Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+31.07%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.68%
steady accumulation
Rally response
-7.48%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WFRDWeatherford Internationa | $54M | 9.3% | +79.5% | 2.5 yr |
| PRPermian Resources Corpor | $53M | 9.1% | +60.4% | 3.5 yr |
| TALOTalos Energy Inc. | $48M | 8.3% | +62.1% | 1.3 yr |
| PTENPatterson-UTI Energy, In | $47M | 8.2% | +39.4% | 1.0 yr |
| OVVOvintiv Inc. | $46M | 8.0% | +42.6% | 1.5 yr |
| WHDCactus, Inc. | $45M | 7.9% | +4.6% | 0.5 yr |
| BTEGFBaytex Energy Corp. | $41M | 7.2% | — | 1.0 yr |
| — | $41M | 7.1% | — | 1.3 yr |
| SMSM Energy Company | $40M | 6.9% | +8.9% | 0.3 yr |
| WTTRSelect Water Solutions, | $39M | 6.8% | +50.0% | 2.8 yr |
| ARAntero Resources Corpora | $38M | 6.7% | +4.9% | 1.0 yr |
| MTZMasTec, Inc. | $33M | 5.7% | +175.7% | 0.8 yr |
| NRGNRG Energy, Inc. | $26M | 4.5% | +55.0% | 0.3 yr |
| XPROExpro Group Holdings N.V | $26M | 4.5% | +75.2% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production46.1%-19.9pp$266M
Oil & Gas Equipment & Services21.6%+11.9pp$125M
Oil & Gas Drilling8.2%+0.3pp$47M
Unknown7.1%+1.8pp$41M
Regulated Water6.8%+0.9pp$39M
Engineering & Construction5.7%+0.9pp$33M
Independent Power Producers4.5%$26M
Country
US85.8%+6.6pp
CA7.2%
Unknown7.1%+1.8pp
Top 5: 42.8% · Top 10: 78.7% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PR | $50M | +0.03B | 60.4% |
| OVV | $36M | +0.01B | 42.6% |
| WTTR | $26M | +0.01B | 50.0% |
| PTEN | $20M | +0.01B | 39.4% |
| XPRO | $3M | +0.00B | 75.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 4
| SM SM Energy Companynew | +$40M |
| NRG NRG Energy, Inc.new | +$26M |
| PTEN Patterson-UTI Energy, Inc. | +$21M |
| — | +$0M |
Top sells this quarter · 15
| FTI TechnipFMC plcexit | −$51M |
| LBRT Liberty Energy Inc.exit | −$44M |
| KGS Kodiak Gas Services, Inc.exit | −$34M |
| MTZ MasTec, Inc. | −$32M |
| OVV Ovintiv Inc. | −$31M |
| AR Antero Resources Corporation | −$25M |
| WHD Cactus, Inc. | −$14M |
| VNOM Viper Energy, Inc.exit | −$13M |
| WTTR Select Water Solutions, Inc. | −$33M |
| PR Permian Resources Corporation | −$40M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $578M | 14 | +50.59% | +17.59% | +33.00% | -0.16B |
| 2025-12-31 | $559M | 21 | +8.03% | +17.72% | -9.69% | +0.04B |
| 2025-09-30 | $480M | 18 | +10.86% | +17.52% | -6.66% | -0.02B |
| 2025-06-30 | $466M | 18 | -3.56% | +14.94% | -18.51% | +0.03B |
| 2025-03-31 | $442M | 17 | -0.31% | +8.30% | -8.61% | +0.05B |
| 2024-12-31 | $415M | 14 | +20.75% | +24.89% | -4.13% | +0.11B |
| 2024-09-30 | $281M | 13 | +5.57% | +36.04% | -30.47% | +0.00B |
| 2024-06-30 | $295M | 14 | +34.68% | +24.49% | +10.19% | +0.04B |
| 2024-03-31 | $247M | 11 | +34.56% | +29.62% | +4.94% | -0.00B |
| 2023-12-31 | $217M | 11 | +23.80% | +26.18% | -2.38% | +0.00B |
| 2023-09-30 | $224M | 10 | +19.90% | -3.22% | +23.12% | +0.05B |
| 2023-06-30 | $145M | 11 | +1.55% | +8.68% | -7.13% | -0.00B |
| 2023-03-31 | $143M | 11 | +5.65% | +7.46% | -1.81% | +0.02B |
| 2022-12-31 | $119M | 10 | — | — | — | — |