The Numbers · Reconciled to 40 Fidelity Statements
One account. 44 months.≈65× account growth.
≈65× account growth · $2.02M in trading gains from a $30,690 start. Dean Gallagher’s personal brokerage account grew from $30,689.71 (January 1, 2023) to $1,993,432.55 (August 31, 2026). Over the same 44 months, total deposits were $356,000 and total withdrawals were $409,854 — net flows of approximately −$53,854 — so the entire ending value, plus the net amount withdrawn, was generated by investment gains. Gains were concentrated in the second quarter of 2026, and a majority of those gains was given back in July 2026, a single month that returned −56.1%. Results are personal and pre-fund, are presented gross of fees except where noted, were reconciled by the manager to 40 monthly and annual Fidelity statements, and have not been independently audited or verified. Past performance is not indicative of future results; the Fund has no operating history.
Illustrative net-of-fees: had the Fund’s proposed fees (2% annual management fee, accrued monthly, and 20% annual performance allocation subject to a high-water mark) been applied to the same period return series, the cumulative time-weighted result would have been approximately +14,742% (≈148×) versus ≈304× gross — materially lower. Hypothetical illustration only; the Fund did not exist during this period and no fees were actually charged. Time-weighted figures are additionally influenced by six months (August 2024 – January 2025) in which the account balance was under $6,000; see the methodology note below.
Gross (time-weighted)
≈304×
Before fees
Net (illustrative)
≈148×
After proposed 2% / 20% fees · hypothetical
Hypothetical illustration only. The Fund did not exist during this period and no fees were charged. Not GIPS-compliant; not independently audited or verified.
Results reflect personal account performance prior to fund formation. Past performance does not guarantee future results. For accredited investors only.
The Signature Trade
Open PositionSOXL — Direxion Daily Semiconductors 3x Bull
Entry
April 2025
$9.45/share · 15,803 shares
Entry Value
$149,000
Rotated from MSTU
Value · Aug 2026
$1,816,588
Per Fidelity statement
Return
10.9×
16 months · open
A single conviction trade on the AI → semiconductors thesis. Entered at the April 2025 tariff-panic bottom; held through the infrastructure-buildout rally and through the July 2026 markdown, which cut the position from $4.26M to $1.85M in one month.Position remains open.
August 2026 Update
Account value $1,993,432 as of August 31, 2026, reconciled by the manager to the August 2026 Fidelity statement (received 2026-09-21); not independently audited or verified. The account fell −56.1% in July 2026.
Status: OPEN · See the disclosure legend above.
Risk & Return
The account-value path was not a straight line.
Concentrated, leveraged positions produce large drawdowns as well as large gains. The deepest pullback was −56.11% in July 2026 — a single month in which the account fell from $4.47M to $1.99M on mark-to-market in a 3x leveraged semiconductor ETF. Gains were concentrated in the second quarter of 2026, and a majority of those gains was given back in July. See the disclosure legend above.
Monthly Performance
Every month.
Charted.
44 months of personal account returns: Jan 2023 through Aug 2026. Toggle between monthly returns and the cumulative $30K → $1.99M growth curve, including the July 2026 −56.1% month. Hover any point for the running account value.
Reconstructed from 40 monthly and annual Fidelity statements. Monthly figures reflect time-weighted return; cumulative trajectory reflects end-of-month account value.
Performance · 44 Months
Monthly returns and cumulative growth
Hover any bar for the month’s return and the running account value. Toggle to see the actual account-value trajectory — month-end balances reconciled by the manager to 40 monthly and annual Fidelity statements ($30,689.71 starting balance, $1,993,432.55 ending value on August 31, 2026; not independently audited or verified). The Jul 2024 dip to ~$2K is the GP’s $284,800 withdrawal to fund a home purchase; the $120K Mar 2025 deposit restarts the position. Jul 2026 returned −56.1% on mark-to-market in a 3× leveraged semiconductor ETF. The simple end-to-start account multiple is approximately 65×.
