Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-18.63%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.95%
baseline attrition
Rally response
-16.77%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FPIFarmland Partners Inc. | $16M | 9.9% | +4.2% | 2.3 yr |
| PHYSSprott Physical Gold Tru | $13M | 8.3% | — | 2.3 yr |
| OUNZVanEck Merk Gold ETF | $12M | 7.6% | — | 2.3 yr |
| PSLVSprott Physical Silver T | $11M | 7.0% | — | 2.3 yr |
| COWZPacer US Cash Cows 100 E | $11M | 6.8% | — | 2.3 yr |
| UROYUranium Royalty Corp. | $9M | 5.7% | +107.4% | 1.5 yr |
| PPLTabrdn Physical Platinum | $8M | 4.8% | — | 0.8 yr |
| FLBRFranklin FTSE Brazil ETF | $7M | 4.6% | — | 2.0 yr |
| FLJPFranklin FTSE Japan ETF | $6M | 3.9% | — | 1.0 yr |
| JOEThe St. Joe Company | $6M | 3.8% | +35.3% | 2.3 yr |
| AEMAgnico Eagle Mines Limit | $6M | 3.6% | +89.2% | 2.3 yr |
| AGIAlamos Gold Inc. | $5M | 3.1% | +66.7% | 1.5 yr |
| IDRViShares Self-Driving EV | $4M | 2.7% | — | 1.0 yr |
| ALCOAlico, Inc. | $4M | 2.6% | +38.7% | 2.3 yr |
| EXEExpand Energy Corporatio | $4M | 2.5% | +1.7% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management54.0%+0.9pp$87M
REIT - Specialty9.9%-2.6pp$16M
Gold8.9%+3.1pp$14M
Uranium7.6%+2.5pp$12M
Oil & Gas Exploration & Production4.9%+2.0pp$8M
Real Estate - Diversified3.8%+0.3pp$6M
Agricultural Farm Products2.6%+1.3pp$4M
Other Precious Metals1.3%$2M
Industrial Materials0.6%+0.6pp$1M
Banks - Regional0.6%+0.1pp$1M
Country
US66.4%-7.7pp
CA32.4%+7.0pp
GB0.7%+0.7pp
Unknown0.6%+0.1pp
BR0.0%-0.0pp
Top 5: 39.7% · Top 10: 62.4% · Top 25: 90.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| UROY | $4M | +0.00B | 107.4% |
| AEM | $4M | +0.00B | 89.2% |
| AGI | $2M | +0.00B | 66.7% |
| JOE | $4M | +0.00B | 35.3% |
| NXE | $1M | +0.00B | 158.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $0M | -0.00B | -0.6% |
Top buys this quarter · 15
| EXE Expand Energy Corporation | +$2M |
| FPI Farmland Partners Inc. | +$1M |
| MSFT Microsoft Corporation | +$0M |
| LRCX Lam Research Corporation | +$0M |
| ALCO Alico, Inc. | +$0M |
| CGAU Centerra Gold Inc. | +$0M |
| UROY Uranium Royalty Corp. | +$0M |
| AAPL Apple Inc. | +$0M |
| PPTA Perpetua Resources Corp. | +$0M |
| XOM Exxon Mobil Corporation | +$0M |
Top sells this quarter · 15
| WMT Walmart Inc. | −$2M |
| LNC Lincoln National Corporation | −$1M |
| UPS United Parcel Service, Inc. | −$1M |
| LAND Gladstone Land Corporation | −$1M |
| RYN Rayonier Inc. | −$1M |
| TRC Tejon Ranch Co. | −$1M |
| JXN Jackson Financial Inc. | −$1M |
| AUB Atlantic Union Bankshares Corp | −$1M |
| AEM Agnico Eagle Mines Limited | −$5M |
| AR Antero Resources Corporation | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $161M | 238 | +44.77% | +17.59% | +27.18% | -0.00B |
| 2025-12-31 | $145M | 175 | +32.62% | +17.72% | +14.90% | -0.00B |
| 2025-09-30 | $147M | 161 | +32.72% | +17.52% | +15.21% | -0.01B |
| 2025-06-30 | $134M | 169 | +21.31% | +14.94% | +6.37% | +0.02B |
| 2025-03-31 | $102M | 148 | +8.82% | +8.30% | +0.51% | -0.00B |
| 2024-12-31 | $104M | 139 | -1.27% | +2.49% | -3.76% | -0.02B |
| 2024-09-30 | $125M | 143 | +7.02% | +5.75% | +1.26% | +0.01B |
| 2024-06-30 | $106M | 150 | +0.58% | +4.38% | -3.80% | -0.03B |
| 2024-03-31 | $134M | 199 | — | — | — | — |