Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.50%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.34%
baseline attrition
Rally response
+7.18%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WULFTeraWulf Inc. | $108M | 42.6% | +428.6% | 2.3 yr |
| CORZCore Scientific, Inc. | $30M | 11.8% | +106.6% | 2.0 yr |
| NRGVEnergy Vault Holdings, I | $18M | 7.1% | +374.5% | 3.3 yr |
| SATSEchoStar Corporation | $18M | 6.9% | +357.7% | 1.0 yr |
| APOApollo Global Management | $14M | 5.5% | -17.4% | 3.8 yr |
| YNDXYandex N.V. | $13M | 5.1% | — | 1.5 yr |
| PTONPeloton Interactive, Inc | $11M | 4.4% | -32.1% | 2.0 yr |
| — | $11M | 4.2% | — | 0.8 yr |
| NVRIEnviri Corporation | $10M | 3.9% | +195.0% | 0.5 yr |
| VIAVia Transportation, Inc. | $4M | 1.5% | — | 0.3 yr |
| AEVAAeva Technologies, Inc. | $3M | 1.3% | +88.0% | 0.5 yr |
| CLSKCleanSpark, Inc. | $3M | 1.0% | +26.6% | 0.3 yr |
| NOMDNomad Foods Limited | $2M | 0.9% | -48.7% | 3.3 yr |
| STSSSharps Technology, Inc. | $2M | 0.7% | — | 0.5 yr |
| — | $1M | 0.6% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Financial - Capital Markets42.6%+36.9pp$108M
Software - Infrastructure11.8%+7.6pp$30M
Renewable Utilities7.1%+6.1pp$18M
Communication Equipment6.9%+6.3pp$18M
Asset Management6.1%-18.5pp$16M
Internet Content & Information5.1%+1.9pp$13M
Unknown5.1%+3.1pp$13M
Leisure4.4%-0.2pp$11M
Waste Management3.9%$10M
Software - Application1.5%+0.9pp$4M
Country
US88.7%-4.5pp
RU5.1%+2.6pp
Unknown5.1%+3.1pp
GB0.9%
KY0.1%
GG0.0%
Top 5: 73.9% · Top 10: 93.0% · Top 25: 99.7%
Top buys this quarter · 15
| WULF TeraWulf Inc. | +$17M |
| CORZ Core Scientific, Inc. | +$12M |
| APO Apollo Global Management, Inc. | +$11M |
| VIA Via Transportation, Inc.new | +$4M |
| PTON Peloton Interactive, Inc. | +$11M |
| CLSK CleanSpark, Inc.new | +$3M |
| NVRI Enviri Corporation | +$2M |
| CTEV Claritev Corporationnew | +$1M |
| NRGV Energy Vault Holdings, Inc. | +$18M |
| AEVA Aeva Technologies, Inc. | +$1M |
Top sells this quarter · 15
| SATS EchoStar Corporation | −$29M |
| WBD Warner Bros. Discovery, Inc.exit | −$23M |
| SOC Sable Offshore Corp.exit | −$4M |
| ABR Arbor Realty Trust, Inc.exit | −$4M |
| GOOG Alphabet Inc.exit | −$3M |
| DEI Douglas Emmett, Inc.exit | −$2M |
| TSLA Tesla, Inc.exit | −$2M |
| NAVN Navan, Inc.exit | −$2M |
| HUT.TO Hut 8 Mining Corp.exit | −$2M |
| AMZN Amazon.com, Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $254M | 30 | +68.28% | +17.59% | +50.68% | -0.01B |
| 2025-12-31 | $262M | 36 | +32.86% | +17.72% | +15.14% | -0.01B |
| 2025-09-30 | $252M | 35 | +50.58% | +17.52% | +33.06% | -0.04B |
| 2025-06-30 | $211M | 42 | +15.55% | +14.94% | +0.60% | -0.02B |
| 2025-03-31 | $202M | 37 | +8.06% | +8.30% | -0.24% | +0.05B |
| 2024-12-31 | $190M | 31 | +45.15% | +24.89% | +20.27% | -0.03B |
| 2024-09-30 | $181M | 44 | +20.91% | +36.04% | -15.12% | +0.02B |
| 2024-06-30 | $150M | 37 | +14.60% | +24.49% | -9.89% | +0.01B |
| 2024-03-31 | $135M | 34 | +10.88% | +29.62% | -18.75% | +0.03B |
| 2023-12-31 | $93M | 28 | +6.98% | +26.18% | -19.20% | +0.02B |
| 2023-09-30 | $74M | 33 | +21.06% | +21.57% | -0.50% | +0.02B |
| 2023-06-30 | $56M | 30 | -3.83% | +19.42% | -23.26% | -0.01B |
| 2023-03-31 | $69M | 25 | -33.43% | -7.82% | -25.61% | -0.01B |
| 2022-12-31 | $79M | 29 | +13.93% | +7.56% | +6.37% | +0.01B |
| 2022-09-30 | $60M | 26 | -20.76% | -4.93% | -15.84% | +0.01B |
| 2022-06-30 | $64M | 22 | -29.50% | -16.11% | -13.39% | -0.01B |