Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+28.37%
adds when stocks drop
when a holding falls −10%+
Middle response
+4.29%
steady accumulation
Rally response
-6.98%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VSTVistra Corp. | $195M | 12.3% | +28.7% | 2.3 yr |
| — | $150M | 9.5% | — | 2.0 yr |
| CRSCarpenter Technology Cor | $148M | 9.3% | +118.3% | 1.8 yr |
| QXOQXO, Inc. | $90M | 5.7% | +43.4% | 1.0 yr |
| CNMCore & Main, Inc. | $89M | 5.6% | +2.3% | 2.5 yr |
| PARRPar Pacific Holdings, In | $89M | 5.6% | +339.3% | 0.8 yr |
| MTZMasTec, Inc. | $87M | 5.5% | +175.7% | 1.3 yr |
| ECGEverus Construction Grou | $84M | 5.3% | +218.3% | 0.3 yr |
| WWDWoodward, Inc. | $79M | 5.0% | +97.0% | 1.0 yr |
| SGISomnigroup International | $75M | 4.7% | +24.4% | 3.0 yr |
| BTUPeabody Energy Corporati | $54M | 3.4% | +146.4% | 1.0 yr |
| LNGCheniere Energy, Inc. | $49M | 3.1% | +23.8% | 1.8 yr |
| RRXRegal Rexnord Corporatio | $45M | 2.8% | +65.7% | 2.3 yr |
| AGXArgan, Inc. | $41M | 2.6% | +318.5% | 0.8 yr |
| CEGConstellation Energy Cor | $37M | 2.4% | +39.2% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Engineering & Construction13.4%$212M
Independent Power Producers12.3%+2.8pp$195M
Unknown11.5%+3.7pp$182M
Industrial - Distribution11.3%+2.3pp$179M
Manufacturing - Metal Fabrication9.3%-10.3pp$148M
Oil & Gas Refining & Marketing7.5%$118M
Aerospace & Defense7.0%$111M
Coal6.1%+1.9pp$97M
Household & Personal Products4.7%-1.5pp$75M
Oil & Gas Midstream3.1%$49M
Country
US88.5%-3.7pp
Unknown11.5%+3.7pp
AU0.1%
Top 5: 42.5% · Top 10: 68.7% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CRS | $99M | +0.12B | 118.3% |
| CEG | $81M | +0.03B | 39.2% |
| HCC | $31M | +0.03B | 96.2% |
| VST | $70M | +0.02B | 28.7% |
| SGI | $46M | +0.01B | 24.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| ECG Everus Construction Group, Incnew | +$84M |
| PARR Par Pacific Holdings, Inc. | +$39M |
| NCLH Norwegian Cruise Line Holdingsnew | +$37M |
| HII Huntington Ingalls Industries,new | +$31M |
| RRX Regal Rexnord Corporation | +$30M |
| DK Delek US Holdings, Inc.new | +$29M |
| WULF TeraWulf Inc.new | +$28M |
| AR Antero Resources Corporation | +$28M |
| VST Vistra Corp. | +$26M |
| LEG Leggett & Platt, Incorporated | +$24M |
Top sells this quarter · 15
| CRS Carpenter Technology Corporati | −$101M |
| XPO XPO Logistics, Inc.exit | −$91M |
| RCL Royal Caribbean Cruises Ltd.exit | −$80M |
| MTZ MasTec, Inc. | −$72M |
| AGX Argan, Inc. | −$60M |
| WWD Woodward, Inc. | −$44M |
| BBWI Bath & Body Works, Inc.exit | −$41M |
| LBRT Liberty Energy Inc.exit | −$40M |
| KNX Knight-Swift Transportation Hoexit | −$27M |
| FSLR First Solar, Inc.exit | −$23M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.58B | 25 | +68.30% | +17.59% | +50.71% | -0.16B |
| 2025-12-31 | $1.52B | 22 | +32.17% | +17.72% | +14.45% | +0.12B |
| 2025-09-30 | $1.33B | 21 | +39.19% | +17.52% | +21.67% | +0.04B |
| 2025-06-30 | $1.28B | 17 | +52.04% | +14.94% | +37.10% | +0.27B |
| 2025-03-31 | $732M | 15 | +11.53% | +8.30% | +3.22% | -0.23B |
| 2024-12-31 | $1.06B | 21 | +40.06% | +24.89% | +15.17% | +0.15B |
| 2024-09-30 | $824M | 21 | +40.75% | +36.04% | +4.72% | +0.03B |
| 2024-06-30 | $722M | 22 | +27.12% | +24.49% | +2.63% | +0.31B |
| 2024-03-31 | $407M | 20 | +36.22% | +29.62% | +6.60% | +0.07B |
| 2023-12-31 | $295M | 20 | +29.78% | +26.18% | +3.61% | +0.05B |
| 2023-09-30 | $222M | 26 | -0.74% | -3.22% | +2.48% | +0.01B |
| 2023-06-30 | $218M | 29 | +8.93% | +8.68% | +0.25% | +0.07B |
| 2023-03-31 | $139M | 21 | +7.85% | +7.46% | +0.39% | +0.04B |
| 2022-12-31 | $94M | 12 | — | — | — | — |