Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.76%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.65%
baseline attrition
Rally response
-11.89%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| OUNZVanEck Merk Gold ETF | $20M | 9.4% | — | 1.5 yr |
| PDBCInvesco Optimum Yield Di | $16M | 7.7% | — | 1.3 yr |
| IWMiShares Russell 2000 ETF | $16M | 7.5% | — | 1.5 yr |
| NLRVanEck Uranium and Nucle | $12M | 5.5% | — | 1.5 yr |
| IGSBiShares 1-5 Year Investm | $11M | 5.2% | — | 1.5 yr |
| SIVRabrdn Physical Silver Sh | $10M | 4.9% | — | 1.5 yr |
| EMLCVanEck J.P. Morgan EM Lo | $9M | 4.3% | — | 1.5 yr |
| ILFiShares Latin America 40 | $8M | 4.0% | — | 1.5 yr |
| EWZiShares MSCI Brazil ETF | $8M | 3.9% | — | 1.3 yr |
| CIBRFirst Trust Nasdaq Cyber | $8M | 3.9% | — | 1.3 yr |
| TLTiShares 20+ Year Treasur | $8M | 3.7% | — | 1.5 yr |
| SLViShares Silver Trust | $7M | 3.5% | — | 1.3 yr |
| SHYiShares 1-3 Year Treasur | $5M | 2.4% | — | 1.5 yr |
| FROFrontline Ltd. | $3M | 1.5% | +150.6% | 1.0 yr |
| CEFSprott Physical Gold and | $3M | 1.4% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management63.0%+8.7pp$132M
Asset Management - Bonds8.9%-0.6pp$19M
Oil & Gas Integrated2.7%+1.2pp$6M
Oil & Gas Midstream2.4%+1.3pp$5M
Insurance - Life1.8%+0.4pp$4M
Advertising Agencies1.4%+0.5pp$3M
Regulated Electric1.4%-0.3pp$3M
Gold1.3%+0.4pp$3M
Chemicals - Specialty1.1%+1.1pp$2M
Specialty Retail1.1%+1.0pp$2M
Country
US89.1%-3.7pp
CA4.8%+1.9pp
BM1.9%+1.5pp
NO1.1%+0.0pp
CN0.8%+0.8pp
IE0.6%-0.3pp
AR0.4%
BR0.4%+0.4pp
Top 5: 35.3% · Top 10: 56.2% · Top 25: 78.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EQNR | $2M | +0.00B | 68.1% |
| FRO | $0M | +0.00B | 150.6% |
| SO | $1M | +0.00B | 8.4% |
| CVX | $0M | +0.00B | 29.2% |
| SCHW | $0M | +0.00B | 21.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SCHW The Charles Schwab Corporation | +$2M |
| GRDN Guardian Pharmacy Services, Innew | +$2M |
| WT WisdomTree, Inc.new | +$2M |
| JXN Jackson Financial Inc.new | +$2M |
| BMI Badger Meter, Inc.new | +$1M |
| ALB Albemarle Corporationnew | +$1M |
| APD Air Products and Chemicals, Innew | +$1M |
| SQM Sociedad QuÃmica y Minera de new | +$1M |
| AG First Majestic Silver Corp. | +$1M |
| WTRG Essential Utilities, Inc. | +$1M |
Top sells this quarter · 15
| APH Amphenol Corporation | −$2M |
| PAGS PagSeguro Digital Ltd. | −$1M |
| AAPL Apple Inc. | −$0M |
| FRO Frontline Ltd. | −$2M |
| DLX Deluxe Corporation | −$2M |
| PLTR Palantir Technologies Inc. | −$0M |
| EQNR Equinor ASA | −$1M |
| CNO CNO Financial Group, Inc. | −$0M |
| ORI Old Republic International Cor | −$0M |
| ENVA Enova International, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $209M | 132 | +37.65% | +17.59% | +20.06% | +0.21B |
| 2025-12-31 | $3M | 12 | +13.29% | +17.72% | -4.43% | -0.20B |
| 2025-09-30 | $198M | 219 | +5.78% | +8.12% | -2.34% | +0.01B |
| 2025-06-30 | $177M | 622 | +8.10% | +10.78% | -2.68% | +0.02B |
| 2025-03-31 | $147M | 706 | -3.74% | -4.27% | +0.53% | +0.03B |
| 2024-12-31 | $123M | 171 | — | — | — | — |