Risk & Return
73%
Positive Months
32 of 44 months · 72.7%
−56.11%
Max Drawdown
July 2026 · single-month SOXL mark-to-market
+151.4%
Best Month
April 2026 · SOXL +162% bounce off March drawdown
−56.1%
Worst Month
July 2026 · SOXL mark-to-market
Drawdown — Peak to Trough
Maximum drawdown: −56.11%
Shaded region shows % below the rolling high-water mark. The deepest drawdown is July 2026 at −56.11% from the June 2026 high-water mark, a single-month mark-to-market decline in a 3x leveraged semiconductor ETF; the position was not sold. The prior deepest drawdown was −36.42%, troughing in June 2024 from the March 2024 high-water mark. As of August 31, 2026 the account remains below its June 2026 high-water mark.
Drawdown · 44 Months
Peak-to-trough drawdown over time
Drawdown measures how far the account fell from its prior high-water mark. The deepest point — July 2026 — touched -56.11% in a single month.
Monthly Returns · Heat Map
44 months. Every number. Color-coded.
Every monthly return across the 44-month track record, color-coded by magnitude. YTD figures are authoritative annual returns from Fidelity statements, not computed from monthly splits. April 2026 monthly return of +151.4% is reconciled to the Fidelity statement received 2026-05-05 (Modified Dietz with $50K deposit on April 7); May (+75.8%) and June (+18.4%) reconciled to statements received 2026-07-09; July (−56.1%) and August (+0.15%) reconciled to statements received 2026-09-23 and 2026-09-21.
Monthly TWR · Jan 2023 – Aug 2026
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | +57.0% | +8.6% | +43.3% | +19.6% | +19.6% | +22.1% | +9.5% | -14.4% | -14.4% | -7.0% | +29.1% | +29.1% | +330% |
| 2024 | +6.3% | +26.0% | +1.7% | -33.6% | +26.5% | -24.3% | +76.7% | -0.4% | +43.4% | -13.6% | +53.2% | +53.2% | +342% |
| 2025 | -2.9% | +0.8% | +0.8% | +53.7% | +32.4% | +55.3% | -0.2% | +18.0% | +18.0% | +35.4% | -13.7% | +2.3% | +380% |
| 2026 | +42.4% | +0.5% | -24.6% | +151.4% | +75.8% | +18.4% | -56.1% | +0.2% | · | · | · | · | — |
Note on data methodology
Note on periods marked *: Fidelity occasionally issues one statement covering two calendar months. In those cases, the time-weighted return for the combined period is displayed identically for both months. The underlying TWR is reconciled to the source statement. This affects 12 of 44 displayed periods (6 bi-monthly source statements) and does not change the cumulative or annualized return calculation.Returns represent time-weighted rate of return (TWR) of the portfolio manager’s personal brokerage account. Not GIPS-compliant. Past performance does not guarantee future results.
2026: a −17% Q1 trough, a sharp Q2 recovery, then a −56.1% July. All three directions are real. Q1 2026 was −17% (through the March Fidelity statement). Jan +42.4% and Feb +0.5% gave back to a sharp Mar −24.6%, then Apr +151.4%, May +75.8% and Jun +18.4% drove the recovery through June 30, 2026 (May & June Fidelity statements received 2026-07-09). July 2026 then returned −56.1%, taking the account from $4.47M to $1.99M on mark-to-market in the SOXL position; August was flat at +0.15%. A majority of the Q2 2026 gains was given back in July. Figures are reconciled by the manager to the source statements; not independently audited or verified.
Statement Reconciliation · 38 Statements
Every statement. Every dollar reconciled.
Period-by-period summary from each Fidelity statement. Beginning + Deposits − Withdrawals + Investment P&L = Ending. Reconciled within $1 per period.
