Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+12.09%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.40%
steady accumulation
Rally response
-11.76%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CNICanadian National Railwa | $30M | 5.6% | +8.2% | 2.5 yr |
| SHOPShopify Inc. | $15M | 2.8% | +24.2% | 2.5 yr |
| MSFTMicrosoft Corporation | $13M | 2.4% | -0.6% | 2.5 yr |
| GOOGAlphabet Inc. | $12M | 2.3% | +84.3% | 2.5 yr |
| IVViShares Core S&P 500 ETF | $12M | 2.3% | — | 2.5 yr |
| WPMWheaton Precious Metals | $11M | 2.1% | +70.0% | 2.5 yr |
| TSMTaiwan Semiconductor Man | $11M | 2.1% | +105.6% | 2.5 yr |
| BNBrookfield Corporation | $11M | 2.0% | +16.5% | 2.5 yr |
| TECKTeck Resources Limited | $9M | 1.7% | +43.3% | 2.5 yr |
| GILGildan Activewear Inc. | $9M | 1.6% | +28.0% | 2.5 yr |
| IEFAiShares Core MSCI EAFE E | $9M | 1.6% | — | 2.5 yr |
| OROR Royalties Inc. | $8M | 1.6% | +80.9% | 1.0 yr |
| AMZNAmazon.com, Inc. | $8M | 1.6% | +9.5% | 2.5 yr |
| VOOVanguard S&P 500 ETF | $8M | 1.6% | — | 2.5 yr |
| CIGIColliers International G | $8M | 1.5% | -11.7% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Gold10.8%+5.5pp$57M
Asset Management10.2%-1.1pp$54M
Software - Application7.4%-0.8pp$39M
Railroads6.3%-2.0pp$33M
Unknown4.8%+1.0pp$25M
Semiconductors4.3%-0.1pp$23M
Internet Content & Information3.9%+0.4pp$21M
Real Estate - Services3.9%+1.9pp$21M
Banks - Diversified3.7%-2.5pp$20M
Oil & Gas Integrated2.8%+1.2pp$15M
Country
US46.1%-0.8pp
CA43.3%-0.3pp
Unknown4.8%+1.0pp
TW2.1%+0.2pp
GB1.5%-0.4pp
IE0.9%+0.2pp
DE0.6%+0.3pp
JP0.3%-0.0pp
Top 5: 15.4% · Top 10: 24.9% · Top 25: 46.1%
Top buys this quarter · 15
| SHOP Shopify Inc. | +$7M |
| AG First Majestic Silver Corp.new | +$6M |
| CDE Coeur Mining, Inc.new | +$5M |
| BSX Boston Scientific Corporation | +$5M |
| BN Brookfield Corporation | +$4M |
| TTEK Tetra Tech, Inc.new | +$4M |
| MSFT Microsoft Corporation | +$13M |
| CSGP CoStar Group, Inc. | +$3M |
| STN Stantec Inc. | +$3M |
| NFLX Netflix, Inc. | +$3M |
Top sells this quarter · 15
| PAAS Pan American Silver Corp. | −$7M |
| RCI Rogers Communications Inc. | −$5M |
| NGD New Gold Inc.exit | −$5M |
| RGLD Royal Gold, Inc. | −$4M |
| PBA Pembina Pipeline Corporation | −$4M |
| CLS Celestica Inc.exit | −$4M |
| ROST Ross Stores, Inc. | −$4M |
| JNJ Johnson & Johnson | −$3M |
| ORCL Oracle Corporationexit | −$1M |
| FTS Fortis Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $529M | 216 | +32.09% | +17.59% | +14.50% | +0.03B |
| 2025-12-31 | $502M | 213 | +29.50% | +17.72% | +11.78% | +0.01B |
| 2025-09-30 | $458M | 208 | +21.70% | +17.52% | +4.18% | -0.01B |
| 2025-06-30 | $424M | 200 | +18.73% | +14.94% | +3.79% | +0.01B |
| 2025-03-31 | $368M | 180 | +3.75% | +8.30% | -4.55% | -0.00B |
| 2024-12-31 | $381M | 168 | +13.83% | +24.89% | -11.06% | -0.01B |
| 2024-09-30 | $395M | 173 | +8.45% | +5.75% | +2.70% | +0.01B |
| 2024-06-30 | $357M | 169 | -1.30% | +4.38% | -5.67% | +0.00B |
| 2024-03-31 | $360M | 164 | +6.35% | +10.39% | -4.04% | +0.01B |
| 2023-12-31 | $331M | 165 | — | — | — | — |