Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.37%
adds when stocks drop
when a holding falls −10%+
Middle response
-8.93%
baseline attrition
Rally response
+12.73%
adds into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SOCSable Offshore Corp. | $226M | 32.7% | -34.9% | 0.5 yr |
| DQDaqo New Energy Corp. | $141M | 20.4% | +17.4% | 2.3 yr |
| AMRAlpha Metallurgical Reso | $132M | 19.1% | +63.9% | 3.5 yr |
| GEOThe GEO Group, Inc. | $96M | 13.8% | -42.5% | 1.3 yr |
| GRPNGroupon, Inc. | $43M | 6.2% | -36.6% | 1.3 yr |
| BBCQBleichroeder Acquisition | $20M | 2.9% | — | 0.3 yr |
| — | $16M | 2.3% | — | 0.3 yr |
| CIACitizens, Inc. | $13M | 1.9% | +10.5% | 1.5 yr |
| BITFBitfarms Ltd. | $3M | 0.5% | +203.2% | 1.0 yr |
| BACQInflection Point Acquisi | $2M | 0.3% | — | 0.3 yr |
| BBCQWBleichroeder Acquisition | $1M | 0.1% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Drilling32.7%$226M
Solar20.4%-17.0pp$141M
Coal19.1%-7.2pp$132M
Security & Protection Services13.8%+10.0pp$96M
Internet Content & Information6.2%-8.6pp$43M
Financial - Conglomerates3.0%$21M
Unknown2.3%-6.2pp$16M
Insurance - Life1.9%$13M
Financial - Capital Markets0.5%-0.3pp$3M
Shell Companies0.3%$2M
Country
US76.9%+29.2pp
CN20.4%-17.0pp
Unknown2.3%-6.2pp
CA0.5%-0.3pp
Top 5: 92.2% · Top 10: 99.9% · Top 25: 100.0%
Top buys this quarter · 8
| SOC Sable Offshore Corp. | +$216M |
| BBCQ Bleichroeder Acquisition Corp.new | +$20M |
| GEO The GEO Group, Inc. | +$17M |
| GRPN Groupon, Inc. | +$43M |
| CIA Citizens, Inc. | +$2M |
| — new | +$0M |
| BACQ Inflection Point Acquisition Cnew | +$0M |
| BBCQW Bleichroeder Acquisition Corp.new | +$0M |
Top sells this quarter · 2
| BITF Bitfarms Ltd. | −$2M |
| — exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $693M | 11 | +6.67% | +17.59% | -10.92% | +0.28B |
| 2025-12-31 | $470M | 7 | -0.19% | +17.72% | -17.91% | -0.04B |
| 2025-09-30 | $516M | 10 | -9.41% | +17.52% | -26.93% | +0.05B |
| 2025-06-30 | $390M | 12 | -19.74% | +14.94% | -34.68% | +0.09B |
| 2025-03-31 | $289M | 10 | -42.83% | +8.30% | -51.13% | +0.07B |
| 2024-12-31 | $271M | 5 | -29.97% | +24.89% | -54.86% | -0.04B |
| 2024-09-30 | $347M | 6 | -13.88% | +36.04% | -49.92% | +0.08B |
| 2024-06-30 | $256M | 6 | -36.33% | +24.49% | -60.82% | -0.03B |
| 2024-03-31 | $384M | 7 | -17.42% | +29.62% | -47.04% | +0.16B |
| 2023-12-31 | $226M | 5 | -5.42% | +26.18% | -31.59% | -0.12B |
| 2023-09-30 | $317M | 11 | -21.49% | -3.22% | -18.27% | +0.10B |
| 2023-06-30 | $277M | 14 | -3.99% | +8.68% | -12.68% | +0.07B |
| 2023-03-31 | $212M | 13 | +14.54% | +7.46% | +7.08% | +0.05B |
| 2022-12-31 | $146M | 8 | — | — | — | — |