The Numbers · Reconciled to 38 Fidelity Statements
One account. 42 months.≈146× account growth.
Account Growth · Jan 2023 – Jun 2026 · Personal, Pre-Fund
≈146×
$30,689.71 → $4,469,225.38 · $4.53M in trading gains from a $30,690 start
$4.53M in gains
Net flows ≈ −$94,000 (money out)
≈146× account growth · $4.53M in trading gains from a $30,690 start. Dean Gallagher’s personal brokerage account grew from $30,689.71 (January 1, 2023) to $4,469,225.38 (June 30, 2026). Over the same 42 months, total deposits were $316,000 and total withdrawals were $409,854 — net flows of approximately −$93,854 — so the entire ending value, plus the net amount withdrawn, was generated by investment gains. A substantial majority of total gains occurred in the final three months of the period. Results are personal and pre-fund, are presented gross of fees except where noted, were reconciled by the manager to 38 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 +32,000% (≈321×) versus ≈693× 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)
≈693×
Before fees
Net (illustrative)
≈321×
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.
$4.47M
Ending Account Value
Jun 30, 2026 · from a $30,690 start
$4.53M
Total Trading Gains
Jan 2023 – Jun 2026
≈146×
Account Growth
Simple end-to-start multiple
−$94K
Net Flows (Money Out)
Deposits $316K · withdrawals $410K
Results reflect personal account performance prior to fund formation. Past performance does not guarantee future results. For accredited investors only.
“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 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 · Jun 2026
$4,259,892
Per Fidelity statement
Return
28.0×
14 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. Position remains open.
June 2026 Update
Account value $4,469,225 as of June 30, 2026, reconciled by the manager to the June 2026 Fidelity statement (received 2026-07-09); not independently audited or verified.
Status: OPEN · Position value reconciled by the manager to the June 2026 Fidelity statement (received 2026-07-09); not independently audited or verified.
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 −36.42% (spring 2024, peak-to-trough), and a substantial majority of total gains occurred in the final three months of the period. Performance is personal and pre-fund, presented gross of fees except where noted, reconciled by the manager to 38 monthly and annual Fidelity statements; not independently audited or verified. Past performance is not indicative of future results.
Monthly Performance
Every month.
Charted.
42 months of personal account returns — Jan 2023 through Jun 2026. Toggle between monthly returns and the cumulative $30K → $4.47M growth curve. Hover any point for the running account value.
Reconstructed from 38 monthly and annual Fidelity statements. Monthly figures reflect time-weighted return; cumulative trajectory reflects end-of-month account value.
Performance · 42 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 38 monthly and annual Fidelity statements ($30,689.71 starting balance, $4,469,225.38 ending value on June 30, 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. The simple end-to-start account multiple is approximately 146×.
Risk & Return
74%
Positive Months
31 of 42 months · 73.8%
−36.42%
Max Drawdown
Spring 2024 peak-to-trough
+151.4%
Best Month
April 2026 · SOXL +162% bounce off March drawdown
−33.6%
Worst Month
April 2024 · BITX drawdown
Monthly Returns · Heat Map
42 months. Every number. Color-coded.
Every monthly return across the 42-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.
Monthly TWR · Jan 2023 – Apr 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% | · | · | · | · | · | · | — |
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 42 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 followed by a sharp recovery — both 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). A substantial majority of total gains occurred in the final three months of the period. Figures are reconciled by the manager to the source statements; not independently audited or verified.
Drawdown — Peak to Trough
Maximum drawdown: −36.42%
Shaded region shows % below the rolling high-water mark. The spring 2024 drawdown was the deepest, troughing in June 2024 at −36.42% from the March 2024 high-water mark. The position was held and added to. The new high-water mark was set in July 2024.
Drawdown · 42 Months
Peak-to-trough drawdown over time
Drawdown measures how far the account fell from its prior high-water mark. The deepest point — Spring 2024 — touched -36.42%.
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:
38
Fidelity statements · Jan 2023 – Jun 2026
$4.53M
Total trading gains · Jan 2023 – Jun 2026
$4.47M
Account value · June 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.
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 $4.26M as of June 30, 2026 ($149K entry; cost basis $152K across 15,972 shares). Held since April 2025 — 14 months open, 28.0× from cost basis. Reconciled by the manager to the June 2026 Fidelity statement (received 2026-07-09); not independently audited or verified. Position remains open.
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.
Full Statement Analysis
Every trade, every statement, drawdown charts, monthly heatmap. Built from 38 monthly and annual Fidelity statements.
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.
What’s Next
The infrastructure layer runs two to three more years.
Every dollar of compute capex committed in 2026 still has to be built, powered, networked, and inferred against. The substrate trade — chips, photonics, power, memory, GPU cloud — has at least two more years of forced demand running through it before the build-out reaches saturation.
Once we reach artificial superintelligence, the marginal dollar of intelligence becomes effectively free. At that point the bottleneck is no longer cognition — it is action in the physical world. Robotics has the next multi-generational run: humanoid platforms, autonomous logistics, embodied agents at every layer of the physical economy. That is the second wave of the same trade, executed against a different substrate.
The fund is positioned for the infrastructure layer now. The same framework — concentrated, leveraged, thematic, against the chokepoint — rotates into the robotics substrate when the data and the cost curves justify it. The 42 months of track record above is the proof that the framework holds; the next 42 months are the application.
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 June 2026 (42 months), reconciled by the manager to 38 monthly and annual Fidelity statements; not independently audited or verified. The account grew from $30,689.71 to $4,469,225.38 — a simple end-to-start multiple of ≈146× — generating approximately $4.53M in total trading gains. Across the 42 months the GP made gross deposits of $316,000 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 $94,000 against a $30,689 starting balance; the entire ending value, plus the net amount withdrawn, was generated by investment gains. A substantial majority of total gains occurred in the final three months of the period. 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, and June includes a $5,000 deposit of June 12, 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 246×. 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 +32,000% (≈321×) versus ≈693× 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 38 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.
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