Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.77%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.05%
baseline attrition
Rally response
-1.28%
trims into rallies
when a holding rises +10%+
Top positions · 19
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CDECoeur Mining, Inc. | $187M | 18.0% | +217.1% | 1.0 yr |
| IAUXi-80 Gold Corp. | $125M | 12.1% | +161.3% | 1.0 yr |
| VALValaris Limited | $114M | 11.0% | +149.7% | 4.8 yr |
| ODVOsisko Development Corp. | $81M | 7.9% | +118.1% | 1.5 yr |
| CHRDChord Energy Corporation | $79M | 7.6% | +32.8% | 5.0 yr |
| RYAMRayonier Advanced Materi | $70M | 6.8% | +92.5% | 5.0 yr |
| SBSWSibanye Stillwater Limit | $65M | 6.2% | +175.0% | 5.3 yr |
| — | $58M | 5.6% | — | 3.5 yr |
| BTGB2Gold Corp. | $52M | 5.1% | +62.4% | 0.5 yr |
| EXKEndeavour Silver Corp. | $42M | 4.1% | +118.0% | 1.0 yr |
| — | $42M | 4.0% | — | 0.8 yr |
| CVECenovus Energy Inc. | $29M | 2.8% | +97.2% | 2.3 yr |
| TDWTidewater Inc. | $24M | 2.3% | +97.7% | 4.5 yr |
| CNRCore Natural Resources, | $21M | 2.0% | +36.6% | 1.3 yr |
| CDLRCadeler A/S | $15M | 1.4% | +19.7% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Gold49.3%+18.5pp$510M
Oil & Gas Equipment & Services13.3%-5.3pp$137M
Unknown10.9%-0.6pp$112M
Oil & Gas Exploration & Production7.6%-4.5pp$79M
Chemicals6.8%+1.3pp$70M
Silver4.1%$42M
Oil & Gas Integrated2.8%-1.6pp$29M
Coal2.0%-0.3pp$21M
Marine Shipping1.4%-0.4pp$15M
Other Precious Metals1.1%-0.5pp$11M
Country
US48.9%+17.6pp
CA20.9%-14.6pp
BM11.0%-5.8pp
Unknown10.9%-0.6pp
ZA6.2%+3.6pp
DK1.4%-0.4pp
GR0.7%+0.2pp
Top 5: 56.6% · Top 10: 84.4% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| VAL | $112M | +0.17B | 149.7% |
| RYAM | $37M | +0.03B | 92.5% |
| SBSW | $17M | +0.03B | 175.0% |
| CVE | $29M | +0.03B | 97.2% |
| ODV | $19M | +0.02B | 118.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.03B | 19 | +104.19% | +17.59% | +86.60% | -0.08B |
| 2025-12-31 | $958M | 22 | +81.60% | +17.72% | +63.88% | +0.03B |
| 2025-09-30 | $835M | 20 | +43.13% | +17.52% | +25.61% | -0.14B |
| 2025-06-30 | $694M | 27 | +3.92% | +14.94% | -11.02% | -0.06B |
| 2025-03-31 | $669M | 22 | -3.00% | +8.30% | -11.30% | -0.05B |
| 2024-12-31 | $691M | 20 | +4.64% | +24.89% | -20.24% | -0.01B |
| 2024-09-30 | $796M | 17 | +35.69% | +36.04% | -0.35% | +0.04B |
| 2024-06-30 | $740M | 16 | +33.76% | +24.49% | +9.27% | -0.04B |
| 2024-03-31 | $741M | 19 | +23.16% | +29.62% | -6.47% | +0.01B |
| 2023-12-31 | $652M | 18 | +6.62% | +26.18% | -19.56% | -0.02B |
| 2023-09-30 | $588M | 14 | +16.65% | +21.57% | -4.91% | +0.09B |
| 2023-06-30 | $496M | 13 | +18.55% | +19.42% | -0.88% | +0.01B |
| 2023-03-31 | $502M | 15 | -12.90% | -7.82% | -5.09% | -0.02B |
| 2022-12-31 | $537M | 16 | +24.10% | +7.56% | +16.54% | -0.06B |
| 2022-09-30 | $480M | 17 | +1.80% | -4.93% | +6.73% | +0.01B |
| 2022-06-30 | $462M | 19 | -28.65% | -16.11% | -12.54% | +0.10B |