Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.60%
adds when stocks drop
when a holding falls −10%+
Middle response
-7.85%
baseline attrition
Rally response
-7.61%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DALDelta Air Lines, Inc. | $78M | 9.1% | +54.5% | 10.5 yr |
| UALUnited Airlines Holdings | $72M | 8.4% | +33.3% | 10.5 yr |
| AALAmerican Airlines Group | $69M | 8.1% | +1.8% | 10.5 yr |
| LUVSouthwest Airlines Co. | $63M | 7.3% | +14.2% | 10.5 yr |
| JBLUJetBlue Airways Corporat | $24M | 2.9% | -8.3% | 10.5 yr |
| ALGTAllegiant Travel Company | $24M | 2.8% | +56.9% | 10.5 yr |
| ULCCFrontier Group Holdings, | $24M | 2.8% | -18.7% | 3.8 yr |
| SKYWSkyWest, Inc. | $24M | 2.8% | +5.1% | 10.3 yr |
| ALKAlaska Air Group, Inc. | $22M | 2.6% | -25.3% | 10.5 yr |
| FNVFranco-Nevada Corporatio | $21M | 2.4% | +58.0% | 10.3 yr |
| RGLDRoyal Gold, Inc. | $21M | 2.4% | +56.8% | 10.5 yr |
| OROR Royalties Inc. | $20M | 2.4% | +80.9% | 1.0 yr |
| IAGIAMGOLD Corporation | $18M | 2.1% | +201.1% | 8.5 yr |
| CDECoeur Mining, Inc. | $16M | 1.8% | +217.1% | 4.0 yr |
| TRIPTripadvisor, Inc. | $15M | 1.7% | -24.8% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Airlines, Airports & Air Services49.3%-11.1pp$423M
Gold22.0%+9.5pp$188M
Travel Services5.9%-2.4pp$50M
Aerospace & Defense5.1%-1.6pp$44M
Other Precious Metals4.6%+2.7pp$39M
Unknown4.1%+1.7pp$35M
Silver1.9%+0.9pp$16M
Internet Content & Information1.7%-0.4pp$15M
Oil & Gas Integrated0.8%+0.5pp$7M
Auto - Manufacturers0.6%-0.0pp$5M
Country
US66.7%-12.2pp
CA19.2%+6.7pp
Unknown4.1%+1.7pp
ZA3.6%+2.9pp
SG0.8%-0.2pp
MX0.8%+0.3pp
CL0.8%
BR0.8%+0.3pp
Top 5: 35.7% · Top 10: 49.1% · Top 25: 73.8%
Top buys this quarter · 15
| ULCC Frontier Group Holdings, Inc. | +$9M |
| AAL American Airlines Group Inc. | +$69M |
| CDE Coeur Mining, Inc. | +$9M |
| GFI Gold Fields Limited | +$8M |
| IAG IAMGOLD Corporation | +$7M |
| AGI Alamos Gold Inc. | +$7M |
| OR OR Royalties Inc. | +$7M |
| SCZM Santacruz Silver Mining Ltd. Cnew | +$7M |
| AEM Agnico Eagle Mines Limited | +$6M |
| ALK Alaska Air Group, Inc. | +$22M |
Top sells this quarter · 15
| SNCY Sun Country Airlines Holdings,exit | −$27M |
| WPM Wheaton Precious Metals Corp. | −$17M |
| LUV Southwest Airlines Co. | −$16M |
| TFPM.TO Triple Flag Precious Metals Co | −$11M |
| HL Hecla Mining Company | −$10M |
| SSRM SSR Mining Inc. | −$9M |
| B Barrick Mining Corporation | −$7M |
| ASM Avino Silver & Gold Mines Ltd. | −$6M |
| MTA Metalla Royalty & Streaming Lt | −$6M |
| GAU Galiano Gold Inc.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $858M | 135 | +33.62% | +17.59% | +16.03% | -0.01B |
| 2025-12-31 | $934M | 129 | +20.11% | +17.72% | +2.39% | -0.09B |
| 2025-09-30 | $882M | 133 | +30.86% | +17.52% | +13.34% | -0.09B |
| 2025-06-30 | $849M | 135 | +22.07% | +14.94% | +7.13% | +0.03B |
| 2025-03-31 | $757M | 136 | +4.91% | +8.30% | -3.40% | -0.09B |
| 2024-12-31 | $1.01B | 125 | +40.69% | +24.89% | +15.80% | -0.30B |
| 2024-09-30 | $1.04B | 130 | +24.09% | +36.04% | -11.95% | -0.09B |
| 2024-06-30 | $1.05B | 127 | -7.78% | +24.49% | -32.28% | -0.07B |
| 2024-03-31 | $1.22B | 143 | +20.85% | +29.62% | -8.77% | -0.46B |
| 2023-12-31 | $1.49B | 139 | +16.97% | +26.18% | -9.20% | +0.14B |
| 2023-09-30 | $1.21B | 125 | +17.33% | +21.57% | -4.24% | -0.13B |
| 2023-06-30 | $1.69B | 116 | +30.10% | +19.42% | +10.68% | -0.19B |
| 2023-03-31 | $1.54B | 129 | -20.89% | -7.82% | -13.07% | -0.29B |
| 2022-12-31 | $1.68B | 115 | -28.96% | -18.17% | -10.79% | -0.12B |
| 2022-09-30 | $1.62B | 114 | -29.16% | -15.51% | -13.65% | -0.22B |
| 2022-06-30 | $2.09B | 122 | -19.22% | -10.62% | -8.60% | -0.11B |