Militia, as you might recall, is a co-production of David Orr - investor and former professional poker player - and Sam Lee - our former colleague here and a former Morningstar star. The ETF has a half billion in assets, much of which came in a huge surge right around New Years. It has returned around 35% in the past twelve months, putting it in the top 1% of all long/short funds. It's striking that the percentage of assets in the top 10 positions is -7%. ("Our highest convictions are negative," mayhap?) As of the last portfolio report, 11/30/25, Morningstar had the portfolio as net negative by 1% - that is, 101% long and 102% short. If that pattern remains consistent, then the three-month returns are pretty striking: 12.4% gains on a market-neutral portfolio.
We were exchanging email with Sam recently and he allowed that they were preparing some investor materials. While he didn't have anything to share about the fund just now, he was interested in hearing what questions, concerns or kudos folks had concerning it.
If you're in the QCK cohort, feel free to share your thoughts and I'll let Sam know.
For what interest it holds,
David
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