Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.05%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.56%
steady accumulation
Rally response
-6.52%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NUVLNuvalent, Inc. | $1.77B | 24.6% | +44.5% | 4.8 yr |
| COGTCogent Biosciences, Inc. | $348M | 4.9% | +542.6% | 5.5 yr |
| — | $310M | 4.3% | — | 1.3 yr |
| VTRSViatris Inc. | $273M | 3.8% | +62.4% | 5.5 yr |
| UTHRUnited Therapeutics Corp | $271M | 3.8% | +92.4% | 1.3 yr |
| RVMDRevolution Medicines, In | $223M | 3.1% | +175.0% | 6.3 yr |
| CELCCelcuity Inc. | $196M | 2.7% | +1029.0% | 0.8 yr |
| CNCCentene Corporation | $194M | 2.7% | -46.1% | 9.3 yr |
| LRMRLarimar Therapeutics, In | $160M | 2.2% | +109.3% | 6.0 yr |
| BKDBrookdale Senior Living | $159M | 2.2% | +118.5% | 7.8 yr |
| VERAVera Therapeutics, Inc. | $150M | 2.1% | +67.5% | 2.0 yr |
| IONSIonis Pharmaceuticals, I | $149M | 2.1% | +148.9% | 1.0 yr |
| BCRXBioCryst Pharmaceuticals | $143M | 2.0% | +26.9% | 8.8 yr |
| INSPInspire Medical Systems, | $139M | 1.9% | -67.6% | 2.0 yr |
| LEGNLegend Biotech Corporati | $139M | 1.9% | -46.7% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology71.3%+10.5pp$5.12B
Unknown6.8%+2.0pp$488M
Drug Manufacturers - Specialty & Generic6.3%-1.3pp$453M
Medical - Care Facilities4.8%+1.1pp$342M
Medical - Devices4.7%-1.8pp$340M
Medical - Healthcare Plans2.7%-6.5pp$194M
Drug Manufacturers - General1.2%-0.7pp$85M
Medical - Equipment & Services1.0%-0.4pp$69M
Medical - Healthcare Information Services0.6%-0.9pp$45M
Medical - Diagnostics & Research0.5%+0.5pp$38M
Country
US89.7%-0.2pp
Unknown6.8%+2.0pp
CA1.3%
NL1.2%-2.5pp
DK0.9%
Top 5: 41.4% · Top 10: 54.4% · Top 25: 78.7%
Top buys this quarter · 15
| INDV Indivior Pharmaceuticals Incnew | +$94M |
| DNTH Dianthus Therapeutics, Inc.new | +$86M |
| GMAB Genmab A/Snew | +$66M |
| XENE Xenon Pharmaceuticals Inc. | +$62M |
| SNDX Syndax Pharmaceuticals, Inc. | +$62M |
| INSP Inspire Medical Systems, Inc. | +$62M |
| BMRN BioMarin Pharmaceutical Inc. | +$48M |
| LEGN Legend Biotech Corporation | +$32M |
| TNGX Tango Therapeutics, Inc. | +$26M |
| LRMR Larimar Therapeutics, Inc. | +$23M |
Top sells this quarter · 15
| NBIX Neurocrine Biosciences, Inc. | −$76M |
| RVMD Revolution Medicines, Inc. | −$58M |
| SYRE Spyre Therapeutics, Inc.exit | −$36M |
| VTR Ventas, Inc.exit | −$29M |
| EWTX Edgewise Therapeutics, Inc.exit | −$24M |
| CPRX Catalyst Pharmaceuticals, Inc. | −$24M |
| IDYA IDEAYA Biosciences, Inc. | −$21M |
| CNC Centene Corporation | −$17M |
| PHR Phreesia, Inc.exit | −$17M |
| ARWR Arrowhead Pharmaceuticals, Inc | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.18B | 73 | +42.65% | +17.59% | +25.06% | +0.19B |
| 2025-12-31 | $6.84B | 140 | +26.40% | +17.72% | +8.69% | -0.36B |
| 2025-09-30 | $5.96B | 142 | -11.93% | +17.52% | -29.44% | +0.65B |
| 2025-06-30 | $4.86B | 115 | -4.26% | +14.94% | -19.20% | +0.22B |
| 2025-03-31 | $4.39B | 114 | -17.09% | +8.30% | -25.39% | +0.17B |
| 2024-12-31 | $4.66B | 99 | +5.04% | +24.89% | -19.85% | -0.42B |
| 2024-09-30 | $6.04B | 435 | +63.37% | +36.04% | +27.34% | -0.12B |
| 2024-06-30 | $5.18B | 423 | +34.69% | +24.49% | +10.20% | +0.40B |
| 2024-03-31 | $5.21B | 361 | +70.72% | +29.62% | +41.10% | +0.33B |
| 2023-12-31 | $4.26B | 215 | +22.01% | +26.18% | -4.17% | +0.22B |
| 2023-09-30 | $3.09B | 75 | -1.91% | +21.57% | -23.48% | -0.04B |
| 2023-06-30 | $3.19B | 84 | +6.30% | +19.42% | -13.12% | -0.10B |
| 2023-03-31 | $2.84B | 85 | -34.07% | -7.82% | -26.25% | +0.60B |
| 2022-12-31 | $2.73B | 79 | +5.29% | +7.56% | -2.27% | -0.23B |
| 2022-09-30 | $2.81B | 99 | +6.22% | -4.93% | +11.15% | +0.08B |
| 2022-06-30 | $2.57B | 93 | -28.00% | -16.11% | -11.89% | +0.74B |