DaveManuel.com · Institutional Ownership · 13F Holdings

GRITSTONE ASSET MANAGEMENT LLC

Reported holdings as of Q3 2026, from 12 quarterly filings.

CIK

1964236

Reported value

$103.1M

Positions

195

Top 10 weight

27.9%

Filed

2026-10-26

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
ARES CAPITAL CORP	ARCC	$8.5M	447,203	8.28%	+0.31pp	2q	HELD
ALDEL FINL II INC CL A	ALDF	$4.3M	394,214	4.14%	+0.08pp	7q	HELD
ARES ACQUISITION CORP III	AAC	$2.5M	250,000	2.45%	-	new	NEW
OAKTREE AC	OACC	$2.1M	194,908	2.04%	-2.03pp	8q	-50.6%-$2.2M
RITHM ACQUISITION CORP	RAC	$2.1M	197,598	2.02%	+0.03pp	6q	HELD
RRE Ventures Acquisition Corp	RREV	$2.0M	200,000	1.92%	+0.03pp	2q	HELD
SAMOS ENERGY ACQUISITION COR	SAMO	$2.0M	200,000	1.91%	-	new	NEW
NEW AMER ACQUISITION I CORP COM	NWAX	$2.0M	195,000	1.91%	flat	3q	HELD
LAFAYETTE DIGITAL ACQ CRP; TNT ACQ DT: 1/9/2028; CASH: $10.00	ZKP	$1.8M	175,000	1.70%	+0.02pp	2q	HELD
K&F GROWTH ACQUISITION CORP	KFII	$1.6M	148,743	1.54%	+0.03pp	6q	HELD
TALON CAP CORP O	TLNC	$1.5M	150,000	1.49%	flat	4q	HELD
LEAPFROG ACQUISITION CORP	LFAC	$1.5M	150,000	1.47%	+0.02pp	3q	HELD
LIVE OAK ACQUISITION CORP VI	LOVIU	$1.5M	150,000	1.46%	-	new	NEW
STELLAR V	SVCC	$1.4M	133,770	1.39%	+0.03pp	6q	HELD
HIGHVIEW MERGER CORP O	HVMC	$1.3M	127,021	1.27%	+0.02pp	4q	HELD
Solarius Capital Acquisition Corp	SOCA	$1.3M	125,000	1.25%	+0.02pp	5q	HELD
OXLEY BRID	OBA	$1.3M	124,293	1.25%	+0.03pp	5q	HELD
OTG Acquisition Corp I	OTGA	$1.3M	125,000	1.25%	+0.02pp	4q	HELD
Infinite Eagle Acquisition Corp	IEAG	$1.3M	125,000	1.24%	-0.46pp	2q	-28.6%-$511.0K
COLOMBIER ACQUISITION CORP I	CLBR	$1.3M	125,000	1.24%	flat	2q	HELD
ALUSSA ENERGY ACQUISIT CORP	ALUB	$1.3M	125,000	1.23%	+0.02pp	3q	HELD
BLUEROCK ACQ CRP; TNT ACQ DT: 12/11/2027; CASH: $10.00	BLRK	$1.3M	125,000	1.23%	+0.03pp	3q	HELD
Silicon Valley Acquisition Corp	SVAQ	$1.3M	125,000	1.23%	+0.01pp	2q	HELD
LAUNCHPAD CADENZA ACQU CORP	LPCV	$1.3M	125,000	1.22%	+0.02pp	2q	HELD
GORES HOLDINGS XI INC	GHXI	$1.2M	125,000	1.21%	-	new	NEW
AMPERCAP ACQUISITION CO	APMC	$1.2M	124,988	1.21%	-	new	NEW
KPET ULTRA PACELINE CORP	KPET	$1.2M	121,280	1.18%	-	new	NEW
Aldabra 4 Liquidity Opportunity Vehicle Inc	ALOV	$1.2M	118,214	1.15%	+0.02pp	2q	HELD
GALATA ACQ	LATA	$1.1M	106,256	1.05%	+0.02pp	4q	HELD
GESHER ACQ	GSHR	$1.0M	98,832	1.01%	+0.02pp	6q	HELD
Titan Acquisition Corp	TACH	$1.0M	98,764	1.01%	+0.02pp	6q	HELD
SIZZLE ACQUISITION CORP. II	SZZL	$1.0M	98,992	1.01%	+0.02pp	6q	HELD
BERTO ACQUISITION CORP	TACO	$1.0M	98,853	1.00%	+0.01pp	6q	HELD
REPUBLIC DIGITAL ACQUISITION	RDAG	$1.0M	98,850	1.00%	+0.02pp	6q	HELD
JENA ACQUI	JENA	$1.0M	98,857	1.00%	+0.01pp	5q	HELD
WEN ACQUISITION CORP	WENN	$1.0M	98,857	1.00%	+0.02pp	5q	HELD
EQV VENTURES AC CORP. II O	EVAC	$1.0M	98,865	0.99%	+0.02pp	5q	HELD
