Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.75%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.04%
baseline attrition
Rally response
-1.79%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PHYSSprott Physical Gold Tru | $19M | 10.5% | — | 4.5 yr |
| BRK-BBerkshire Hathaway Inc. | $14M | 7.4% | — | 4.5 yr |
| NRPNatural Resource Partner | $11M | 6.1% | +20.0% | 3.5 yr |
| DMLPDorchester Minerals, L.P | $11M | 5.8% | +0.1% | 4.5 yr |
| SUSuncor Energy Inc. | $9M | 4.8% | +77.6% | 4.5 yr |
| EPDEnterprise Products Part | $6M | 3.2% | +18.7% | 4.5 yr |
| CNQCanadian Natural Resourc | $6M | 3.0% | +66.0% | 4.5 yr |
| EXPEagle Materials Inc. | $5M | 2.9% | -14.2% | 2.3 yr |
| HONHoneywell International | $5M | 2.7% | +9.0% | 1.8 yr |
| TYGTortoise Energy Infrastr | $5M | 2.6% | +28.4% | 1.5 yr |
| OKEONEOK, Inc. | $5M | 2.5% | -3.8% | 3.0 yr |
| RGLDRoyal Gold, Inc. | $4M | 2.4% | +56.8% | 1.3 yr |
| FNVFranco-Nevada Corporatio | $4M | 2.1% | +58.0% | 4.5 yr |
| LMTLockheed Martin Corporat | $4M | 2.0% | +39.0% | 4.5 yr |
| OUNZVanEck Merk Gold ETF | $3M | 1.8% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management16.8%-0.8pp$31M
Oil & Gas Midstream9.5%+5.1pp$18M
Oil & Gas Exploration & Production8.9%-4.5pp$17M
Insurance - Diversified8.3%-2.9pp$15M
Oil & Gas Integrated6.8%-1.7pp$13M
Gold6.8%+1.7pp$13M
Coal6.4%+1.2pp$12M
Construction Materials4.3%+2.2pp$8M
Aerospace & Defense3.8%-0.5pp$7M
Conglomerates3.1%+0.8pp$6M
Country
US67.6%+4.0pp
CA25.2%-5.9pp
Unknown1.8%-0.2pp
AR1.5%+1.1pp
PL1.4%
BM0.8%-0.8pp
LU0.7%+0.0pp
GB0.4%+0.3pp
Top 5: 34.5% · Top 10: 48.9% · Top 25: 73.7%
Top buys this quarter · 15
| ESAB ESAB Corporationnew | +$2M |
| TGS Transportadora de Gas del Sur new | +$2M |
| ET Energy Transfer LPnew | +$2M |
| MDV Modiv Industrial, Inc. | +$1M |
| OKE ONEOK, Inc. | +$1M |
| EXP Eagle Materials Inc. | +$1M |
| RGLD Royal Gold, Inc. | +$1M |
| REXR Rexford Industrial Realty, Inc | +$1M |
| QCOM QUALCOMM Incorporated | +$1M |
| PRSU Pursuit Attractions and Hospitnew | +$1M |
Top sells this quarter · 15
| PKST Peakstone Realty Trustexit | −$3M |
| SU Suncor Energy Inc. | −$8M |
| LEGH Legacy Housing Corporation | −$1M |
| CNQ Canadian Natural Resources Lim | −$5M |
| NE Noble Corporation Plc | −$1M |
| VAL Valaris Limited | −$1M |
| DMLP Dorchester Minerals, L.P. | −$9M |
| SFM Sprouts Farmers Market, Inc.exit | −$1M |
| FNV Franco-Nevada Corporation | −$4M |
| ENB Enbridge Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $186M | 88 | +27.11% | +17.59% | +9.52% | -0.01B |
| 2025-12-31 | $165M | 91 | +9.29% | +17.72% | -8.43% | +0.00B |
| 2025-09-30 | $163M | 99 | +8.09% | +17.52% | -9.43% | +0.01B |
| 2025-06-30 | $145M | 95 | +2.71% | +14.94% | -12.23% | -0.00B |
| 2025-03-31 | $144M | 101 | -0.30% | +8.30% | -8.60% | +0.01B |
| 2024-12-31 | $135M | 103 | +5.57% | +24.89% | -19.31% | +0.00B |
| 2024-09-30 | $136M | 104 | +15.95% | +36.04% | -20.09% | +0.00B |
| 2024-06-30 | $130M | 99 | +16.95% | +24.49% | -7.54% | -0.00B |
| 2024-03-31 | $133M | 98 | +20.48% | +29.62% | -9.14% | +0.01B |
| 2023-12-31 | $120M | 83 | +16.06% | +26.18% | -10.12% | +0.00B |
| 2023-09-30 | $111M | 84 | +22.87% | +21.57% | +1.30% | -0.00B |
| 2023-06-30 | $107M | 83 | +12.97% | +19.42% | -6.46% | +0.00B |
| 2023-03-31 | $103M | 82 | +1.80% | -7.82% | +9.62% | +0.00B |
| 2022-12-31 | $99M | 85 | +13.62% | +7.56% | +6.06% | +0.00B |
| 2022-09-30 | $85M | 77 | -4.27% | -4.93% | +0.66% | +0.00B |
| 2022-06-30 | $87M | 78 | -8.74% | -16.11% | +7.37% | -0.01B |