Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.22%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.71%
baseline attrition
Rally response
+0.87%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MPLXMPLX Lp | $128M | 3.5% | +15.4% | 10.5 yr |
| EPDEnterprise Products Part | $120M | 3.3% | +18.7% | 10.5 yr |
| ETEnergy Transfer LP | $101M | 2.8% | +12.1% | 10.0 yr |
| JNJJohnson & Johnson | $99M | 2.7% | +51.5% | 6.5 yr |
| GSKGSK plc | $90M | 2.5% | +48.1% | 1.5 yr |
| ABBVAbbVie Inc. | $87M | 2.4% | +7.3% | 9.5 yr |
| EXCExelon Corporation | $83M | 2.3% | +10.2% | 6.3 yr |
| TRPTC Energy Corporation | $81M | 2.2% | +37.4% | 7.0 yr |
| COPConocoPhillips | $81M | 2.2% | +30.0% | 5.3 yr |
| STTState Street Corporation | $75M | 2.1% | +44.6% | 1.5 yr |
| CNQCanadian Natural Resourc | $70M | 1.9% | +66.0% | 5.8 yr |
| ETREntergy Corporation | $70M | 1.9% | +35.0% | 6.0 yr |
| ORIOld Republic Internation | $66M | 1.8% | +10.8% | 8.3 yr |
| EWBCEast West Bancorp, Inc. | $65M | 1.8% | +22.1% | 2.3 yr |
| WESWestern Midstream Partne | $65M | 1.8% | +10.3% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream30.4%+1.4pp$1.11B
Drug Manufacturers - General9.0%-1.9pp$330M
Regulated Electric8.6%+0.6pp$316M
Banks - Diversified5.8%-1.1pp$212M
Oil & Gas Exploration & Production5.0%+2.3pp$182M
Asset Management4.1%-1.3pp$149M
Oil & Gas Refining & Marketing3.4%+0.8pp$125M
Telecommunications Services3.0%-1.2pp$110M
Banks - Regional2.3%$86M
REIT - Specialty2.1%-1.6pp$78M
Country
US85.7%-1.3pp
CA8.2%+2.4pp
GB2.7%+0.5pp
IE1.7%-0.4pp
Unknown1.6%+0.4pp
FR0.0%-1.6pp
Top 5: 14.7% · Top 10: 25.8% · Top 25: 51.4%
Top buys this quarter · 15
| CME CME Group Inc. | +$57M |
| LAMR Lamar Advertising Company | +$19M |
| HRL Hormel Foods Corporation | +$16M |
| TRGP Targa Resources Corp. | +$16M |
| VZ Verizon Communications Inc. | +$15M |
| EXC Exelon Corporation | +$12M |
| TRP TC Energy Corporation | +$10M |
| ELS Equity LifeStyle Properties, I | +$9M |
| SUN Sunoco LP | +$8M |
| PAGP Plains GP Holdings, L.P. | +$7M |
Top sells this quarter · 15
| SNA Snap-on Incorporated | −$59M |
| CSCO Cisco Systems, Inc. | −$51M |
| VICI VICI Properties Inc.exit | −$43M |
| GILD Gilead Sciences, Inc. | −$36M |
| JNJ Johnson & Johnson | −$26M |
| AM Antero Midstream Corporation | −$19M |
| ORI Old Republic International Cor | −$13M |
| C Citigroup Inc. | −$13M |
| HRB H&R Block, Inc.exit | −$12M |
| WMB The Williams Companies, Inc. | −$57M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.66B | 138 | +23.12% | +17.59% | +5.53% | -0.07B |
| 2025-12-31 | $3.31B | 140 | +15.51% | +17.72% | -2.21% | -0.05B |
| 2025-09-30 | $3.28B | 135 | +16.05% | +17.52% | -1.46% | -0.02B |
| 2025-06-30 | $3.15B | 136 | +21.00% | +14.94% | +6.06% | -0.05B |
| 2025-03-31 | $3.14B | 139 | +19.39% | +8.30% | +11.09% | -0.07B |
| 2024-12-31 | $3.04B | 136 | +22.66% | +24.89% | -2.23% | -0.30B |
| 2024-09-30 | $3.24B | 195 | +27.55% | +36.04% | -8.48% | -0.05B |
| 2024-06-30 | $3.01B | 192 | +16.22% | +24.49% | -8.27% | -0.05B |
| 2024-03-31 | $3.05B | 192 | +16.92% | +29.62% | -12.70% | -0.07B |
| 2023-12-31 | $2.87B | 195 | +7.35% | +26.18% | -18.83% | -0.05B |
| 2023-09-30 | $2.73B | 191 | +13.38% | +21.57% | -8.19% | -0.07B |
| 2023-06-30 | $2.81B | 191 | +10.94% | +19.42% | -8.49% | +0.01B |
| 2023-03-31 | $2.76B | 192 | -0.79% | -7.82% | +7.03% | +0.02B |
| 2022-12-31 | $2.76B | 198 | +13.08% | +7.56% | +5.52% | +0.00B |
| 2022-09-30 | $2.44B | 191 | -2.61% | -4.93% | +2.32% | -0.09B |
| 2022-06-30 | $2.59B | 194 | -9.52% | -16.11% | +6.59% | +0.01B |