DAEDALUS SPL ACQUISITION COR	DSAC	$1.0M	100,000	0.98%	+0.01pp	3q	HELD
ACTIVATE ENERGY ACQUISIT COR	AEAQ	$1.0M	100,000	0.98%	+0.02pp	3q	HELD
VINE HILL CAP INVTS CORP II	VHCP	$1.0M	100,000	0.98%	+0.02pp	2q	HELD
ACP Holdings Acquisition Corp	ACGC	$1.0M	100,000	0.98%	-	new	NEW
CAMBRIDGE ACQUISITION CORP	CAQ	$1.0M	100,000	0.97%	+0.02pp	2q	HELD
PINNACLE ACQUISITION CORP	PNAQU	$1.0M	100,000	0.97%	-	new	NEW
KRAKACQUISITION CORPORATION	KRAQ	$1.0M	100,000	0.97%	+0.01pp	2q	HELD
Kensington Cap Acquisition Unit 99/99/9999	KCAU	$1.0M	99,716	0.97%	-0.01pp	2q	HELD
BLUEROCK ACQUISITION CORP II	BRRKU	$999.0K	100,000	0.97%	-	new	NEW
HENNESSY CAP INVTS CORP VIII	HCIC	$998.0K	100,000	0.97%	+0.01pp	2q	HELD
ENERGY TRANSITION SPL OPPORT	ETSS	$996.0K	100,000	0.97%	-	new	NEW
LEADERS ADVANTAGE ACQUISITIO	LEDRU	$996.0K	100,000	0.97%	-	new	NEW
PATRIOT ACQUISITION CORP	PTAC	$996.0K	100,000	0.97%	-	new	NEW
IRENIC ACQUISITION CORP	IACQ	$995.0K	100,000	0.97%	-	new	NEW
RMG ML SPORTS HOLDINGS	SHOT	$986.0K	100,000	0.96%	-	new	NEW
SNOW ROTHSCHILD ACQUISITION CORP	ISNR	$983.0K	100,000	0.95%	-	new	NEW
CARTESIAN GROWTH CORP IV	CGCF	$981.0K	100,000	0.95%	-	new	NEW
B&R TECHNOLOGY MERGER CORP	BRTM	$980.5K	100,000	0.95%	-	new	NEW
LONG TABLE GROWTH CORP	LTGR	$899.1K	90,000	0.87%	-	new	NEW
BURTECH ACQUISITION CORP II	BRKH	$874.7K	87,208	0.85%	-	new	NEW
CRANE HBR ACQUISITION CORP I	CRAN	$757.5K	75,000	0.73%	flat	3q	HELD
SAFEGUARD ACQUISITION CORP	SAC	$757.5K	75,000	0.73%	+0.01pp	3q	HELD
GENERAL PURPOSE ACQ CRP; TNT ACQ DT: 12/04/2027; CASH: $10.00	GPAC	$756.0K	75,000	0.73%	+0.01pp	3q	HELD
NewHold Investment Corp IV	NHIV	$753.8K	75,000	0.73%	-	new	NEW
THUNDER BRDG CAP PARTNERS V	TBCVU	$746.2K	75,000	0.72%	-	new	NEW
MERIDIAN3 INDUSTRIALS ACQ CO	MIAC	$736.5K	75,000	0.71%	-	new	NEW
KARMAN LINE ACQUISITION CORP	XTER	$733.5K	75,000	0.71%	-	new	NEW
Pioneer Acquisition I Corp	PACH	$718.9K	69,324	0.70%	+0.02pp	5q	HELD
OSPREY ACQUISITION CORP III	OSPR	$687.4K	70,000	0.67%	-	new	NEW
AMERICAN EXCEPTIONALISM ACQU	AEXA	$557.0K	50,000	0.54%	-0.03pp	5q	HELD
D BORAL ACQUISITION I CORP	DBCA	$550.5K	55,000	0.53%	+0.01pp	2q	HELD
AMR RES ACQUISITION CORP	AMAC	$546.2K	55,791	0.53%	-	new	NEW
HCM III ACQUISITION CORP O	HCMA	$514.5K	50,000	0.50%	flat	4q	HELD
Willow Lane Acquisition Corp II	WLII	$514.5K	50,000	0.50%	+0.01pp	2q	HELD
OYSTER ENTERPRISES II ACQUIS ORD SH	OYSE	$514.3K	49,429	0.50%	+0.01pp	5q	HELD
CAL REDWOOD ACQUISITION COR	CRAQ	$514.1K	49,429	0.50%	+0.01pp	6q	HELD
PYROPHYTE ACQUISITION CORP.	PAII	$512.3K	49,598	0.50%	+0.01pp	5q	HELD
1RT ACQUIS	ONCH	$510.6K	49,433	0.50%	+0.01pp	5q	HELD
Tailwind 2.0 Acquisition Corp	TDWD	$507.0K	50,000	0.49%	+0.01pp	4q	HELD
APEX TREAS	APXT	$506.5K	50,000	0.49%	+0.01pp	4q	HELD
