Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.69%
adds when stocks drop
when a holding falls −10%+
Middle response
-8.12%
baseline attrition
Rally response
-3.65%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $29M | 17.5% | — | 0.3 yr |
| — | $23M | 14.1% | — | 0.8 yr |
| MDAMDA Space Ltd | $16M | 9.6% | — | 0.3 yr |
| EFX.TOEnerflex Ltd. | $15M | 9.4% | +164.3% | 2.8 yr |
| CDECoeur Mining, Inc. | $12M | 7.1% | +217.1% | 1.8 yr |
| GILGildan Activewear Inc. | $11M | 6.9% | +28.0% | 0.8 yr |
| — | $9M | 5.4% | — | 0.5 yr |
| SSRMSSR Mining Inc. | $8M | 5.0% | +193.1% | 1.5 yr |
| BEPBrookfield Renewable Par | $8M | 4.7% | +55.7% | 2.8 yr |
| WFGWest Fraser Timber Co. L | $7M | 4.0% | -13.5% | 1.3 yr |
| ENBEnbridge Inc. | $5M | 3.0% | +29.3% | 5.3 yr |
| CAECAE Inc. | $4M | 2.5% | +5.9% | 1.3 yr |
| ARIApollo Commercial Real E | $3M | 2.0% | +19.1% | 0.3 yr |
| — | $3M | 1.8% | — | 0.5 yr |
| — | $2M | 1.5% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Unknown40.6%+33.5pp$67M
Gold12.1%-4.1pp$20M
Hardware, Equipment & Parts9.6%+4.3pp$16M
Oil & Gas Equipment & Services9.4%+3.0pp$15M
Apparel - Manufacturers6.9%$11M
Renewable Utilities4.7%-0.6pp$8M
Paper, Lumber & Forest Products4.0%$7M
Oil & Gas Midstream3.0%-5.0pp$5M
Aerospace & Defense2.5%$4M
REIT - Mortgage2.0%$3M
Country
Unknown40.6%+33.5pp
CA36.2%-35.4pp
US18.5%+2.5pp
BM4.7%-0.6pp
Top 5: 57.8% · Top 10: 83.7% · Top 25: 99.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CDE | $8M | +0.02B | 217.1% |
| EFX.TO | $4M | +0.01B | 164.3% |
| BEP | $6M | +0.00B | 55.7% |
| ENB | $5M | +0.00B | 29.3% |
| ANNA | $0M | +0.00B | 10.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| MDA MDA Space Ltdnew | +$16M |
| SSRM SSR Mining Inc. | +$6M |
| GIL Gildan Activewear Inc. | +$6M |
| ARI Apollo Commercial Real Estate new | +$3M |
| WFG West Fraser Timber Co. Ltd. | +$2M |
| DCBO Docebo Inc. | +$2M |
| PSBD Palmer Square Capital BDC Inc.new | +$1M |
| NCDL Nuveen Churchill Direct Lendinnew | +$0M |
| MSDL Morgan Stanley Direct Lending new | +$0M |
| GBDC Golub Capital BDC, Inc.new | +$0M |
Top sells this quarter · 15
| SLS.TO Solaris Resources Inc.exit | −$15M |
| CCJ Cameco Corporationexit | −$14M |
| BB BlackBerry Limitedexit | −$9M |
| CVE Cenovus Energy Inc.exit | −$8M |
| DSGX The Descartes Systems Group Inexit | −$5M |
| TRS TriMas Corporation | −$2M |
| CAE CAE Inc. | −$2M |
| CDE Coeur Mining, Inc. | −$2M |
| EFX.TO Enerflex Ltd. | −$12M |
| RDNT RadNet, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $164M | 26 | +89.01% | +17.59% | +71.42% | -0.01B |
| 2025-12-31 | $156M | 22 | +78.41% | +17.72% | +60.69% | -0.04B |
| 2025-09-30 | $160M | 23 | +52.93% | +17.52% | +35.42% | -0.03B |
| 2025-06-30 | $152M | 22 | +39.33% | +14.94% | +24.38% | +0.03B |
| 2025-03-31 | $103M | 26 | +30.91% | +8.30% | +22.61% | +0.01B |
| 2024-12-31 | $95M | 27 | +35.76% | +24.89% | +10.87% | -0.10B |
| 2024-09-30 | $183M | 26 | +29.64% | +36.04% | -6.40% | -0.00B |
| 2024-06-30 | $163M | 25 | +13.37% | +24.49% | -11.12% | -0.04B |
| 2024-03-31 | $186M | 27 | +5.89% | +29.62% | -23.73% | +0.00B |
| 2023-12-31 | $172M | 21 | +5.70% | +26.18% | -20.47% | +0.04B |
| 2023-09-30 | $130M | 18 | +8.62% | +21.57% | -12.95% | -0.00B |
| 2023-06-30 | $132M | 19 | -5.78% | +19.42% | -25.21% | -0.08B |
| 2023-03-31 | $206M | 19 | -18.72% | -7.82% | -10.90% | +0.04B |
| 2022-12-31 | $153M | 17 | +1.89% | +7.56% | -5.67% | +0.03B |
| 2022-09-30 | $119M | 21 | -14.39% | -4.93% | -9.46% | +0.01B |
| 2022-06-30 | $125M | 17 | -12.55% | -16.11% | +3.56% | -0.03B |