Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.34%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.53%
baseline attrition
Rally response
+0.40%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EWZiShares MSCI Brazil ETF | $10M | 5.5% | — | 0.8 yr |
| GDXVanEck Gold Miners ETF | $10M | 5.3% | — | 2.5 yr |
| FROFrontline Ltd. | $7M | 3.5% | +150.6% | 2.5 yr |
| ECNSiShares MSCI China Small | $6M | 3.5% | — | 0.8 yr |
| ECHiShares MSCI Chile ETF | $6M | 3.2% | — | 0.3 yr |
| PAMPampa EnergÃa S.A. | $6M | 3.1% | +14.6% | 2.5 yr |
| YPFYPF Sociedad Anónima | $5M | 2.9% | +31.9% | 2.5 yr |
| CEPUCentral Puerto S.A. | $5M | 2.7% | +51.8% | 2.5 yr |
| RIGTransocean Ltd. | $5M | 2.7% | +109.1% | 2.5 yr |
| LOMALoma Negra CompañÃa In | $5M | 2.6% | +0.9% | 2.5 yr |
| FTITechnipFMC plc | $5M | 2.6% | +119.3% | 2.5 yr |
| SBSWSibanye Stillwater Limit | $5M | 2.5% | +175.0% | 1.8 yr |
| SSLSasol Limited | $5M | 2.4% | +206.4% | 0.3 yr |
| TNPTsakos Energy Navigation | $4M | 2.4% | — | 2.5 yr |
| DHTDHT Holdings, Inc. | $4M | 2.3% | +87.2% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management18.0%-2.5pp$33M
Oil & Gas Midstream12.0%+4.0pp$22M
Oil & Gas Equipment & Services11.6%+3.5pp$21M
Oil & Gas Exploration & Production9.0%-6.6pp$17M
Unknown5.8%+4.5pp$11M
Oil & Gas Integrated4.9%-0.4pp$9M
Oil & Gas Drilling4.9%+2.1pp$9M
Marine Shipping4.4%+1.1pp$8M
Banks - Regional4.2%-2.5pp$8M
Agricultural Inputs3.4%-0.4pp$6M
Country
US46.1%-8.3pp
AR18.5%-6.1pp
BM8.6%+2.6pp
Unknown5.8%+4.5pp
ZA5.0%+3.5pp
GB3.7%+0.8pp
GR2.8%+1.1pp
CH2.7%+1.1pp
Top 5: 21.1% · Top 10: 35.0% · Top 25: 67.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FRO | $3M | +0.00B | 150.6% |
| SBSW | $2M | +0.00B | 175.0% |
| FTI | $3M | +0.00B | 119.3% |
| RIG | $2M | +0.00B | 109.1% |
| INSW | $2M | +0.00B | 137.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BBAR | $5M | -0.00B | -9.6% |
Top buys this quarter · 15
| SSL Sasol Limitednew | +$5M |
| LXU LSB Industries, Inc.new | +$4M |
| SM SM Energy Companynew | +$1M |
| RIG Transocean Ltd. | +$0M |
| CALM Cal-Maine Foods, Inc. | +$0M |
| MOS The Mosaic Company | +$0M |
| FRO Frontline Ltd. | +$0M |
| WB Weibo Corporation | +$0M |
| NE Noble Corporation Plc | +$0M |
| LOMA Loma Negra CompañÃa Industri | +$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $185M | 62 | +49.55% | +17.59% | +31.96% | -0.00B |
| 2025-12-31 | $154M | 59 | +16.07% | +17.72% | -1.65% | -0.01B |
| 2025-09-30 | $138M | 58 | +7.45% | +17.52% | -10.07% | +0.00B |
| 2025-06-30 | $136M | 57 | +6.10% | +14.94% | -8.84% | -0.01B |
| 2025-03-31 | $134M | 58 | +5.02% | +8.30% | -3.28% | +0.00B |
| 2024-12-31 | $140M | 59 | +27.42% | +24.89% | +2.53% | -0.01B |
| 2024-09-30 | $133M | 62 | -2.65% | +5.75% | -8.40% | +0.00B |
| 2024-06-30 | $136M | 61 | +4.00% | +4.38% | -0.38% | +0.01B |
| 2024-03-31 | $121M | 63 | +13.87% | +10.39% | +3.48% | -0.00B |
| 2023-12-31 | $107M | 63 | — | — | — | — |