Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.67%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.31%
steady accumulation
Rally response
-22.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WBDWarner Bros. Discovery, | $110M | 11.3% | +155.9% | 0.5 yr |
| EAElectronic Arts Inc. | $81M | 8.3% | +41.7% | 0.5 yr |
| AESThe AES Corporation | $62M | 6.4% | +19.9% | 0.3 yr |
| MASIMasimo Corporation | $56M | 5.7% | +6.8% | 0.3 yr |
| NSCNorfolk Southern Corpora | $50M | 5.1% | +23.6% | 0.3 yr |
| TERNTerns Pharmaceuticals, I | $43M | 4.4% | — | 0.3 yr |
| LBRDKLiberty Broadband Corpor | $42M | 4.3% | — | 7.3 yr |
| — | $40M | 4.1% | — | 0.5 yr |
| CGCTCartesian Growth Corpora | $28M | 2.8% | — | 0.5 yr |
| — | $26M | 2.6% | — | 0.3 yr |
| GTENGores Holdings X, Inc. | $24M | 2.4% | — | 1.0 yr |
| CWANClearwater Analytics Hol | $23M | 2.4% | -11.8% | 0.5 yr |
| ANSCAgriculture & Natural So | $21M | 2.2% | +5.8% | 0.8 yr |
| NWENorthwestern Energy Grou | $21M | 2.1% | +19.1% | 0.3 yr |
| RAAQUReal Asset Acquisition C | $18M | 1.9% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown25.2%-18.5pp$246M
Shell Companies15.1%+13.1pp$147M
Entertainment11.7%+0.8pp$114M
Electronic Gaming & Multimedia8.3%$81M
Independent Power Producers6.4%$62M
Medical - Devices5.7%$56M
Railroads5.1%$50M
Biotechnology4.4%$43M
Telecommunications Services4.4%-7.5pp$43M
Software - Application4.1%$40M
Country
US69.4%+10.4pp
Unknown23.6%-12.4pp
KY5.6%
GB0.9%
HK0.5%
Top 5: 36.9% · Top 10: 55.2% · Top 25: 81.9%
Top buys this quarter · 15
| WBD Warner Bros. Discovery, Inc. | +$74M |
| AES The AES Corporationnew | +$62M |
| EA Electronic Arts Inc. | +$57M |
| MASI Masimo Corporationnew | +$56M |
| NSC Norfolk Southern Corporationnew | +$50M |
| NWE Northwestern Energy Group Incnew | +$21M |
| OS OneStream, Inc. Class A Commonnew | +$17M |
| BBCQ Bleichroeder Acquisition Corp.new | +$13M |
| SLAB Silicon Laboratories Inc.new | +$11M |
| GTEN Gores Holdings X, Inc. | +$9M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$37M |
| HOLX Hologic, Inc.exit | −$21M |
| FOX Fox Corporationexit | −$21M |
| NESR National Energy Services Reuniexit | −$17M |
| IMXI International Money Express, Iexit | −$15M |
| CCIX Churchill Capital Corp IX Ordi | −$15M |
| CWAN Clearwater Analytics Holdings, | −$13M |
| UAA Under Armour, Inc. | −$10M |
| NGD New Gold Inc.exit | −$9M |
| TACO Berto Acquisition Corp.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $974M | 99 | +35.13% | +17.59% | +17.53% | +0.21B |
| 2025-12-31 | $748M | 95 | +28.67% | +17.72% | +10.96% | +0.15B |
| 2025-09-30 | $480M | 66 | +21.78% | +17.52% | +4.27% | +0.03B |
| 2025-06-30 | $420M | 42 | +21.59% | +14.94% | +6.65% | +0.10B |
| 2025-03-31 | $323M | 28 | +6.45% | +8.30% | -1.86% | -0.05B |
| 2024-12-31 | $380M | 33 | +8.59% | +24.89% | -16.30% | +0.10B |
| 2024-09-30 | $238M | 41 | -4.41% | +36.04% | -40.45% | -0.17B |
| 2024-06-30 | $385M | 41 | -14.00% | +24.49% | -38.50% | +0.18B |
| 2024-03-31 | $241M | 38 | +3.04% | +29.62% | -26.58% | -0.04B |
| 2023-12-31 | $277M | 52 | +2.75% | +26.18% | -23.43% | -0.23B |
| 2023-09-30 | $492M | 63 | -1.12% | +21.57% | -22.69% | +0.26B |
| 2023-06-30 | $243M | 70 | +0.12% | +19.42% | -19.30% | +0.03B |
| 2023-03-31 | $202M | 75 | -13.96% | -7.82% | -6.14% | -0.07B |
| 2022-12-31 | $276M | 81 | -0.43% | +7.56% | -7.99% | -0.33B |
| 2022-09-30 | $612M | 107 | -3.05% | -4.93% | +1.88% | +0.02B |
| 2022-06-30 | $608M | 111 | -10.46% | -16.11% | +5.65% | +0.04B |