EVOLUTION GLOBAL ACQUISITION	EVOX	$506.5K	50,000	0.49%	+0.01pp	4q	HELD
INVEST GREEN ACQUISITION COR CL A O	IGAC	$505.8K	50,000	0.49%	+0.01pp	3q	HELD
SILVERBOX CORP V	SBXE	$505.5K	50,000	0.49%	+0.01pp	3q	HELD
CATALYST ACQUISITION CORP	CATLU	$504.5K	50,000	0.49%	-	new	NEW
SPRING VY ACQUISITION CORP I	SVIV	$504.5K	50,000	0.49%	flat	2q	HELD
DYNAMIX CORP III	DNMX	$504.0K	50,000	0.49%	+0.01pp	3q	HELD
SPACE ASSET ACQUISITION CORP	SAAQ	$500.1K	49,759	0.49%	flat	2q	HELD
BLEICHROEDER ACQUISITION COR	BCCQ	$497.0K	50,000	0.48%	-	new	NEW
YORKVILLE INTERNATIONAL CAPITAL CORP	YICC	$496.2K	50,000	0.48%	-	new	NEW
VIKING ACQUISITION CORP II	VII	$491.0K	50,000	0.48%	-	new	NEW
HCM IV ACQUISITION CORP	HACQ	$401.6K	40,000	0.39%	flat	2q	HELD
Spartacus Acquisition Corp II	TMTS	$401.0K	40,000	0.39%	flat	2q	HELD
BITCOIN IN	BIXI	$354.2K	35,000	0.34%	+0.01pp	3q	HELD
AVERIN CAP ACQUISITION CORP	ACAA	$307.6K	30,762	0.30%	flat	2q	HELD
Cantor Equity Partners VII Inc	CAES	$301.8K	30,000	0.29%	flat	2q	HELD
FACT II ACQUISITION CORP ORD SHS CL A	FACT	$268.0K	25,000	0.26%	flat	6q	HELD
HALL CHADWICK ACQUISITION CO	HCAC	$253.2K	25,000	0.25%	flat	3q	HELD
COLUMBUS CIRCLE CAP CORP III	CCCT	$246.0K	25,000	0.24%	-	new	NEW
Presidio Production Co	FTWWS	$128.9K	134,243	0.12%	-0.05pp	3q	HELD
Bold Eagle Acquisition Corp Right 10/11/2029	BEAGR	$97.7K	393,893	0.09%	-0.02pp	8q	HELD
Translational Development Acquisition Corp	TDACW	$60.6K	41,826	0.06%	flat	6q	HELD
Infinite Eagle Acquisition C Right 01/13/2031	IEAGR	$60.0K	300,000	0.06%	flat	2q	HELD
Aldel Financial II Inc	ALDFW	$45.4K	197,106	0.04%	-0.01pp	7q	HELD
New America Acquisition I Corp	NWAXWS	$37.0K	97,500	0.04%	-0.02pp	3q	HELD
Centurion Acquisition Corp	ALFUW	$36.4K	145,495	0.04%	flat	8q	HELD
Berto Acquisition Corp	TACOW	$32.1K	49,427	0.03%	flat	6q	HELD
KENSINGTON CP A VI CL 1 EQY WARRANTS	KCACWS	$28.8K	25,000	0.03%	flat	2q	HELD
Titan Acquisition Corp	TACHW	$27.4K	49,382	0.03%	-0.01pp	6q	HELD
Rithm Acquisition Corp	RACWS	$26.3K	65,866	0.03%	-0.02pp	6q	HELD
Graf Global Corp	TONTWS	$26.2K	87,337	0.03%	-0.01pp	8q	HELD
SAMOS ENERGY ACQUISITION COR	SAMOWS	$26.0K	99,999	0.03%	-	new	NEW
Silicon Valley Acquisition Corp	SVAQW	$26.0K	62,500	0.03%	-0.02pp	2q	HELD
Talon Capital Corp	TLNCW	$25.0K	50,000	0.02%	-0.01pp	4q	HELD
RRE Ventures Acquisition Corp	RREVW	$23.3K	66,666	0.02%	-0.01pp	2q	HELD
Jena Acquisition Corp Ii Right 03/31/2030	JENART	$22.3K	98,856	0.02%	+0.01pp	5q	HELD
Lionheart Holdings	CUBWW	$21.8K	145,507	0.02%	-0.03pp	8q	HELD
ACP Holdings Acquisition Corp	ACGCW	$21.5K	49,999	0.02%	-	new	NEW
LEAPFROG ACQUISITION CL A WRNT 1/26/2031	LFACW	$21.0K	75,000	0.02%	-0.01pp	3q	HELD
OTG Acquisition I Corp	OTGAW	$19.4K	62,500	0.02%	-0.01pp	4q	HELD
RANGE CAP ACQUISITION CORP RT EXP	RANGR	$19.2K	73,901	0.02%	flat	7q	HELD
