Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
—
—
when a holding falls −10%+
Middle response
-15.10%
baseline attrition
Rally response
-1.90%
trims into rallies
when a holding rises +10%+
Top positions · 19
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SMSM Energy Company | $43M | 14.2% | — | 0.5 yr |
| PBRPetróleo Brasileiro S.A | $36M | 11.7% | — | 0.5 yr |
| MTDRMatador Resources Compan | $33M | 10.6% | — | 0.3 yr |
| VTOLBristow Group Inc. | $30M | 9.8% | — | 0.5 yr |
| HAFNHafnia Limited | $24M | 7.9% | — | 0.5 yr |
| SBLKStar Bulk Carriers Corp. | $22M | 7.1% | — | 0.5 yr |
| ARAntero Resources Corpora | $19M | 6.1% | — | 0.5 yr |
| — | $12M | 4.0% | — | 0.5 yr |
| STNGScorpio Tankers Inc. | $12M | 4.0% | — | 0.3 yr |
| SB-PCSafe Bulkers, Inc. | $12M | 3.9% | — | 0.5 yr |
| FROFrontline Ltd. | $10M | 3.2% | — | 0.5 yr |
| EURNEuronav N.V. | $9M | 2.9% | — | 0.5 yr |
| EXEExpand Energy Corporatio | $9M | 2.8% | — | 0.5 yr |
| LPGDorian LPG Ltd. | $7M | 2.2% | — | 0.3 yr |
| TSTenaris S.A. | $7M | 2.1% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production33.7%$103M
Marine Shipping22.8%$70M
Oil & Gas Midstream12.2%$37M
Oil & Gas Equipment & Services12.0%$37M
Oil & Gas Integrated11.7%$36M
Unknown6.0%$18M
Silver1.7%$5M
Country
US45.7%
BR11.7%
SG7.9%
MC7.8%
GR7.1%
Unknown6.0%
BM5.3%
CA3.3%
Top 5: 54.3% · Top 10: 79.3% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 12
| SB-PC Safe Bulkers, Inc. | +$0M |
| MTDR Matador Resources Companynew | +$33M |
| HAFN Hafnia Limited | +$20M |
| SM SM Energy Company | +$16M |
| STNG Scorpio Tankers Inc.new | +$12M |
| SBLK Star Bulk Carriers Corp. | +$9M |
| VTOL Bristow Group Inc. | +$8M |
| LPG Dorian LPG Ltd.new | +$7M |
| PBR Petróleo Brasileiro S.A. - Pe | +$5M |
| TS Tenaris S.A. | +$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $306M | 19 | +35.33% | -4.37% | +39.70% | +0.01B |
| 2025-12-31 | $218M | 21 | — | — | — | — |