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
-1.76%
baseline attrition
Rally response
+0.54%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EPDEnterprise Products Part | $493M | 9.5% | +18.7% | 10.5 yr |
| WMBThe Williams Companies, | $488M | 9.4% | +25.8% | 10.5 yr |
| ETEnergy Transfer LP | $474M | 9.1% | +12.1% | 10.5 yr |
| LNGCheniere Energy, Inc. | $472M | 9.0% | +23.8% | 10.0 yr |
| MPLXMPLX Lp | $390M | 7.5% | +15.4% | 10.5 yr |
| KMIKinder Morgan, Inc. | $367M | 7.0% | +22.6% | 10.5 yr |
| OKEONEOK, Inc. | $349M | 6.7% | -3.8% | 10.5 yr |
| ENBEnbridge Inc. | $330M | 6.3% | +29.3% | 10.5 yr |
| TRPTC Energy Corporation | $302M | 5.8% | +37.4% | 7.0 yr |
| — | $265M | 5.1% | — | 0.8 yr |
| TRGPTarga Resources Corp. | $195M | 3.7% | +28.0% | 10.5 yr |
| WESWestern Midstream Partne | $161M | 3.1% | +10.3% | 7.3 yr |
| PAAPlains All American Pipe | $138M | 2.7% | +21.8% | 10.5 yr |
| AMAntero Midstream Corpora | $97M | 1.9% | +33.3% | 4.8 yr |
| DTMDT Midstream, Inc. | $88M | 1.7% | +43.6% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream86.2%-4.7pp$4.49B
Unknown5.1%+4.8pp$267M
Diversified Utilities2.5%+1.4pp$129M
Regulated Electric1.8%-0.7pp$93M
Oil & Gas Equipment & Services1.5%+0.1pp$78M
Oil & Gas Refining & Marketing0.7%+0.7pp$39M
Renewable Utilities0.6%+0.5pp$32M
Regulated Gas0.4%$22M
Asset Management0.4%-0.0pp$22M
Independent Power Producers0.3%+0.1pp$18M
Country
US81.3%-6.7pp
CA13.6%+2.5pp
Unknown5.1%+4.8pp
Top 5: 44.4% · Top 10: 75.3% · Top 25: 97.5%
Top buys this quarter · 15
| ENB Enbridge Inc. | +$81M |
| KGS Kodiak Gas Services, Inc. | +$34M |
| MPC Marathon Petroleum Corporation | +$27M |
| LNG Cheniere Energy, Inc. | +$25M |
| PAA Plains All American Pipeline, | +$24M |
| OKE ONEOK, Inc. | +$21M |
| SWX Southwest Gas Holdings, Inc.new | +$19M |
| AROC Archrock, Inc. | +$15M |
| SUNC SunocoCorp LLCnew | +$13M |
| ET Energy Transfer LP | +$12M |
Top sells this quarter · 15
| WMB The Williams Companies, Inc. | −$460M |
| KMI Kinder Morgan, Inc. | −$347M |
| LIN Linde plcexit | −$41M |
| TRP TC Energy Corporation | −$294M |
| DTM DT Midstream, Inc. | −$29M |
| MPLX MPLX Lp | −$386M |
| TRGP Targa Resources Corp. | −$160M |
| SRE Sempra | −$18M |
| EPD Enterprise Products Partners L | −$428M |
| EXC Exelon Corporationexit | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.22B | 48 | +19.36% | +17.59% | +1.77% | -0.09B |
| 2025-12-31 | $4.40B | 44 | +5.49% | +17.72% | -12.23% | -0.10B |
| 2025-09-30 | $4.53B | 48 | +19.06% | +17.52% | +1.54% | +0.20B |
| 2025-06-30 | $4.30B | 44 | +27.29% | +14.94% | +12.35% | -0.17B |
| 2025-03-31 | $4.52B | 45 | +37.01% | +8.30% | +28.71% | +0.02B |
| 2024-12-31 | $4.23B | 48 | +43.96% | +24.89% | +19.08% | -0.16B |
| 2024-09-30 | $3.91B | 46 | +35.16% | +36.04% | -0.87% | -0.09B |
| 2024-06-30 | $3.71B | 55 | +29.74% | +24.49% | +5.25% | -0.07B |
| 2024-03-31 | $3.55B | 61 | +24.72% | +29.62% | -4.90% | -0.04B |
| 2023-12-31 | $3.21B | 89 | +12.74% | +26.18% | -13.43% | -0.18B |
| 2023-09-30 | $3.22B | 96 | +15.85% | +21.57% | -5.71% | -0.21B |
| 2023-06-30 | $3.31B | 82 | +13.01% | +19.42% | -6.41% | -0.13B |
| 2023-03-31 | $3.36B | 87 | +0.20% | -7.82% | +8.01% | -0.08B |
| 2022-12-31 | $3.40B | 86 | +8.25% | +7.56% | +0.69% | -0.28B |
| 2022-09-30 | $3.39B | 86 | +0.84% | -4.93% | +5.77% | -0.16B |
| 2022-06-30 | $3.52B | 89 | -9.28% | -16.11% | +6.83% | -0.06B |