Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+30.96%
adds when stocks drop
when a holding falls −10%+
Middle response
-13.46%
baseline attrition
Rally response
-45.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $22M | 4.5% | — | 0.3 yr |
| ANSCAgriculture & Natural So | $18M | 3.7% | +5.8% | 1.3 yr |
| WENNWen Acquisition Corp Cla | $15M | 3.1% | — | 0.3 yr |
| — | $15M | 3.0% | — | 0.5 yr |
| CCIXChurchill Capital Corp I | $14M | 2.9% | -1.0% | 0.3 yr |
| IPCXUInflection Point Acquisi | $13M | 2.6% | — | 0.5 yr |
| — | $13M | 2.6% | — | 0.5 yr |
| — | $12M | 2.4% | — | 0.5 yr |
| CAEPCantor Equity Partners I | $12M | 2.4% | — | 0.3 yr |
| — | $11M | 2.2% | — | 0.3 yr |
| — | $11M | 2.2% | — | 0.3 yr |
| SBXD-UNSilverBox Corp IV | $10M | 2.1% | — | 0.5 yr |
| KCHVKochav Defense Acquisiti | $10M | 2.1% | — | 0.5 yr |
| CEPOCantor Equity Partners I | $10M | 2.1% | +2.4% | 0.5 yr |
| — | $10M | 2.0% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown52.1%+21.8pp$256M
Shell Companies29.8%-18.1pp$147M
Asset Management5.0%+1.6pp$25M
Financial - Conglomerates3.7%-2.9pp$18M
Investment - Banking & Investment Services2.1%$10M
Software - Infrastructure1.9%$9M
Information Technology Services1.3%$6M
Telecommunications Services1.2%$6M
Financial - Credit Services0.6%$3M
REIT - Retail0.3%-2.1pp$2M
Country
Unknown49.1%+18.9pp
US39.6%-9.8pp
KY7.3%-7.8pp
MX1.6%
KR0.9%
SG0.4%-1.8pp
HK0.4%
FR0.2%
Top 5: 17.3% · Top 10: 29.5% · Top 25: 57.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| ANSC Agriculture & Natural Solution | +$17M |
| WENN Wen Acquisition Corp Class A Onew | +$15M |
| CCIX Churchill Capital Corp IX Ordinew | +$14M |
| CAEP Cantor Equity Partners III, Innew | +$12M |
| KCHV Kochav Defense Acquisition Cor | +$7M |
| TACH Titan Acquisition Corp.new | +$7M |
| TACO Berto Acquisition Corp.new | +$7M |
| HAVA Harvard Ave Acquisition Corpornew | +$5M |
| DMII Drugs Made In America Acquisitnew | +$3M |
| JACS Jackson Acquisition Company II | +$3M |
Top sells this quarter · 15
| MLAC Mountain Lake Acquisition Corp | −$6M |
| GIW GigCapital8 Corp.exit | −$3M |
| IPEX Inflection Point Acquisition C | −$3M |
| PINE Alpine Income Property Trust, exit | −$2M |
| LRN Stride, Inc.exit | −$2M |
| SPY State Street SPDR S&P 500 ETF exit | −$1M |
| TDAC Translational Development Acqu | −$1M |
| EMIS Emmis Acquisition Corp. | −$1M |
| IBAC IB Acquisition Corp. Common Stexit | −$1M |
| CRAC Crown Reserve Acquisition Corpexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $492M | 153 | +13.26% | +17.59% | -4.33% | +0.33B |
| 2025-12-31 | $165M | 83 | +16.63% | +17.72% | -1.09% | +0.08B |
| 2025-09-30 | $78M | 59 | +7.10% | +17.52% | -10.42% | -0.01B |
| 2025-06-30 | $86M | 75 | +7.87% | +14.94% | -7.07% | -0.03B |
| 2025-03-31 | $112M | 78 | +11.79% | +8.30% | +3.48% | -0.01B |
| 2024-12-31 | $120M | 71 | +2.99% | +2.49% | +0.50% | +0.03B |
| 2024-09-30 | $85M | 47 | +1.70% | +5.75% | -4.05% | -0.00B |
| 2024-06-30 | $84M | 50 | +3.00% | +4.38% | -1.38% | -0.00B |
| 2024-03-31 | $84M | 50 | — | — | — | — |