Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
—
—
when a holding falls −10%+
Middle response
-3.06%
baseline attrition
Rally response
—
—
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $4M | 4.5% | — | 1.5 yr |
| ALDFAldel Financial II Inc. | $4M | 4.4% | +4.5% | 1.3 yr |
| — | $4M | 3.9% | — | 1.5 yr |
| — | $3M | 3.3% | — | 1.5 yr |
| — | $3M | 3.3% | — | 1.5 yr |
| IEAGUInfinite Eagle Acquisiti | $3M | 3.3% | — | 0.3 yr |
| — | $2M | 2.2% | — | 1.0 yr |
| — | $2M | 2.2% | — | 1.0 yr |
| AACBArtius II Acquisition In | $2M | 2.2% | — | 1.0 yr |
| NWAXNew America Acquisition | $2M | 2.1% | — | 0.3 yr |
| — | $2M | 2.0% | — | 1.5 yr |
| ZKPULafayette Digital Acquis | $2M | 1.9% | — | 0.3 yr |
| — | $2M | 1.7% | — | 1.5 yr |
| — | $2M | 1.7% | — | 1.0 yr |
| TLNCTalon Capital Corp. Clas | $2M | 1.6% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown49.0%-21.5pp$46M
Shell Companies37.5%+20.9pp$35M
Financial - Conglomerates7.7%+5.3pp$7M
Asset Management4.4%-6.0pp$4M
Banks1.4%$1M
Country
Unknown49.0%-14.3pp
US44.4%+9.5pp
KY4.2%+2.4pp
CA1.3%
GB1.1%
Top 5: 19.5% · Top 10: 31.4% · Top 25: 54.1%
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 | +$2M |
| ALUB Alussa Energy Acquisition Corpnew | +$1M |
| BLRK Bluerock Acquisition Corp. Clanew | +$1M |
| DSAC Daedalus Special Acquisition Cnew | +$1M |
| SAC Safeguard Acquisition Corp.new | +$1M |
| CRAN Crane Harbor Acquisition Corp.new | +$1M |
| DNMX Dynamix Corporation III Class new | +$0M |
| — new | +$0M |
| — new | +$0M |
| — new | +$0M |
Top sells this quarter · 15
| ARCC Ares Capital Corporationexit | −$8M |
| CCIX Churchill Capital Corp IX Ordiexit | −$2M |
| BLZR Trailblazer Acquisition Corp.exit | −$1M |
| NWAX-UN New America Acquisition I Corpexit | −$0M |
| AEAQU Activate Energy Acquisition Coexit | −$0M |
| — exit | −$0M |
| — exit | −$0M |
| BIXIU Bitcoin Infrastructure Acquisiexit | −$0M |
| — exit | −$0M |
| — exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $94M | 154 | -0.76% | +17.59% | -18.35% | -0.01B |
| 2025-12-31 | $105M | 148 | +3.90% | +17.72% | -13.82% | +0.01B |
| 2025-09-30 | $97M | 124 | +7.10% | +17.52% | -10.42% | -0.00B |
| 2025-06-30 | $101M | 120 | +10.69% | +5.19% | +5.50% | +0.01B |
| 2025-03-31 | $95M | 89 | +3.81% | -4.27% | +8.07% | -0.08B |
| 2024-12-31 | $165M | 87 | +4.09% | +2.49% | +1.60% | -1.23B |
| 2023-09-30 | $1.34B | 121 | +1.74% | -3.22% | +4.96% | +1.02B |
| 2023-06-30 | $314M | 129 | — | — | — | +0.23B |
| 2023-03-31 | $88M | 165 | — | — | — | +0.00B |
| 2022-12-31 | $87M | 209 | — | — | — | — |