Safeguard Acquisition Corp	SACWS	$18.8K	37,500	0.02%	flat	3q	HELD
GORES HOLDINGS XI INC	GHXIW	$18.1K	31,250	0.02%	-	new	NEW
Rice Acquisition Corp 3	KRSPWS	$17.3K	16,666	0.02%	flat	4q	HELD
Stellar V Capital Corp	SVCCW	$16.7K	66,886	0.02%	flat	6q	HELD
ARES ACQUISITION CORP III	AACWS	$16.6K	24,999	0.02%	-	new	NEW
Alussa Energy Acquisition Corp II	ALUBWS	$16.5K	41,666	0.02%	flat	3q	HELD
K&F Growth Acquisition Corp Right 08/29/2031	KFIIR	$16.3K	148,744	0.02%	flat	6q	HELD
Flag Ship Acquisition Corp Right 03/31/2026	FSHPR	$15.9K	182,271	0.02%	flat	8q	HELD
Oxley Bridge Acquisition Ltd	OBAWW	$15.5K	62,146	0.02%	flat	5q	HELD
DAEDALUS SPECIAL ACQUIS-CL A WRNT 9/17/2030	DSACW	$15.5K	24,999	0.02%	flat	3q	HELD
Activate Energy Acquisition Corp	AEAQW	$15.2K	50,000	0.01%	flat	3q	HELD
Columbus Circle Capital Corp II	IPXGW	$15.0K	24,999	0.01%	-0.02pp	2q	HELD
GP-ACT III ACQUISITION CORP	GPATW	$15.0K	217,248	0.01%	-0.03pp	8q	HELD
ALDABRA 4 LQDTY OPTY VH EQY WARRANTS	ALOVW	$14.4K	39,404	0.01%	flat	2q	HELD
Gesher Acquisition II Corp	GSHRW	$14.3K	49,417	0.01%	flat	6q	HELD
Bluerock Acquisition Corp	BLRKW	$13.8K	41,666	0.01%	flat	3q	HELD
Highview Merger Corp	HVMCW	$13.3K	63,510	0.01%	-0.01pp	4q	HELD
Andretti Acquisition Corp II	POLEW	$13.1K	119,398	0.01%	-0.01pp	8q	HELD
Irenic Acquisition Corp	IACQW	$13.0K	33,332	0.01%	-	new	NEW
Sizzle Acquisition Corp. Ii Right 04/02/2030	SZZLR	$12.9K	98,992	0.01%	flat	6q	HELD
SIM Acquisition I Corp	SIMAW	$12.8K	75,542	0.01%	-0.01pp	8q	HELD
Crane Hbr Acquisition Corp I Right 12/09/2030	CRANR	$12.8K	75,000	0.01%	flat	3q	HELD
MERIDIAN3 INDUSTRIALS ACQUISITION CORP	MIACW	$12.8K	37,500	0.01%	-	new	NEW
Launchpad Cadenza Acquisition Corp I	LPCVW	$12.7K	41,666	0.01%	flat	2q	HELD
Trailblazer Acquisition Corp	BLZRW	$12.6K	33,333	0.01%	flat	4q	HELD
Energy Transition Special Opportunities	ETSSWS	$12.5K	49,999	0.01%	-	new	NEW
RMG ML SPORTS HOLDINGS	SHOTR	$12.5K	100,000	0.01%	-	new	NEW
BURTECH ACQUISITION CORP II	BRKHW	$12.2K	87,208	0.01%	-	new	NEW
KPET ULTRA PACELINE CORP	KPETWS	$12.1K	20,212	0.01%	-	new	NEW
Wen Acquisition Corp	WENNW	$11.9K	49,429	0.01%	-0.01pp	5q	HELD
LONG TABLE GROWTH CORP	LTGRW	$11.7K	45,000	0.01%	-	new	NEW
Newhold Investment Corp IV	NHIVW	$11.5K	25,000	0.01%	-	new	NEW
SNOW ROTHSCHILD ACQUISITION CORP	ISNRW	$11.5K	50,000	0.01%	-	new	NEW
AMPERCAP ACQUISITION CO-R	APMCR	$11.2K	124,988	0.01%	-	new	NEW
Republic Digital Acquisition Co	RDAGW	$11.1K	49,425	0.01%	-0.01pp	6q	HELD
Vine Hill Capital Investment Corp II	VHCPW	$11.0K	33,333	0.01%	flat	2q	HELD
Lafayette Digital Acquisition Corp I	ZKPW	$10.9K	43,750	0.01%	flat	2q	HELD
CARTESIAN GROWTH CORP IV	CGCFW	$10.7K	33,332	0.01%	-	new	NEW
CAMBRIDGE ACQUISITION EQY WARRANTS	CAQUW	$10.5K	33,333	0.01%	flat	2q	HELD
