Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.67%
baseline attrition
Rally response
-1.90%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TLNTalen Energy Corporation | $482M | 8.0% | +59.9% | 2.5 yr |
| CEGConstellation Energy Cor | $336M | 5.6% | +39.2% | 4.3 yr |
| VSTVistra Corp. | $315M | 5.2% | +28.7% | 5.3 yr |
| CNPCenterPoint Energy, Inc. | $302M | 5.0% | +21.9% | 3.0 yr |
| XELXcel Energy Inc. | $282M | 4.7% | +15.8% | 10.3 yr |
| IDAIDACORP, Inc. | $257M | 4.3% | +26.5% | 2.5 yr |
| ETREntergy Corporation | $252M | 4.2% | +35.0% | 6.0 yr |
| LNTAlliant Energy Corporati | $215M | 3.6% | +15.1% | 6.0 yr |
| SRESempra | $201M | 3.3% | +40.3% | 10.5 yr |
| NINiSource Inc. | $192M | 3.2% | +19.6% | 10.5 yr |
| EQIXEquinix, Inc. | $170M | 2.8% | +23.0% | 8.0 yr |
| CMSCMS Energy Corporation | $164M | 2.7% | +6.4% | 10.5 yr |
| GEVGE Vernova Inc. | $153M | 2.5% | +186.8% | 1.3 yr |
| WMBThe Williams Companies, | $152M | 2.5% | +25.8% | 8.0 yr |
| PPLPPL Corporation | $142M | 2.3% | +9.1% | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric31.9%-5.9pp$1.92B
Independent Power Producers15.0%+4.2pp$904M
Diversified Utilities8.6%+1.1pp$516M
Renewable Utilities8.1%+4.2pp$489M
Oil & Gas Midstream7.6%+0.5pp$456M
REIT - Specialty5.1%-1.8pp$307M
Engineering & Construction3.7%+1.3pp$221M
Regulated Gas3.3%-3.7pp$198M
Industrial Materials2.7%$161M
Uranium2.6%+0.6pp$159M
Country
US95.7%-2.2pp
Unknown2.1%+2.1pp
CA2.0%+0.3pp
IE0.1%+0.0pp
GB0.0%-0.2pp
DE0.0%-0.0pp
Top 5: 28.5% · Top 10: 47.0% · Top 25: 80.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TLN | $242M | +0.15B | 59.9% |
| CCJ | $66M | +0.11B | 164.4% |
| PWR | $72M | +0.08B | 116.2% |
| ETR | $199M | +0.07B | 35.0% |
| CEG | $146M | +0.06B | 39.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| GEV GE Vernova Inc. | +$89M |
| WMB The Williams Companies, Inc. | +$58M |
| ANET Arista Networks, Inc. | +$48M |
| COHR Coherent, Inc. | +$43M |
| DY Dycom Industries, Inc. | +$36M |
| USAR USA Rare Earth Incnew | +$35M |
| NFG National Fuel Gas Company | +$24M |
| NRG NRG Energy, Inc. | +$24M |
| DTM DT Midstream, Inc. | +$23M |
| WEC WEC Energy Group, Inc. | +$21M |
Top sells this quarter · 15
| TXNM TXNM Energy, Inc. | −$142M |
| PNW Pinnacle West Capital Corporat | −$65M |
| NI NiSource Inc. | −$61M |
| OKE ONEOK, Inc. | −$41M |
| NSC Norfolk Southern Corporationexit | −$38M |
| CCJ Cameco Corporation | −$36M |
| CNP CenterPoint Energy, Inc. | −$294M |
| PEG Public Service Enterprise Grou | −$28M |
| PPL PPL Corporation | −$27M |
| ETR Entergy Corporation | −$226M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.03B | 90 | +25.22% | +17.59% | +7.63% | -0.06B |
| 2025-12-31 | $5.72B | 87 | +19.09% | +17.72% | +1.37% | +0.35B |
| 2025-09-30 | $5.61B | 83 | +26.61% | +17.52% | +9.10% | +0.66B |
| 2025-06-30 | $4.51B | 77 | +37.64% | +14.94% | +22.70% | +0.11B |
| 2025-03-31 | $3.93B | 79 | +26.45% | +8.30% | +18.15% | +0.09B |
| 2024-12-31 | $3.79B | 73 | +28.66% | +24.89% | +3.77% | +0.08B |
| 2024-09-30 | $3.66B | 77 | +39.70% | +36.04% | +3.67% | +0.12B |
| 2024-06-30 | $2.96B | 78 | +9.26% | +24.49% | -15.23% | +0.06B |
| 2024-03-31 | $2.82B | 72 | +5.65% | +29.62% | -23.98% | -0.02B |
| 2023-12-31 | $2.75B | 72 | +0.83% | +26.18% | -25.35% | -0.04B |
| 2023-09-30 | $2.53B | 68 | -0.05% | +21.57% | -21.62% | -0.01B |
| 2023-06-30 | $2.71B | 68 | -1.85% | +19.42% | -21.28% | -0.05B |
| 2023-03-31 | $2.78B | 66 | -9.10% | -7.82% | -1.29% | +0.02B |
| 2022-12-31 | $2.80B | 66 | +9.42% | +7.56% | +1.86% | -0.11B |
| 2022-09-30 | $2.66B | 64 | -8.34% | -4.93% | -3.41% | -0.01B |
| 2022-06-30 | $2.91B | 71 | -7.85% | -16.11% | +8.26% | +0.02B |