Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.88%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.57%
baseline attrition
Rally response
-7.69%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SKE.TOSkeena Resources Limited | $83M | 37.8% | +185.5% | 2.0 yr |
| SLS.TOSolaris Resources Inc. | $23M | 10.6% | +148.1% | 2.0 yr |
| DCDakota Gold Corp. | $21M | 9.6% | +90.6% | 2.0 yr |
| IAUXi-80 Gold Corp. | $19M | 8.7% | +161.3% | 2.0 yr |
| SQMSociedad QuÃmica y Mine | $10M | 4.7% | +104.1% | 0.8 yr |
| — | $8M | 3.6% | — | 0.8 yr |
| IAGIAMGOLD Corporation | $7M | 3.3% | +201.1% | 1.5 yr |
| SVMSilvercorp Metals Inc. | $7M | 3.3% | +179.0% | 0.8 yr |
| MEOHMethanex Corporation | $5M | 2.5% | +72.7% | 1.5 yr |
| SSRMSSR Mining Inc. | $5M | 2.2% | +193.1% | 0.8 yr |
| STLDSteel Dynamics, Inc. | $5M | 2.2% | +45.4% | 1.0 yr |
| CENXCentury Aluminum Company | $4M | 1.8% | +216.2% | 1.0 yr |
| FCXFreeport-McMoRan Inc. | $4M | 1.7% | +57.4% | 0.8 yr |
| FNVFranco-Nevada Corporatio | $4M | 1.7% | +58.0% | 0.3 yr |
| CCJCameco Corporation | $3M | 1.6% | +164.4% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Industrial Materials37.8%+22.9pp$83M
Gold26.9%-53.4pp$59M
Other Precious Metals12.5%+9.0pp$27M
Chemicals - Specialty4.7%$10M
Unknown4.3%+4.2pp$9M
Silver3.3%+3.1pp$7M
Chemicals2.5%+2.4pp$5M
Steel2.2%+2.1pp$5M
Aluminum1.8%+1.8pp$4M
Copper1.7%+0.7pp$4M
Country
CA63.2%-29.3pp
US27.8%+20.4pp
CL4.7%
Unknown4.3%+4.2pp
Top 5: 71.4% · Top 10: 86.3% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EQX | $227M | +0.25B | 110.2% |
| SKE.TO | $78M | +0.21B | 185.5% |
| SLS.TO | $18M | +0.04B | 148.1% |
| DC | $26M | +0.02B | 90.6% |
| IAUX | $12M | +0.02B | 161.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SQM Sociedad QuÃmica y Minera de | +$7M |
| IAG IAMGOLD Corporation | +$5M |
| FNV Franco-Nevada Corporationnew | +$4M |
| SVM Silvercorp Metals Inc. | +$3M |
| STLD Steel Dynamics, Inc. | +$3M |
| NEWP New Pacific Metals Corp.new | +$3M |
| SSRM SSR Mining Inc. | +$2M |
| CENX Century Aluminum Company | +$2M |
| EAF GrafTech International Ltd.new | +$2M |
| FCX Freeport-McMoRan Inc. | +$1M |
Top sells this quarter · 11
| SLS.TO Solaris Resources Inc. | −$28M |
| IAUX i-80 Gold Corp. | −$7M |
| DC Dakota Gold Corp. | −$5M |
| B Barrick Mining Corporationexit | −$4M |
| EGO Eldorado Gold Corporationexit | −$4M |
| ERO Ero Copper Corp.exit | −$3M |
| CDE Coeur Mining, Inc.exit | −$2M |
| NEM Newmont Corporationexit | −$2M |
| MEOH Methanex Corporation | −$5M |
| ASTL Algoma Steel Group Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $219M | 20 | +127.25% | +17.59% | +109.66% | -0.01B |
| 2025-12-31 | $203M | 21 | +151.41% | +17.72% | +133.69% | -0.15B |
| 2025-09-30 | $275M | 27 | +83.09% | +17.52% | +65.57% | -0.50B |
| 2025-06-30 | $540M | 24 | +54.65% | +14.94% | +39.71% | -0.03B |
| 2025-03-31 | $526M | 18 | +32.81% | +8.30% | +24.50% | -0.11B |
| 2024-12-31 | $507M | 19 | -7.83% | +2.49% | -10.31% | -0.19B |
| 2024-09-30 | $752M | 18 | +22.00% | +5.75% | +16.25% | -0.06B |
| 2024-06-30 | $662M | 18 | -6.18% | +4.38% | -10.56% | +0.66B |
| 2024-03-31 | $0M | 3 | — | — | — | — |