Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.20%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.41%
baseline attrition
Rally response
-26.02%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CCIXChurchill Capital Corp I | $29M | 1.9% | -1.0% | 2.0 yr |
| XRPNArmada Acquisition Corp. | $23M | 1.5% | — | 0.8 yr |
| — | $21M | 1.4% | — | 0.3 yr |
| MLACMountain Lake Acquisitio | $21M | 1.4% | +4.8% | 1.3 yr |
| — | $21M | 1.4% | — | 1.0 yr |
| TACHTitan Acquisition Corp. | $21M | 1.4% | — | 1.0 yr |
| GTENGores Holdings X, Inc. | $20M | 1.4% | — | 1.0 yr |
| — | $20M | 1.3% | — | 1.0 yr |
| — | $18M | 1.2% | — | 1.0 yr |
| SZZLUSizzle Acquisition Corp. | $18M | 1.2% | — | 1.0 yr |
| — | $18M | 1.2% | — | 1.0 yr |
| SBXESilverBox Corp V | $16M | 1.1% | — | 0.3 yr |
| — | $16M | 1.0% | — | 1.3 yr |
| — | $16M | 1.0% | — | 1.0 yr |
| — | $16M | 1.0% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown52.9%+15.3pp$794M
Shell Companies29.4%-23.0pp$441M
Financial - Conglomerates11.5%+5.0pp$172M
Asset Management5.2%+5.1pp$79M
Investment - Banking & Investment Services0.3%$5M
Banks0.3%$5M
Financial - Capital Markets0.3%-0.1pp$5M
Biotechnology0.0%-0.0pp$0M
Medical - Devices0.0%-2.1pp$0M
Asset Management - Cryptocurrency0.0%+0.0pp$0M
Country
Unknown50.9%+14.3pp
US40.3%-13.6pp
KY5.7%-2.8pp
HK1.2%
AE0.7%+0.7pp
GB0.4%+0.4pp
CA0.4%+0.4pp
AU0.3%-0.1pp
Top 5: 7.6% · Top 10: 14.1% · Top 25: 29.5%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CCIX | $2M | -0.00B | -1.0% |
Top buys this quarter · 15
| ADAC American Drive Acquisition Comnew | +$12M |
| ITHA ITHAX Acquisition Corp III Clanew | +$12M |
| LPCV Launchpad Cadenza Acquisition new | +$12M |
| MESH Meshflow Acquisition Corp.new | +$12M |
| HCIC Hennessy Capital Investment Conew | +$12M |
| SORN Soren Acquisition Corp. Class new | +$11M |
| CRAN Crane Harbor Acquisition Corp.new | +$11M |
| ALUB Alussa Energy Acquisition Corpnew | +$10M |
| BIII Black Spade Acquisition III Conew | +$10M |
| IRAB Iris Acquisition Corp IInew | +$10M |
Top sells this quarter · 15
| ZTS Zoetis Inc.exit | −$4M |
| CEPT Cantor Equity Partners II, Incexit | −$2M |
| AEXA American Exceptionalism Acquis | −$0M |
| — | −$1M |
| ABPWW Abpro Holdings Incexit | −$0M |
| — exit | −$0M |
| NWAX-UN New America Acquisition I Corpexit | −$0M |
| ISPOW Inspirato Incorporatedexit | −$0M |
| IRHOU Iron Horse Acquisitions Corp. exit | −$0M |
| — exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.50B | 396 | +14.10% | +17.59% | -3.49% | +0.30B |
| 2025-12-31 | $1.21B | 313 | +0.77% | +17.72% | -16.95% | +0.28B |
| 2025-09-30 | $940M | 274 | +23.04% | +17.52% | +5.52% | +0.15B |
| 2025-06-30 | $740M | 227 | +15.37% | +14.94% | +0.43% | +0.49B |
| 2025-03-31 | $235M | 162 | +1.58% | +8.30% | -6.73% | +0.10B |
| 2024-12-31 | $157M | 152 | +6.66% | +24.89% | -18.23% | +0.08B |
| 2024-09-30 | $60M | 154 | -8.77% | +36.04% | -44.81% | +0.02B |
| 2024-06-30 | $36M | 166 | -16.90% | +24.49% | -41.39% | -0.17B |
| 2024-03-31 | $213M | 199 | -16.45% | +29.62% | -46.08% | -0.06B |
| 2023-12-31 | $291M | 204 | -14.91% | +26.18% | -41.09% | -1.39B |
| 2023-09-30 | $1.62B | 254 | -15.62% | +21.57% | -37.19% | +1.30B |
| 2023-06-30 | $357M | 291 | +162.19% | +19.42% | +142.77% | -0.09B |
| 2023-03-31 | $466M | 365 | +276.29% | -7.82% | +284.11% | -0.09B |
| 2022-12-31 | $591M | 492 | +2.59% | +7.56% | -4.97% | -0.26B |
| 2022-09-30 | $827M | 701 | +183.32% | -4.93% | +188.25% | -1.86B |
| 2022-06-30 | $949M | 750 | +37.07% | -16.11% | +53.18% | -0.42B |