Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.06%
baseline attrition
Rally response
-6.67%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EWTXEdgewise Therapeutics, I | $489M | 11.2% | +43.2% | 5.3 yr |
| ELVNEnliven Therapeutics, In | $312M | 7.1% | +99.2% | 3.3 yr |
| LLYEli Lilly and Company | $218M | 5.0% | +12.2% | 5.5 yr |
| BSXBoston Scientific Corpor | $149M | 3.4% | -37.8% | 10.5 yr |
| SIONSionna Therapeutics, Inc | $142M | 3.2% | +283.3% | 1.3 yr |
| AZNAstraZeneca PLC | $132M | 3.0% | +36.2% | 0.3 yr |
| MYGNMyriad Genetics, Inc. | $123M | 2.8% | -49.3% | 0.3 yr |
| MBXMBX Biosciences, Inc. Co | $109M | 2.5% | +304.5% | 1.8 yr |
| CRVSCorvus Pharmaceuticals, | $105M | 2.4% | +360.1% | 10.3 yr |
| ARGXargenx SE | $100M | 2.3% | +23.4% | 7.3 yr |
| EWEdwards Lifesciences Cor | $99M | 2.3% | +10.5% | 9.0 yr |
| ISRGIntuitive Surgical, Inc. | $96M | 2.2% | -6.9% | 10.5 yr |
| CMPXCompass Therapeutics, In | $81M | 1.8% | +178.4% | 4.5 yr |
| MRKMerck & Co., Inc. | $80M | 1.8% | +38.9% | 7.8 yr |
| GPCRStructure Therapeutics I | $71M | 1.6% | +178.5% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology63.0%+11.9pp$2.76B
Drug Manufacturers - General13.1%+3.2pp$574M
Medical - Devices11.0%-10.2pp$480M
Medical - Diagnostics & Research6.6%+2.5pp$289M
Unknown4.2%-5.0pp$186M
Medical - Healthcare Plans1.1%-1.5pp$48M
Medical - Healthcare Information Services0.7%$33M
Medical - Care Facilities0.2%-1.3pp$10M
Medical - Pharmaceuticals0.1%-0.3pp$3M
Country
US86.2%+0.0pp
Unknown4.2%-5.0pp
NL3.2%+0.3pp
GB3.2%
CA1.8%+0.8pp
FR1.2%
CH0.1%-0.1pp
Top 5: 29.9% · Top 10: 42.9% · Top 25: 66.6%
Top buys this quarter · 15
| MYGN Myriad Genetics, Inc.new | +$563M |
| RCEL AVITA Medical, Inc.new | +$152M |
| AZN AstraZeneca PLCnew | +$132M |
| XENE Xenon Pharmaceuticals Inc. | +$36M |
| MLYS Mineralys Therapeutics, Inc. | +$29M |
| QURE uniQure N.V. | +$23M |
| NKTR Nektar Therapeuticsnew | +$20M |
| PVLA Palvella Therapeutics, Inc.new | +$17M |
| DFTX Definium Therapeutics, Inc.new | +$15M |
| GPCR Structure Therapeutics Inc. | +$71M |
Top sells this quarter · 15
| APLS Apellis Pharmaceuticals, Inc.exit | −$98M |
| BIIB Biogen Inc. | −$82M |
| UTHR United Therapeutics Corporatioexit | −$62M |
| ROIV Roivant Sciences Ltd.exit | −$61M |
| LLY Eli Lilly and Company | −$59M |
| ALNY Alnylam Pharmaceuticals, Inc. | −$56M |
| CI Cigna Corporationexit | −$55M |
| GH Guardant Health, Inc. | −$51M |
| EW Edwards Lifesciences Corporati | −$49M |
| SYK Stryker Corporation | −$47M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.38B | 104 | +39.32% | +17.59% | +21.73% | -0.27B |
| 2025-12-31 | $4.68B | 101 | +24.68% | +17.72% | +6.96% | -0.06B |
| 2025-09-30 | $3.97B | 95 | -8.47% | +17.52% | -25.99% | -0.24B |
| 2025-06-30 | $3.63B | 94 | -17.85% | +14.94% | -32.79% | -0.58B |
| 2025-03-31 | $4.15B | 104 | -25.90% | +8.30% | -34.20% | -0.11B |
| 2024-12-31 | $4.79B | 109 | -1.12% | +24.89% | -26.00% | +0.32B |
| 2024-09-30 | $5.10B | 107 | +20.36% | +36.04% | -15.68% | +0.26B |
| 2024-06-30 | $4.66B | 106 | -9.69% | +24.49% | -34.18% | +0.02B |
| 2024-03-31 | $5.07B | 110 | -8.07% | +29.62% | -37.69% | -0.80B |
| 2023-12-31 | $4.96B | 108 | -43.28% | +26.18% | -69.46% | +0.39B |
| 2023-09-30 | $4.28B | 118 | -53.97% | +21.57% | -75.53% | +0.32B |
| 2023-06-30 | $5.06B | 116 | -43.49% | +19.42% | -62.92% | +0.43B |
| 2023-03-31 | $4.97B | 113 | -58.64% | -7.82% | -50.83% | +1.45B |
| 2022-12-31 | $4.81B | 110 | -13.40% | +7.56% | -20.96% | +0.53B |
| 2022-09-30 | $4.95B | 124 | -4.18% | -4.93% | +0.75% | +0.04B |
| 2022-06-30 | $5.12B | 134 | -31.87% | -16.11% | -15.76% | +0.95B |