Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.91%
baseline attrition
Rally response
-13.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MHDBlackRock MuniHoldings F | $141M | 7.1% | — | 5.3 yr |
| MQYBlackRock MuniYield Qual | $87M | 4.4% | — | 4.5 yr |
| MYIBlackRock MuniYield Qual | $55M | 2.8% | — | 7.0 yr |
| HYTBlackRock Corporate High | $50M | 2.5% | — | 5.3 yr |
| VKQInvesco Municipal Trust | $42M | 2.1% | — | 8.0 yr |
| MUBiShares National Muni Bo | $36M | 1.8% | — | 1.5 yr |
| BSTZBlackRock Science and Te | $33M | 1.7% | — | 3.8 yr |
| PMLPIMCO Municipal Income F | $32M | 1.6% | — | 3.3 yr |
| — | $29M | 1.5% | — | 0.5 yr |
| USALiberty All-Star Equity | $29M | 1.5% | — | 4.5 yr |
| OTFBlue Owl Technology Fina | $27M | 1.4% | — | 0.8 yr |
| VMOInvesco Municipal Opport | $26M | 1.3% | — | 6.8 yr |
| PDXPIMCO Dynamic Income Str | $25M | 1.3% | — | 7.0 yr |
| SABASaba Capital Income & Op | $24M | 1.2% | — | 1.8 yr |
| MUCBlackRock MuniHoldings C | $23M | 1.2% | — | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management48.9%+4.1pp$968M
Unknown21.8%+8.3pp$431M
Shell Companies10.3%+6.3pp$203M
Asset Management - Income10.1%-23.4pp$199M
Financial - Conglomerates4.4%+3.2pp$87M
Asset Management - Bonds1.7%+0.3pp$33M
Asset Management - Global1.1%-0.2pp$22M
Financial - Credit Services1.0%$19M
Real Estate - Diversified0.5%$9M
Investment - Banking & Investment Services0.3%$5M
Country
US74.2%-8.7pp
Unknown21.8%+8.3pp
KY1.8%+1.6pp
GB1.2%-0.7pp
HK0.4%+0.4pp
SG0.2%-0.3pp
FR0.2%-0.7pp
CA0.1%
Top 5: 18.9% · Top 10: 27.0% · Top 25: 42.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| FSCO FS Credit Opportunities Corp.new | +$20M |
| FSK FS KKR Capital Corp. | +$18M |
| OBDC Blue Owl Capital Corporation | +$10M |
| ARCC Ares Capital Corporation | +$5M |
| CRAN Crane Harbor Acquisition Corp.new | +$5M |
| SCPQ Social Commerce Partners Corponew | +$5M |
| VHCP Vine Hill Capital Investment Cnew | +$5M |
| SVAQ Silicon Valley Acquisition Cornew | +$5M |
| SORN Soren Acquisition Corp. Class new | +$5M |
| SCII SC II Acquisition Corp. Class new | +$4M |
Top sells this quarter · 15
| GBDC Golub Capital BDC, Inc.exit | −$22M |
| ECCU Eagle Point Credit Company Incexit | −$11M |
| NMFC New Mountain Finance Corporatiexit | −$10M |
| CGBD Carlyle Secured Lending, Inc. | −$7M |
| BBDC Barings BDC, Inc.exit | −$7M |
| GIW GigCapital8 Corp.exit | −$6M |
| XRPN Armada Acquisition Corp. IIexit | −$5M |
| IFN Aberdeen India Fund, Inc.exit | −$4M |
| CHEC Chenghe Acquisition III Co. Clexit | −$4M |
| BACC Blue Acquisition Corp.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.98B | 539 | +5.84% | +17.59% | -11.75% | -0.01B |
| 2025-12-31 | $2.12B | 475 | +15.27% | +17.72% | -2.44% | +0.33B |
| 2025-09-30 | $1.75B | 479 | +9.65% | +17.52% | -7.87% | -0.17B |
| 2025-06-30 | $1.81B | 357 | +8.53% | +14.94% | -6.42% | -0.15B |
| 2025-03-31 | $1.88B | 360 | -44.33% | +8.30% | -52.63% | -0.24B |
| 2024-12-31 | $2.08B | 402 | -90.76% | +24.89% | -115.64% | +0.07B |
| 2024-09-30 | $2.07B | 399 | -98.15% | +36.04% | -134.19% | -0.15B |
| 2024-06-30 | $2.12B | 427 | -98.48% | +24.49% | -122.97% | +1.02B |
| 2024-03-31 | $2.06B | 439 | -97.05% | +29.62% | -126.67% | +1.71B |
| 2023-12-31 | $2.09B | 451 | -82.15% | +26.18% | -108.33% | -0.07B |
| 2023-09-30 | $11.10B | 536 | -1.73% | +21.57% | -23.30% | +9.10B |
| 2023-06-30 | $2.32B | 570 | +7.95% | +19.42% | -11.47% | +0.18B |
| 2023-03-31 | $2.07B | 626 | -5.13% | -7.82% | +2.68% | -0.22B |
| 2022-12-31 | $2.22B | 713 | +6.78% | +7.56% | -0.78% | -0.13B |
| 2022-09-30 | $2.20B | 865 | -4.92% | -4.93% | +0.00% | -0.12B |
| 2022-06-30 | $2.44B | 817 | -9.12% | -16.11% | +6.99% | +0.08B |