B&R TECHNOLOGY MERGER CORP	BRTMW	$10.4K	33,333	0.01%	-	new	NEW
Egh Acquisition Corp. Right 99/99/9999	EGHAR	$10.4K	39,423	0.01%	-0.01pp	5q	-20.2%-$2.6K
KRAKacquisition Corp	KRAQW	$10.3K	25,000	0.01%	flat	2q	HELD
Colombier Acquisition Corp III	CLBRWS	$10.2K	15,624	0.01%	flat	2q	HELD
EQV Ventures Acquisition Corp II	EVACWS	$10.0K	32,955	0.01%	flat	5q	HELD
HCM III Acquisition Corp	HCMAW	$10.0K	16,666	0.01%	flat	4q	HELD
KARMAN LINE ACQUISITION CORP	XTERW	$9.8K	37,499	0.01%	-	new	NEW
D Boral Acquisition I Corp	DBCAW	$9.6K	27,500	0.01%	flat	2q	HELD
PATRIOT ACQUISITION CORP	PTACW	$9.5K	49,999	0.01%	-	new	NEW
SPACE ASSET ACQUISITION EQY WARRANTS	SAAQW	$9.4K	20,000	0.01%	-0.01pp	2q	HELD
General Purpose Acquisition Corp	GPACW	$9.3K	37,500	0.01%	flat	3q	HELD
WILLOW LANE ACQUSTON II EQY WARRANTS	WLIIW	$9.1K	12,500	0.01%	flat	2q	HELD
Spring Valley Acquisition Corp IV	SVIVW	$9.1K	12,500	0.01%	flat	2q	HELD
Hennessy Capital Investment Corp. VIII	HCICR	$8.6K	100,000	0.01%	-0.01pp	2q	HELD
Launch One Acquisition Corp	LPAAW	$8.2K	81,417	0.01%	-0.01pp	8q	HELD
OSPREY ACQUISITION CORP III	OSPRW	$8.2K	23,333	0.01%	-	new	NEW
Apex Treasury Corp	APXTW	$8.0K	25,000	0.01%	flat	4q	HELD
FACT II Acquisition Corp	FACTW	$8.0K	50,000	0.01%	-0.02pp	6q	HELD
Invest Green Acquisition Cor Right 11/17/2030	IGACR	$8.0K	50,000	0.01%	flat	3q	HELD
Evolution Global Acquisition Corp	EVOXW	$7.8K	25,000	0.01%	flat	4q	HELD
Galata Acquisition Corp II	LATAW	$7.6K	35,418	0.01%	flat	4q	HELD
CAL REDWOOD ACQUISITION CORP	CRAQR	$7.4K	49,430	0.01%	flat	6q	HELD
AMR RES ACQUISITION CORP	AMACW	$7.3K	27,895	0.01%	-	new	NEW
Solarius Capital Acquisition Corp	SOCAW	$6.8K	35,000	0.01%	flat	5q	HELD
Pyrophyte Acquisition Corp II	PAIIWS	$6.4K	24,799	0.01%	-0.01pp	5q	HELD
VIKING ACQUISITION CORP II	VIIWS	$6.2K	16,666	0.01%	-	new	NEW
YORKVILLE INTL CAP CORP	YICCW	$6.0K	16,666	0.01%	-	new	NEW
1RT Acquisition Corp	ONCHW	$5.6K	12,358	0.01%	flat	5q	HELD
Hall Chadwick Acquisition Co Right 11/20/2030	HCACR	$5.5K	25,000	0.01%	flat	3q	HELD
Dynamix Corp III	DNMXW	$5.5K	25,000	0.01%	flat	3q	HELD
Kochav Defense Acqui Co Right 05/21/2030	KCHVR	$5.4K	54,372	0.01%	-0.01pp	5q	HELD
Melar Acquisition Corp I	MACIW	$5.4K	44,092	0.01%	flat	8q	HELD
SPARTACUS ACQUISITON II EQY WARRANTS	TMTSW	$5.3K	13,333	0.01%	flat	2q	HELD
Bitcoin Infrastructure Acquisition Corp Ltd	BIXIW	$5.3K	17,499	0.01%	flat	3q	HELD
Tailwind 2.0 Acquisition Corp	TDWDR	$5.1K	50,000	0.00%	flat	4q	HELD
SilverBox Corp V	SBXEWS	$5.0K	16,666	0.00%	flat	3q	HELD
Pioneer Acquisition I Corp	PACHW	$4.5K	34,662	0.00%	flat	5q	HELD
Oyster Enterprises Ii Acquis Right 05/22/2030	OYSER	$4.4K	49,430	0.00%	flat	5q	HELD
Launch Two Acquisition Corp	LPBBW	$2.1K	15,878	0.00%	-0.02pp	8q	-78.4%-$7.6K

