Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.25%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.97%
baseline attrition
Rally response
+1.34%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $3.70B | 2.9% | -0.6% | 10.5 yr |
| RYRoyal Bank of Canada | $3.58B | 2.8% | +48.2% | 10.5 yr |
| GOOGLAlphabet Inc. | $2.96B | 2.3% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $2.70B | 2.1% | +9.5% | 10.5 yr |
| AAPLApple Inc. | $2.56B | 2.0% | +14.7% | 10.5 yr |
| AEMAgnico Eagle Mines Limit | $2.56B | 2.0% | +89.2% | 9.0 yr |
| TDThe Toronto-Dominion Ban | $2.49B | 1.9% | +60.9% | 8.0 yr |
| SHOPShopify Inc. | $2.16B | 1.7% | +24.2% | 9.0 yr |
| TXNTexas Instruments Incorp | $1.93B | 1.5% | +11.4% | 7.8 yr |
| SUSuncor Energy Inc. | $1.92B | 1.5% | +77.6% | 10.5 yr |
| NVDANVIDIA Corporation | $1.79B | 1.4% | +60.9% | 10.5 yr |
| CNICanadian National Railwa | $1.73B | 1.3% | +8.2% | 8.0 yr |
| TRPTC Energy Corporation | $1.69B | 1.3% | +37.4% | 7.0 yr |
| — | $1.65B | 1.3% | — | 3.0 yr |
| BMOBank of Montreal | $1.56B | 1.2% | +47.5% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified8.7%+1.7pp$11.14B
Software - Application6.6%+0.1pp$8.54B
Gold6.1%+2.1pp$7.85B
Semiconductors6.0%+1.2pp$7.74B
Software - Infrastructure4.8%+0.7pp$6.21B
Internet Content & Information3.9%+0.2pp$5.04B
Oil & Gas Integrated3.8%+2.9pp$4.95B
Specialty Retail3.8%-0.6pp$4.88B
Unknown3.7%-0.8pp$4.73B
Asset Management3.5%-0.7pp$4.46B
Country
US54.9%-2.1pp
CA30.8%+5.3pp
Unknown3.7%-0.8pp
GB2.0%+0.8pp
IE1.5%-0.3pp
CN1.5%-2.0pp
FR0.9%
BM0.8%-0.2pp
Top 5: 12.0% · Top 10: 20.7% · Top 25: 36.2%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$918M |
| SU Suncor Energy Inc. | +$531M |
| MSFT Microsoft Corporation | +$3.70B |
| ZTS Zoetis Inc. | +$396M |
| ORCL Oracle Corporation | +$371M |
| RBLX Roblox Corporation | +$314M |
| INTU Intuit Inc. | +$313M |
| TXN Texas Instruments Incorporated | +$287M |
| BMO Bank of Montreal | +$277M |
| CWAN Clearwater Analytics Holdings, | +$224M |
Top sells this quarter · 15
| BNS The Bank of Nova Scotia | −$510M |
| CSCO Cisco Systems, Inc. | −$432M |
| BKR Baker Hughes Company | −$429M |
| TD The Toronto-Dominion Bank | −$395M |
| IDCC InterDigital, Inc. | −$337M |
| PBA Pembina Pipeline Corporation | −$277M |
| TGT Target Corporation | −$254M |
| ENB Enbridge Inc. | −$250M |
| B Barrick Mining Corporation | −$221M |
| BLK BlackRock, Inc. | −$221M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $128.59B | 1097 | +22.01% | +17.59% | +4.42% | -2.67B |
| 2025-12-31 | $133.38B | 1010 | +23.54% | +17.72% | +5.82% | +2.46B |
| 2025-09-30 | $127.04B | 980 | +18.16% | +17.52% | +0.64% | -0.77B |
| 2025-06-30 | $116.81B | 954 | +17.10% | +14.94% | +2.16% | +1.35B |
| 2025-03-31 | $105.01B | 897 | +5.67% | +8.30% | -2.63% | -1.40B |
| 2024-12-31 | $106.78B | 904 | +12.58% | +24.89% | -12.31% | -1.73B |
| 2024-09-30 | $110.09B | 927 | +27.81% | +36.04% | -8.22% | +0.61B |
| 2024-06-30 | $100.97B | 888 | +13.88% | +24.49% | -10.61% | +0.97B |
| 2024-03-31 | $100.79B | 841 | +19.64% | +29.62% | -9.98% | -0.20B |
| 2023-12-31 | $95.13B | 807 | +20.62% | +26.18% | -5.56% | +0.15B |
| 2023-09-30 | $84.88B | 781 | +16.96% | +21.57% | -4.61% | -1.08B |
| 2023-06-30 | $88.98B | 797 | +12.52% | +19.42% | -6.91% | -1.83B |
| 2023-03-31 | $87.11B | 804 | -6.94% | -7.82% | +0.88% | -2.06B |
| 2022-12-31 | $83.31B | 822 | -17.06% | -18.17% | +1.11% | -1.01B |
| 2022-09-30 | $77.71B | 822 | -14.62% | -15.51% | +0.89% | -0.33B |
| 2022-06-30 | $83.97B | 796 | -7.87% | -10.62% | +2.75% | -0.11B |