Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-25.97%
trims when stocks drop
when a holding falls −10%+
Middle response
-41.43%
baseline attrition
Rally response
+10.59%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TNKTeekay Tankers Ltd. | $130M | 49.9% | +99.4% | 0.5 yr |
| LYBLyondellBasell Industrie | $33M | 12.5% | +25.0% | 0.3 yr |
| — | $16M | 6.0% | — | 0.5 yr |
| ALUBAlussa Energy Acquisitio | $10M | 3.8% | — | 0.3 yr |
| PALOUPaloma Acquisition Corp | $10M | 3.8% | — | 0.3 yr |
| — | $9M | 3.5% | — | 0.3 yr |
| DMIIDrugs Made In America Ac | $7M | 2.9% | — | 0.3 yr |
| ANSCAgriculture & Natural So | $6M | 2.2% | +5.8% | 0.5 yr |
| IPCXUInflection Point Acquisi | $5M | 2.1% | — | 0.3 yr |
| VIXYProShares - VIX Short-Te | $5M | 2.0% | — | 0.3 yr |
| — | $5M | 1.9% | — | 0.5 yr |
| — | $5M | 1.9% | — | 0.5 yr |
| TVATexas Ventures Acquisiti | $4M | 1.4% | — | 0.5 yr |
| GLPGlobal Partners LP | $3M | 1.3% | -15.8% | 0.3 yr |
| TACOBerto Acquisition Corp. | $3M | 1.1% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Marine Shipping50.1%$131M
Shell Companies16.1%$42M
Unknown14.5%+14.5pp$38M
Chemicals12.5%$33M
Asset Management2.1%$6M
Asset Management - Leveraged2.0%$5M
Oil & Gas Midstream1.3%$3M
Financial - Conglomerates0.9%$2M
Other Precious Metals0.4%$1M
Country
CA49.9%
US35.0%-65.0pp
Unknown14.4%+14.4pp
GB0.4%
GR0.2%
KY0.0%
Top 5: 76.0% · Top 10: 88.6% · Top 25: 99.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| TNK Teekay Tankers Ltd. | +$40M |
| LYB LyondellBasell Industries N.V.new | +$33M |
| ALUB Alussa Energy Acquisition Corpnew | +$10M |
| DMII Drugs Made In America Acquisitnew | +$7M |
| GLP Global Partners LPnew | +$3M |
| VACI Viking Acquisition Corp. Inew | +$2M |
| GMTL Guardian Metal Resources PLC Snew | +$1M |
| DSX Diana Shipping Inc. | +$1M |
| VIXY ProShares - VIX Short-Term Futnew | +$0M |
| — new | +$0M |
Top sells this quarter · 15
| EQT EQT Corporationexit | −$12M |
| CAT Caterpillar Inc.exit | −$7M |
| VMC Vulcan Materials Companyexit | −$5M |
| CORZ Core Scientific, Inc.exit | −$3M |
| CX CEMEX, S.A.B. de C.V.exit | −$3M |
| ACA Arcosa, Inc.exit | −$2M |
| SEI Solaris Energy Infrastructure,exit | −$2M |
| TVA Texas Ventures Acquisition III | −$2M |
| GIW GigCapital8 Corp.exit | −$1M |
| — exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $262M | 31 | +40.04% | +17.59% | +22.45% | +0.04B |
| 2025-12-31 | $176M | 28 | +9.49% | +17.72% | -8.22% | +0.10B |
| 2025-09-30 | $76M | 10 | +4.79% | +8.12% | -3.33% | -0.32B |
| 2025-06-30 | $374M | 10 | +2.41% | +10.78% | -8.37% | +0.29B |
| 2025-03-31 | $83M | 6 | -0.57% | -4.27% | +3.70% | -0.18B |
| 2024-12-31 | $267M | 12 | — | — | — | — |