Period-by-period reconciliation is available in the complete diligence package. Key figures:
40
Fidelity statements · Jan 2023 – Aug 2026
$2.02M
Total trading gains · Jan 2023 – Aug 2026
$1.99M
Account value · August 2026
Full statement-by-statement reconciliation available upon request to qualified investors. Source: the manager’s personal Fidelity account; account number available to qualified investors upon request.
Trade Timeline
Decisive trades.
All documented.
Every position was a thesis. Every rotation was deliberate. Concentrated, high-conviction bets on the substrate of the agent economy (semiconductors first, inference infrastructure second), executed before it was consensus.
Jan 2023
FNGU: The Opening Position
Entered MicroSectors FANG+ 3x ETN with $80K. Grew to $174K by March 2023 (+117% in 3 months). Established the leveraged thematic approach.
Jan 2024
FNGU → YINN Rotation
Rotated out of FNGU into YINN (Direxion China Bull 3x). Exited +4% in 30 days. Disciplined rotation: recognized the China thesis was short-term only.
Apr–Jul 2024
BITX: The Bitcoin Position
Built a $285K position in BITX. Though the trade resulted in a −$15K realized loss (my largest in the track record), the exit was a strategic decision to fund a once-in-a-lifetime liquidity event: securing a new home at a significant discount. While the instrument lagged, the underlying thesis remained strong, and I have since rotated that capital into SOXL.
Mar 2025
Re-Entry: TSLL
Re-entered market with $120K deposit. Bought TSLL (2x Tesla). Exited April 4 for +$11K gain (+9%). Patient re-entry after 8 months on the sideline.
Apr 10, 2025
MSTU: Calling the Bottom
Bought MSTU (2x MicroStrategy) during the tariff panic selloff. $134K deployed across three tranches as the market capitulated. Called the exact bottom.
Apr 16, 2025
MSTU Exit: +$14,800 in 6 Days
Sold the entire MSTU position for $149K. +$14,800 gain (+11%) in six trading days. Recognized the bounce was complete and it was time to rotate.
Apr 17, 2025
SOXL: The Conviction Trade
Dean had been patiently stalking the SOXL entry for months as prices fell. His conviction grew as prices went lower: the most asymmetric bet he had seen in years, on a fire sale. Dean remembered the patterns from the first Trump term: Trump always TACOs. He bought the bottom. 15,803 shares at $9.45.
Jan 2026
SOXL Crescendo: $986K
SOXL position valued at $986,909. A 6.6x return on the position in 9 months. The AI → semiconductors thesis played out exactly as anticipated.
Apr 2026
SOXL Doubles Again: $2.03M
April 2026 statement (received 2026-05-05): SOXL position valued at $2,028,125. Position grew from $810K (Mar 2026 close) to $2.03M (Apr 2026 close) on a single month, driven by SOXX +54% as semis bounced off the March drawdown. Account ending value $2,145,478. Reconciled by the manager to the April 2026 Fidelity statement; not independently audited or verified. Position remains open.
Apr 2026
Diversification Into the AI Supply Chain
Markets were sold off on a fresh Trump tariff scare. On April 7 I wired $50,000 of fresh capital into the account. April 8 I bought the basket, starting with Bloom Energy (BE) at the panic low, then layering into Applied Optoelectronics (AAOI, photonics), AXT Inc (AXTI, compound-semi wafers), and CoreWeave (CRWV, GPU cloud) over the rest of the month. Within days Trump announced a major de-escalation and markets ripped from the bottom. BE more than doubled by month-end (+109% unrealized in under 30 days, $10K cost basis → $22K). AAOI +14%. AXTI +9%. Same pattern as April 2025 (SOXL bought at $9.45 during the previous tariff capitulation): fresh capital deployed at the tariff-panic bottom, two consecutive Aprils, same setup, same execution. All five positions remain open.
