Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.83%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.17%
baseline attrition
Rally response
-2.45%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYRoyal Bank of Canada | $2.17B | 7.8% | +48.2% | 9.3 yr |
| TDThe Toronto-Dominion Ban | $890M | 3.2% | +60.9% | 9.3 yr |
| MSFTMicrosoft Corporation | $649M | 2.3% | -0.6% | 9.3 yr |
| NVDANVIDIA Corporation | $641M | 2.3% | +60.9% | 9.3 yr |
| AAPLApple Inc. | $576M | 2.1% | +14.7% | 9.3 yr |
| SUSuncor Energy Inc. | $565M | 2.0% | +77.6% | 9.3 yr |
| BNBrookfield Corporation | $540M | 1.9% | +16.5% | 3.5 yr |
| BMOBank of Montreal | $537M | 1.9% | +47.5% | 9.3 yr |
| BNSThe Bank of Nova Scotia | $533M | 1.9% | +52.4% | 9.3 yr |
| AMZNAmazon.com, Inc. | $508M | 1.8% | +9.5% | 9.3 yr |
| TRPTC Energy Corporation | $497M | 1.8% | +37.4% | 7.0 yr |
| ENBEnbridge Inc. | $449M | 1.6% | +29.3% | 9.3 yr |
| PSLVSprott Physical Silver T | $432M | 1.6% | — | 9.3 yr |
| GOOGLAlphabet Inc. | $431M | 1.5% | — | 9.3 yr |
| BCEBCE Inc. | $417M | 1.5% | +16.0% | 9.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified17.8%+0.1pp$4.95B
Asset Management13.6%-0.5pp$3.78B
Semiconductors5.0%+1.7pp$1.39B
Oil & Gas Midstream4.1%+0.3pp$1.14B
Telecommunications Services3.6%-0.1pp$1.01B
Internet Content & Information3.4%+0.3pp$945M
Software - Infrastructure3.2%-0.1pp$889M
Oil & Gas Integrated3.0%+0.4pp$846M
Gold3.0%+1.8pp$841M
Specialty Retail2.2%-0.0pp$622M
Country
US50.5%+0.4pp
CA44.5%+0.6pp
Unknown1.7%-1.2pp
IE1.0%-0.2pp
GB0.7%+0.2pp
TW0.4%+0.2pp
BM0.3%-0.0pp
NL0.2%+0.1pp
Top 5: 17.7% · Top 10: 27.4% · Top 25: 47.1%
Top buys this quarter · 15
| RY Royal Bank of Canada | +$670M |
| BCE BCE Inc. | +$199M |
| TU TELUS Corporation | +$147M |
| AEM Agnico Eagle Mines Limited | +$105M |
| BMO Bank of Montreal | +$84M |
| MSFT Microsoft Corporation | +$649M |
| SHOP Shopify Inc. | +$345M |
| NVDA NVIDIA Corporation | +$70M |
| MDA MDA Space Ltdnew | +$68M |
| SU Suncor Energy Inc. | +$59M |
Top sells this quarter · 15
| CVE Cenovus Energy Inc. | −$113M |
| MGA Magna International Inc. | −$32M |
| TD The Toronto-Dominion Bank | −$32M |
| CNQ Canadian Natural Resources Lim | −$117M |
| MFC Manulife Financial Corporation | −$29M |
| NTR Nutrien Ltd. | −$226M |
| MCK McKesson Corporation | −$23M |
| AGI Alamos Gold Inc. | −$22M |
| BNS The Bank of Nova Scotia | −$22M |
| CCJ Cameco Corporation | −$22M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $27.79B | 2950 | +27.22% | +17.59% | +9.63% | +1.90B |
| 2025-12-31 | $26.17B | 2870 | +25.08% | +17.72% | +7.36% | -0.63B |
| 2025-09-30 | $25.41B | 2864 | +17.76% | +17.52% | +0.24% | +0.71B |
| 2025-06-30 | $22.78B | 2716 | +18.89% | +14.94% | +3.94% | +0.07B |
| 2025-03-31 | $20.20B | 2647 | +5.05% | +8.30% | -3.25% | +1.09B |
| 2024-12-31 | $19.64B | 2553 | +14.32% | +24.89% | -10.56% | -0.44B |
| 2024-09-30 | $20.23B | 2545 | +28.96% | +36.04% | -7.08% | -0.17B |
| 2024-06-30 | $18.63B | 2375 | +12.42% | +24.49% | -12.07% | +4.88B |
| 2024-03-31 | $13.85B | 2404 | +18.76% | +29.62% | -10.87% | +2.54B |
| 2023-12-31 | $10.68B | 2357 | +18.23% | +26.18% | -7.95% | -0.17B |
| 2023-09-30 | $9.69B | 2381 | +11.35% | +21.57% | -10.22% | -0.03B |
| 2023-06-30 | $10.18B | 2315 | +7.37% | +19.42% | -12.05% | +0.67B |
| 2023-03-31 | $9.07B | 2325 | -13.51% | -7.82% | -5.69% | +0.22B |
| 2022-12-31 | $8.39B | 2296 | -21.75% | -18.17% | -3.57% | -0.44B |
| 2022-09-30 | $8.37B | 2327 | -17.58% | -15.51% | -2.08% | +0.15B |
| 2022-06-30 | $8.93B | 2358 | -9.93% | -10.62% | +0.69% | +0.23B |