Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-32.28%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.60%
baseline attrition
Rally response
-9.01%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYRoyal Bank of Canada | $41M | 6.2% | +48.2% | 5.5 yr |
| TDThe Toronto-Dominion Ban | $26M | 3.9% | +60.9% | 5.3 yr |
| CMCanadian Imperial Bank o | $22M | 3.3% | +73.0% | 4.8 yr |
| BMOBank of Montreal | $19M | 2.9% | +47.5% | 5.3 yr |
| SHOPShopify Inc. | $18M | 2.8% | +24.2% | 4.8 yr |
| KGCKinross Gold Corporation | $15M | 2.3% | +143.6% | 3.5 yr |
| TIGOMillicom International C | $15M | 2.3% | +167.9% | 1.0 yr |
| FTSFortis Inc. | $14M | 2.2% | +26.8% | 3.8 yr |
| GOOGLAlphabet Inc. | $14M | 2.1% | — | 5.0 yr |
| PAASPan American Silver Corp | $12M | 1.8% | +114.7% | 2.0 yr |
| HBMHudbay Minerals Inc. | $12M | 1.8% | +175.7% | 1.3 yr |
| CCJCameco Corporation | $12M | 1.8% | +164.4% | 5.0 yr |
| TJXThe TJX Companies, Inc. | $11M | 1.7% | +32.7% | 3.3 yr |
| TSMTaiwan Semiconductor Man | $11M | 1.7% | +105.6% | 2.3 yr |
| MSFTMicrosoft Corporation | $11M | 1.6% | -0.6% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified20.4%+6.2pp$135M
Semiconductors7.9%+4.6pp$52M
Gold6.1%-2.5pp$40M
Unknown5.4%+1.0pp$36M
Telecommunications Services4.0%+3.7pp$27M
Oil & Gas Integrated3.4%+2.7pp$23M
Drug Manufacturers - General3.1%+2.6pp$21M
Hardware, Equipment & Parts2.9%+1.1pp$19M
Software - Application2.8%-2.6pp$19M
Regulated Electric2.5%+1.3pp$17M
Country
CA50.2%+1.8pp
US34.0%-1.9pp
Unknown5.4%+1.0pp
LU2.3%
CH2.2%+1.4pp
TW1.7%+1.2pp
IE1.4%+0.0pp
GB0.8%+0.2pp
Top 5: 19.0% · Top 10: 29.7% · Top 25: 52.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KGC | $15M | +0.02B | 143.6% |
| CLS | $8M | +0.02B | 257.4% |
| RY | $31M | +0.01B | 48.2% |
| AGI | $16M | +0.01B | 66.7% |
| CM | $11M | +0.01B | 73.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $6M | -0.00B | -0.6% |
Top buys this quarter · 15
| TFII TFI International Inc. | +$6M |
| SPG Simon Property Group, Inc.new | +$6M |
| BCE BCE Inc. | +$5M |
| MFC Manulife Financial Corporation | +$5M |
| MDA MDA Space Ltdnew | +$4M |
| CFG Citizens Financial Group, Inc. | +$4M |
| WPM Wheaton Precious Metals Corp. | +$3M |
| BMO Bank of Montreal | +$3M |
| SPGI S&P Global Inc. | +$3M |
| JBL Jabil Inc.new | +$3M |
Top sells this quarter · 15
| QSR Restaurant Brands Internationa | −$14M |
| BN Brookfield Corporation | −$14M |
| NTR Nutrien Ltd. | −$10M |
| KGC Kinross Gold Corporation | −$8M |
| IAG IAMGOLD Corporation | −$8M |
| BABA Alibaba Group Holding Limitedexit | −$6M |
| AVGO Broadcom Inc. | −$5M |
| ENB Enbridge Inc. | −$5M |
| EVR Evercore Inc.exit | −$4M |
| NVDA NVIDIA Corporation | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $661M | 137 | +46.60% | +17.59% | +29.00% | -0.03B |
| 2025-12-31 | $668M | 143 | +43.41% | +17.72% | +25.69% | -0.04B |
| 2025-09-30 | $663M | 149 | +40.52% | +17.52% | +23.01% | +0.03B |
| 2025-06-30 | $547M | 128 | +34.91% | +14.94% | +19.97% | -0.04B |
| 2025-03-31 | $508M | 144 | +16.18% | +8.30% | +7.87% | -0.01B |
| 2024-12-31 | $515M | 143 | +21.62% | +24.89% | -3.27% | +0.05B |
| 2024-09-30 | $445M | 85 | +31.63% | +36.04% | -4.41% | -0.76B |
| 2024-06-30 | $1.09B | 139 | +14.59% | +24.49% | -9.90% | -0.10B |
| 2024-03-31 | $1.19B | 138 | +19.90% | +29.62% | -9.72% | -0.09B |
| 2023-12-31 | $1.21B | 129 | +18.90% | +26.18% | -7.28% | -0.02B |
| 2023-09-30 | $1.09B | 127 | +10.88% | +21.57% | -10.69% | -0.43B |
| 2023-06-30 | $1.58B | 137 | +7.73% | +19.42% | -11.70% | +0.31B |
| 2023-03-31 | $1.21B | 131 | -11.59% | -7.82% | -3.77% | -0.16B |
| 2022-12-31 | $1.31B | 129 | -19.33% | -18.17% | -1.15% | +0.01B |
| 2022-09-30 | $1.24B | 182 | -14.85% | -15.51% | +0.66% | -0.09B |
| 2022-06-30 | $1.42B | 205 | -8.22% | -10.62% | +2.40% | -0.37B |