Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.31%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.24%
baseline attrition
Rally response
-11.57%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TRMDTORM plc | $675M | 14.9% | +86.1% | 7.8 yr |
| EXEExpand Energy Corporatio | $575M | 12.7% | +1.7% | 5.3 yr |
| — | $314M | 6.9% | — | 2.8 yr |
| GTXGarrett Motion Inc. | $265M | 5.9% | +121.3% | 5.3 yr |
| — | $213M | 4.7% | — | 0.3 yr |
| INDVIndivior Pharmaceuticals | $213M | 4.7% | — | 0.3 yr |
| TDSTelephone and Data Syste | $181M | 4.0% | +9.1% | 0.8 yr |
| VNOMViper Energy, Inc. | $178M | 3.9% | — | 0.8 yr |
| CORZCore Scientific, Inc. | $140M | 3.1% | +106.6% | 0.8 yr |
| STKLSunOpta Inc. | $134M | 3.0% | +33.3% | 9.3 yr |
| PBRPetróleo Brasileiro S.A | $126M | 2.8% | +54.2% | 7.0 yr |
| BBarrick Mining Corporati | $107M | 2.4% | +114.9% | 1.0 yr |
| TLNTalen Energy Corporation | $106M | 2.3% | +59.9% | 1.8 yr |
| — | $103M | 2.3% | — | 2.3 yr |
| ITUBItaú Unibanco Holding S | $102M | 2.3% | +64.3% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream18.9%+2.5pp$853M
Unknown16.4%-2.1pp$743M
Oil & Gas Exploration & Production13.0%-6.7pp$587M
Telecommunications Services6.7%+5.5pp$301M
Auto - Parts5.9%-3.3pp$265M
Drug Manufacturers - Specialty & Generic4.7%+3.9pp$214M
Independent Power Producers4.4%+1.5pp$197M
Oil & Gas Integrated3.7%+1.6pp$167M
Packaged Foods3.3%+0.8pp$150M
Communication Equipment3.1%+0.7pp$141M
Country
US44.0%+13.0pp
Unknown16.4%-2.1pp
GB14.9%-1.4pp
BR7.0%+3.4pp
CH5.9%-3.3pp
CA5.7%+4.2pp
FI2.0%-0.5pp
AR1.3%-0.2pp
Top 5: 45.2% · Top 10: 63.9% · Top 25: 90.4%
Top buys this quarter · 15
| INDV Indivior Pharmaceuticals Incnew | +$213M |
| PBR Petróleo Brasileiro S.A. - Pe | +$71M |
| CRDO Credo Technology Group Holdingnew | +$51M |
| YPF YPF Sociedad Anónima | +$26M |
| TDS Telephone and Data Systems, In | +$25M |
| SHAZ SharonAI Holdings, Inc. Class new | +$23M |
| EXE Expand Energy Corporation | +$19M |
| SMPL The Simply Good Foods Companynew | +$16M |
| CORZ Core Scientific, Inc. | +$15M |
| MINE Mayfair Gold Corp.new | +$14M |
Top sells this quarter · 15
| VNOM Viper Energy, Inc. | −$117M |
| TRMD TORM plc | −$527M |
| NU Nu Holdings Ltd.exit | −$64M |
| NOK Nokia Oyj | −$61M |
| VIST Vista Energy, S.A.B. de C.V.exit | −$59M |
| CRC California Resources Corporatiexit | −$48M |
| GTX Garrett Motion Inc. | −$45M |
| SBLK Star Bulk Carriers Corp.exit | −$45M |
| GRAB Grab Holdings Limitedexit | −$41M |
| CX CEMEX, S.A.B. de C.V. | −$34M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.52B | 53 | +41.79% | +17.59% | +24.20% | -0.49B |
| 2025-12-31 | $4.54B | 53 | +23.27% | +17.72% | +5.55% | -0.44B |
| 2025-09-30 | $4.73B | 55 | +7.71% | +17.52% | -9.81% | +0.29B |
| 2025-06-30 | $3.95B | 52 | -3.04% | +14.94% | -17.98% | -0.44B |
| 2025-03-31 | $4.04B | 53 | -9.52% | +8.30% | -17.82% | -0.25B |
| 2024-12-31 | $4.48B | 56 | +2.04% | +24.89% | -22.85% | -0.40B |
| 2024-09-30 | $5.31B | 58 | +23.56% | +36.04% | -12.48% | -0.00B |
| 2024-06-30 | $5.24B | 51 | +29.01% | +24.49% | +4.52% | -0.50B |
| 2024-03-31 | $5.68B | 57 | +26.20% | +29.62% | -3.42% | -0.15B |
| 2023-12-31 | $5.39B | 67 | +22.02% | +26.18% | -4.15% | -0.92B |
| 2023-09-30 | $5.67B | 76 | +28.13% | +21.57% | +6.56% | -1.05B |
| 2023-06-30 | $6.35B | 113 | +31.15% | +19.42% | +11.72% | -1.41B |
| 2023-03-31 | $7.84B | 172 | +17.97% | -7.82% | +25.79% | -0.69B |
| 2022-12-31 | $8.15B | 225 | +16.89% | +7.56% | +9.33% | -1.06B |
| 2022-09-30 | $7.88B | 258 | +8.27% | -4.93% | +13.20% | -0.22B |
| 2022-06-30 | $7.48B | 276 | -10.93% | -16.11% | +5.18% | +0.04B |