Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.37%
adds when stocks drop
when a holding falls −10%+
Middle response
+6.63%
steady accumulation
Rally response
+3.36%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CNQCanadian Natural Resourc | $138M | 7.4% | +66.0% | 1.5 yr |
| VALValaris Limited | $129M | 7.0% | +149.7% | 3.5 yr |
| RRCRange Resources Corporat | $123M | 6.6% | +14.2% | 3.5 yr |
| SUSuncor Energy Inc. | $122M | 6.5% | +77.6% | 0.3 yr |
| SLBSLB N.V. | $118M | 6.3% | +26.7% | 3.5 yr |
| — | $111M | 6.0% | — | 3.0 yr |
| CCJCameco Corporation | $91M | 4.9% | +164.4% | 3.5 yr |
| NENoble Corporation Plc | $90M | 4.9% | +124.7% | 3.5 yr |
| CNRCore Natural Resources, | $74M | 4.0% | +36.6% | 1.3 yr |
| EQTEQT Corporation | $74M | 4.0% | +20.5% | 3.5 yr |
| ARAntero Resources Corpora | $69M | 3.7% | +4.9% | 3.5 yr |
| NTRNutrien Ltd. | $62M | 3.3% | +56.2% | 3.5 yr |
| HCCWarrior Met Coal, Inc. | $56M | 3.0% | +96.2% | 0.3 yr |
| SBSWSibanye Stillwater Limit | $53M | 2.8% | +175.0% | 1.5 yr |
| AMRAlpha Metallurgical Reso | $50M | 2.7% | +63.9% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production31.8%-3.5pp$592M
Oil & Gas Equipment & Services14.7%+10.2pp$273M
Uranium12.2%-1.8pp$227M
Coal9.6%+4.2pp$180M
Unknown6.8%+0.5pp$126M
Oil & Gas Integrated6.5%$122M
Gold6.1%-6.9pp$114M
Agricultural Inputs5.2%-4.7pp$97M
Oil & Gas Drilling4.9%+2.5pp$90M
Copper1.7%-3.1pp$32M
Country
US54.2%-0.0pp
CA29.1%-6.0pp
BM7.0%+5.7pp
Unknown6.8%+0.5pp
ZA2.8%+0.6pp
JE0.2%-0.3pp
Top 5: 33.9% · Top 10: 57.5% · Top 25: 89.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CCJ | $30M | +0.05B | 164.4% |
| LEU | $16M | +0.02B | 179.0% |
| AGI | $32M | +0.02B | 66.7% |
| SBSW | $12M | +0.02B | 175.0% |
| NTR | $35M | +0.02B | 56.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MOS | $13M | -0.00B | -2.7% |
Top buys this quarter · 15
| SU Suncor Energy Inc.new | +$122M |
| SLB SLB N.V. | +$70M |
| HCC Warrior Met Coal, Inc.new | +$56M |
| CNQ Canadian Natural Resources Lim | +$45M |
| CNR Core Natural Resources, Inc. | +$42M |
| CHRD Chord Energy Corporationnew | +$40M |
| AMR Alpha Metallurgical Resources, | +$33M |
| RRC Range Resources Corporation | +$32M |
| PR Permian Resources Corporation | +$29M |
| VAL Valaris Limited | +$25M |
Top sells this quarter · 12
| SKE.TO Skeena Resources Limitedexit | −$23M |
| HBM Hudbay Minerals Inc.exit | −$17M |
| ORLA Orla Mining Ltd. | −$10M |
| PAAS Pan American Silver Corp.exit | −$10M |
| FCX Freeport-McMoRan Inc. | −$7M |
| AGI Alamos Gold Inc. | −$30M |
| EQX Equinox Gold Corp. | −$3M |
| NG NovaGold Resources Inc. | −$1M |
| TFPM.TO Triple Flag Precious Metals Co | −$0M |
| CMCL Caledonia Mining Corporation P | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.86B | 43 | +89.43% | +17.59% | +71.84% | +0.61B |
| 2025-12-31 | $1.01B | 42 | +55.79% | +17.72% | +38.07% | +0.13B |
| 2025-09-30 | $831M | 42 | +52.28% | +17.52% | +34.77% | +0.05B |
| 2025-06-30 | $654M | 41 | +25.50% | +14.94% | +10.56% | -0.01B |
| 2025-03-31 | $552M | 42 | +3.68% | +8.30% | -4.63% | +0.05B |
| 2024-12-31 | $487M | 44 | +7.12% | +24.89% | -17.76% | -0.02B |
| 2024-09-30 | $491M | 44 | +2.37% | +36.04% | -33.67% | -0.01B |
| 2024-06-30 | $504M | 48 | +17.61% | +24.49% | -6.89% | +0.04B |
| 2024-03-31 | $462M | 51 | +21.86% | +29.62% | -7.77% | +0.02B |
| 2023-12-31 | $414M | 50 | +13.69% | +26.18% | -12.49% | +0.01B |
| 2023-09-30 | $408M | 50 | +13.57% | -3.22% | +16.80% | +0.01B |
| 2023-06-30 | $348M | 50 | +3.12% | +8.68% | -5.56% | +0.05B |
| 2023-03-31 | $293M | 47 | -1.49% | +7.46% | -8.95% | +0.02B |
| 2022-12-31 | $281M | 47 | — | — | — | — |