Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.65%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.50%
baseline attrition
Rally response
-4.01%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TDThe Toronto-Dominion Ban | $2.83B | 3.8% | +60.9% | 10.5 yr |
| RYRoyal Bank of Canada | $2.67B | 3.5% | +48.2% | 10.5 yr |
| MSFTMicrosoft Corporation | $2.34B | 3.1% | -0.6% | 10.5 yr |
| CNICanadian National Railwa | $1.92B | 2.5% | +8.2% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.74B | 2.3% | +9.5% | 10.5 yr |
| BNBrookfield Corporation | $1.74B | 2.3% | +16.5% | 3.5 yr |
| NVDANVIDIA Corporation | $1.65B | 2.2% | +60.9% | 10.0 yr |
| ENBEnbridge Inc. | $1.57B | 2.1% | +29.3% | 10.5 yr |
| TRPTC Energy Corporation | $1.38B | 1.8% | +37.4% | 7.0 yr |
| CNQCanadian Natural Resourc | $1.36B | 1.8% | +66.0% | 10.5 yr |
| BMOBank of Montreal | $1.30B | 1.7% | +47.5% | 10.5 yr |
| AAPLApple Inc. | $1.29B | 1.7% | +14.7% | 10.5 yr |
| BNSThe Bank of Nova Scotia | $1.27B | 1.7% | +52.4% | 10.5 yr |
| SHOPShopify Inc. | $1.21B | 1.6% | +24.2% | 10.0 yr |
| WCNWaste Connections, Inc. | $1.16B | 1.5% | -16.2% | 10.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified12.0%+1.5pp$9.04B
Semiconductors6.2%+4.0pp$4.70B
Asset Management5.3%-0.9pp$4.03B
Oil & Gas Midstream5.2%+0.5pp$3.92B
Software - Infrastructure4.6%-1.5pp$3.48B
Software - Application4.2%+1.1pp$3.18B
Unknown3.5%+0.2pp$2.65B
Internet Content & Information3.3%+0.2pp$2.48B
Gold3.2%+2.4pp$2.41B
Railroads2.7%+0.4pp$2.05B
Country
US51.4%-6.9pp
CA39.1%+7.8pp
Unknown3.5%+0.2pp
IE1.7%-0.7pp
TW1.2%+0.8pp
GB1.0%+0.8pp
NL0.6%+0.4pp
BM0.4%-0.8pp
Top 5: 15.2% · Top 10: 25.4% · Top 25: 46.2%
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$408M |
| TMO Thermo Fisher Scientific Inc. | +$356M |
| BSX Boston Scientific Corporation | +$317M |
| TTWO Take-Two Interactive Software, | +$316M |
| SHOP Shopify Inc. | +$1.21B |
| ASML ASML Holding N.V. | +$271M |
| XOM Exxon Mobil Corporation | +$266M |
| MSFT Microsoft Corporation | +$2.34B |
| WCN Waste Connections, Inc. | +$237M |
| AMAT Applied Materials, Inc. | +$227M |
Top sells this quarter · 15
| LLY Eli Lilly and Company | −$357M |
| LITE Lumentum Holdings Inc. | −$286M |
| VRT Vertiv Holdings Co | −$240M |
| C Citigroup Inc. | −$236M |
| WMT Walmart Inc. | −$217M |
| LRCX Lam Research Corporation | −$215M |
| GS The Goldman Sachs Group, Inc. | −$214M |
| MS Morgan Stanley | −$209M |
| CIEN Ciena Corporation | −$195M |
| SCCO Southern Copper Corporationexit | −$180M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $75.48B | 625 | +20.94% | +17.59% | +3.34% | -1.06B |
| 2025-12-31 | $78.26B | 671 | +19.81% | +17.72% | +2.09% | +17.32B |
| 2025-09-30 | $58.96B | 645 | +17.37% | +17.52% | -0.14% | -2.85B |
| 2025-06-30 | $57.35B | 639 | +17.59% | +14.94% | +2.65% | -0.73B |
| 2025-03-31 | $52.32B | 629 | +5.10% | +8.30% | -3.20% | -1.88B |
| 2024-12-31 | $55.94B | 644 | +15.81% | +24.89% | -9.08% | -4.36B |
| 2024-09-30 | $59.56B | 661 | +29.01% | +36.04% | -7.03% | -0.02B |
| 2024-06-30 | $55.18B | 877 | +12.98% | +24.49% | -11.52% | +0.91B |
| 2024-03-31 | $54.69B | 872 | +20.90% | +29.62% | -8.73% | -1.81B |
| 2023-12-31 | $52.92B | 821 | +17.10% | +26.18% | -9.08% | -0.83B |
| 2023-09-30 | $47.66B | 842 | +10.60% | +21.57% | -10.96% | -0.50B |
| 2023-06-30 | $50.94B | 839 | +10.21% | +19.42% | -9.21% | -0.66B |
| 2023-03-31 | $48.59B | 880 | -10.62% | -7.82% | -2.80% | -1.15B |
| 2022-12-31 | $48.09B | 871 | -15.57% | -18.17% | +2.61% | -0.82B |
| 2022-09-30 | $45.92B | 849 | -11.96% | -15.51% | +3.55% | +0.33B |
| 2022-06-30 | $48.39B | 819 | -6.02% | -10.62% | +4.60% | -2.46B |