Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.69%
trims when stocks drop
when a holding falls −10%+
Middle response
+29.14%
steady accumulation
Rally response
+14.94%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $245M | 32.9% | — | 1.5 yr |
| CEPFCantor Equity Partners I | $32M | 4.3% | — | 0.8 yr |
| — | $27M | 3.6% | — | 1.0 yr |
| — | $25M | 3.4% | — | 0.8 yr |
| — | $25M | 3.4% | — | 1.0 yr |
| ALDFAldel Financial II Inc. | $25M | 3.3% | +4.5% | 1.5 yr |
| NWAXNew America Acquisition | $25M | 3.3% | — | 0.3 yr |
| — | $23M | 3.2% | — | 0.5 yr |
| — | $22M | 2.9% | — | 0.5 yr |
| — | $19M | 2.6% | — | 0.8 yr |
| CEPTCantor Equity Partners I | $18M | 2.4% | — | 1.0 yr |
| BLUWBlue Water Acquisition C | $17M | 2.2% | — | 0.5 yr |
| — | $15M | 2.0% | — | 0.3 yr |
| RTACURenatus Tactical Acquisi | $15M | 2.0% | — | 0.8 yr |
| — | $15M | 2.0% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown70.3%+5.7pp$523M
Shell Companies21.5%-6.2pp$160M
Financial - Conglomerates4.8%+4.7pp$36M
Asset Management2.7%$20M
Steel0.3%-1.2pp$2M
Computer Hardware0.1%$1M
Regulated Electric0.1%$1M
Asset Management - Cryptocurrency0.1%$1M
Education & Training Services0.0%$0M
Tobacco0.0%$0M
Country
Unknown70.3%+7.6pp
US26.5%-8.6pp
KY2.0%
SG0.8%
TW0.3%-1.2pp
CN0.0%
Top 5: 47.6% · Top 10: 62.9% · Top 25: 86.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ALDF | $4M | +0.00B | 4.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| NWAX New America Acquisition I Corpnew | +$25M |
| CEPF Cantor Equity Partners IV, Inc | +$20M |
| UAC United Acquisition Corp Inew | +$10M |
| SAC Safeguard Acquisition Corp.new | +$10M |
| TLNC Talon Capital Corp. Class A Ornew | +$9M |
| CEPS Cantor Equity Partners VI, Incnew | +$3M |
| — new | +$0M |
| KIDZ Classover Holdings, Inc. Classnew | +$0M |
| — new | +$0M |
| — | +$0M |
Top sells this quarter · 15
| WENN Wen Acquisition Corp Class A Oexit | −$19M |
| BLZR Trailblazer Acquisition Corp.exit | −$9M |
| CEPT Cantor Equity Partners II, Inc | −$8M |
| BDCI BTC Development Corp. Class A exit | −$7M |
| GTEN Gores Holdings X, Inc.exit | −$6M |
| DYOR Insight Digital Partners IIexit | −$5M |
| CGCT Cartesian Growth Corporation Iexit | −$3M |
| KYIV Kyivstar Group Ltd. Common Shaexit | −$2M |
| BLUW Blue Water Acquisition Corp II | −$1M |
| TVA Texas Ventures Acquisition III | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $744M | 180 | -80.39% | +17.59% | -97.98% | +0.21B |
| 2025-12-31 | $546M | 180 | -78.52% | +17.72% | -96.24% | +0.08B |
| 2025-09-30 | $509M | 146 | -79.60% | +8.12% | -87.72% | +0.43B |
| 2025-06-30 | $386M | 120 | +6.94% | +10.78% | -3.83% | +0.15B |
| 2025-03-31 | $220M | 115 | +8.09% | -4.27% | +12.36% | -5.55B |
| 2024-12-31 | $5.34B | 105 | — | — | — | — |