Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.38%
trims when stocks drop
when a holding falls −10%+
Middle response
+3.45%
steady accumulation
Rally response
-15.74%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $235M | 7.7% | — | 10.0 yr |
| MHDBlackRock MuniHoldings F | $226M | 7.4% | — | 3.8 yr |
| BTTBlackrock Municipal 2030 | $106M | 3.5% | — | 4.8 yr |
| VBVanguard Small-Cap ETF | $84M | 2.7% | — | 10.5 yr |
| MYNBlackRock MuniYield New | $78M | 2.6% | — | 7.8 yr |
| VEUVanguard FTSE All-World | $73M | 2.4% | — | 10.5 yr |
| VWOVanguard FTSE Emerging M | $71M | 2.3% | — | 10.5 yr |
| WIAWestern Asset Inflation- | $67M | 2.2% | — | 9.5 yr |
| FINSAngel Oak Financial Stra | $60M | 2.0% | — | 3.5 yr |
| MYIBlackRock MuniYield Qual | $60M | 1.9% | — | 3.8 yr |
| IVViShares Core S&P 500 ETF | $59M | 1.9% | — | 8.5 yr |
| MUCBlackRock MuniHoldings C | $56M | 1.8% | — | 6.0 yr |
| — | $44M | 1.4% | — | 0.8 yr |
| QQQXNuveen Nasdaq 100 Dynami | $44M | 1.4% | — | 3.5 yr |
| GDVThe Gabelli Dividend & I | $40M | 1.3% | — | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management56.1%+10.5pp$1.72B
Unknown19.5%+0.6pp$597M
Asset Management - Income9.6%-12.9pp$293M
Shell Companies7.0%+1.1pp$215M
Asset Management - Bonds3.2%-1.3pp$98M
Asset Management - Global2.7%+0.1pp$83M
Financial - Conglomerates1.2%$36M
Financial - Credit Services0.3%$10M
Investment - Banking & Investment Services0.3%$8M
Banks0.1%$2M
Country
US73.4%-4.1pp
Unknown19.5%+0.7pp
GB3.5%+1.4pp
SG1.0%+0.6pp
HK0.7%+0.6pp
MX0.5%
KY0.5%+0.2pp
CA0.3%
Top 5: 23.8% · Top 10: 34.6% · Top 25: 52.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SCII SC II Acquisition Corp. Class new | +$30M |
| WPAC White Pearl Acquisition Corp.new | +$16M |
| DMII Drugs Made In America Acquisit | +$14M |
| WSTN Westin Acquisition Corpnew | +$14M |
| WENN Wen Acquisition Corp Class A Onew | +$5M |
| HAVA Harvard Ave Acquisition Corpor | +$5M |
| DNMX Dynamix Corporation III Class new | +$5M |
| LAFA LaFayette Acquisition Corp. Or | +$4M |
| ITHA ITHAX Acquisition Corp III Clanew | +$3M |
| HVMC Highview Merger Corp. Class A new | +$2M |
Top sells this quarter · 15
| YCY AA Mission Acquisition Corp. I | −$57M |
| SAT Saratoga Investment Corp 6.00%exit | −$24M |
| AFJK Aimei Health Technology Co., L | −$23M |
| ECCV Eagle Point Credit Company Incexit | −$10M |
| PDPA Pearl Diver Credit Company Incexit | −$9M |
| SAZ Saratoga Investment Corp 8.50%exit | −$8M |
| EICA Eagle Point Income Company Incexit | −$4M |
| XRPN Armada Acquisition Corp. II | −$3M |
| HTFC Horizon Technology Finance Corexit | −$2M |
| ECCC Eagle Point Credit Company Incexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.07B | 229 | +32.24% | +17.59% | +14.65% | -0.76B |
| 2025-12-31 | $3.60B | 311 | +26.27% | +17.72% | +8.56% | -0.03B |
| 2025-09-30 | $3.04B | 202 | +6.96% | +17.52% | -10.56% | -0.05B |
| 2025-06-30 | $3.03B | 197 | +6.76% | +14.94% | -8.18% | -0.11B |
| 2025-03-31 | $3.07B | 200 | +5.76% | +8.30% | -2.55% | -0.34B |
| 2024-12-31 | $3.37B | 203 | +8.80% | +24.89% | -16.09% | -0.27B |
| 2024-09-30 | $3.59B | 218 | +0.27% | +36.04% | -35.77% | -0.01B |
| 2024-06-30 | $3.54B | 227 | -0.69% | +24.49% | -25.18% | +0.03B |
| 2024-03-31 | $3.46B | 237 | +0.49% | +29.62% | -29.13% | +0.04B |
| 2023-12-31 | $3.28B | 255 | -0.91% | +26.18% | -27.09% | +0.51B |
| 2023-09-30 | $2.97B | 272 | +9.03% | +21.57% | -12.54% | -0.23B |
| 2023-06-30 | $3.18B | 314 | +8.72% | +19.42% | -10.70% | -0.09B |
| 2023-03-31 | $3.18B | 374 | -7.05% | -7.82% | +0.77% | +0.14B |
| 2022-12-31 | $2.95B | 435 | -13.84% | -18.17% | +4.33% | +0.17B |
| 2022-09-30 | $2.71B | 506 | -6.73% | -15.51% | +8.78% | -0.15B |
| 2022-06-30 | $2.85B | 502 | -6.54% | -10.62% | +4.08% | +0.10B |