Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.34%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.17%
steady accumulation
Rally response
-7.70%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AERAerCap Holdings N.V. | $432M | 7.8% | +35.6% | 10.5 yr |
| CGAUCenterra Gold Inc. | $281M | 5.0% | +186.0% | 5.0 yr |
| IAGIAMGOLD Corporation | $272M | 4.9% | +201.1% | 10.0 yr |
| EGOEldorado Gold Corporatio | $250M | 4.5% | +104.5% | 7.5 yr |
| SMSM Energy Company | $225M | 4.0% | +8.9% | 0.3 yr |
| GNWGenworth Financial, Inc. | $207M | 3.7% | +14.5% | 4.8 yr |
| — | $204M | 3.7% | — | 4.3 yr |
| HOGHarley-Davidson, Inc. | $203M | 3.6% | -17.3% | 1.5 yr |
| JXNJackson Financial Inc. | $200M | 3.6% | +30.6% | 4.5 yr |
| MHOM/I Homes, Inc. | $182M | 3.3% | +7.2% | 10.5 yr |
| PKPark Hotels & Resorts In | $175M | 3.2% | +5.7% | 6.3 yr |
| ALLYAlly Financial Inc. | $158M | 2.8% | +11.1% | 3.5 yr |
| RDNRadian Group Inc. | $152M | 2.7% | +3.0% | 4.3 yr |
| REEverest Re Group, Ltd. | $150M | 2.7% | — | 9.5 yr |
| TXTernium S.A. | $147M | 2.6% | +40.9% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Gold15.6%-0.1pp$866M
Insurance - Life9.1%-2.9pp$504M
Rental & Leasing Services7.8%-0.5pp$432M
Residential Construction7.2%-0.8pp$399M
REIT - Hotel & Motel5.8%+0.8pp$323M
Steel5.0%-2.8pp$276M
Unknown4.8%+1.0pp$265M
Oil & Gas Exploration & Production4.0%+0.2pp$225M
Auto - Manufacturers3.9%+2.0pp$215M
Auto - Recreational Vehicles3.6%+1.5pp$203M
Country
US57.0%-2.6pp
CA17.9%+0.2pp
IE7.8%-0.5pp
Unknown4.8%+1.0pp
JP3.4%+1.8pp
BM2.7%-1.4pp
LU2.6%+0.3pp
GB1.9%-0.5pp
Top 5: 26.3% · Top 10: 44.2% · Top 25: 80.3%
Top buys this quarter · 15
| SM SM Energy Companynew | +$225M |
| PFSI PennyMac Financial Services, Inew | +$120M |
| RDN Radian Group Inc. | +$53M |
| ALLY Ally Financial Inc. | +$51M |
| CRBG Corebridge Financial, Inc. | +$41M |
| WF Woori Financial Group Inc.new | +$36M |
| CGAU Centerra Gold Inc. | +$29M |
| GMTL Guardian Metal Resources PLC Snew | +$26M |
| KBH KB Home | +$24M |
| HOG Harley-Davidson, Inc. | +$23M |
Top sells this quarter · 15
| GLNG Golar LNG Limitedexit | −$116M |
| EQX Equinox Gold Corp.exit | −$102M |
| IAG IAMGOLD Corporation | −$97M |
| TPC Tutor Perini Corporation | −$38M |
| GSL Global Ship Lease, Inc. | −$19M |
| JXN Jackson Financial Inc. | −$7M |
| TX Ternium S.A. | −$145M |
| VTOL Bristow Group Inc. | −$4M |
| PPTA Perpetua Resources Corp. | −$4M |
| EGO Eldorado Gold Corporation | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.56B | 62 | +45.82% | +17.59% | +28.23% | +0.23B |
| 2025-12-31 | $5.34B | 60 | +45.54% | +17.72% | +27.83% | -0.11B |
| 2025-09-30 | $5.01B | 60 | +31.38% | +17.52% | +13.86% | -0.11B |
| 2025-06-30 | $4.25B | 61 | +23.52% | +14.94% | +8.57% | -0.30B |
| 2025-03-31 | $4.08B | 58 | +12.17% | +8.30% | +3.87% | -0.08B |
| 2024-12-31 | $4.18B | 62 | +26.57% | +24.89% | +1.69% | +0.02B |
| 2024-09-30 | $4.24B | 62 | +57.53% | +36.04% | +21.49% | -0.21B |
| 2024-06-30 | $3.92B | 63 | +35.31% | +24.49% | +10.82% | -0.43B |
| 2024-03-31 | $4.30B | 62 | +48.32% | +29.62% | +18.70% | -0.08B |
| 2023-12-31 | $3.90B | 64 | +42.32% | +26.18% | +16.14% | +0.35B |
| 2023-09-30 | $2.91B | 62 | +41.89% | +21.57% | +20.33% | +0.08B |
| 2023-06-30 | $2.91B | 62 | +44.05% | +19.42% | +24.63% | -0.10B |
| 2023-03-31 | $2.71B | 64 | +4.57% | -7.82% | +12.39% | -0.04B |
| 2022-12-31 | $2.56B | 66 | +21.75% | +7.56% | +14.19% | -0.18B |
| 2022-09-30 | $2.24B | 59 | -1.07% | -4.93% | +3.86% | +0.05B |
| 2022-06-30 | $2.22B | 62 | -19.51% | -16.11% | -3.40% | +0.01B |