Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.57%
baseline attrition
Rally response
+3.63%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IBITiShares Bitcoin Trust ET | $46M | 9.0% | — | 2.0 yr |
| — | $25M | 4.9% | — | 0.5 yr |
| — | $25M | 4.9% | — | 0.5 yr |
| — | $10M | 2.0% | — | 1.5 yr |
| UBERUber Technologies, Inc. | $10M | 2.0% | -1.3% | 1.5 yr |
| — | $10M | 1.9% | — | 0.3 yr |
| — | $10M | 1.9% | — | 0.3 yr |
| AACOUAbony Acquisition Corp. | $9M | 1.7% | — | 0.3 yr |
| SVAQSilicon Valley Acquisiti | $8M | 1.6% | — | 0.3 yr |
| PENPenumbra, Inc. | $8M | 1.6% | +22.8% | 0.3 yr |
| — | $8M | 1.5% | — | 0.5 yr |
| WBSWebster Financial Corpor | $7M | 1.4% | +38.5% | 0.3 yr |
| NHICNewHold Investment Corp | $7M | 1.4% | — | 1.0 yr |
| JACSJackson Acquisition Comp | $7M | 1.3% | +5.2% | 1.3 yr |
| GTLSChart Industries, Inc. | $7M | 1.3% | +43.2% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Unknown41.5%+7.5pp$214M
Shell Companies18.8%-7.3pp$97M
Asset Management14.3%+1.5pp$74M
Financial - Conglomerates8.8%$46M
Software - Application2.1%-2.1pp$11M
Medical - Devices2.0%+0.3pp$11M
Banks - Regional1.4%$7M
Industrial - Machinery1.3%$7M
Regulated Electric1.2%+1.2pp$6M
Financial - Credit Services1.1%-0.9pp$5M
Country
US51.2%-11.8pp
Unknown41.4%+7.8pp
KY3.6%+0.7pp
GB1.1%+1.1pp
CA1.0%
FR0.9%
HK0.4%
AE0.3%
Top 5: 22.7% · Top 10: 31.5% · Top 25: 48.9%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| UBER | $4M | -0.00B | -1.3% |
Top buys this quarter · 15
| SVAQ Silicon Valley Acquisition Cornew | +$8M |
| PEN Penumbra, Inc.new | +$8M |
| WBS Webster Financial Corporationnew | +$7M |
| BLRK Bluerock Acquisition Corp. Clanew | +$6M |
| GTLS Chart Industries, Inc. | +$5M |
| AL Air Lease Corporationnew | +$5M |
| TXNM TXNM Energy, Inc. | +$4M |
| JHG Janus Henderson Group plcnew | +$4M |
| NWE Northwestern Energy Group Inc | +$3M |
| ADAC American Drive Acquisition Comnew | +$3M |
Top sells this quarter · 15
| FOX Fox Corporation | −$4M |
| WTRG Essential Utilities, Inc. | −$3M |
| CFLT Confluent, Inc.exit | −$3M |
| CUK Carnival Corporation & plcexit | −$2M |
| AXTA Axalta Coating Systems Ltd. | −$2M |
| TYL Tyler Technologies, Inc.exit | −$1M |
| KVUE Kenvue Inc. | −$1M |
| IMXI International Money Express, Iexit | −$1M |
| VALE Vale S.A.exit | −$0M |
| D Dominion Energy, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $517M | 240 | +21.80% | +17.59% | +4.21% | +0.13B |
| 2025-12-31 | $384M | 200 | +19.98% | +17.72% | +2.26% | -0.03B |
| 2025-09-30 | $410M | 160 | +24.85% | +17.52% | +7.33% | +0.04B |
| 2025-06-30 | $359M | 139 | +31.90% | +14.94% | +16.96% | +0.20B |
| 2025-03-31 | $139M | 129 | +15.27% | +8.30% | +6.96% | -0.11B |
| 2024-12-31 | $252M | 131 | +16.07% | +24.89% | -8.82% | +0.03B |
| 2024-09-30 | $208M | 131 | +26.76% | +36.04% | -9.28% | +0.04B |
| 2024-06-30 | $151M | 122 | +8.93% | +24.49% | -15.56% | +0.01B |
| 2024-03-31 | $134M | 133 | +14.80% | +29.62% | -14.82% | -0.01B |
| 2023-12-31 | $143M | 130 | +16.71% | +26.18% | -9.47% | -0.04B |
| 2023-09-30 | $157M | 183 | +5.49% | +21.57% | -16.08% | -0.02B |
| 2023-06-30 | $188M | 183 | +205.43% | +19.42% | +186.00% | -0.08B |
| 2023-03-31 | $245M | 234 | +146.54% | -7.82% | +154.36% | -0.20B |
| 2022-12-31 | $443M | 308 | +3.31% | +7.56% | -4.26% | -0.20B |
| 2022-09-30 | $619M | 397 | +172.18% | -4.93% | +177.11% | -0.86B |
| 2022-06-30 | $543M | 342 | -13.02% | -16.11% | +3.09% | +0.25B |