Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.25%
trims when stocks drop
when a holding falls −10%+
Middle response
+6.89%
steady accumulation
Rally response
-2.13%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYRoyal Bank of Canada | $3.15B | 3.8% | +48.2% | 10.3 yr |
| NVDANVIDIA Corporation | $2.52B | 3.0% | +60.9% | 9.5 yr |
| AAPLApple Inc. | $2.44B | 2.9% | +14.7% | 10.5 yr |
| TDThe Toronto-Dominion Ban | $2.25B | 2.7% | +60.9% | 10.3 yr |
| SPYState Street SPDR S&P 50 | $2.23B | 2.7% | +17.6% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.88B | 2.3% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.80B | 2.2% | — | 10.3 yr |
| AEMAgnico Eagle Mines Limit | $1.79B | 2.2% | +89.2% | 10.3 yr |
| CNQCanadian Natural Resourc | $1.34B | 1.6% | +66.0% | 10.3 yr |
| — | $1.23B | 1.5% | — | 3.0 yr |
| AMZNAmazon.com, Inc. | $1.22B | 1.5% | +9.5% | 10.5 yr |
| SHOPShopify Inc. | $1.18B | 1.4% | +24.2% | 8.0 yr |
| BMOBank of Montreal | $1.16B | 1.4% | +47.5% | 10.3 yr |
| ENBEnbridge Inc. | $1.11B | 1.3% | +29.3% | 10.3 yr |
| JNJJohnson & Johnson | $1.08B | 1.3% | +51.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified11.2%+0.6pp$9.33B
Semiconductors6.3%+3.5pp$5.27B
Gold6.2%+3.4pp$5.15B
Asset Management5.6%-0.3pp$4.63B
Oil & Gas Integrated3.7%+1.2pp$3.07B
Drug Manufacturers - General3.6%+0.6pp$2.98B
Internet Content & Information3.5%+1.2pp$2.94B
Oil & Gas Midstream3.2%-0.3pp$2.69B
Software - Infrastructure3.1%-1.2pp$2.58B
Unknown3.0%-1.4pp$2.53B
Country
US56.7%-2.2pp
CA35.4%+4.3pp
Unknown3.0%-1.4pp
IE1.3%-1.0pp
GB1.2%+0.3pp
FR0.5%+0.4pp
CN0.3%+0.1pp
BM0.3%-0.2pp
Top 5: 15.1% · Top 10: 24.8% · Top 25: 42.2%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$285M |
| NVDA NVIDIA Corporation | +$202M |
| SPY State Street SPDR S&P 500 ETF | +$191M |
| SU Suncor Energy Inc. | +$141M |
| HON Honeywell International Inc. | +$130M |
| MRK Merck & Co., Inc. | +$127M |
| ENB Enbridge Inc. | +$123M |
| SUNB Sunbelt Rentals Holdings Incnew | +$109M |
| AAPL Apple Inc. | +$2.44B |
| PSX Phillips 66 | +$106M |
Top sells this quarter · 15
| RY Royal Bank of Canada | −$248M |
| AMZN Amazon.com, Inc. | −$176M |
| CNQ Canadian Natural Resources Lim | −$1.05B |
| MSFT Microsoft Corporation | −$168M |
| JPM JPMorgan Chase & Co. | −$161M |
| ROP Roper Technologies, Inc. | −$156M |
| TD The Toronto-Dominion Bank | −$132M |
| BLK BlackRock, Inc. | −$119M |
| PBA Pembina Pipeline Corporation | −$118M |
| A Agilent Technologies, Inc. | −$107M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $83.32B | 1402 | +21.12% | +17.59% | +3.53% | -0.70B |
| 2025-12-31 | $84.43B | 1648 | +20.55% | +17.72% | +2.83% | -0.89B |
| 2025-09-30 | $82.55B | 1680 | +15.80% | +17.52% | -1.71% | -0.52B |
| 2025-06-30 | $77.18B | 1684 | +16.73% | +14.94% | +1.79% | +0.24B |
| 2025-03-31 | $70.33B | 1656 | +5.76% | +8.30% | -2.54% | -2.38B |
| 2024-12-31 | $73.40B | 1695 | +12.87% | +24.89% | -12.02% | +2.05B |
| 2024-09-30 | $71.86B | 1570 | +26.09% | +36.04% | -9.95% | -1.15B |
| 2024-06-30 | $67.30B | 1531 | +11.20% | +24.49% | -13.29% | -1.22B |
| 2024-03-31 | $69.12B | 1514 | +17.57% | +29.62% | -12.06% | -0.97B |
| 2023-12-31 | $66.30B | 1488 | +16.80% | +26.18% | -9.37% | +0.35B |
| 2023-09-30 | $59.47B | 1461 | +14.81% | +21.57% | -6.76% | -3.08B |
| 2023-06-30 | $65.37B | 1499 | +12.37% | +19.42% | -7.05% | -1.77B |
| 2023-03-31 | $64.07B | 1507 | -7.58% | -7.82% | +0.23% | +1.96B |
| 2022-12-31 | $59.14B | 1417 | -16.07% | -18.17% | +2.11% | -4.24B |
| 2022-09-30 | $58.14B | 1424 | -14.49% | -15.51% | +1.02% | -0.27B |
| 2022-06-30 | $62.36B | 1448 | -8.17% | -10.62% | +2.45% | -1.90B |