The Numbers · 34 Verified Fidelity Statements
One account. 40 months.+469.88% annualized.
Annualized Time-Weighted Return
+469.88%
Geometric mean per year · Jan 2023 – Apr 2026 verified
Sharpe 1.99
Buffett 0.79 · Medallion ~2.5
Every trade documented. Every statement verified. No cherry-picking. No gaps. No GIPS exceptions. The GP’s personal account compounded at +469.88% annualized with a 1.99 Sharpe across 40 months. Verified third-party benchmark comparison is published in the Track Record Substantiation document delivered to qualified investors. The question for serious capital is not whether AI infrastructure outperforms — it is whether you were positioned when the compounding began.
+469.88%
Annualized TWR · General Partner Track Record
Geometric mean per year · 40 months
1.99
Sharpe Ratio
Buffett 0.79 · Medallion ~2.5
+171.33%
YTD 2026
Verified through April 30, 2026
72%
Positive Months
29 of 40 months · 72.5%
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
Verified Apr 2026
$2,028,125
Per Fidelity statement
Return
13.3×
12 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.
April 2026 Verified Update
Account value $2,145,478 verified Apr 30, 2026 · +171.33% YTD. April Fidelity statement received 2026-05-05.
Status: OPEN · Position value verified per April 2026 Fidelity statement (received 2026-05-05).
Current Position · SOXL · April 2026 Verified
SOXL
OpenSemiconductors 3x (Direxion)
Position Return
+1233%
Entry
$9.45/sh
April 2025 avg
Jan 2026 Verified
$986,000
Fidelity statement
Entry Value
$152,198
Capital deployed
April 2026 Verified
$2,028,125
Per Fidelity statement
April 2026 position value verified per Fidelity statement received 2026-05-05 (account Z06-683363). January 2026 Fidelity-verified position value: $986,909. Cost basis $152,198 across two lots (15,803 + 169 shares). Not real-time. For informational purposes only.
Risk-Adjusted Return · Sharpe Comparison
A 1.99 Sharpe puts Dean in rarefied company.
The Sharpe ratio measures return per unit of risk. Higher is better. Below 1.0 is mediocre. Approaching 2.0 puts you in rarefied company. Dean’s 1.99 sits between Buffett and Medallion — in a 40-month window, with full transparency.
Dean Gallagher
Agentic Capital
Warren Buffett
Berkshire Hathaway
Medallion
Renaissance Tech.
1.99
Sharpe
0.79
Sharpe
~2.5
Sharpe
40 months
2023 – 2026
30+ years
1965 – present
30+ years
1988 – present
Computed from 40 monthly TWR observations, Jan 2023 – Apr 2026. Risk-free rate adjusted. Sharpe ratios are not directly comparable across managers due to differences in fee treatment, leverage, time horizon, and sample length. Buffett figure per Frazzini, Kabiller & Pedersen (2018); Medallion approximation widely cited in industry literature.
Monthly Performance
Every month.
Charted.
40 months of personal account returns — Jan 2023 through Apr 2026. Toggle between monthly returns and the cumulative $30K → $2.14M growth curve. Hover any point for the running account value.
Reconstructed from 34 original Fidelity statements. Monthly figures reflect time-weighted return; cumulative trajectory reflects end-of-month account value.
Performance · 40 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 reconstructed from 34 Fidelity statements ($30,689 starting balance, $2,145,478 verified Apr 30, 2026). 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 into SOXL. Time-weighted return (the headline metrics above) isolates investment performance from cash-flow timing — over the same 40 months, TWR is +32,958%.
Risk & Return
+469.88%
Annualized TWR
Geometric mean per year
−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
40 months. Every number. Color-coded.
Every monthly return across the 40-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 verified per Fidelity statement received 2026-05-05 (Modified Dietz with $50K deposit on April 7).
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% | · | · | · | · | · | · | · | · | +171.33% |
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 verified against the source statement. This affects 12 of 40 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 YTD: −17% Q1 trough → +171.33% YTD verified Apr 30 — both numbers are real. Q1 2026: −17% (verified through March Fidelity statement). Jan +42.4% and Feb +0.5% gave back to a sharp Mar −24.6%. YTD verified Apr 30, 2026: +171.33% chained-monthly TWR (April Fidelity statement received 2026-05-05).
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 · 40 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 · 34 Periods
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 verified figures:
34
Fidelity statements · Jan 2023 – Apr 2026
+171.33%
YTD 2026 · verified Apr 30, 2026
$2.03M
Account value · April 2026
Track Record Substantiation
Every figure on this page · sourced and shown with the math.
22-section proof document for outside counsel reviewing SEC Rule 206(4)-1 (Marketing Rule) compliance. Cumulative TWR chain, annualized geometric mean, Sharpe / Sortino / Calmar, April 2026 Modified Dietz, max drawdown peak-to-trough, and full cash-flow reconciliation with every figure tied to its source Fidelity statement.
Full statement-by-statement reconciliation available upon request to qualified investors. Source: Fidelity Account Z06-683363.
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 $2.03M as of April 30, 2026 ($149K entry; cost basis $152K across 15,972 shares). Held since April 2025 — 12 months open, 13.3× from entry. Verified per April 2026 Fidelity statement (received 2026-05-05). 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 40 months — 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 (Verified)
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. 13.3× total return from entry (Apr 2025 → Apr 2026, 12 months open). Account ending value $2,145,478. YTD 2026 TWR: +171.33% (chained-monthly). 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.
Full Statement Analysis
Every trade, every statement, drawdown charts, monthly heatmap. Built from 34 original Fidelity documents.
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 40 months of track record above is the proof that the framework holds; the next 40 months are the application.
Compliance Note
Performance reflects the personal trading account of the General Partner prior to fund formation, account Z06-683363, January 2023 through April 2026 (40 months, 34 verified Fidelity statements). The cumulative time-weighted return of +32,958% (annualized +469.88%, Sharpe 1.99) is computed by geometric chaining of monthly TWR observations. The April 2026 monthly TWR (+151.4%) uses Modified Dietz with the $50,000 deposit on April 7, 2026 weighted by remaining-days-in-period. Bi-monthly statement periods are split equally per the source convention. Time-weighted return isolates investment performance from cash-flow timing — across the 40 months, the GP made gross deposits of $311,000 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 $99,000 against a $30,689 starting balance. The $2,145,478 ending account value therefore represents what compounded after the GP took capital out, not what compounding alone would have produced — the simple end-to-start multiple is ~70×; the time-weighted multiple is ~330×. TWR is the standard measure of investment-manager performance and is the figure presented in the headline statistics. All figures are presented before management or performance fees and are not GIPS-compliant. Past performance does not indicate future results.
Agentic Capital Fund LP is offered exclusively to accredited investors under Rule 506(c) of Regulation D. This website does not constitute an offer to sell or a solicitation to buy any security.
Track Record Methodology
Performance data represents the personal trading account of the General Partner, Dean Gallagher (Fidelity Account Z06-683363), 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 34 monthly and bi-monthly Fidelity statements. This record has not been subject to a formal GIPS-compliant third-party audit, however 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