Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.77%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.13%
baseline attrition
Rally response
-14.78%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SATSEchoStar Corporation | $218M | 11.3% | +357.7% | 0.8 yr |
| WBDWarner Bros. Discovery, | $163M | 8.4% | +155.9% | 0.8 yr |
| AESThe AES Corporation | $156M | 8.1% | +19.9% | 0.3 yr |
| LQDiShares iBoxx $ Investme | $121M | 6.3% | — | 1.5 yr |
| — | $121M | 6.3% | — | 0.5 yr |
| — | $71M | 3.7% | — | 1.8 yr |
| IGSBiShares 1-5 Year Investm | $66M | 3.4% | — | 1.0 yr |
| VCITVanguard Intermediate-Te | $58M | 3.0% | — | 0.8 yr |
| KYIVKyivstar Group Ltd. Comm | $56M | 2.9% | — | 0.8 yr |
| SPLBState Street SPDR Portfo | $52M | 2.7% | — | 0.3 yr |
| SLABSilicon Laboratories Inc | $36M | 1.9% | +84.9% | 0.3 yr |
| BACCBlue Acquisition Corp. | $34M | 1.8% | — | 0.5 yr |
| NSCNorfolk Southern Corpora | $20M | 1.0% | +23.6% | 0.8 yr |
| SORNSoren Acquisition Corp. | $18M | 0.9% | — | 0.3 yr |
| — | $17M | 0.9% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown24.7%-5.1pp$478M
Asset Management - Bonds16.2%-24.5pp$313M
Communication Equipment11.5%$222M
Shell Companies8.6%+7.5pp$166M
Entertainment8.4%$163M
Independent Power Producers8.1%+8.0pp$156M
Financial - Conglomerates5.5%$107M
Asset Management4.0%-2.2pp$77M
Telecommunications Services3.6%+0.7pp$70M
Semiconductors2.3%+2.1pp$45M
Country
US67.6%-0.3pp
Unknown24.7%-5.1pp
AE3.3%
KY1.5%
SG0.7%+0.2pp
GB0.6%+0.0pp
CA0.4%-0.1pp
CN0.2%-0.3pp
Top 5: 40.4% · Top 10: 56.1% · Top 25: 67.4%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BTDR | $11M | -0.00B | -2.0% |
Top buys this quarter · 15
| SATS EchoStar Corporation | +$183M |
| AES The AES Corporationnew | +$156M |
| WBD Warner Bros. Discovery, Inc. | +$136M |
| SLAB Silicon Laboratories Inc.new | +$36M |
| SORN Soren Acquisition Corp. Class new | +$18M |
| KYIV Kyivstar Group Ltd. Common Sha | +$17M |
| BACC Blue Acquisition Corp. | +$14M |
| FVAV Fortress Value Acquisition Cornew | +$10M |
| OBDC Blue Owl Capital Corporationnew | +$10M |
| IRAB Iris Acquisition Corp IInew | +$8M |
Top sells this quarter · 15
| NSC Norfolk Southern Corporation | −$108M |
| TXNM TXNM Energy, Inc.exit | −$107M |
| CC The Chemours Companyexit | −$36M |
| SNDK Sandisk Corporation | −$15M |
| INTC Intel Corporationexit | −$15M |
| UNH UnitedHealth Group Incorporateexit | −$12M |
| MU Micron Technology, Inc.exit | −$10M |
| CLSK CleanSpark, Inc.exit | −$8M |
| TER Teradyne, Inc.exit | −$7M |
| FMC FMC Corporationexit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.93B | 293 | +48.21% | +17.59% | +30.62% | -0.21B |
| 2025-12-31 | $2.07B | 96 | +43.93% | +17.72% | +26.21% | +0.50B |
| 2025-09-30 | $1.46B | 91 | +49.01% | +17.52% | +31.49% | -1.09B |
| 2025-06-30 | $2.07B | 72 | +29.96% | +14.94% | +15.02% | -0.04B |
| 2025-03-31 | $1.95B | 58 | +15.99% | +8.30% | +7.69% | +1.01B |
| 2024-12-31 | $938M | 48 | +25.16% | +24.89% | +0.28% | +0.02B |
| 2024-09-30 | $823M | 45 | +18.56% | +36.04% | -17.48% | +0.39B |
| 2024-06-30 | $400M | 27 | -0.77% | +24.49% | -25.26% | +0.04B |
| 2024-03-31 | $374M | 31 | +5.45% | +29.62% | -24.18% | -0.09B |
| 2023-12-31 | $432M | 21 | +0.71% | +26.18% | -25.47% | -24.21B |
| 2023-09-30 | $23.22B | 94 | +13.41% | +21.57% | -8.16% | +23.07B |
| 2023-06-30 | $167M | 110 | +17.41% | +19.42% | -2.02% | -0.09B |
| 2023-03-31 | $247M | 135 | -21.27% | -7.82% | -13.45% | -0.11B |
| 2022-12-31 | $345M | 249 | +19.51% | +7.56% | +11.95% | +0.15B |
| 2022-09-30 | $167M | 310 | -6.94% | -4.93% | -2.01% | +0.07B |
| 2022-06-30 | $101M | 315 | -31.32% | -16.11% | -15.21% | +0.04B |