Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
—
—
when a holding falls −10%+
Middle response
-37.82%
baseline attrition
Rally response
+3.89%
adds into rallies
when a holding rises +10%+
Top positions · 19
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CGAUCenterra Gold Inc. | $22M | 8.5% | — | 0.5 yr |
| PBRPetróleo Brasileiro S.A | $20M | 7.7% | — | 0.3 yr |
| XOMExxon Mobil Corporation | $20M | 7.6% | — | 0.5 yr |
| VNOMViper Energy, Inc. | $19M | 7.2% | — | 0.3 yr |
| RGLDRoyal Gold, Inc. | $19M | 7.1% | — | 0.5 yr |
| TGBTaseko Mines Limited | $18M | 7.0% | — | 0.5 yr |
| AGIAlamos Gold Inc. | $17M | 6.4% | — | 0.5 yr |
| AEMAgnico Eagle Mines Limit | $17M | 6.3% | — | 0.5 yr |
| COPConocoPhillips | $16M | 6.2% | — | 0.3 yr |
| WPMWheaton Precious Metals | $16M | 6.0% | — | 0.3 yr |
| CDECoeur Mining, Inc. | $14M | 5.2% | — | 0.5 yr |
| PAASPan American Silver Corp | $13M | 5.1% | — | 0.5 yr |
| FNVFranco-Nevada Corporatio | $13M | 4.9% | — | 0.3 yr |
| HLHecla Mining Company | $10M | 3.8% | — | 0.5 yr |
| HUNHuntsman Corporation | $8M | 3.1% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Gold47.2%$124M
Oil & Gas Integrated15.3%$40M
Silver8.9%$23M
Oil & Gas Midstream7.2%$19M
Copper7.0%$18M
Oil & Gas Exploration & Production6.2%$16M
Chemicals3.1%$8M
Other Precious Metals2.6%$7M
REIT - Specialty2.0%$5M
Unknown0.5%$1M
Country
CA47.0%
US42.2%
BR7.7%
PE2.6%
Unknown0.5%
Top 5: 38.2% · Top 10: 70.1% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 12
| PBR Petróleo Brasileiro S.A. - Penew | +$20M |
| VNOM Viper Energy, Inc.new | +$19M |
| COP ConocoPhillipsnew | +$16M |
| WPM Wheaton Precious Metals Corp.new | +$16M |
| FNV Franco-Nevada Corporationnew | +$13M |
| XOM Exxon Mobil Corporation | +$12M |
| HUN Huntsman Corporationnew | +$8M |
| EQX Equinox Gold Corp.new | +$7M |
| BVN CompañÃa de Minas Buenaventunew | +$7M |
| TGB Taseko Mines Limited | +$2M |
Top sells this quarter · 15
| AG First Majestic Silver Corp.exit | −$20M |
| AR Antero Resources Corporationexit | −$17M |
| SBSW Sibanye Stillwater Limitedexit | −$13M |
| EQT EQT Corporationexit | −$12M |
| HL Hecla Mining Company | −$9M |
| CXW CoreCivic, Inc. | −$8M |
| RRC Range Resources Corporationexit | −$7M |
| PAAS Pan American Silver Corp. | −$6M |
| EXE Expand Energy Corporationexit | −$5M |
| SA Seabridge Gold Inc.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $262M | 19 | +13.43% | -4.37% | +17.80% | -0.03B |
| 2025-12-31 | $256M | 22 | — | — | — | — |