May 2026
SOXL Surges to $3.55M
May 2026 statement: SOXL closed at $224.34, position value $3.55M. Account ending value $3,771,583, up $1.63M in a single month (+75.8% monthly TWR, no new deposits). Added a Direxion Daily MU Bull 2X (MUU) position and HIVE Digital during the month, funded by trimming the April supply-chain basket (AAOI and AXTI exited for realized gains; TSLL 2x closed). SOXL remains the core position at ~94% of the account.
Jun 2026
SOXL to $4.26M · Account Crosses $4.47M
June 2026 statement: SOXL closed at $266.71, position value $4.26M across 15,972 shares. Account ending value $4,469,225 (+$698K on the month, +18.4% monthly TWR) after a $5,000 deposit on June 12. The MU 2x (MUU) position ran to $149,820 (+114% unrealized). Portfolio is now 99% exchange-traded products, 1% common stock. SOXL held since April 2025: 14 months open, cost basis $152K. Reconciled by the manager to the June 2026 Fidelity statement; not independently audited or verified. Position remains open.
Jul 2026
−56.1% · SOXL Marks Down to $1.85M
July 2026 statement: SOXL closed at $114.72, down from $266.71. The position marked down from $4.26M to $1.85M inside a single month. Account ending value $1,990,428 (an investment loss of −$2,518,797, or −56.1% monthly TWR) after a $40,000 deposit wired July 28. Realized gains and losses for the period were nil: the position was not sold. At month end the account was 99% exchange-traded products and 93% SOXL alone. This is the deepest drawdown in the record and it is the direct consequence of concentration in a 3x leveraged instrument. Reconciled by the manager to the July 2026 Fidelity statement; not independently audited or verified. Position remains open.
Aug 2026
Flat Month · Account $1.99M
August 2026 statement: SOXL closed at $112.79, position value $1.82M across 16,106 shares (91% of the account). Account ending value $1,993,432 (+$3,004, or +0.15% monthly TWR) with no deposits or withdrawals. Reconciled by the manager to the August 2026 Fidelity statement; not independently audited or verified. Position remains open.
Full Statement Analysis
Every trade, every statement, drawdown charts, monthly heatmap. Built from 40 monthly and annual Fidelity statements.
Portfolio Activity
Instruments &
attribution.
The fund manager expresses thematic conviction through leveraged and inverse exchange-traded products. Positions are sized by conviction in the agent-economy substrate: semiconductors, inference infrastructure, the chokepoints that AI agents run on.
| Instrument | Category | Entry | Exit | P&L | Notes |
|---|---|---|---|---|---|
| FNGU | AI/Tech 3x | Jan 2023 | Apr 2024 | +$22K realized | Leveraged Magnificent 7 |
| YINN | China/Emerging | Jan 2024 | Mar 2024 | +$4K realized | Tactical rotation |
| BITX | Bitcoin 2x | Apr 2024 | Jul 2024 | −$15K realized | Position exited at loss |
| TSLL | Tesla 2x | Aug 2024 | Mar 2026 | +$10K realized | EV infrastructure thesis |
| MSTU | MicroStrategy 2x | Apr 2025 | Apr 2025 | +$14.8K realized | Bitcoin proxy, quick rotation |
| SOXL | Semis 3x | Apr 2025 | Open | ~$1.88M unrealized | Core thesis position: AI demand drives semis |
| SMCL | SMCI 2x | Feb 2026 | Mar 2026 | −$22.5K realized | Admitted bad trade |
| BE | Power · Bloom Energy | Apr 2026 | Open | +$11.3K unrealized (+109%) | Bought 4/8 (day after $50K capital add). Fuel-cell power for AI data centers. More than doubled in <30 days |
| AAOI | Photonics · Optical Interconnect | Apr 2026 | Open | +$2.2K unrealized (+14%) | Laser modules and PICs: small-cap chokepoint in optical I/O |
| AXTI | Compound Semi · InP/GaAs Wafers | Apr 2026 | Open | +$1.4K unrealized (+9%) | Substrate wafers for the photonics and RF stacks |
| CRWV | GPU Cloud | Apr 2026 | Open | Flat (just opened 4/30) | Rented GPU compute for AI inference: picks-and-shovels at the deployment layer |
SOXL position valued at $1.82M as of August 31, 2026 ($149K entry; cost basis $167K across 16,106 shares), down from $4.26M at June 30, 2026. Held since April 2025: 16 months open, 10.9× from cost basis. Reconciled by the manager to the August 2026 Fidelity statement (received 2026-09-21); not independently audited or verified. Position remains open.
