Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.33%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.49%
baseline attrition
Rally response
-12.80%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CRANCrane Harbor Acquisition | $6M | 1.1% | — | 0.3 yr |
| — | $6M | 1.0% | — | 0.3 yr |
| SVAQSilicon Valley Acquisiti | $5M | 0.9% | — | 0.3 yr |
| — | $5M | 0.9% | — | 0.3 yr |
| — | $5M | 0.9% | — | 0.3 yr |
| — | $5M | 0.8% | — | 0.3 yr |
| — | $5M | 0.8% | — | 0.5 yr |
| — | $5M | 0.8% | — | 0.3 yr |
| BDCIBTC Development Corp. Cl | $4M | 0.8% | — | 0.5 yr |
| SBXESilverBox Corp V | $4M | 0.8% | — | 0.3 yr |
| — | $4M | 0.8% | — | 0.3 yr |
| NHICNewHold Investment Corp | $4M | 0.8% | — | 1.0 yr |
| — | $4M | 0.8% | — | 0.3 yr |
| — | $4M | 0.8% | — | 0.5 yr |
| — | $4M | 0.8% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown51.8%-13.0pp$289M
Shell Companies28.0%-5.0pp$157M
Financial - Conglomerates11.5%+10.2pp$64M
Asset Management6.7%+6.7pp$37M
Banks0.6%$4M
Investment - Banking & Investment Services0.6%$3M
Financial - Credit Services0.5%$3M
Oil & Gas Midstream0.2%$1M
Regulated Electric0.1%+0.0pp$1M
REIT - Office0.1%$0M
Country
Unknown51.8%-11.0pp
US40.0%+5.1pp
KY3.4%+1.4pp
HK1.5%
MX0.7%
FR0.6%
CA0.6%
GB0.5%+0.5pp
Top 5: 4.8% · Top 10: 8.8% · Top 25: 20.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CRAN Crane Harbor Acquisition Corp.new | +$6M |
| SVAQ Silicon Valley Acquisition Cornew | +$5M |
| VHCP Vine Hill Capital Investment Cnew | +$4M |
| BIII Black Spade Acquisition III Conew | +$4M |
| BLRK Bluerock Acquisition Corp. Clanew | +$4M |
| MEVO M Evo Global Acquisition Corp new | +$4M |
| MESH Meshflow Acquisition Corp.new | +$4M |
| SVIV Spring Valley Acquisition Corpnew | +$4M |
| FGII FG Imperii Acquisition Corp. Cnew | +$3M |
| ITHA ITHAX Acquisition Corp III Clanew | +$3M |
Top sells this quarter · 15
| CCIX Churchill Capital Corp IX Ordiexit | −$2M |
| CGCT Cartesian Growth Corporation I | −$2M |
| JACS Jackson Acquisition Company II | −$2M |
| YCY AA Mission Acquisition Corp. Iexit | −$2M |
| MLAC Mountain Lake Acquisition Corp | −$1M |
| KCHV Kochav Defense Acquisition Cor | −$1M |
| KYIV Kyivstar Group Ltd. Common Shaexit | −$1M |
| TDAC Translational Development Acqu | −$1M |
| BACC Blue Acquisition Corp. | −$1M |
| DNMX Dynamix Corporation III Class | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $559M | 405 | +3.30% | +17.59% | -14.29% | +0.06B |
| 2025-12-31 | $501M | 325 | -2.68% | +17.72% | -20.39% | +0.10B |
| 2025-09-30 | $401M | 266 | -3.09% | +17.52% | -20.61% | +0.15B |
| 2025-06-30 | $257M | 214 | -11.62% | +14.94% | -26.56% | +0.09B |
| 2025-03-31 | $165M | 193 | -26.31% | +8.30% | -34.61% | +0.01B |
| 2024-12-31 | $169M | 191 | -21.13% | +24.89% | -46.02% | -0.05B |
| 2024-09-30 | $220M | 238 | -22.74% | +36.04% | -58.77% | -1.03B |
| 2024-06-30 | $1.38B | 312 | -13.48% | +24.49% | -37.97% | +0.16B |
| 2024-03-31 | $1.43B | 389 | +1.01% | +29.62% | -28.62% | -0.95B |
| 2023-12-31 | $2.35B | 462 | +2.84% | +26.18% | -23.34% | -5.22B |
| 2023-09-30 | $7.67B | 585 | +4.88% | +21.57% | -16.69% | +3.36B |
| 2023-06-30 | $4.25B | 663 | +190.97% | +19.42% | +171.55% | -0.10B |
| 2023-03-31 | $4.34B | 764 | +159.97% | -7.82% | +167.78% | +1.94B |
| 2022-12-31 | $2.34B | 897 | +0.69% | +7.56% | -6.87% | -1.10B |
| 2022-09-30 | $3.42B | 1139 | +181.32% | -4.93% | +186.25% | -7.01B |
| 2022-06-30 | $3.71B | 1149 | -10.53% | -16.11% | +5.58% | +0.27B |