Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+22.84%
adds when stocks drop
when a holding falls −10%+
Middle response
+8.00%
steady accumulation
Rally response
+7.28%
adds into rallies
when a holding rises +10%+
Top positions · 9
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PNWPinnacle West Capital Co | $511M | 18.0% | +10.0% | 2.8 yr |
| EMA.TOEmera Incorporated | $465M | 16.4% | +24.4% | 0.8 yr |
| EDConsolidated Edison, Inc | $345M | 12.1% | +5.8% | 2.5 yr |
| PEGPublic Service Enterpris | $327M | 11.5% | +1.5% | 1.3 yr |
| EIXEdison International | $266M | 9.4% | +30.5% | 4.5 yr |
| HTOH2O America | $266M | 9.4% | +10.9% | 0.5 yr |
| UNPUnion Pacific Corporatio | $246M | 8.7% | +5.1% | 0.8 yr |
| PCGPG&E Corporation | $234M | 8.3% | +2.9% | 2.3 yr |
| SBACSBA Communications Corpo | $178M | 6.3% | -20.0% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric75.7%-24.3pp$2.15B
Regulated Water9.4%$266M
Railroads8.7%$246M
REIT - Specialty6.3%$178M
Country
US83.6%-16.4pp
CA16.4%
Top 5: 67.4% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EIX | $259M | +0.07B | 30.5% |
| PNW | $266M | +0.03B | 10.0% |
| ED | $254M | +0.01B | 5.8% |
| PCG | $179M | +0.01B | 2.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.84B | 9 | +13.13% | +17.59% | -4.46% | +0.65B |
| 2025-12-31 | $1.99B | 9 | +2.05% | +17.72% | -15.67% | +0.09B |
| 2025-09-30 | $1.86B | 9 | -5.08% | +17.52% | -22.60% | +0.38B |
| 2025-06-30 | $1.40B | 7 | +9.54% | +14.94% | -5.40% | +0.05B |
| 2025-03-31 | $1.42B | 6 | +15.62% | +8.30% | +7.32% | +1.01B |
| 2024-12-31 | $417M | 6 | +18.58% | +24.89% | -6.31% | -0.96B |
| 2024-09-30 | $1.44B | 5 | +41.77% | +36.04% | +5.73% | -0.02B |
| 2024-06-30 | $1.20B | 6 | +5.97% | +24.49% | -18.53% | -0.29B |
| 2024-03-31 | $1.48B | 6 | +5.10% | +29.62% | -24.53% | +0.14B |
| 2023-12-31 | $1.32B | 6 | +3.53% | +26.18% | -22.65% | +0.15B |
| 2023-09-30 | $1.02B | 5 | +5.11% | +21.57% | -16.46% | -0.06B |
| 2023-06-30 | $1.20B | 6 | +15.50% | +19.42% | -3.92% | +0.31B |
| 2023-03-31 | $888M | 5 | +3.92% | -7.82% | +11.73% | +0.40B |
| 2022-12-31 | $486M | 5 | +15.72% | +7.56% | +8.16% | -0.10B |
| 2022-09-30 | $505M | 5 | -0.30% | -4.93% | +4.63% | -0.08B |
| 2022-06-30 | $589M | 5 | -10.12% | -16.11% | +5.99% | -0.01B |