Key Findings

80× AUM growth in 7 quarters — from $254M (Q4 2024) to $20.2B (Q2 2026). This is among the fastest institutional AUM trajectories in the AI era.

Q2 2026 is the most dramatic pivot yet. Complete exit from NVDA, AVGO, AMD, ASML, and the SMH put hedge. The entire semiconductor equipment and GPU thesis was unwound in one quarter.

Memory and storage now dominate: SanDisk (28.0%) and Micron (27.5%) together comprise 55.5% of the portfolio. This is the most concentrated two-name bet in the fund’s history.

Nebius (6.1%) enters as a new AI infrastructure play. Multiple crypto mining / compute infrastructure names were added: Core Scientific, SharonAI, expanded RIOT exposure. The thesis is shifting from semiconductor supply chain to compute infrastructure and AI memory.