Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.13%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.19%
steady accumulation
Rally response
-6.58%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EPDEnterprise Products Part | $258M | 13.9% | +18.7% | 4.8 yr |
| ETEnergy Transfer LP | $159M | 8.6% | +12.1% | 4.8 yr |
| KMIKinder Morgan, Inc. | $95M | 5.1% | +22.6% | 5.5 yr |
| PAAPlains All American Pipe | $60M | 3.2% | +21.8% | 0.8 yr |
| WESWestern Midstream Partne | $52M | 2.8% | +10.3% | 4.0 yr |
| ONON Semiconductor Corpora | $45M | 2.4% | +52.2% | 4.0 yr |
| PGRThe Progressive Corporat | $41M | 2.2% | -25.5% | 0.5 yr |
| ANSCAgriculture & Natural So | $30M | 1.6% | +5.8% | 1.8 yr |
| — | $27M | 1.4% | — | 2.8 yr |
| — | $25M | 1.3% | — | 4.3 yr |
| CAEPCantor Equity Partners I | $23M | 1.2% | — | 1.0 yr |
| MLACMountain Lake Acquisitio | $20M | 1.1% | +4.8% | 1.3 yr |
| CCIXChurchill Capital Corp I | $19M | 1.0% | -1.0% | 1.3 yr |
| — | $19M | 1.0% | — | 1.3 yr |
| TACOBerto Acquisition Corp. | $19M | 1.0% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown34.7%+14.1pp$647M
Oil & Gas Midstream33.6%-2.1pp$625M
Shell Companies18.3%+10.5pp$340M
Asset Management3.6%+3.3pp$67M
Financial - Conglomerates2.8%+2.7pp$52M
Semiconductors2.4%-5.9pp$45M
Insurance - Property & Casualty2.2%$42M
Investment - Banking & Investment Services0.9%$17M
Real Estate - Diversified0.7%-0.0pp$13M
Telecommunications Services0.4%-0.1pp$8M
Country
US59.4%-17.5pp
Unknown33.7%+13.1pp
KY4.5%+4.1pp
HK0.7%
MX0.6%
CN0.2%
CA0.2%-1.4pp
SG0.2%-0.1pp
Top 5: 33.6% · Top 10: 42.6% · Top 25: 56.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KMI | $189M | +0.04B | 22.6% |
| EPD | $174M | +0.03B | 18.7% |
| ON | $30M | +0.02B | 52.2% |
| ET | $118M | +0.01B | 12.1% |
| JOE | $10M | +0.00B | 35.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CCIX | $0M | -0.00B | -1.0% |
Top buys this quarter · 15
| PGR The Progressive Corporation | +$20M |
| MLAC Mountain Lake Acquisition Corp | +$16M |
| WES Western Midstream Partners, LP | +$16M |
| CAEP Cantor Equity Partners III, In | +$12M |
| FGII FG Imperii Acquisition Corp. Cnew | +$10M |
| CCIX Churchill Capital Corp IX Ordi | +$9M |
| TACO Berto Acquisition Corp. | +$8M |
| XRPN Armada Acquisition Corp. II | +$7M |
| UAC United Acquisition Corp Inew | +$4M |
| SCII SC II Acquisition Corp. Class new | +$4M |
Top sells this quarter · 15
| NVDA NVIDIA Corporationexit | −$77M |
| MSFT Microsoft Corporationexit | −$56M |
| TSLA Tesla, Inc.exit | −$50M |
| YCY AA Mission Acquisition Corp. Iexit | −$33M |
| NFLX Netflix, Inc.exit | −$24M |
| AMZN Amazon.com, Inc.exit | −$14M |
| CRM Salesforce, Inc.exit | −$10M |
| COLA Columbus Acquisition Corp | −$2M |
| DYOR Insight Digital Partners IIexit | −$0M |
| CEPT Cantor Equity Partners II, Inc | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.86B | 344 | +25.69% | +17.59% | +8.10% | -0.03B |
| 2025-12-31 | $1.75B | 274 | +13.64% | +17.72% | -4.07% | +0.20B |
| 2025-09-30 | $1.52B | 224 | +18.72% | +17.52% | +1.21% | -0.19B |
| 2025-06-30 | $1.56B | 203 | +10.39% | +14.94% | -4.55% | +0.16B |
| 2025-03-31 | $1.35B | 143 | +7.30% | +8.30% | -1.01% | -0.38B |
| 2024-12-31 | $1.77B | 139 | +17.16% | +24.89% | -7.72% | +0.28B |
| 2024-09-30 | $1.40B | 140 | +14.99% | +36.04% | -21.05% | -0.42B |
| 2024-06-30 | $1.79B | 142 | +13.38% | +24.49% | -11.12% | +0.17B |
| 2024-03-31 | $1.60B | 148 | +14.88% | +29.62% | -14.74% | +0.12B |
| 2023-12-31 | $1.38B | 184 | +15.30% | +26.18% | -10.88% | -0.22B |
| 2023-09-30 | $1.53B | 209 | +24.27% | +21.57% | +2.70% | -0.08B |
| 2023-06-30 | $1.61B | 219 | +20.65% | +19.42% | +1.22% | -0.00B |
| 2023-03-31 | $1.57B | 234 | +2.66% | -7.82% | +10.48% | -0.41B |
| 2022-12-31 | $1.85B | 336 | +12.79% | +7.56% | +5.23% | -0.47B |
| 2022-09-30 | $2.06B | 510 | -2.64% | -4.93% | +2.29% | +0.10B |
| 2022-06-30 | $2.02B | 553 | -12.70% | -16.11% | +3.41% | +0.32B |