Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.07%
baseline attrition
Rally response
+1.93%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MPLXMPLX Lp | $117M | 13.9% | +15.4% | 4.5 yr |
| ETEnergy Transfer LP | $93M | 11.0% | +12.1% | 4.5 yr |
| PAAPlains All American Pipe | $81M | 9.6% | +21.8% | 4.5 yr |
| EPDEnterprise Products Part | $70M | 8.2% | +18.7% | 4.5 yr |
| WESWestern Midstream Partne | $65M | 7.7% | +10.3% | 4.5 yr |
| WMBThe Williams Companies, | $59M | 7.0% | +25.8% | 3.5 yr |
| HESMHess Midstream LP | $46M | 5.5% | -0.4% | 4.5 yr |
| TRPTC Energy Corporation | $41M | 4.8% | +37.4% | 2.3 yr |
| SUNSunoco LP | $40M | 4.7% | +19.7% | 3.3 yr |
| TRGPTarga Resources Corp. | $40M | 4.7% | +28.0% | 4.5 yr |
| KMIKinder Morgan, Inc. | $35M | 4.2% | +22.6% | 4.5 yr |
| DTMDT Midstream, Inc. | $31M | 3.7% | +43.6% | 4.5 yr |
| LNGCheniere Energy, Inc. | $19M | 2.3% | +23.8% | 4.5 yr |
| OKEONEOK, Inc. | $14M | 1.7% | -3.8% | 4.5 yr |
| CQPCheniere Energy Partners | $13M | 1.5% | +3.9% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream89.8%-1.5pp$759M
Oil & Gas Refining & Marketing4.9%+0.4pp$41M
Oil & Gas Integrated0.7%+0.4pp$6M
Regulated Gas0.5%-0.1pp$4M
Renewable Utilities0.5%+0.1pp$4M
Gold0.4%+0.3pp$3M
Hardware, Equipment & Parts0.4%$3M
Industrial - Machinery0.3%-0.0pp$2M
Agricultural Inputs0.2%+0.1pp$2M
Semiconductors0.2%$2M
Country
US93.8%-2.6pp
CA5.7%+2.3pp
GB0.2%+0.1pp
AU0.1%+0.0pp
IT0.1%
Unknown0.1%+0.0pp
IE0.0%-0.0pp
LU0.0%
Top 5: 50.4% · Top 10: 77.1% · Top 25: 95.9%
Top buys this quarter · 14
| KMI Kinder Morgan, Inc. | +$6M |
| AM Antero Midstream Corporationnew | +$4M |
| SU Suncor Energy Inc. | +$1M |
| Q Qnity Electronics, Inc. | +$1M |
| E Eni S.p.A.new | +$1M |
| IMO Imperial Oil Limitednew | +$0M |
| ET Energy Transfer LP | +$0M |
| SHEL Shell plc | +$0M |
| XOM Exxon Mobil Corporation | +$0M |
| RNA Atrium Therapeutics, Inc.new | +$0M |
Top sells this quarter · 14
| GLD SPDR Gold Shares | −$0M |
| — exit | −$0M |
| — exit | −$0M |
| LNG Cheniere Energy, Inc. | −$15M |
| DINO HF Sinclair Corporation | −$1M |
| CEG Constellation Energy Corporati | −$1M |
| PKG Packaging Corporation of Ameriexit | −$0M |
| NUE Nucor Corporationexit | −$0M |
| ETN Eaton Corporation plcexit | −$0M |
| MBC MasterBrand, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $845M | 81 | +19.35% | +17.59% | +1.76% | -0.00B |
| 2025-12-31 | $716M | 80 | +9.36% | +17.72% | -8.36% | -0.00B |
| 2025-09-30 | $693M | 77 | +15.86% | +17.52% | -1.66% | -0.01B |
| 2025-06-30 | $701M | 76 | +20.50% | +14.94% | +5.56% | -0.00B |
| 2025-03-31 | $720M | 73 | +29.67% | +8.30% | +21.36% | +0.01B |
| 2024-12-31 | $653M | 76 | +36.56% | +24.89% | +11.67% | +0.00B |
| 2024-09-30 | $592M | 83 | +28.95% | +36.04% | -7.08% | -0.00B |
| 2024-06-30 | $575M | 82 | +33.89% | +24.49% | +9.40% | -0.00B |
| 2024-03-31 | $551M | 81 | +32.43% | +29.62% | +2.81% | -0.01B |
| 2023-12-31 | $486M | 74 | +20.32% | +26.18% | -5.86% | -0.02B |
| 2023-09-30 | $487M | 95 | +26.86% | +21.57% | +5.29% | +0.00B |
| 2023-06-30 | $449M | 103 | +24.16% | +19.42% | +4.74% | +0.00B |
| 2023-03-31 | $430M | 96 | +6.54% | -7.82% | +14.36% | -0.01B |
| 2022-12-31 | $420M | 92 | +9.24% | +7.56% | +1.68% | +0.01B |
| 2022-09-30 | $378M | 86 | +5.40% | -4.93% | +10.32% | +0.06B |
| 2022-06-30 | $304M | 68 | -11.00% | -16.11% | +5.11% | +0.00B |