Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.68%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.93%
steady accumulation
Rally response
-24.11%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $27M | 3.4% | — | 0.3 yr |
| RSPInvesco S&P 500 Equal We | $20M | 2.5% | — | 2.5 yr |
| VOOVanguard S&P 500 ETF | $19M | 2.4% | — | 2.5 yr |
| — | $18M | 2.3% | — | 2.0 yr |
| — | $18M | 2.3% | — | 0.5 yr |
| IAUiShares Gold Trust | $18M | 2.2% | — | 2.5 yr |
| APO-PAApollo Global Management | $16M | 2.1% | — | 1.8 yr |
| KIM-PNKimco Realty Corporation | $14M | 1.8% | — | 2.3 yr |
| BAC-PLBank of America Corporat | $12M | 1.6% | — | 1.5 yr |
| PENPenumbra, Inc. | $12M | 1.5% | +22.8% | 0.3 yr |
| EP-PCEl Paso Energy Capital T | $12M | 1.5% | — | 1.8 yr |
| HOLXHologic, Inc. | $9M | 1.1% | +22.4% | 2.5 yr |
| SPE-PCSpecial Opportunities Fu | $9M | 1.1% | — | 4.3 yr |
| STEWSRH Total Return Fund, I | $8M | 1.0% | — | 10.5 yr |
| — | $7M | 0.9% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management25.3%-6.5pp$201M
Unknown18.6%+15.2pp$147M
Shell Companies7.1%+5.1pp$56M
Financial - Conglomerates2.5%$20M
Biotechnology2.2%+1.5pp$17M
Medical - Devices2.0%+0.7pp$16M
Banks - Diversified1.9%+0.9pp$15M
REIT - Retail1.9%-1.3pp$15M
Oil & Gas Exploration & Production1.8%-3.2pp$15M
Computer Hardware1.5%+0.4pp$12M
Country
US77.0%-14.6pp
Unknown18.5%+15.1pp
KY1.2%
GB0.9%-0.4pp
BM0.5%+0.2pp
IE0.4%-0.1pp
IL0.3%+0.1pp
CA0.2%-0.6pp
Top 5: 12.9% · Top 10: 22.0% · Top 25: 35.5%
Top buys this quarter · 15
| PEN Penumbra, Inc.new | +$12M |
| HOLX Hologic, Inc. | +$8M |
| IRHO Iron Horse Acquisitions II Cornew | +$7M |
| IONS Ionis Pharmaceuticals, Inc. | +$5M |
| MESH Meshflow Acquisition Corp.new | +$4M |
| MEVO M Evo Global Acquisition Corp new | +$3M |
| DBCA D. Boral Acquisition I Corp. Cnew | +$2M |
| SM SM Energy Company | +$2M |
| BDCI BTC Development Corp. Class A new | +$2M |
| SVIV Spring Valley Acquisition Corpnew | +$2M |
Top sells this quarter · 15
| DMII Drugs Made In America Acquisit | −$7M |
| SPY State Street SPDR S&P 500 ETF exit | −$7M |
| AAOI Applied Optoelectronics, Inc. | −$6M |
| SOFI SoFi Technologies, Inc.exit | −$6M |
| EXE Expand Energy Corporation | −$4M |
| WDC Western Digital Corporation | −$7M |
| RKLB Rocket Lab USA, Inc. | −$3M |
| SMTC Semtech Corporationexit | −$3M |
| BE Bloom Energy Corporation | −$3M |
| ULTA Ulta Beauty, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $794M | 637 | +33.34% | +17.59% | +15.75% | +0.08B |
| 2025-12-31 | $691M | 636 | +24.07% | +17.72% | +6.35% | -0.03B |
| 2025-09-30 | $682M | 592 | +27.45% | +17.52% | +9.93% | -0.11B |
| 2025-06-30 | $722M | 580 | +15.32% | +14.94% | +0.38% | +0.08B |
| 2025-03-31 | $575M | 544 | +1.23% | +8.30% | -7.07% | -0.14B |
| 2024-12-31 | $745M | 538 | +13.55% | +24.89% | -11.33% | +0.00B |
| 2024-09-30 | $681M | 491 | +8.25% | +36.04% | -27.79% | +0.17B |
| 2024-06-30 | $521M | 487 | +15.34% | +24.49% | -9.15% | +0.07B |
| 2024-03-31 | $460M | 480 | +22.68% | +29.62% | -6.94% | -0.06B |
| 2023-12-31 | $479M | 443 | +10.45% | +26.18% | -15.73% | -0.01B |
| 2023-09-30 | $468M | 484 | +19.90% | +21.57% | -1.67% | -0.12B |
| 2023-06-30 | $559M | 522 | +9.76% | +19.42% | -9.66% | -0.08B |
| 2023-03-31 | $620M | 484 | -8.60% | -7.82% | -0.78% | -0.26B |
| 2022-12-31 | $909M | 614 | -8.04% | -18.17% | +10.13% | -0.33B |
| 2022-09-30 | $1.10B | 676 | -9.53% | -15.51% | +5.97% | -0.18B |
| 2022-06-30 | $1.32B | 731 | -5.72% | -10.62% | +4.90% | +0.10B |