Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.93%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.14%
steady accumulation
Rally response
-18.42%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVCBInvestcorp Europe Acquis | $24.20B | 35.0% | — | 2.5 yr |
| GIGGigCapital7 Corp. | $21.20B | 30.7% | — | 0.3 yr |
| — | $10.24B | 14.8% | — | 0.8 yr |
| — | $5.10B | 7.4% | — | 0.3 yr |
| — | $3.51B | 5.1% | — | 0.8 yr |
| — | $1.76B | 2.5% | — | 0.5 yr |
| FLFVFeutune Light Acquisitio | $624M | 0.9% | — | 2.0 yr |
| NKGNNKGen Biotech, Inc. Comm | $193M | 0.3% | — | 2.0 yr |
| — | $188M | 0.3% | — | 0.3 yr |
| ENHAA Paradise Acquisition C | $150M | 0.2% | — | 0.3 yr |
| — | $137M | 0.2% | — | 1.5 yr |
| ADER26 Capital Acquisition C | $116M | 0.2% | — | 2.0 yr |
| IVCAWInvestcorp India Acquisi | $71M | 0.1% | — | 3.5 yr |
| IXAQWIX Acquisition Corp. | $52M | 0.1% | — | 1.3 yr |
| — | $42M | 0.1% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Shell Companies67.7%+42.5pp$46.77B
Unknown31.5%-12.8pp$21.81B
Biotechnology0.3%-0.3pp$214M
Financial - Conglomerates0.2%-0.4pp$138M
Asset Management0.1%-0.0pp$61M
Software - Application0.1%-2.4pp$51M
Renewable Utilities0.0%-0.3pp$25M
Electronic Gaming & Multimedia0.0%$18M
Medical - Instruments & Supplies0.0%$13M
Entertainment0.0%$9M
Country
KY35.2%+34.6pp
US33.3%-14.9pp
Unknown31.3%-13.0pp
GB0.1%-1.0pp
HK0.0%
SG0.0%
MY0.0%
SE0.0%
Top 5: 93.0% · Top 10: 97.2% · Top 25: 98.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CEPO | $4M | +0.00B | 2.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CRAN Crane Harbor Acquisition Corp.new | +$28M |
| GIG GigCapital7 Corp.new | +$21M |
| DBCA D. Boral Acquisition I Corp. Cnew | +$21M |
| OS OneStream, Inc. Class A Commonnew | +$21M |
| EA Electronic Arts Inc.new | +$18M |
| CWAN Clearwater Analytics Holdings, | +$14M |
| NWAX New America Acquisition I Corpnew | +$12M |
| APLS Apellis Pharmaceuticals, Inc.new | +$12M |
| CGCT Cartesian Growth Corporation I | +$11M |
| MEVO M Evo Global Acquisition Corp new | +$10M |
Top sells this quarter · 15
| BDCI BTC Development Corp. Class A exit | −$18M |
| EXAS Exact Sciences Corporationexit | −$15M |
| CEPF Cantor Equity Partners IV, Inc | −$10M |
| XRPN Armada Acquisition Corp. II | −$7M |
| FOLD Amicus Therapeutics, Inc. | −$7M |
| MLAC Mountain Lake Acquisition Corpexit | −$6M |
| YCY AA Mission Acquisition Corp. Iexit | −$6M |
| COLA Columbus Acquisition Corpexit | −$5M |
| AL Air Lease Corporation | −$3M |
| SEE Sealed Air Corporation | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $69.12B | 380 | -0.37% | +17.59% | -17.96% | +1.66B |
| 2025-12-31 | $66.46B | 406 | -39.18% | +17.72% | -56.90% | -32.77B |
| 2025-09-30 | $99.76B | 313 | -35.62% | +17.52% | -53.14% | +99.21B |
| 2025-06-30 | $535M | 165 | -40.09% | +14.94% | -55.03% | +0.27B |
| 2025-03-31 | $273M | 142 | -40.88% | +8.30% | -49.18% | +0.10B |
| 2024-12-31 | $279M | 142 | +13.64% | +24.89% | -11.24% | -0.10B |
| 2024-09-30 | $361M | 205 | -27.08% | +36.04% | -63.12% | -0.15B |
| 2024-06-30 | $537M | 252 | -24.57% | +24.49% | -49.06% | -0.02B |
| 2024-03-31 | $586M | 268 | -20.47% | +29.62% | -50.09% | -0.11B |
| 2023-12-31 | $588M | 316 | -34.91% | +26.18% | -61.09% | +0.19B |
| 2023-09-30 | $585M | 370 | -14.96% | +21.57% | -36.53% | +0.05B |
| 2023-06-30 | $543M | 385 | +51.71% | +19.42% | +32.29% | -0.31B |
| 2023-03-31 | $846M | 418 | -2.53% | +7.46% | -9.99% | -1.58B |
| 2022-12-31 | $2.48B | 389 | -11.74% | +7.56% | -19.30% | +2.14B |
| 2022-09-30 | $390M | 394 | +74.96% | -4.93% | +79.89% | -0.53B |
| 2022-06-30 | $524M | 487 | — | — | — | +0.26B |