Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.63%
adds when stocks drop
when a holding falls −10%+
Middle response
-9.34%
baseline attrition
Rally response
-18.39%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $58M | 7.7% | — | 1.0 yr |
| MSOSAdvisorShares Pure US Ca | $58M | 7.6% | — | 3.5 yr |
| MTCHMatch Group, Inc. | $42M | 5.5% | +0.1% | 2.3 yr |
| NVDANVIDIA Corporation | $40M | 5.3% | +60.9% | 1.3 yr |
| — | $33M | 4.3% | — | 0.8 yr |
| SPSCSPS Commerce, Inc. | $32M | 4.2% | -58.1% | 0.3 yr |
| FIVNFive9, Inc. | $32M | 4.2% | -44.1% | 2.0 yr |
| NWAX-UNNew America Acquisition | $31M | 4.1% | — | 0.5 yr |
| FCRSFutureCrest Acquisition | $26M | 3.5% | — | 0.8 yr |
| BLUWBlue Water Acquisition C | $26M | 3.4% | — | 0.5 yr |
| — | $24M | 3.2% | — | 0.3 yr |
| TVATexas Ventures Acquisiti | $23M | 3.0% | — | 0.8 yr |
| CEPOCantor Equity Partners I | $21M | 2.8% | +2.4% | 0.8 yr |
| VENUVenu Holding Corporation | $18M | 2.4% | -64.2% | 0.3 yr |
| LOVEThe Lovesac Company | $17M | 2.3% | -18.8% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown19.2%+14.3pp$145M
Asset Management12.6%+11.3pp$96M
Shell Companies9.2%+6.4pp$70M
Internet Content & Information7.1%-3.1pp$54M
Financial - Conglomerates6.9%$52M
Semiconductors6.7%+3.5pp$51M
Software - Application5.1%+0.2pp$38M
Software - Infrastructure4.8%-10.2pp$37M
Furnishings, Fixtures & Appliances2.9%-4.6pp$22M
Restaurants2.7%$21M
Country
US72.7%-0.6pp
Unknown19.2%+14.3pp
CA5.5%-4.3pp
GG0.8%
TW0.6%-0.4pp
SG0.3%
KY0.3%-0.7pp
IL0.3%-6.2pp
Top 5: 30.4% · Top 10: 49.7% · Top 25: 78.6%
Top buys this quarter · 15
| SPSC SPS Commerce, Inc.new | +$32M |
| VENU Venu Holding Corporationnew | +$18M |
| ODV Osisko Development Corp. | +$12M |
| GLXY Galaxy Digitalnew | +$11M |
| SHAZ SharonAI Holdings, Inc. Class new | +$11M |
| TSLA Tesla, Inc. | +$9M |
| FIVN Five9, Inc. | +$8M |
| XXI Twenty One Capital Incnew | +$8M |
| GSAT Globalstar, Inc. | +$7M |
| PSA Public Storage | +$6M |
Top sells this quarter · 15
| CCO Clear Channel Outdoor Holdingsexit | −$47M |
| RDDT Reddit, Inc. | −$14M |
| ORBS Eightco Holdings Inc.exit | −$8M |
| GROY Gold Royalty Corp. | −$7M |
| NRXP NRx Pharmaceuticals, Inc.exit | −$6M |
| LW Lamb Weston Holdings, Inc.exit | −$6M |
| REKR Rekor Systems, Inc.exit | −$6M |
| TU TELUS Corporationexit | −$5M |
| BRR ProCap Financial, Inc. | −$4M |
| AQN Algonquin Power & Utilities Co | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $758M | 98 | -3.36% | +17.59% | -20.95% | +0.12B |
| 2025-12-31 | $715M | 93 | +2.69% | +17.72% | -15.03% | -0.06B |
| 2025-09-30 | $881M | 83 | +31.36% | +17.52% | +13.84% | +0.29B |
| 2025-06-30 | $542M | 86 | +40.22% | +14.94% | +25.28% | -0.01B |
| 2025-03-31 | $488M | 104 | +17.79% | +8.30% | +9.49% | -0.27B |
| 2024-12-31 | $797M | 113 | +25.07% | +24.89% | +0.18% | +0.03B |
| 2024-09-30 | $685M | 114 | +14.62% | +36.04% | -21.41% | -0.07B |
| 2024-06-30 | $645M | 114 | -2.01% | +24.49% | -26.51% | +0.17B |
| 2024-03-31 | $500M | 101 | +1.75% | +29.62% | -27.87% | +0.03B |
| 2023-12-31 | $464M | 120 | +8.97% | +26.18% | -17.21% | +0.14B |
| 2023-09-30 | $312M | 85 | +19.08% | +21.57% | -2.49% | +0.01B |
| 2023-06-30 | $307M | 97 | +5.34% | +19.42% | -14.09% | +0.03B |
| 2023-03-31 | $285M | 99 | -12.47% | -7.82% | -4.66% | -0.01B |
| 2022-12-31 | $279M | 132 | +12.15% | +7.56% | +4.59% | -0.28B |
| 2022-09-30 | $497M | 167 | -11.68% | -4.93% | -6.75% | -0.11B |
| 2022-06-30 | $689M | 215 | -17.95% | -16.11% | -1.84% | +0.10B |