Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+11.37%
adds when stocks drop
when a holding falls −10%+
Middle response
-9.59%
baseline attrition
Rally response
-14.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| APO-PAApollo Global Management | $147M | 12.3% | — | 1.5 yr |
| — | $37M | 3.1% | — | 0.8 yr |
| — | $34M | 2.9% | — | 1.5 yr |
| KKRKKR & Co. Inc. | $33M | 2.7% | -19.5% | 0.3 yr |
| BAThe Boeing Company | $30M | 2.5% | +16.7% | 1.0 yr |
| SOThe Southern Company | $29M | 2.4% | +8.4% | 0.3 yr |
| — | $26M | 2.2% | — | 0.5 yr |
| — | $25M | 2.1% | — | 0.3 yr |
| BOXBox, Inc. | $24M | 2.0% | -23.4% | 1.3 yr |
| NEENextEra Energy, Inc. | $22M | 1.8% | +34.9% | 2.8 yr |
| KIM-PNKimco Realty Corporation | $9M | 0.8% | — | 1.8 yr |
| — | $9M | 0.7% | — | 0.3 yr |
| FGIIFG Imperii Acquisition C | $9M | 0.7% | — | 0.3 yr |
| SCIISC II Acquisition Corp. | $8M | 0.7% | — | 0.3 yr |
| — | $8M | 0.7% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown43.4%+9.8pp$520M
Asset Management18.9%+0.8pp$226M
Shell Companies18.3%+9.7pp$219M
Financial - Conglomerates7.4%+7.4pp$89M
Regulated Electric4.2%-11.4pp$50M
Software - Application2.6%-0.9pp$31M
Aerospace & Defense2.5%-10.9pp$30M
REIT - Retail0.8%-4.6pp$9M
Investment - Banking & Investment Services0.5%$6M
Semiconductors0.5%+0.4pp$6M
Country
US49.1%-14.1pp
Unknown43.4%+9.8pp
KY2.6%+0.8pp
SG1.2%-0.1pp
HK0.8%
MX0.6%
KR0.5%
CA0.5%
Top 5: 23.5% · Top 10: 33.9% · Top 25: 43.9%
Top buys this quarter · 15
| KKR KKR & Co. Inc.new | +$33M |
| SO The Southern Companynew | +$29M |
| BOX Box, Inc. | +$21M |
| FGII FG Imperii Acquisition Corp. Cnew | +$9M |
| SCII SC II Acquisition Corp. Class new | +$8M |
| DBCA D. Boral Acquisition I Corp. Cnew | +$7M |
| FVAV Fortress Value Acquisition Cornew | +$6M |
| SORN Soren Acquisition Corp. Class new | +$5M |
| HAVA Harvard Ave Acquisition Corpor | +$5M |
| WPAC White Pearl Acquisition Corp.new | +$5M |
Top sells this quarter · 15
| BA The Boeing Company | −$50M |
| MCHP Microchip Technology Incorpora | −$24M |
| ZTS Zoetis Inc.exit | −$11M |
| DDOG Datadog, Inc.exit | −$9M |
| DNMX Dynamix Corporation III Class | −$5M |
| LCID Lucid Group, Inc. | −$4M |
| VACI Viking Acquisition Corp. I | −$3M |
| BLZR Trailblazer Acquisition Corp. | −$3M |
| EVOX Evolution Global Acquisition C | −$2M |
| CCIX Churchill Capital Corp IX Ordiexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.20B | 465 | +19.70% | +17.59% | +2.11% | -0.07B |
| 2025-12-31 | $1.31B | 363 | +21.27% | +17.72% | +3.55% | +0.22B |
| 2025-09-30 | $1.06B | 294 | +48.96% | +17.52% | +31.44% | +0.20B |
| 2025-06-30 | $762M | 239 | +50.61% | +14.94% | +35.67% | +0.22B |
| 2025-03-31 | $508M | 151 | +50.84% | +8.30% | +42.54% | -0.39B |
| 2024-12-31 | $919M | 166 | +78.39% | +24.89% | +53.51% | +0.41B |
| 2024-09-30 | $404M | 214 | +53.54% | +36.04% | +17.50% | -0.00B |
| 2024-06-30 | $354M | 282 | +29.08% | +24.49% | +4.59% | -0.59B |
| 2024-03-31 | $884M | 306 | +22.49% | +29.62% | -7.14% | -0.57B |
| 2023-12-31 | $1.26B | 374 | +7.06% | +26.18% | -19.12% | +0.55B |
| 2023-09-30 | $653M | 480 | +0.34% | +21.57% | -21.23% | +0.27B |
| 2023-06-30 | $403M | 224 | +173.34% | +19.42% | +153.91% | -0.96B |
| 2023-03-31 | $1.34B | 624 | +149.97% | -7.82% | +157.78% | -0.74B |
| 2022-12-31 | $2.06B | 734 | +135.66% | -18.17% | +153.84% | -0.30B |
| 2022-09-30 | $2.32B | 887 | +157.64% | -15.51% | +173.15% | -4.02B |
| 2022-06-30 | $2.42B | 907 | -1.02% | -10.62% | +9.60% | +0.06B |