | +104.5% | 1.8 yr |
| EQXEquinox Gold Corp. | $352M | 13.8% | +110.2% | 1.5 yr |
| TGBTaseko Mines Limited | $227M | 8.9% | +187.9% | 1.3 yr |
| CRH.LCRH plc | $195M | 7.6% | — | 2.5 yr |
| — | $180M | 7.1% | — | 2.0 yr |
| — | $175M | 6.9% | — | 0.3 yr |
| CGAUCenterra Gold Inc. | $125M | 4.9% | +186.0% | 0.3 yr |
| NWSNews Corporation | $121M | 4.7% | -5.5% | 0.8 yr |
| ZZillow Group, Inc. Class | $53M | 2.1% | -39.6% | 1.5 yr |
| AVRAnteris Technologies Glo | $43M | 1.7% | +52.5% | 1.5 yr |
| SCOProShares - UltraShort B | $43M | 1.7% | — | 0.5 yr |
| EXPEagle Materials Inc. | $41M | 1.6% | -14.2% | 0.8 yr |
| TECKTeck Resources Limited | $33M | 1.3% | +43.3% | 4.0 yr |
| HDBHDFC Bank Limited | $32M | 1.2% | -24.3% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Gold33.9%+13.2pp$864M
Uranium16.0%+3.2pp$408M
Unknown15.0%+4.8pp$382M
Construction Materials9.2%-0.1pp$235M
Copper8.9%-3.9pp$227M
Entertainment4.7%$121M
Internet Content & Information2.1%$53M
Medical - Devices1.7%-0.6pp$43M
Asset Management - Leveraged1.7%$43M
Industrial Materials1.3%$33M
Country
CA60.8%+2.3pp
Unknown15.0%+4.8pp
US12.4%+1.8pp
IE7.6%-10.7pp
AU1.7%-0.6pp
IN1.2%
BR1.2%
Top 5: 60.5% · Top 10: 86.1% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NXE | $137M | +0.22B | 158.4% |
| EGO | $148M | +0.15B | 104.5% |
| EQX | $75M | +0.08B | 110.2% |
| TGB | $28M | +0.05B | 187.9% |
| SLS.TO | $17M | +0.04B | 148.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CGAU Centerra Gold Inc.new | +$125M |
| EQX Equinox Gold Corp. | +$60M |
| NU Nu Holdings Ltd.new | +$31M |
| AVR Anteris Technologies Global Co | +$28M |
| EGO Eldorado Gold Corporation | +$27M |
| BLDR Builders FirstSource, Inc.new | +$24M |
| HDB HDFC Bank Limited | +$19M |
| CCL Carnival Corporation & plcnew | +$19M |
| NXE NexGen Energy Ltd. | +$18M |
| EXP Eagle Materials Inc. | +$18M |
Top sells this quarter · 12
| CVE Cenovus Energy Inc.exit | −$150M |
| TECK Teck Resources Limited | −$125M |
| ICE Intercontinental Exchange, Incexit | −$107M |
| AA Alcoa Corporationexit | −$103M |
| NUE Nucor Corporationexit | −$34M |
| JD JD.com, Inc.exit | −$21M |
| Z Zillow Group, Inc. Class C | −$19M |
| SLS.TO Solaris Resources Inc. | −$15M |
| TGB Taseko Mines Limited | −$201M |
| NWS News Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.55B | 22 | +107.21% | +17.59% | +89.62% | +0.52B |
| 2025-12-31 | $1.92B | 20 | +96.60% | +17.72% | +78.88% | +0.07B |
| 2025-09-30 | $1.58B | 19 | +60.29% | +17.52% | +42.77% | -0.52B |
| 2025-06-30 | $1.65B | 30 | +19.36% | +14.94% | +4.42% | +0.23B |
| 2025-03-31 | $1.07B | 14 | -6.60% | +8.30% | -14.91% | -0.10B |
| 2024-12-31 | $1.17B | 14 | +3.54% | +24.89% | -21.34% | +0.06B |
| 2024-09-30 | $1.16B | 11 | +12.51% | +36.04% | -23.53% | +0.18B |
| 2024-06-30 | $1.04B | 8 | +32.29% | +24.49% | +7.79% | -0.22B |
| 2024-03-31 | $1.20B | 10 | +26.97% | +29.62% | -2.65% | +0.02B |
| 2023-12-31 | $1.07B | 12 | +16.91% | +26.18% | -9.27% | -0.15B |
| 2023-09-30 | $1.17B | 12 | +39.34% | +21.57% | +17.78% | +0.25B |
| 2023-06-30 | $831M | 14 | +11.49% | +19.42% | -7.93% | +0.12B |
| 2023-03-31 | $718M | 11 | -9.07% | -7.82% | -1.25% | +0.06B |
| 2022-12-31 | $648M | 13 | +23.13% | +7.56% | +15.57% | +0.02B |
| 2022-09-30 | $511M | 10 | -11.05% | -4.93% | -6.12% | +0.06B |
| 2022-06-30 | $513M | 11 | -18.73% | -16.11% | -2.62% | -0.16B |