Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.26%
adds when stocks drop
when a holding falls −10%+
Middle response
+9.72%
steady accumulation
Rally response
-6.62%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SKE.TOSkeena Resources Limited | $489M | 18.5% | +185.5% | 1.8 yr |
| — | $381M | 14.4% | — | 1.0 yr |
| CAAPCorporación América Ai | $333M | 12.6% | +38.2% | 5.5 yr |
| — | $193M | 7.3% | — | 1.8 yr |
| SVMSilvercorp Metals Inc. | $173M | 6.5% | +179.0% | 0.3 yr |
| — | $147M | 5.5% | — | 0.3 yr |
| IACIAC InterActive Corp. | $141M | 5.3% | +6.3% | 1.0 yr |
| SLS.TOSolaris Resources Inc. | $133M | 5.0% | +148.1% | 1.3 yr |
| ABVXAbivax S.A. | $113M | 4.3% | +1681.6% | 0.3 yr |
| MGMMGM Resorts Internationa | $106M | 4.0% | +24.9% | 1.3 yr |
| SGHCSuper Group (SGHC) Limit | $102M | 3.8% | +75.0% | 0.8 yr |
| TGSTransportadora de Gas de | $81M | 3.1% | +35.4% | 1.5 yr |
| — | $72M | 2.7% | — | 0.3 yr |
| — | $72M | 2.7% | — | 2.5 yr |
| NEWPNew Pacific Metals Corp. | $41M | 1.6% | +273.0% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown33.8%+17.5pp$896M
Industrial Materials18.5%+9.2pp$489M
Airlines, Airports & Air Services12.6%-6.7pp$333M
Gambling, Resorts & Casinos7.9%+1.4pp$208M
Other Precious Metals6.6%+4.3pp$175M
Silver6.5%$173M
Internet Content & Information5.3%$141M
Biotechnology4.3%$113M
Oil & Gas Integrated3.1%$81M
Regulated Electric1.5%-4.4pp$40M
Country
Unknown33.8%+17.5pp
CA31.6%+0.5pp
LU12.6%-17.1pp
US9.3%+1.3pp
AR4.6%-3.4pp
FR4.3%
GG3.8%
Top 5: 59.3% · Top 10: 83.4% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SKE.TO | $120M | +0.32B | 185.5% |
| CAAP | $249M | +0.10B | 38.2% |
| MGM | $54M | +0.01B | 24.9% |
| SLS.TO | $3M | +0.01B | 148.1% |
| EDN | $62M | -0.00B | -1.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EDN | $62M | -0.00B | -1.7% |
Top buys this quarter · 12
| SVM Silvercorp Metals Inc.new | +$173M |
| ABVX Abivax S.A.new | +$113M |
| SLS.TO Solaris Resources Inc. | +$78M |
| SGHC Super Group (SGHC) Limited | +$67M |
| IAC IAC InterActive Corp. | +$66M |
| NEWP New Pacific Metals Corp. | +$32M |
| SKE.TO Skeena Resources Limited | +$26M |
| — | +$0M |
| — new | +$0M |
| — | +$0M |
Top sells this quarter · 10
| IHS IHS Holding Limitedexit | −$72M |
| PAM Pampa EnergÃa S.A.exit | −$50M |
| TGS Transportadora de Gas del Sur | −$32M |
| CAAP Corporación América Airports | −$10M |
| EDN Empresa Distribuidora y Comerc | −$8M |
| MGM MGM Resorts International | −$4M |
| IFS Intercorp Financial Services Iexit | −$2M |
| BTG B2Gold Corp.exit | −$0M |
| — | −$377M |
| — exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.65B | 17 | +70.38% | +17.59% | +52.79% | +0.55B |
| 2025-12-31 | $1.88B | 16 | +59.47% | +17.72% | +41.75% | -0.01B |
| 2025-09-30 | $1.45B | 16 | +31.66% | +17.52% | +14.15% | -0.22B |
| 2025-06-30 | $1.60B | 18 | +39.51% | +14.94% | +24.57% | +0.14B |
| 2025-03-31 | $1.29B | 20 | +29.81% | +8.30% | +21.51% | +0.30B |
| 2024-12-31 | $950M | 18 | +42.09% | +24.89% | +17.20% | -0.23B |
| 2024-09-30 | $1.10B | 18 | +68.67% | +36.04% | +32.64% | -0.08B |
| 2024-06-30 | $1.07B | 17 | +46.97% | +24.49% | +22.48% | -0.13B |
| 2024-03-31 | $1.15B | 16 | +54.97% | +29.62% | +25.35% | -0.02B |
| 2023-12-31 | $1.02B | 15 | +65.46% | +26.18% | +39.29% | -0.02B |
| 2023-09-30 | $819M | 15 | +75.97% | +21.57% | +54.40% | +0.03B |
| 2023-06-30 | $819M | 15 | +73.48% | +19.42% | +54.06% | -0.01B |
| 2023-03-31 | $748M | 12 | +10.93% | -7.82% | +18.75% | +0.10B |
| 2022-12-31 | $532M | 8 | +35.47% | +7.56% | +27.91% | +0.07B |
| 2022-09-30 | $341M | 6 | -4.98% | -4.93% | -0.06% | +0.10B |
| 2022-06-30 | $253M | 4 | -29.36% | -16.11% | -13.25% | +0.02B |