Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.38%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.72%
baseline attrition
Rally response
-1.82%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $2.55B | 4.9% | +60.9% | 10.5 yr |
| CMCanadian Imperial Bank o | $1.92B | 3.7% | +73.0% | 10.5 yr |
| RYRoyal Bank of Canada | $1.83B | 3.5% | +48.2% | 10.5 yr |
| CNQCanadian Natural Resourc | $1.62B | 3.1% | +66.0% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.56B | 3.0% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $1.35B | 2.6% | +14.7% | 10.5 yr |
| BNSThe Bank of Nova Scotia | $1.22B | 2.4% | +52.4% | 10.5 yr |
| SUSuncor Energy Inc. | $1.18B | 2.3% | +77.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.07B | 2.1% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $978M | 1.9% | — | 10.5 yr |
| IVViShares Core S&P 500 ETF | $943M | 1.8% | — | 10.3 yr |
| ENBEnbridge Inc. | $883M | 1.7% | +29.3% | 10.5 yr |
| TRPTC Energy Corporation | $852M | 1.6% | +37.4% | 7.0 yr |
| BMOBank of Montreal | $840M | 1.6% | +47.5% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $778M | 1.5% | +17.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified13.6%-2.1pp$7.00B
Semiconductors10.1%+2.2pp$5.22B
Asset Management6.6%+3.8pp$3.43B
Software - Infrastructure5.0%-0.6pp$2.59B
Internet Content & Information4.7%-0.2pp$2.43B
Specialty Retail4.1%+0.8pp$2.12B
Oil & Gas Midstream3.8%-1.9pp$1.98B
Oil & Gas Exploration & Production3.4%+1.1pp$1.78B
Oil & Gas Integrated3.3%+0.7pp$1.70B
Consumer Electronics2.6%-1.0pp$1.35B
Country
US64.5%-1.0pp
CA31.7%+0.5pp
Unknown2.1%+0.1pp
BM0.4%-0.1pp
SG0.3%-0.2pp
JP0.2%+0.1pp
KY0.2%+0.2pp
CN0.1%-0.0pp
Top 5: 18.3% · Top 10: 29.6% · Top 25: 49.5%
Top buys this quarter · 15
| EBAY eBay Inc. | +$757M |
| CNQ Canadian Natural Resources Lim | +$714M |
| SPY State Street SPDR S&P 500 ETF | +$694M |
| SNDK Sandisk Corporation | +$294M |
| UNH UnitedHealth Group Incorporate | +$187M |
| LITE Lumentum Holdings Inc. | +$179M |
| MSFT Microsoft Corporation | +$1.56B |
| DXCM DexCom, Inc. | +$140M |
| WBS Webster Financial Corporation | +$133M |
| MU Micron Technology, Inc. | +$125M |
Top sells this quarter · 15
| RY Royal Bank of Canada | −$440M |
| AAPL Apple Inc. | −$422M |
| INTC Intel Corporation | −$315M |
| BNS The Bank of Nova Scotia | −$315M |
| CAT Caterpillar Inc. | −$244M |
| GS The Goldman Sachs Group, Inc. | −$226M |
| TRP TC Energy Corporation | −$201M |
| META Meta Platforms, Inc. | −$174M |
| NTR Nutrien Ltd. | −$170M |
| CVE Cenovus Energy Inc. | −$160M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $51.69B | 1760 | +29.75% | +17.59% | +12.16% | -4.47B |
| 2025-12-31 | $56.54B | 1700 | +29.32% | +17.72% | +11.60% | +3.06B |
| 2025-09-30 | $51.44B | 1564 | +30.36% | +17.52% | +12.84% | +0.00B |
| 2025-06-30 | $46.50B | 1477 | +20.55% | +14.94% | +5.61% | +2.26B |
| 2025-03-31 | $38.95B | 1122 | +7.49% | +8.30% | -0.82% | -12.80B |
| 2024-12-31 | $52.26B | 1111 | +15.02% | +24.89% | -9.86% | -6.75B |
| 2024-09-30 | $56.31B | 900 | +27.59% | +36.04% | -8.45% | -7.20B |
| 2024-06-30 | $62.09B | 1175 | +19.49% | +24.49% | -5.00% | -2.32B |
| 2024-03-31 | $63.60B | 1183 | +26.18% | +29.62% | -3.45% | -8.64B |
| 2023-12-31 | $68.19B | 1291 | +8.40% | +26.18% | -17.78% | -1.93B |
| 2023-09-30 | $60.31B | 1552 | -1.54% | +21.57% | -23.11% | -4.11B |
| 2023-06-30 | $67.25B | 1204 | -4.15% | +19.42% | -23.58% | +1.85B |
| 2023-03-31 | $61.15B | 1144 | -23.03% | -7.82% | -15.21% | +0.47B |
| 2022-12-31 | $66.67B | 1176 | -19.34% | -18.17% | -1.16% | +7.48B |
| 2022-09-30 | $56.06B | 1217 | -15.15% | -15.51% | +0.36% | +6.12B |
| 2022-06-30 | $53.56B | 1234 | -8.50% | -10.62% | +2.12% | -3.23B |