Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+8.40%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.15%
baseline attrition
Rally response
-3.85%
trims into rallies
when a holding rises +10%+
Top positions · 28
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HGVHilton Grand Vacations I | $109M | 22.2% | +4.6% | 4.5 yr |
| IAGIAMGOLD Corporation | $45M | 9.1% | +201.1% | 2.0 yr |
| ESTAEstablishment Labs Holdi | $43M | 8.9% | +39.1% | 4.5 yr |
| MGMMGM Resorts Internationa | $35M | 7.1% | +24.9% | 1.0 yr |
| DARDarling Ingredients Inc. | $26M | 5.4% | +98.0% | 1.0 yr |
| CNQCanadian Natural Resourc | $26M | 5.3% | +66.0% | 4.5 yr |
| ORLAOrla Mining Ltd. | $21M | 4.3% | +72.7% | 0.8 yr |
| APPNAppian Corporation | $20M | 4.1% | -16.3% | 0.3 yr |
| AGIAlamos Gold Inc. | $20M | 4.1% | +66.7% | 4.5 yr |
| HCCWarrior Met Coal, Inc. | $16M | 3.3% | +96.2% | 3.3 yr |
| CNRCore Natural Resources, | $15M | 3.1% | +36.6% | 0.3 yr |
| EXEExpand Energy Corporatio | $14M | 2.8% | +1.7% | 1.3 yr |
| TGBTaseko Mines Limited | $13M | 2.7% | +187.9% | 1.0 yr |
| — | $12M | 2.4% | — | 2.0 yr |
| BSMBlack Stone Minerals, L. | $12M | 2.3% | +8.9% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Gambling, Resorts & Casinos29.3%+8.6pp$144M
Gold19.4%-1.3pp$95M
Oil & Gas Exploration & Production10.4%-10.0pp$51M
Medical - Devices9.3%-5.1pp$46M
Coal7.4%-4.2pp$36M
Unknown5.5%-2.5pp$27M
Software - Application5.4%$27M
Packaged Foods5.4%$26M
Copper4.1%+2.7pp$20M
Chemicals - Specialty1.6%$8M
Country
US54.7%+4.5pp
CA28.8%-3.2pp
CR8.9%-1.0pp
Unknown5.5%-2.5pp
ZA1.6%
GB0.6%
Top 5: 52.7% · Top 10: 73.8% · Top 25: 99.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| IAG | $13M | +0.03B | 201.1% |
| HCC | $20M | +0.02B | 96.2% |
| CNQ | $20M | +0.01B | 66.0% |
| AGI | $13M | +0.01B | 66.7% |
| KGC | $6M | +0.01B | 143.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MXCT | $9M | -0.01B | -74.3% |
Top buys this quarter · 15
| APPN Appian Corporationnew | +$20M |
| CNR Core Natural Resources, Inc.new | +$15M |
| DAR Darling Ingredients Inc. | +$13M |
| SSL Sasol Limitednew | +$8M |
| HGV Hilton Grand Vacations Inc. | +$109M |
| ZM Zoom Communications, Inc.new | +$6M |
| SPGI S&P Global Inc.new | +$6M |
| AGI Alamos Gold Inc. | +$6M |
| ESTA Establishment Labs Holdings In | +$43M |
| ODV Osisko Development Corp.new | +$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $490M | 28 | +49.37% | +17.59% | +31.78% | +0.02B |
| 2025-12-31 | $463M | 21 | +45.97% | +17.72% | +28.25% | +0.04B |
| 2025-09-30 | $346M | 19 | +23.62% | +17.52% | +6.10% | +0.00B |
| 2025-06-30 | $298M | 19 | +10.76% | +14.94% | -4.18% | +0.09B |
| 2025-03-31 | $198M | 17 | -0.22% | +8.30% | -8.53% | +0.02B |
| 2024-12-31 | $178M | 18 | +11.58% | +24.89% | -13.31% | -0.01B |
| 2024-09-30 | $183M | 17 | +16.03% | +36.04% | -20.01% | -0.02B |
| 2024-06-30 | $195M | 18 | +12.02% | +24.49% | -12.47% | +0.03B |
| 2024-03-31 | $168M | 16 | +19.68% | +29.62% | -9.95% | +0.01B |
| 2023-12-31 | $144M | 16 | +15.03% | +26.18% | -11.15% | -0.00B |
| 2023-09-30 | $137M | 17 | +22.89% | +21.57% | +1.32% | +0.01B |
| 2023-06-30 | $131M | 17 | +21.05% | +19.42% | +1.63% | +0.02B |
| 2023-03-31 | $112M | 16 | +1.21% | -7.82% | +9.03% | -0.01B |
| 2022-12-31 | $115M | 18 | +14.22% | +7.56% | +6.66% | -0.01B |
| 2022-09-30 | $108M | 20 | -2.55% | -4.93% | +2.38% | -0.01B |
| 2022-06-30 | $124M | 18 | -14.24% | -16.11% | +1.87% | -0.00B |