Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.43%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.01%
steady accumulation
Rally response
+1.54%
adds into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSATTelesat Corporation | $653M | 47.7% | +92.2% | 4.5 yr |
| — | $361M | 26.4% | — | 1.0 yr |
| HAFNHafnia Limited | $141M | 10.3% | +99.0% | 1.5 yr |
| IOVAIovance Biotherapeutics, | $102M | 7.4% | +5.4% | 3.5 yr |
| APOApollo Global Management | $45M | 3.3% | -17.4% | 4.0 yr |
| — | $33M | 2.4% | — | 1.0 yr |
| GFFGriffon Corporation | $17M | 1.3% | +2.7% | 0.8 yr |
| PAXPatria Investments Limit | $11M | 0.8% | +16.7% | 1.3 yr |
| WULFTeraWulf Inc. | $4M | 0.3% | +428.6% | 0.3 yr |
| ATUSAltice USA, Inc. | $1M | 0.1% | — | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Communication Equipment47.7%+6.9pp$653M
Unknown28.8%$394M
Marine Shipping10.3%+5.3pp$141M
Biotechnology7.4%-2.3pp$102M
Asset Management4.1%-4.4pp$56M
Conglomerates1.3%$17M
Financial - Capital Markets0.3%$4M
Telecommunications Services0.1%+0.0pp$1M
Country
CA47.7%+6.9pp
Unknown28.8%
US12.4%-41.5pp
SG10.3%+5.3pp
KY0.8%+0.6pp
Top 5: 95.1% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSAT | $340M | +0.31B | 92.2% |
| HAFN | $42M | +0.04B | 99.0% |
| IOVA | $81M | +0.00B | 5.4% |
| PAX | $2M | +0.00B | 16.7% |
| APO | $68M | -0.01B | -17.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| APO | $68M | -0.01B | -17.4% |
Top buys this quarter · 3
| GFF Griffon Corporation | +$8M |
| WULF TeraWulf Inc.new | +$4M |
| PAX Patria Investments Limited | +$11M |
Top sells this quarter · 1
| DVAX Dynavax Technologies Corporatiexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.37B | 10 | +66.65% | +17.59% | +49.06% | -0.06B |
| 2025-12-31 | $1.16B | 10 | +17.65% | +17.72% | -0.06% | +0.05B |
| 2025-09-30 | $1.02B | 10 | +13.78% | +17.52% | -3.74% | +0.03B |
| 2025-06-30 | $902M | 9 | +28.00% | +14.94% | +13.06% | -0.05B |
| 2025-03-31 | $832M | 9 | -18.44% | +8.30% | -26.74% | +0.05B |
| 2024-12-31 | $904M | 9 | +10.16% | +24.89% | -14.73% | -0.06B |
| 2024-09-30 | $917M | 9 | +8.26% | +36.04% | -27.77% | -0.10B |
| 2024-06-30 | $821M | 9 | +5.59% | +24.49% | -18.90% | +0.07B |
| 2024-03-31 | $1.03B | 10 | +63.09% | +29.62% | +33.46% | -0.04B |
| 2023-12-31 | $915M | 10 | +30.77% | +26.18% | +4.59% | +0.07B |
| 2023-09-30 | $816M | 10 | +32.02% | +21.57% | +10.45% | -0.04B |
| 2023-06-30 | $711M | 10 | -16.47% | +19.42% | -35.89% | -0.12B |
| 2023-03-31 | $743M | 10 | -41.87% | -7.82% | -34.06% | +0.19B |
| 2022-12-31 | $586M | 18 | +4.05% | +7.56% | -3.51% | +0.03B |
| 2022-09-30 | $532M | 29 | -23.84% | -4.93% | -18.91% | +0.01B |
| 2022-06-30 | $685M | 29 | -21.99% | -16.11% | -5.88% | -0.10B |