Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.07%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.30%
baseline attrition
Rally response
-15.39%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARAntero Resources Corpora | $26M | 10.2% | +4.9% | 1.3 yr |
| FANGDiamondback Energy, Inc. | $25M | 9.6% | +27.1% | 1.3 yr |
| SMSM Energy Company | $17M | 6.8% | +8.9% | 0.8 yr |
| GPORGulfport Energy Corporat | $17M | 6.7% | +14.9% | 1.3 yr |
| SUSuncor Energy Inc. | $15M | 6.0% | +77.6% | 0.8 yr |
| MGYMagnolia Oil & Gas Corpo | $13M | 4.9% | +28.3% | 1.0 yr |
| BKVBKV Corporation | $12M | 4.6% | +35.8% | 1.0 yr |
| IMOImperial Oil Limited | $11M | 4.3% | +85.2% | 0.8 yr |
| MTDRMatador Resources Compan | $9M | 3.5% | +27.6% | 1.3 yr |
| PTENPatterson-UTI Energy, In | $8M | 3.3% | +39.4% | 0.5 yr |
| — | $8M | 3.0% | — | 0.3 yr |
| CRCCalifornia Resources Cor | $8M | 3.0% | +62.5% | 0.8 yr |
| WMBThe Williams Companies, | $8M | 2.9% | +25.8% | 1.0 yr |
| CVECenovus Energy Inc. | $6M | 2.5% | +97.2% | 1.0 yr |
| TRMDTORM plc | $6M | 2.4% | +86.1% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production52.2%-8.6pp$134M
Oil & Gas Integrated14.8%+10.1pp$38M
Oil & Gas Midstream9.3%-6.2pp$24M
Oil & Gas Refining & Marketing7.8%+1.3pp$20M
Oil & Gas Equipment & Services5.4%-1.0pp$14M
Oil & Gas Drilling4.6%+1.6pp$12M
Unknown3.0%$8M
Marine Shipping2.0%$5M
Financial - Capital Markets0.3%+0.2pp$1M
Asset Management0.3%$1M
Country
US72.4%-8.4pp
CA12.8%+5.1pp
GB6.4%+2.8pp
Unknown3.0%
MC2.0%
SG2.0%
CH1.4%
Top 5: 39.4% · Top 10: 59.9% · Top 25: 92.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CRC | $18M | +0.01B | 62.5% |
| FTI | $8M | +0.01B | 119.3% |
| SU | $11M | +0.01B | 77.6% |
| FANG | $18M | +0.00B | 27.1% |
| EOG | $14M | +0.00B | 16.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| FANG Diamondback Energy, Inc. | +$21M |
| GPOR Gulfport Energy Corporation | +$16M |
| PSX Phillips 66new | +$6M |
| BKV BKV Corporation | +$6M |
| BP BP p.l.c.new | +$5M |
| SUN Sunoco LPnew | +$5M |
| PARR Par Pacific Holdings, Inc.new | +$5M |
| CRK Comstock Resources, Inc. | +$4M |
| TRMD TORM plc | +$4M |
| PTEN Patterson-UTI Energy, Inc. | +$4M |
Top sells this quarter · 15
| CTRA Coterra Energy Inc.exit | −$39M |
| EQT EQT Corporationexit | −$34M |
| LNG Cheniere Energy, Inc.exit | −$22M |
| CRC California Resources Corporati | −$21M |
| MPC Marathon Petroleum Corporationexit | −$19M |
| VLO Valero Energy Corporationexit | −$14M |
| RIG Transocean Ltd. | −$14M |
| AR Antero Resources Corporation | −$12M |
| HP Helmerich & Payne, Inc.exit | −$11M |
| SU Suncor Energy Inc. | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $256M | 37 | +47.30% | +17.59% | +29.71% | -0.12B |
| 2025-12-31 | $281M | 41 | +10.27% | +17.72% | -7.45% | -0.03B |
| 2025-09-30 | $308M | 43 | +7.38% | +8.12% | -0.74% | -0.03B |
| 2025-06-30 | $318M | 43 | +1.68% | +10.78% | -9.10% | +0.09B |
| 2025-03-31 | $224M | 36 | +0.19% | -4.27% | +4.46% | +0.02B |
| 2024-12-31 | $209M | 33 | — | — | — | — |