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Sector	Value	Share
Holding & Investment	$90.2M	87.5%
Funds & ETFs	$8.5M	8.3%
Other sectors	$1.9M	1.9%
Not classified	$2.4M	2.4%

What the disclosed book did

This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.

Quarter	Book	Market	Difference	Priced
Q2 2026	+2.1%	+14.8%	-12.7%	98%
Q1 2026	-1.1%	-4.6%	+3.5%	92%
Q4 2025	+1.5%	+2.4%	-0.9%	100%
Q3 2025	+1.4%	+7.8%	-6.4%	99%
Q2 2025	+5.2%	+10.5%	-5.2%	94%
Q1 2025	+2.5%	-4.6%	+7.1%	100%
Q4 2023	+0.4%	+11.2%	-10.8%	74%
Q3 2023	+1.2%	-3.6%	+4.8%	86%

Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q3 2026	$103.1M	195	52	0	4	31	27.9%	26
Q2 2026	$104.0M	174	54	0	2	34	30.3%	37
Q1 2026	$93.6M	154	46	1	0	40	31.4%	35
Q4 2025	$104.8M	148	44	0	2	20	36.0%	23
Q3 2025	$97.2M	124	36	0	85	32	41.8%	35
Q2 2025	$101.1M	120	57	0	3	26	44.6%	25
Q1 2025	$95.3M	89	22	8	6	20	50.2%	45
Q4 2024	$94.4M	87	75	0	9	109	53.2%	135
Q3 2023	$79.6M	121	15	3	2	25	42.4%	20
Q2 2023	$81.6M	131	19	38	17	55	38.5%	38
Q1 2023	$78.9M	167	41	49	6	87	25.6%	35
Q4 2022	$78.6M	213	0	0	0	0	20.4%	46

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.