Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.02%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.45%
baseline attrition
Rally response
-15.70%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ASAASA Gold and Precious Me | $366M | 11.9% | +106.2% | 3.5 yr |
| ECATBlackRock ESG Capital Al | $299M | 9.7% | — | 4.0 yr |
| PDXPIMCO Dynamic Income Str | $142M | 4.6% | — | 4.5 yr |
| GDVThe Gabelli Dividend & I | $138M | 4.5% | — | 2.8 yr |
| — | $129M | 4.2% | — | 5.3 yr |
| BSTZBlackRock Science and Te | $123M | 4.0% | — | 3.5 yr |
| GAMGeneral American Investo | $108M | 3.5% | +29.1% | 9.8 yr |
| NBXGNeuberger Next Generatio | $97M | 3.1% | — | 4.5 yr |
| — | $79M | 2.6% | — | 0.5 yr |
| PEOAdams Natural Resources | $63M | 2.0% | — | 3.5 yr |
| MEGINYLI CBRE Global Infrast | $60M | 1.9% | — | 3.8 yr |
| LEOBNY Mellon Strategic Mun | $38M | 1.2% | +7.4% | 2.5 yr |
| MXFThe Mexico Fund, Inc. | $37M | 1.2% | — | 1.0 yr |
| FSKFS KKR Capital Corp. | $36M | 1.2% | -42.4% | 0.3 yr |
| RMTRoyce Micro-Cap Trust, I | $34M | 1.1% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management55.3%-12.0pp$1.71B
Unknown12.3%+9.1pp$380M
Asset Management - Income8.6%-8.1pp$266M
Shell Companies3.5%+3.4pp$108M
Asset Management - Global2.9%-0.6pp$90M
Asset Management - Bonds2.8%-0.2pp$88M
Internet Content & Information2.2%+1.1pp$67M
Aerospace & Defense1.3%+0.9pp$41M
Semiconductors1.3%+1.3pp$40M
Software - Infrastructure1.2%+0.7pp$37M
Country
US79.7%-13.6pp
Unknown12.3%+9.1pp
KY1.3%+1.3pp
MX1.2%
CN1.2%+0.2pp
GB0.9%-0.0pp
DE0.9%+0.4pp
JP0.6%+0.2pp
Top 5: 34.7% · Top 10: 49.9% · Top 25: 65.6%
Top buys this quarter · 15
| FSK FS KKR Capital Corp.new | +$36M |
| ASA ASA Gold and Precious Metals L | +$32M |
| APO Apollo Global Management, Inc.new | +$30M |
| ARES Ares Management Corporationnew | +$26M |
| BX Blackstone Inc.new | +$24M |
| TSLA Tesla, Inc. | +$23M |
| META Meta Platforms, Inc. | +$19M |
| OXLC Oxford Lane Capital Corp.new | +$18M |
| EVTL Vertical Aerospace Ltd. | +$17M |
| SNAP Snap Inc. | +$15M |
Top sells this quarter · 15
| THC Tenet Healthcare Corporation | −$116M |
| PLTR Palantir Technologies Inc. | −$83M |
| HQL Tekla Life Sciences Investors | −$18M |
| GAM General American Investors Com | −$14M |
| BIDU Baidu, Inc.exit | −$6M |
| BW Babcock & Wilcox Enterprises, | −$4M |
| WENN Wen Acquisition Corp Class A O | −$5M |
| CORZ Core Scientific, Inc.exit | −$4M |
| GDS GDS Holdings Limited | −$4M |
| TACO Berto Acquisition Corp.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.09B | 361 | +24.44% | +17.59% | +6.84% | +0.14B |
| 2025-12-31 | $2.95B | 324 | +24.49% | +17.72% | +6.77% | -0.21B |
| 2025-09-30 | $3.00B | 300 | +5.24% | +17.52% | -12.28% | -0.98B |
| 2025-06-30 | $3.65B | 299 | +19.74% | +14.94% | +4.80% | -0.28B |
| 2025-03-31 | $3.62B | 262 | -3.95% | +8.30% | -12.25% | -0.33B |
| 2024-12-31 | $3.96B | 273 | -12.70% | +24.89% | -37.59% | -0.18B |
| 2024-09-30 | $4.65B | 339 | -0.46% | +36.04% | -36.50% | -1.18B |
| 2024-06-30 | $4.70B | 368 | -32.41% | +24.49% | -56.90% | +0.08B |
| 2024-03-31 | $5.31B | 376 | -19.25% | +29.62% | -48.87% | +1.63B |
| 2023-12-31 | $4.05B | 423 | -26.33% | +26.18% | -52.51% | +0.87B |
| 2023-09-30 | $3.14B | 529 | -23.94% | +21.57% | -45.51% | +0.58B |
| 2023-06-30 | $3.03B | 587 | +44.13% | +19.42% | +24.70% | -1.25B |
| 2023-03-31 | $4.12B | 725 | -23.72% | -7.82% | -15.90% | -0.81B |
| 2022-12-31 | $5.95B | 887 | +4.65% | +7.56% | -2.91% | -1.96B |
| 2022-09-30 | $7.56B | 1096 | +59.86% | -4.93% | +64.79% | -4.30B |
| 2022-06-30 | $7.42B | 1084 | -45.00% | -16.11% | -28.89% | +4.13B |