Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.70%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.99%
baseline attrition
Rally response
-15.89%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARISAris Mining Corporation | $145M | 12.5% | +300.2% | 2.8 yr |
| ASTLAlgoma Steel Group Inc. | $53M | 4.6% | -23.2% | 2.5 yr |
| — | $48M | 4.2% | — | 0.3 yr |
| NXENexGen Energy Ltd. | $28M | 2.4% | +158.4% | 5.0 yr |
| CCXIUChurchill Capital Corp X | $28M | 2.4% | — | 0.5 yr |
| DMIIDrugs Made In America Ac | $27M | 2.3% | — | 0.3 yr |
| — | $23M | 1.9% | — | 0.8 yr |
| CRDLCardiol Therapeutics Inc | $21M | 1.8% | +39.2% | 4.5 yr |
| — | $20M | 1.7% | — | 0.8 yr |
| — | $17M | 1.5% | — | 0.3 yr |
| — | $17M | 1.5% | — | 0.3 yr |
| — | $16M | 1.4% | — | 1.0 yr |
| RDAGURepublic Digital Acquisi | $16M | 1.4% | — | 0.8 yr |
| — | $16M | 1.4% | — | 1.8 yr |
| CEPFCantor Equity Partners I | $15M | 1.3% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Unknown34.3%-10.4pp$398M
Shell Companies22.3%+13.4pp$258M
Other Precious Metals12.5%+3.6pp$145M
Steel6.2%+0.1pp$72M
Financial - Conglomerates6.0%$69M
Asset Management5.3%+5.3pp$61M
Uranium3.3%-22.5pp$39M
Drug Manufacturers - Specialty & Generic2.0%+1.3pp$23M
Semiconductors1.7%+1.5pp$20M
Internet Content & Information1.0%$11M
Country
Unknown34.3%-8.0pp
US32.9%+2.8pp
CA24.7%+0.5pp
KY6.5%+3.2pp
NL0.9%
LU0.5%
GB0.2%
IL0.0%+0.0pp
Top 5: 26.1% · Top 10: 35.3% · Top 25: 54.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ARIS | $52M | +0.16B | 300.2% |
| NXE | $5M | +0.01B | 158.4% |
| CRDL | $1M | +0.00B | 39.2% |
| ASTL | $36M | -0.01B | -23.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ASTL | $36M | -0.01B | -23.2% |
Top buys this quarter · 15
| DMII Drugs Made In America Acquisitnew | +$27M |
| CRDL Cardiol Therapeutics Inc. | +$20M |
| STLD Steel Dynamics, Inc. | +$11M |
| STM STMicroelectronics N.V.new | +$11M |
| SNAP Snap Inc.new | +$9M |
| CRAN Crane Harbor Acquisition Corp.new | +$6M |
| ASTL Algoma Steel Group Inc. | +$6M |
| GM General Motors Company | +$5M |
| CEPS Cantor Equity Partners VI, Incnew | +$4M |
| VGZ Vista Gold Corp. | +$2M |
Top sells this quarter · 15
| ARIS Aris Mining Corporation | −$111M |
| UEC Uranium Energy Corp. | −$16M |
| DNN Denison Mines Corp. | −$15M |
| CCIX Churchill Capital Corp IX Ordi | −$13M |
| UUUU Energy Fuels Inc.exit | −$7M |
| CRON Cronos Group Inc. | −$4M |
| IMSR Terrestrial Energy Inc. | −$4M |
| NFGC New Found Gold Corp. | −$1M |
| URG Ur-Energy Inc.exit | −$1M |
| BWA BorgWarner Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.16B | 243 | +144.45% | +17.59% | +126.86% | +0.08B |
| 2025-12-31 | $1.00B | 208 | +75.09% | +17.72% | +57.37% | -0.03B |
| 2025-09-30 | $860M | 172 | +45.91% | +17.52% | +28.39% | -0.31B |
| 2025-06-30 | $831M | 144 | +11.91% | +14.94% | -3.03% | +0.04B |
| 2025-03-31 | $587M | 131 | -24.35% | +8.30% | -32.65% | +0.07B |
| 2024-12-31 | $665M | 139 | +3.58% | +24.89% | -21.31% | -0.19B |
| 2024-09-30 | $857M | 164 | +11.76% | +36.04% | -24.28% | -0.90B |
| 2024-06-30 | $1.63B | 176 | +29.98% | +24.49% | +5.49% | -0.12B |
| 2024-03-31 | $1.92B | 178 | +61.74% | +29.62% | +32.12% | +0.89B |
| 2023-12-31 | $978M | 186 | +50.84% | +26.18% | +24.66% | +0.40B |
| 2023-09-30 | $539M | 193 | +26.22% | +21.57% | +4.65% | -0.13B |
| 2023-06-30 | $529M | 205 | -23.03% | +19.42% | -42.46% | -0.51B |
| 2023-03-31 | $919M | 259 | -71.47% | -7.82% | -63.65% | -0.32B |
| 2022-12-31 | $1.26B | 368 | -10.05% | +7.56% | -17.61% | +0.13B |
| 2022-09-30 | $1.26B | 469 | -23.38% | -4.93% | -18.46% | +0.31B |
| 2022-06-30 | $1.25B | 479 | -57.90% | -16.11% | -41.79% | +0.53B |