Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-32.98%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.88%
baseline attrition
Rally response
+0.10%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AACBArtius II Acquisition In | $16M | 3.4% | — | 0.8 yr |
| ALOVUAldabra 4 Liquidity Oppo | $14M | 3.2% | — | 0.3 yr |
| — | $13M | 2.9% | — | 0.8 yr |
| DMIIDrugs Made In America Ac | $12M | 2.7% | — | 0.5 yr |
| FERAUFifth Era Acquisition Co | $12M | 2.7% | — | 1.3 yr |
| QADRUQDRO Acquisition Corp. U | $12M | 2.6% | — | 0.3 yr |
| KRAQUKRAKacquisition Corp Uni | $10M | 2.2% | — | 0.3 yr |
| — | $10M | 2.2% | — | 0.8 yr |
| OBAWUOxley Bridge Acquisition | $10M | 2.2% | — | 1.0 yr |
| — | $10M | 2.1% | — | 0.3 yr |
| EAElectronic Arts Inc. | $9M | 1.9% | +41.7% | 0.8 yr |
| — | $9M | 1.9% | — | 0.5 yr |
| — | $8M | 1.8% | — | 0.3 yr |
| ADACAmerican Drive Acquisiti | $8M | 1.7% | — | 0.3 yr |
| PACHPioneer Acquisition I Co | $8M | 1.7% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Shell Companies40.5%+10.1pp$183M
Unknown36.9%-12.2pp$166M
Financial - Conglomerates13.8%+13.5pp$62M
Asset Management6.1%+3.5pp$28M
Electronic Gaming & Multimedia1.9%$9M
Biotechnology0.7%+0.5pp$3M
Medical - Devices0.0%$0M
Software - Application0.0%-0.0pp$0M
Country
US47.8%+5.5pp
Unknown36.9%-12.2pp
KY12.6%+6.0pp
CA2.2%
AE0.5%
GB0.1%
Top 5: 14.9% · Top 10: 26.2% · Top 25: 49.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| ADAC American Drive Acquisition Comnew | +$8M |
| APLS Apellis Pharmaceuticals, Inc.new | +$3M |
| FVAV Fortress Value Acquisition Cornew | +$3M |
| IEAG Infinite Eagle Acquisition Cornew | +$3M |
| IRAB Iris Acquisition Corp IInew | +$2M |
| CEPS Cantor Equity Partners VI, Incnew | +$2M |
| GTEN Gores Holdings X, Inc. | +$2M |
| EA Electronic Arts Inc. | +$1M |
| OIM OneIM Acquisition Corp. Class new | +$1M |
| PEN Penumbra, Inc.new | +$0M |
Top sells this quarter · 15
| JACS Jackson Acquisition Company II | −$15M |
| EXAS Exact Sciences Corporationexit | −$8M |
| YCY AA Mission Acquisition Corp. Iexit | −$6M |
| CFLT Confluent, Inc.exit | −$5M |
| CGCT Cartesian Growth Corporation Iexit | −$5M |
| BCSS Bain Capital GSS Investment Coexit | −$4M |
| NGD New Gold Inc.exit | −$3M |
| NSC Norfolk Southern Corporationexit | −$3M |
| CEPF Cantor Equity Partners IV, Inc | −$1M |
| IAUX i-80 Gold Corp.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $451M | 166 | +11.47% | +17.59% | -6.12% | -0.02B |
| 2025-12-31 | $472M | 159 | +5.23% | +17.72% | -12.48% | +0.04B |
| 2025-09-30 | $411M | 123 | +1.78% | +17.52% | -15.74% | +0.05B |
| 2025-06-30 | $360M | 100 | +1.41% | +14.94% | -13.54% | +0.07B |
| 2025-03-31 | $281M | 76 | -2.67% | +8.30% | -10.97% | +0.06B |
| 2024-12-31 | $234M | 68 | +2.81% | +24.89% | -22.08% | -2.77B |
| 2024-09-30 | $2.98B | 103 | +2.83% | +36.04% | -33.20% | +0.13B |
| 2024-06-30 | $2.83B | 102 | -2.22% | +24.49% | -26.71% | -2.88B |
| 2024-03-31 | $5.68B | 94 | -6.43% | +29.62% | -36.05% | -0.20B |
| 2023-12-31 | $5.84B | 96 | -4.41% | +26.18% | -30.58% | +3.39B |
| 2023-09-30 | $2.43B | 138 | -4.11% | -3.22% | -0.89% | +2.17B |
| 2023-06-30 | $277M | 145 | -3.76% | +8.68% | -12.44% | -0.19B |
| 2023-03-31 | $489M | 219 | +2.86% | +7.46% | -4.60% | -1.42B |
| 2022-12-31 | $1.85B | 476 | — | — | — | +0.37B |
| 2022-09-30 | $1.48B | 358 | -9.23% | -4.93% | -4.31% | -0.14B |
| 2022-06-30 | $1.78B | 405 | — | — | — | +0.11B |