Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.61%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.64%
baseline attrition
Rally response
-21.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $111M | 5.9% | — | 0.3 yr |
| SBXD-UNSilverBox Corp IV | $21M | 1.1% | — | 1.5 yr |
| IPCXUInflection Point Acquisi | $19M | 1.0% | — | 1.0 yr |
| CRGYCrescent Energy Company | $18M | 0.9% | +26.2% | 0.3 yr |
| TVAIRThayer Ventures Acquisit | $18M | 0.9% | — | 0.8 yr |
| — | $18M | 0.9% | — | 0.3 yr |
| — | $18M | 0.9% | — | 2.0 yr |
| — | $17M | 0.9% | — | 0.3 yr |
| — | $17M | 0.9% | — | 0.5 yr |
| TLNCTalon Capital Corp. Clas | $17M | 0.9% | — | 0.5 yr |
| — | $16M | 0.9% | — | 0.8 yr |
| — | $16M | 0.8% | — | 1.5 yr |
| — | $16M | 0.8% | — | 0.8 yr |
| SORNSoren Acquisition Corp. | $16M | 0.8% | — | 0.3 yr |
| — | $16M | 0.8% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown56.3%-6.1pp$1.06B
Shell Companies23.1%-1.8pp$437M
Financial - Conglomerates11.1%+8.8pp$209M
Asset Management6.8%+6.2pp$129M
Oil & Gas Exploration & Production0.9%$18M
Investment - Banking & Investment Services0.8%$14M
Financial - Credit Services0.4%$8M
Banks0.4%$8M
Auto - Manufacturers0.2%$3M
Uranium0.0%$1M
Country
Unknown55.6%-5.9pp
US37.9%+2.8pp
KY3.7%+0.9pp
GB0.7%+0.7pp
AE0.4%
MX0.4%
CN0.4%+0.1pp
CA0.3%
Top 5: 9.9% · Top 10: 14.5% · Top 25: 26.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CRGY Crescent Energy Companynew | +$18M |
| SORN Soren Acquisition Corp. Class new | +$16M |
| BBCQ Bleichroeder Acquisition Corp.new | +$16M |
| SCII SC II Acquisition Corp. Class new | +$15M |
| FGII FG Imperii Acquisition Corp. Cnew | +$15M |
| IRHO Iron Horse Acquisitions II Cornew | +$15M |
| DSAC Daedalus Special Acquisition Cnew | +$13M |
| FVAV Fortress Value Acquisition Cornew | +$13M |
| MESH Meshflow Acquisition Corp.new | +$12M |
| CRAN Crane Harbor Acquisition Corp.new | +$12M |
Top sells this quarter · 15
| ZTS Zoetis Inc.exit | −$30M |
| COLA Columbus Acquisition Corpexit | −$6M |
| BABA Alibaba Group Holding Limited | −$6M |
| KYIV Kyivstar Group Ltd. Common Sha | −$2M |
| AEXA American Exceptionalism Acquis | −$1M |
| CEPT Cantor Equity Partners II, Inc | −$1M |
| TVA Texas Ventures Acquisition III | −$0M |
| BILI Bilibili Inc.exit | −$0M |
| — | −$0M |
| RAAQU Real Asset Acquisition Corp. U | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.89B | 433 | +18.41% | +17.59% | +0.82% | +0.49B |
| 2025-12-31 | $1.38B | 330 | +4.58% | +17.72% | -13.14% | +0.25B |
| 2025-09-30 | $1.13B | 273 | +18.44% | +17.52% | +0.92% | +0.07B |
| 2025-06-30 | $1.02B | 227 | +16.30% | +14.94% | +1.35% | +0.47B |
| 2025-03-31 | $489M | 152 | -31.27% | +8.30% | -39.57% | +0.05B |
| 2024-12-31 | $488M | 119 | -62.84% | +24.89% | -87.73% | +0.17B |
| 2024-09-30 | $283M | 116 | -77.90% | +36.04% | -113.94% | +0.01B |
| 2024-06-30 | $265M | 122 | -87.35% | +24.49% | -111.84% | -0.13B |
| 2024-03-31 | $593M | 136 | -80.39% | +29.62% | -110.01% | +0.30B |
| 2023-12-31 | $614M | 149 | -44.43% | +26.18% | -70.61% | +0.28B |
| 2023-09-30 | $500M | 187 | -31.28% | +21.57% | -52.85% | +0.19B |
| 2023-06-30 | $533M | 218 | +125.48% | +19.42% | +106.06% | -0.02B |
| 2023-03-31 | $538M | 305 | +97.22% | -7.82% | +105.04% | -0.81B |
| 2022-12-31 | $982M | 411 | -16.81% | +7.56% | -24.37% | -0.18B |
| 2022-09-30 | $1.40B | 558 | +92.75% | -4.93% | +97.68% | -1.83B |
| 2022-06-30 | $1.68B | 596 | -10.30% | -16.11% | +5.81% | -0.70B |