Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-43.17%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.91%
baseline attrition
Rally response
+3.86%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $47M | 8.7% | — | 0.3 yr |
| — | $30M | 5.6% | — | 0.3 yr |
| — | $19M | 3.5% | — | 1.0 yr |
| PPLCPPL Corporation Corporat | $15M | 2.8% | — | 0.3 yr |
| — | $14M | 2.6% | — | 0.8 yr |
| VSECUVSE Corporation Tangible | $10M | 1.9% | — | 0.3 yr |
| — | $10M | 1.9% | — | 0.8 yr |
| — | $8M | 1.5% | — | 0.3 yr |
| — | $8M | 1.5% | — | 0.5 yr |
| — | $8M | 1.5% | — | 1.5 yr |
| HACQUHCM IV Acquisition Corp. | $8M | 1.4% | — | 0.3 yr |
| DMIIDrugs Made In America Ac | $7M | 1.4% | — | 0.5 yr |
| — | $6M | 1.2% | — | 0.3 yr |
| — | $6M | 1.2% | — | 1.3 yr |
| SZZLUSizzle Acquisition Corp. | $6M | 1.1% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown58.7%-28.6pp$318M
Shell Companies19.1%+12.8pp$103M
Financial - Conglomerates9.2%+7.9pp$50M
Asset Management8.2%+3.3pp$44M
Regulated Electric2.8%+2.8pp$15M
Oil & Gas Equipment & Services1.0%$5M
Investment - Banking & Investment Services0.7%$4M
Banks0.3%$2M
Consulting Services0.0%-0.0pp$0M
Asset Management - Cryptocurrency0.0%$0M
Country
Unknown58.7%-28.6pp
US34.6%+23.5pp
KY3.0%+1.5pp
MX0.9%
HK0.7%
CA0.6%
KR0.6%
AE0.5%
Top 5: 23.2% · Top 10: 31.4% · Top 25: 47.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PPLC PPL Corporation Corporate Unitnew | +$15M |
| LBRT Liberty Energy Inc.new | +$5M |
| MESH Meshflow Acquisition Corp.new | +$5M |
| SVAQ Silicon Valley Acquisition Cornew | +$5M |
| DBCA D. Boral Acquisition I Corp. Cnew | +$5M |
| CRAN Crane Harbor Acquisition Corp.new | +$4M |
| SCII SC II Acquisition Corp. Class new | +$4M |
| ADAC American Drive Acquisition Comnew | +$4M |
| LPCV Launchpad Cadenza Acquisition new | +$4M |
| IRHO Iron Horse Acquisitions II Cornew | +$4M |
Top sells this quarter · 15
| ZTS Zoetis Inc.exit | −$4M |
| CRWV CoreWeave, Inc. Class A Commonexit | −$4M |
| CEPT Cantor Equity Partners II, Inc | −$1M |
| YCY AA Mission Acquisition Corp. Iexit | −$1M |
| KPTI Karyopharm Therapeutics Inc.exit | −$0M |
| TLNC Talon Capital Corp. Class A Or | −$5M |
| HNRA-WT HNR Acquisition Corp | −$0M |
| — | −$0M |
| — | −$0M |
| CCIIU Cohen Circle Acquisition Corp. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $541M | 299 | +11.99% | +17.59% | -5.60% | +0.15B |
| 2025-12-31 | $390M | 241 | -10.61% | +17.72% | -28.33% | +0.06B |
| 2025-09-30 | $343M | 175 | -1.23% | +8.12% | -9.35% | +0.05B |
| 2025-06-30 | $299M | 131 | +16.10% | +10.78% | +5.32% | +0.06B |
| 2025-03-31 | $202M | 91 | -19.27% | -4.27% | -15.00% | +0.07B |
| 2024-12-31 | $159M | 104 | — | — | — | +0.11B |
| 2024-09-30 | $52M | 97 | +0.15% | +5.75% | -5.60% | +0.01B |
| 2024-06-30 | $41M | 59 | — | — | — | +0.01B |
| 2024-03-31 | $31M | 123 | -3.29% | +29.62% | -32.91% | -0.36B |
| 2023-12-31 | $388M | 145 | -1.85% | +26.18% | -28.03% | +0.35B |
| 2023-09-30 | $42M | 166 | -1.54% | +21.57% | -23.11% | -0.02B |
| 2023-06-30 | $60M | 193 | +158.35% | +19.42% | +138.93% | -0.10B |
| 2023-03-31 | $160M | 229 | +2.22% | +7.46% | -5.24% | -0.22B |
| 2022-12-31 | $373M | 341 | +1.28% | +7.56% | -6.28% | -0.30B |
| 2022-09-30 | $667M | 483 | +148.83% | -4.93% | +153.76% | -1.14B |
| 2022-06-30 | $724M | 526 | — | — | — | -0.12B |