Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.82%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.97%
baseline attrition
Rally response
-2.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KYMRKymera Therapeutics, Inc | $458M | 14.6% | +204.3% | 5.8 yr |
| MLTXMoonLake Immunotherapeut | $298M | 9.5% | -52.3% | 4.0 yr |
| RVMDRevolution Medicines, In | $278M | 8.9% | +175.0% | 6.3 yr |
| NKTRNektar Therapeutics | $184M | 5.9% | — | 0.8 yr |
| GPCRStructure Therapeutics I | $167M | 5.3% | +178.5% | 3.3 yr |
| MIRMMirum Pharmaceuticals, I | $146M | 4.7% | +105.1% | 3.3 yr |
| GHRSGH Research PLC | $122M | 3.9% | +27.5% | 5.0 yr |
| PVLAPalvella Therapeutics, I | $120M | 3.8% | +345.3% | 1.5 yr |
| — | $94M | 3.0% | — | 3.5 yr |
| XNCRXencor, Inc. | $86M | 2.7% | +13.3% | 4.0 yr |
| STOKStoke Therapeutics, Inc. | $83M | 2.6% | +389.6% | 0.8 yr |
| CGEMCullinan Therapeutics, I | $82M | 2.6% | +87.7% | 5.3 yr |
| IRONDisc Medicine, Inc. | $81M | 2.6% | +28.8% | 0.5 yr |
| XOMAXOMA Royalty Corp. | $81M | 2.6% | +57.4% | 9.5 yr |
| OLMAOlema Pharmaceuticals, I | $79M | 2.5% | +296.5% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology90.1%-4.4pp$2.83B
Unknown6.8%+3.0pp$213M
Medical - Pharmaceuticals2.6%+0.8pp$82M
Medical - Devices0.5%$17M
Country
US73.7%+17.2pp
CH11.4%-21.8pp
Unknown6.8%+3.0pp
IE6.1%+2.2pp
GB1.2%
AU0.5%
FR0.1%+0.0pp
CA0.1%-0.9pp
Top 5: 44.1% · Top 10: 62.2% · Top 25: 92.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| RVMD | $176M | +0.31B | 175.0% |
| KYMR | $141M | +0.29B | 204.3% |
| MIRM | $126M | +0.13B | 105.1% |
| TYRA | $37M | +0.11B | 311.8% |
| SEPN | $25M | +0.08B | 315.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MLTX | $772M | -0.40B | -52.3% |
Top buys this quarter · 14
| — | +$24M |
| — new | +$0M |
| NKTR Nektar Therapeutics | +$72M |
| ALKS Alkermes plcnew | +$71M |
| IRON Disc Medicine, Inc. | +$40M |
| AVR Anteris Technologies Global Conew | +$17M |
| GLUE Monte Rosa Therapeutics, Inc. | +$10M |
| PVLA Palvella Therapeutics, Inc. | +$10M |
| STOK Stoke Therapeutics, Inc. | +$9M |
| MIRM Mirum Pharmaceuticals, Inc. | +$8M |
Top sells this quarter · 15
| — | −$0M |
| RPTX Repare Therapeutics Inc.exit | −$0M |
| MLTX MoonLake Immunotherapeutics | −$260M |
| ABVX Abivax S.A.exit | −$57M |
| RVMD Revolution Medicines, Inc. | −$267M |
| FDMT 4D Molecular Therapeutics, Inc | −$16M |
| SEPN Septerna, Inc. | −$9M |
| AXSM Axsome Therapeutics, Inc.exit | −$8M |
| IMCR Immunocore Holdings plc | −$6M |
| TYRA Tyra Biosciences, Inc. | −$56M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.14B | 41 | +67.87% | +17.59% | +50.28% | -0.02B |
| 2025-12-31 | $2.97B | 41 | +25.46% | +17.72% | +7.74% | -0.48B |
| 2025-09-30 | $2.47B | 46 | -18.73% | +17.52% | -36.25% | -0.27B |
| 2025-06-30 | $2.80B | 44 | -8.43% | +14.94% | -23.37% | -0.04B |
| 2025-03-31 | $2.45B | 51 | -25.34% | +8.30% | -33.65% | +0.11B |
| 2024-12-31 | $2.95B | 53 | -0.97% | +24.89% | -25.86% | -0.15B |
| 2024-09-30 | $3.42B | 55 | +22.35% | +36.04% | -13.68% | -0.51B |
| 2024-06-30 | $3.57B | 60 | +8.55% | +24.49% | -15.94% | +0.14B |
| 2024-03-31 | $3.64B | 62 | +53.71% | +29.62% | +24.09% | -0.57B |
| 2023-12-31 | $4.00B | 69 | +52.31% | +26.18% | +26.13% | -0.16B |
| 2023-09-30 | $3.71B | 69 | +41.12% | +21.57% | +19.55% | +0.20B |
| 2023-06-30 | $3.59B | 67 | +45.44% | +19.42% | +26.01% | -0.06B |
| 2023-03-31 | $2.74B | 72 | -25.45% | -7.82% | -17.64% | +0.26B |
| 2022-12-31 | $2.37B | 78 | +3.71% | +7.56% | -3.85% | -0.14B |
| 2022-09-30 | $2.42B | 80 | +0.66% | -4.93% | +5.59% | +0.34B |
| 2022-06-30 | $2.07B | 79 | -31.61% | -16.11% | -15.50% | +0.36B |