Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.23%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.71%
baseline attrition
Rally response
-0.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $656M | 13.0% | — | 2.3 yr |
| CELCCelcuity Inc. | $357M | 7.1% | +1029.0% | 2.5 yr |
| — | $350M | 6.9% | — | 2.8 yr |
| ROIVRoivant Sciences Ltd. | $230M | 4.5% | +174.5% | 2.3 yr |
| CNTACentessa Pharmaceuticals | $209M | 4.1% | +176.2% | 2.3 yr |
| RYTMRhythm Pharmaceuticals, | $206M | 4.1% | +64.2% | 4.8 yr |
| SYRESpyre Therapeutics, Inc. | $191M | 3.8% | +212.5% | 2.8 yr |
| NUVLNuvalent, Inc. | $162M | 3.2% | +44.5% | 4.8 yr |
| EWTXEdgewise Therapeutics, I | $139M | 2.8% | +43.2% | 2.5 yr |
| PTGXProtagonist Therapeutics | $130M | 2.6% | +117.9% | 3.5 yr |
| — | $130M | 2.6% | — | 2.8 yr |
| TVTXTravere Therapeutics, In | $123M | 2.4% | +65.8% | 4.3 yr |
| AMLXAmylyx Pharmaceuticals, | $115M | 2.3% | +292.7% | 4.0 yr |
| IMTXImmatics N.V. | $102M | 2.0% | +118.2% | 5.8 yr |
| RLAYRelay Therapeutics, Inc. | $97M | 1.9% | +279.8% | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology62.8%-12.5pp$3.17B
Unknown31.9%+20.5pp$1.61B
Medical - Devices3.3%-2.6pp$168M
Medical - Diagnostics & Research0.8%$42M
Medical - Instruments & Supplies0.7%-0.1pp$34M
Medical - Healthcare Information Services0.2%$10M
Medical - Equipment & Services0.2%-0.5pp$8M
Drug Manufacturers - Specialty & Generic0.1%-5.8pp$6M
Country
US55.5%-11.9pp
Unknown31.9%+20.5pp
GB8.7%-7.9pp
DE2.0%+0.5pp
FR0.7%+0.7pp
IE0.6%
AU0.4%+0.1pp
BE0.1%
Top 5: 35.7% · Top 10: 52.1% · Top 25: 78.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CELC | $24M | +0.25B | 1029.0% |
| RYTM | $135M | +0.09B | 64.2% |
| AMLX | $28M | +0.08B | 292.7% |
| SYRE | $37M | +0.08B | 212.5% |
| CNTA | $44M | +0.08B | 176.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ISRG | $20M | -0.00B | -6.9% |
Top buys this quarter · 15
| CNTA Centessa Pharmaceuticals plc | +$93M |
| RLAY Relay Therapeutics, Inc. | +$78M |
| BCRX BioCryst Pharmaceuticals, Inc. | +$41M |
| IONS Ionis Pharmaceuticals, Inc.new | +$38M |
| SYRE Spyre Therapeutics, Inc. | +$36M |
| DMRA Galecto, Inc.new | +$32M |
| DAWN Day One Biopharmaceuticals, In | +$26M |
| CRVS Corvus Pharmaceuticals, Inc. | +$23M |
| DYN Dyne Therapeutics, Inc. | +$22M |
| GH Guardant Health, Inc. | +$13M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$125M |
| FOLD Amicus Therapeutics, Inc.exit | −$92M |
| BSX Boston Scientific Corporationexit | −$61M |
| BLTE Belite Bio, Inc | −$42M |
| DHR Danaher Corporationexit | −$38M |
| VRDN Viridian Therapeutics, Inc. | −$37M |
| PEN Penumbra, Inc.exit | −$36M |
| NBIX Neurocrine Biosciences, Inc. | −$35M |
| RVMD Revolution Medicines, Inc. | −$20M |
| PVLA Palvella Therapeutics, Inc.exit | −$33M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.05B | 91 | +74.18% | +17.59% | +56.59% | -0.53B |
| 2025-12-31 | $5.44B | 111 | +41.48% | +17.72% | +23.76% | +1.36B |
| 2025-09-30 | $3.06B | 88 | -7.26% | +17.52% | -24.77% | -0.38B |
| 2025-06-30 | $2.60B | 81 | -17.84% | +14.94% | -32.78% | -0.08B |
| 2025-03-31 | $2.78B | 85 | -25.78% | +8.30% | -34.08% | -0.20B |
| 2024-12-31 | $3.58B | 96 | -5.95% | +24.89% | -30.83% | -0.48B |
| 2024-09-30 | $4.65B | 101 | +28.19% | +36.04% | -7.84% | -0.26B |
| 2024-06-30 | $4.19B | 107 | -0.24% | +24.49% | -24.73% | -0.75B |
| 2024-03-31 | $5.67B | 105 | +21.73% | +29.62% | -7.90% | +0.96B |
| 2023-12-31 | $4.47B | 97 | +7.99% | +26.18% | -18.18% | +0.93B |
| 2023-09-30 | $2.97B | 87 | +1.86% | +21.57% | -19.71% | -0.16B |
| 2023-06-30 | $3.44B | 88 | +12.52% | +19.42% | -6.91% | -0.15B |
| 2023-03-31 | $3.38B | 98 | -22.61% | -7.82% | -14.79% | +0.13B |
| 2022-12-31 | $3.47B | 94 | +12.38% | +7.56% | +4.82% | -0.34B |
| 2022-09-30 | $3.39B | 113 | +0.75% | -4.93% | +5.68% | +0.67B |
| 2022-06-30 | $2.70B | 107 | -26.91% | -16.11% | -10.80% | -0.37B |