Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+14.00%
adds when stocks drop
when a holding falls −10%+
Middle response
+22.12%
steady accumulation
Rally response
-45.86%
trims into rallies
when a holding rises +10%+
Top positions · 18
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $13M | 13.2% | — | 0.5 yr |
| HTOH2O America | $10M | 9.6% | +10.9% | 0.5 yr |
| TGSTransportadora de Gas de | $9M | 9.6% | +35.4% | 0.3 yr |
| PAMPampa EnergÃa S.A. | $9M | 9.5% | +14.6% | 0.3 yr |
| — | $8M | 8.3% | — | 0.3 yr |
| BKVBKV Corporation | $7M | 6.8% | +35.8% | 0.3 yr |
| DGX.VDigi Power X Inc. | $6M | 6.0% | — | 0.5 yr |
| CLSKCleanSpark, Inc. | $5M | 5.5% | +26.6% | 0.3 yr |
| ETREntergy Corporation | $5M | 5.1% | +35.0% | 0.8 yr |
| GLXYGalaxy Digital | $4M | 4.2% | — | 1.0 yr |
| WULFTeraWulf Inc. | $4M | 3.8% | +428.6% | 1.3 yr |
| IMSRTerrestrial Energy Inc. | $3M | 3.5% | — | 0.3 yr |
| HUT.TOHut 8 Mining Corp. | $3M | 3.3% | +290.2% | 1.3 yr |
| BTDRBitdeer Technologies Gro | $3M | 3.2% | -2.0% | 0.5 yr |
| ESEversource Energy | $3M | 2.8% | +16.7% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Unknown22.9%$23M
Regulated Electric13.6%-42.6pp$13M
Asset Management - Cryptocurrency11.5%$11M
Financial - Capital Markets11.3%-16.2pp$11M
Regulated Water9.6%$10M
Oil & Gas Integrated9.6%$9M
Independent Power Producers9.5%-6.8pp$9M
Oil & Gas Exploration & Production6.8%$7M
Software - Application3.2%$3M
Solar2.1%$2M
Country
US51.6%-37.5pp
Unknown22.9%
AR19.1%
CA3.3%-7.6pp
SG3.2%
Top 5: 50.1% · Top 10: 77.8% · Top 25: 100.0%
Top buys this quarter · 15
| TGS Transportadora de Gas del Sur new | +$9M |
| PAM Pampa EnergÃa S.A.new | +$9M |
| BKV BKV Corporationnew | +$7M |
| CLSK CleanSpark, Inc.new | +$5M |
| HTO H2O America | +$4M |
| IMSR Terrestrial Energy Inc.new | +$3M |
| GLXY Galaxy Digital | +$3M |
| BTDR Bitdeer Technologies Group | +$2M |
| ENPH Enphase Energy, Inc.new | +$2M |
| ES Eversource Energy | +$2M |
Top sells this quarter · 15
| XEL Xcel Energy Inc.exit | −$12M |
| GPRK GeoPark Limitedexit | −$8M |
| CPK Chesapeake Utilities Corporatiexit | −$6M |
| LNT Alliant Energy Corporationexit | −$5M |
| PCG PG&E Corporation | −$5M |
| BE Bloom Energy Corporationexit | −$5M |
| IDA IDACORP, Inc.exit | −$4M |
| NI NiSource Inc.exit | −$4M |
| CIFR Cipher Mining Inc.exit | −$4M |
| SR Spire Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $99M | 18 | +93.16% | +17.59% | +75.57% | +0.01B |
| 2025-12-31 | $86M | 24 | +74.76% | +17.72% | +57.04% | +0.01B |
| 2025-09-30 | $77M | 25 | +42.76% | +8.12% | +34.64% | -0.05B |
| 2025-06-30 | $91M | 17 | +26.13% | +10.78% | +15.35% | +0.03B |
| 2025-03-31 | $47M | 5 | -3.46% | -4.27% | +0.81% | -0.05B |
| 2024-12-31 | $105M | 15 | — | — | — | — |