Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+8.78%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.40%
baseline attrition
Rally response
-5.42%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SMSM Energy Company | $338M | 12.6% | +8.9% | 1.3 yr |
| WIXWix.com Ltd. | $257M | 9.6% | -44.9% | 1.3 yr |
| IACIAC InterActive Corp. | $237M | 8.8% | +6.3% | 1.0 yr |
| HEI-AHEICO Corporation | $123M | 4.6% | — | 3.0 yr |
| LBRDKLiberty Broadband Corpor | $95M | 3.6% | — | 5.5 yr |
| — | $88M | 3.3% | — | 2.5 yr |
| LBRDALiberty Broadband Corpor | $63M | 2.4% | — | 4.0 yr |
| — | $46M | 1.7% | — | 2.0 yr |
| TDSTelephone and Data Syste | $25M | 0.9% | +9.1% | 0.8 yr |
| MLAAUMountain Lake Acquisitio | $22M | 0.8% | — | 0.3 yr |
| XSLLUXsolla SPAC 1 Units | $19M | 0.7% | — | 0.3 yr |
| MEVOM Evo Global Acquisition | $18M | 0.7% | — | 0.3 yr |
| FOXFox Corporation | $18M | 0.7% | +1.8% | 0.5 yr |
| — | $17M | 0.6% | — | 0.5 yr |
| NWSANews Corporation | $17M | 0.6% | -7.7% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown27.3%+10.1pp$732M
Shell Companies13.7%+9.2pp$366M
Oil & Gas Exploration & Production12.7%+8.6pp$341M
Software - Infrastructure9.6%+8.8pp$258M
Internet Content & Information8.9%+8.7pp$240M
Telecommunications Services7.0%-41.2pp$187M
Financial - Conglomerates6.8%$183M
Aerospace & Defense4.7%+0.2pp$127M
Asset Management2.4%+2.2pp$63M
Entertainment1.4%+1.2pp$37M
Country
US57.9%-25.2pp
Unknown26.8%+10.5pp
IL9.6%
KY3.5%
HK1.0%
CA0.3%+0.1pp
SG0.2%+0.2pp
KR0.2%
Top 5: 39.2% · Top 10: 48.3% · Top 25: 57.5%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CCIX | $14M | -0.00B | -1.0% |
Top buys this quarter · 15
| SM SM Energy Company | +$327M |
| WIX Wix.com Ltd. | +$250M |
| MEVO M Evo Global Acquisition Corp new | +$18M |
| DBCA D. Boral Acquisition I Corp. Cnew | +$17M |
| ITHA ITHAX Acquisition Corp III Clanew | +$12M |
| BBCQ Bleichroeder Acquisition Corp.new | +$12M |
| MESH Meshflow Acquisition Corp.new | +$11M |
| BIII Black Spade Acquisition III Conew | +$11M |
| ADAC American Drive Acquisition Comnew | +$10M |
| LPCV Launchpad Cadenza Acquisition new | +$10M |
Top sells this quarter · 15
| CUK Carnival Corporation & plcexit | −$106M |
| FOX Fox Corporation | −$20M |
| YCY AA Mission Acquisition Corp. Iexit | −$18M |
| VLO Valero Energy Corporationexit | −$10M |
| MPC Marathon Petroleum Corporationexit | −$9M |
| RRC Range Resources Corporation | −$9M |
| AR Antero Resources Corporationexit | −$8M |
| EQT EQT Corporationexit | −$8M |
| GPOR Gulfport Energy Corporation | −$7M |
| EXE Expand Energy Corporationexit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.68B | 648 | +61.33% | +17.59% | +43.74% | +0.58B |
| 2025-12-31 | $2.08B | 559 | +31.78% | +17.72% | +14.06% | -0.35B |
| 2025-09-30 | $2.11B | 489 | +32.21% | +17.52% | +14.69% | -0.14B |
| 2025-06-30 | $2.11B | 418 | +19.90% | +14.94% | +4.96% | +0.03B |
| 2025-03-31 | $1.60B | 353 | +1.66% | +8.30% | -6.64% | +0.30B |
| 2024-12-31 | $1.57B | 304 | +11.53% | +24.89% | -13.36% | -0.35B |
| 2024-09-30 | $1.66B | 305 | +24.06% | +36.04% | -11.98% | +0.16B |
| 2024-06-30 | $1.55B | 287 | -3.93% | +24.49% | -28.42% | -0.13B |
| 2024-03-31 | $1.52B | 267 | -2.50% | +29.62% | -32.12% | +0.05B |
| 2023-12-31 | $1.62B | 193 | +62.47% | +26.18% | +36.29% | -0.79B |
| 2023-09-30 | $1.88B | 222 | +14.87% | +21.57% | -6.70% | -0.21B |
| 2023-06-30 | $2.79B | 250 | +262.21% | +19.42% | +242.78% | -0.83B |
| 2023-03-31 | $3.24B | 359 | +107.79% | -7.82% | +115.61% | -3.37B |
| 2022-12-31 | $4.38B | 504 | -9.15% | +7.56% | -16.72% | -0.41B |
| 2022-09-30 | $5.28B | 675 | +136.27% | -4.93% | +141.20% | -7.16B |
| 2022-06-30 | $5.26B | 675 | -35.81% | -16.11% | -19.70% | +1.91B |