Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.96%
adds when stocks drop
when a holding falls −10%+
Middle response
-11.80%
baseline attrition
Rally response
-31.19%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TUTELUS Corporation | $111M | 22.2% | -2.7% | 3.3 yr |
| BNSThe Bank of Nova Scotia | $67M | 13.4% | +52.4% | 3.3 yr |
| RCIRogers Communications In | $42M | 8.5% | +50.2% | 4.0 yr |
| BCEBCE Inc. | $38M | 7.5% | +16.0% | 3.5 yr |
| TDThe Toronto-Dominion Ban | $28M | 5.6% | +60.9% | 3.5 yr |
| MFCManulife Financial Corpo | $16M | 3.2% | +15.0% | 4.0 yr |
| NTRNutrien Ltd. | $15M | 3.0% | +56.2% | 3.8 yr |
| BBarrick Mining Corporati | $14M | 2.9% | +114.9% | 1.0 yr |
| ENBEnbridge Inc. | $13M | 2.7% | +29.3% | 2.0 yr |
| TRPTC Energy Corporation | $13M | 2.6% | +37.4% | 4.0 yr |
| SLFSun Life Financial Inc. | $12M | 2.4% | +14.0% | 4.0 yr |
| AGFirst Majestic Silver Co | $9M | 1.7% | +221.6% | 4.3 yr |
| BEPBrookfield Renewable Par | $7M | 1.4% | +55.7% | 1.0 yr |
| BTGB2Gold Corp. | $6M | 1.3% | +62.4% | 3.5 yr |
| VETVermilion Energy Inc. | $6M | 1.1% | +77.8% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Telecommunications Services38.2%+1.6pp$191M
Banks - Diversified19.3%-5.8pp$96M
Gold10.0%+5.7pp$50M
Oil & Gas Midstream5.7%+1.7pp$28M
Insurance - Life3.2%+0.1pp$16M
Agricultural Inputs3.0%+0.5pp$15M
Unknown3.0%-0.4pp$15M
Silver2.7%+1.0pp$14M
Insurance - Diversified2.4%+0.1pp$12M
Renewable Utilities1.9%+1.7pp$10M
Country
CA94.2%+0.7pp
Unknown3.0%-0.4pp
BM1.5%+1.4pp
US1.3%-1.8pp
Top 5: 57.2% · Top 10: 71.6% · Top 25: 87.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| RCI | $52M | +0.03B | 50.2% |
| BNS | $47M | +0.02B | 52.4% |
| BCE | $81M | +0.01B | 16.0% |
| TD | $14M | +0.01B | 60.9% |
| NTR | $12M | +0.01B | 56.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TU | $46M | -0.00B | -2.7% |
Top buys this quarter · 15
| BCE BCE Inc. | +$35M |
| TU TELUS Corporation | +$33M |
| TD The Toronto-Dominion Bank | +$18M |
| BNS The Bank of Nova Scotia | +$14M |
| NTR Nutrien Ltd. | +$11M |
| TRP TC Energy Corporation | +$7M |
| BTG B2Gold Corp. | +$5M |
| MFC Manulife Financial Corporation | +$3M |
| TAC TransAlta Corporation | +$2M |
| WPM Wheaton Precious Metals Corp. | +$2M |
Top sells this quarter · 15
| CNQ Canadian Natural Resources Limexit | −$52M |
| CM Canadian Imperial Bank of Commexit | −$48M |
| ENB Enbridge Inc. | −$43M |
| PBA Pembina Pipeline Corporation | −$30M |
| RCI Rogers Communications Inc. | −$21M |
| SU Suncor Energy Inc.exit | −$14M |
| AEM Agnico Eagle Mines Limited | −$13M |
| PAAS Pan American Silver Corp. | −$12M |
| EQX Equinox Gold Corp. | −$8M |
| VET Vermilion Energy Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $499M | 81 | +53.45% | +17.59% | +35.86% | -0.12B |
| 2025-12-31 | $571M | 81 | +45.43% | +17.72% | +27.71% | -0.14B |
| 2025-09-30 | $649M | 77 | +26.82% | +17.52% | +9.31% | +0.13B |
| 2025-06-30 | $456M | 77 | +25.30% | +14.94% | +10.36% | -0.10B |
| 2025-03-31 | $490M | 76 | +14.94% | +8.30% | +6.63% | +0.04B |
| 2024-12-31 | $437M | 66 | +28.30% | +24.89% | +3.41% | +0.13B |
| 2024-09-30 | $323M | 54 | +32.49% | +17.93% | +14.56% | -0.11B |
| 2024-06-30 | $385M | 79 | +22.27% | +21.19% | +1.08% | +0.10B |
| 2024-03-31 | $273M | 69 | +19.67% | +24.77% | -5.09% | +0.02B |
| 2023-09-30 | $222M | 57 | +9.93% | +21.57% | -11.63% | +0.04B |
| 2023-06-30 | $184M | 57 | +0.43% | +19.42% | -19.00% | -0.03B |
| 2023-03-31 | $203M | 64 | -26.08% | -7.82% | -18.27% | +0.01B |
| 2022-12-31 | $194M | 65 | -28.85% | -18.17% | -10.67% | -0.10B |
| 2022-09-30 | $279M | 61 | -10.17% | -4.93% | -5.25% | +0.10B |
| 2022-06-30 | $204M | 56 | -22.90% | -16.11% | -6.78% | +0.10B |
| 2022-03-31 | $130M | 50 | -2.31% | -4.62% | +2.31% | -0.26B |