The Thesis
The track record explains how.
Beyond Humanity explains why now.
The full investment thesis on the agent economy. Why the labor force just stopped being human, why the substrate compounds, and why the window closes.
Available to accredited investors. By downloading you confirm you are an accredited investor.
Compliance Note
Performance reflects the personal trading account of the General Partner prior to fund formation (account number available to qualified investors upon request), January 2023 through August 2026 (44 months), reconciled by the manager to 40 monthly and annual Fidelity statements; not independently audited or verified. The account grew from $30,689.71 to $1,993,432.55 — a simple end-to-start multiple of ≈65× — generating approximately $2.02M in total trading gains. Across the 44 months the GP made gross deposits of $356,000 and gross withdrawals of $410,000 (including a $284,800 mid-2024 withdrawal to fund a personal real-estate purchase), for net withdrawals of approximately $54,000 against a $30,689 starting balance; the entire ending value, plus the net amount withdrawn, was generated by investment gains. Gains were concentrated in the second quarter of 2026, and a majority of those gains was given back in July 2026: that single month returned −56.1% (an investment loss of −$2,518,797) on mark-to-market in a 3x leveraged semiconductor ETF, taking the account from $4,469,225.38 at June 30, 2026 to $1,990,428.41 at July 31, 2026. It is the deepest drawdown in the record, and as of August 31, 2026 the account remained below its June 2026 high-water mark. Monthly returns are calculated on a time-weighted basis (Modified Dietz); the April 2026 monthly return (+151.4%) weights the $50,000 deposit of April 7, 2026 by remaining days in the period, June includes a $5,000 deposit of June 12, 2026, and July includes a $40,000 deposit of July 28, 2026; bi-monthly statement periods are split equally per the source convention. Time-weighted return is calculated from monthly account returns and does not represent the multiple obtained by dividing ending account value by initial account value. Time-weighted results are additionally materially influenced by six months (August 2024 – January 2025) in which the account balance was less than $6,000 following a substantial withdrawal; excluding those months the chained figure is approximately 108×. Had the Fund’s proposed fees (2% management fee accrued monthly and 20% performance allocation subject to a high-water mark) been applied to the same period return series, the illustrative cumulative time-weighted result would have been approximately +14,742% (≈148×) versus ≈304× gross — a hypothetical illustration only; the Fund did not exist during this period and no fees were charged. All figures are presented before management or performance fees except where noted and are not GIPS-compliant. Past performance does not indicate future results.
Track Record Methodology
Performance data represents the personal trading account of the General Partner, Dean Gallagher (account number available to qualified investors upon request), January 2023 to present. It is not the performance of Agentic Capital Fund I LP, which has no operating history. Returns are calculated on a time-weighted basis (TWR) and reconciled against 40 monthly and annual Fidelity statements. This record has not been independently audited or verified; all source statements are available for review by qualified investors during due diligence.
“Every major AI infrastructure winner flows through semiconductors first. We entered SOXL within a week of the bottom.”
Dean Gallagher
General Partner · Apr 2025
The record is open. The fund is forming.
If the data aligns with your own investment objectives, we invite you to begin the conversation. Dean personally reviews every application.
Qualify for Access →Accredited investors only · $1,000,000 minimum · Fund I capped at 100 LPs