Teramo Advisors, LLC

Teramo Advisors, LLC is a wealth-management firm allocating client money, running a $370.3M US long book across 3 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ISHARES CORE S&P 500 ETF, SS SPDR S&P 500 ETF TRUST-US, CLEARSHARES ULTRA-SHORT MATU.

Over the last 9 quarters its long book ran on average 0pp per quarter behind the S&P 500, beating the index in 7 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.