Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.59%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.01%
steady accumulation
Rally response
+13.50%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARAntero Resources Corpora | $353M | 14.8% | +4.9% | 2.8 yr |
| CRCCalifornia Resources Cor | $315M | 13.2% | +62.5% | 2.0 yr |
| CHRDChord Energy Corporation | $184M | 7.7% | +32.8% | 4.0 yr |
| NENoble Corporation Plc | $181M | 7.6% | +124.7% | 3.8 yr |
| PTENPatterson-UTI Energy, In | $177M | 7.4% | +39.4% | 2.3 yr |
| CENXCentury Aluminum Company | $158M | 6.6% | +216.2% | 2.0 yr |
| TALOTalos Energy Inc. | $125M | 5.3% | +62.1% | 5.0 yr |
| PUMPProPetro Holding Corp. | $104M | 4.4% | +96.1% | 1.8 yr |
| HALHalliburton Company | $97M | 4.1% | +57.9% | 3.8 yr |
| OKEONEOK, Inc. | $92M | 3.9% | -3.8% | 1.5 yr |
| LNGCheniere Energy, Inc. | $64M | 2.7% | +23.8% | 4.3 yr |
| OVVOvintiv Inc. | $56M | 2.4% | +42.6% | 1.8 yr |
| BTUPeabody Energy Corporati | $47M | 2.0% | +146.4% | 1.0 yr |
| PCGPG&E Corporation | $43M | 1.8% | +2.9% | 1.3 yr |
| OXYOccidental Petroleum Cor | $40M | 1.7% | +34.6% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production47.4%-11.8pp$1.13B
Oil & Gas Drilling15.0%+6.6pp$357M
Oil & Gas Equipment & Services9.9%-2.9pp$236M
Oil & Gas Midstream7.5%+3.4pp$178M
Aluminum6.6%+1.1pp$158M
Regulated Electric3.7%+0.6pp$89M
Coal2.2%$53M
Asset Management1.8%+1.6pp$42M
Regulated Gas1.7%-0.5pp$40M
Food Distribution0.8%$19M
Country
US98.1%+7.1pp
Unknown0.7%-0.3pp
CA0.7%+0.2pp
BM0.5%-0.5pp
Top 5: 50.8% · Top 10: 75.0% · Top 25: 95.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NE | $95M | +0.11B | 124.7% |
| TALO | $98M | +0.06B | 62.1% |
| EQT | $290M | +0.06B | 20.5% |
| HAL | $67M | +0.04B | 57.9% |
| PUMP | $37M | +0.04B | 96.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| OKE | $20M | -0.00B | -3.8% |
Top buys this quarter · 15
| LNG Cheniere Energy, Inc. | +$50M |
| OXY Occidental Petroleum Corporatinew | +$40M |
| FANG Diamondback Energy, Inc.new | +$36M |
| TDW Tidewater Inc. | +$35M |
| OVV Ovintiv Inc. | +$28M |
| CHRD Chord Energy Corporation | +$25M |
| OKE ONEOK, Inc. | +$25M |
| CRC California Resources Corporati | +$19M |
| GPRE Green Plains Inc.new | +$14M |
| MUSA Murphy USA Inc.new | +$12M |
Top sells this quarter · 15
| EQT EQT Corporation | −$158M |
| NE Noble Corporation Plc | −$139M |
| CENX Century Aluminum Company | −$142M |
| TALO Talos Energy Inc. | −$117M |
| AR Antero Resources Corporation | −$316M |
| EXE Expand Energy Corporationexit | −$36M |
| HAL Halliburton Company | −$93M |
| RRC Range Resources Corporationexit | −$31M |
| LBRT Liberty Energy Inc.exit | −$29M |
| BTU Peabody Energy Corporation | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.38B | 39 | +46.78% | +17.59% | +29.19% | -0.00B |
| 2025-12-31 | $1.75B | 36 | +11.01% | +17.72% | -6.70% | +0.16B |
| 2025-09-30 | $1.47B | 35 | +8.60% | +17.52% | -8.92% | -0.47B |
| 2025-06-30 | $1.92B | 39 | -0.75% | +14.94% | -15.69% | +0.16B |
| 2025-03-31 | $1.77B | 38 | -4.81% | +8.30% | -13.11% | +0.33B |
| 2024-12-31 | $1.41B | 35 | -1.36% | +24.89% | -26.25% | +0.11B |
| 2024-09-30 | $1.24B | 34 | -15.41% | +36.04% | -51.45% | -0.07B |
| 2024-06-30 | $1.41B | 34 | +6.55% | +24.49% | -17.94% | +0.23B |
| 2024-03-31 | $1.24B | 31 | +15.00% | +29.62% | -14.62% | +0.16B |
| 2023-12-31 | $1.01B | 31 | +1.34% | +26.18% | -24.84% | +0.28B |
| 2023-09-30 | $812M | 21 | +49.96% | +21.57% | +28.39% | -0.09B |
| 2023-06-30 | $780M | 25 | +27.93% | +19.42% | +8.50% | +0.22B |
| 2023-03-31 | $542M | 27 | +15.23% | -7.82% | +23.05% | +0.04B |
| 2022-12-31 | $532M | 25 | +33.65% | +7.56% | +26.09% | -0.11B |
| 2022-09-30 | $479M | 22 | -0.87% | -4.93% | +4.06% | -0.02B |
| 2022-06-30 | $501M | 23 | -7.45% | -16.11% | +8.66% | +0.03B |