Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.56%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.65%
steady accumulation
Rally response
-0.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AUPHAurinia Pharmaceuticals | $181M | 9.4% | +84.3% | 3.5 yr |
| CELCCelcuity Inc. | $120M | 6.2% | +1029.0% | 0.8 yr |
| MIRMMirum Pharmaceuticals, I | $114M | 5.9% | +105.1% | 4.0 yr |
| GLPGGalapagos N.V. | $114M | 5.9% | +19.4% | 3.8 yr |
| SPYState Street SPDR S&P 50 | $109M | 5.7% | +17.6% | 0.5 yr |
| — | $109M | 5.6% | — | 2.0 yr |
| CAPRCapricor Therapeutics, I | $103M | 5.4% | +220.3% | 0.8 yr |
| PTCTPTC Therapeutics, Inc. | $102M | 5.3% | +33.7% | 2.5 yr |
| SYRESpyre Therapeutics, Inc. | $95M | 5.0% | +212.5% | 1.3 yr |
| KALVKalVista Pharmaceuticals | $92M | 4.8% | +74.4% | 4.3 yr |
| CMPXCompass Therapeutics, In | $89M | 4.6% | +178.4% | 1.8 yr |
| TARSTarsus Pharmaceuticals, | $83M | 4.3% | +36.6% | 4.3 yr |
| IMCRImmunocore Holdings plc | $80M | 4.1% | +1.6% | 4.3 yr |
| ANABAnaptysBio, Inc. | $74M | 3.8% | +198.4% | 6.5 yr |
| CORTCorcept Therapeutics Inc | $60M | 3.1% | -64.7% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology82.5%+11.3pp$1.59B
Unknown7.0%+0.0pp$135M
Asset Management5.7%$109M
Drug Manufacturers - Specialty & Generic3.3%-8.4pp$64M
Medical - Care Facilities1.1%+0.9pp$22M
Drug Manufacturers - General0.3%-1.8pp$6M
Country
US70.0%-1.8pp
CA9.4%+3.1pp
Unknown7.0%+0.0pp
BE5.9%+0.4pp
GB5.3%+1.0pp
DE2.2%+0.8pp
SG0.2%
Top 5: 33.1% · Top 10: 59.2% · Top 25: 93.8%
Top buys this quarter · 10
| SPY State Street SPDR S&P 500 ETF | +$90M |
| CORT Corcept Therapeutics Incorpora | +$54M |
| CAPR Capricor Therapeutics, Inc. | +$52M |
| ANIP ANI Pharmaceuticals, Inc. | +$17M |
| AUPH Aurinia Pharmaceuticals Inc. | +$13M |
| CMPS COMPASS Pathways plc | +$10M |
| AGIO Agios Pharmaceuticals, Inc.new | +$3M |
| PGEN Precigen, Inc. | +$3M |
| IMCR Immunocore Holdings plc | +$80M |
| — | +$0M |
Top sells this quarter · 15
| VTYX Ventyx Biosciences, Inc.exit | −$39M |
| VRTX Vertex Pharmaceuticals Incorpoexit | −$36M |
| MRNA Moderna, Inc. | −$30M |
| NVDA NVIDIA Corporationexit | −$22M |
| TVTX Travere Therapeutics, Inc.exit | −$21M |
| IBRX ImmunityBio, Inc.exit | −$18M |
| GSK GSK plcexit | −$17M |
| PCVX Vaxcyte, Inc.exit | −$16M |
| META Meta Platforms, Inc.exit | −$13M |
| BMY Bristol-Myers Squibb Companyexit | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.93B | 50 | +50.43% | +17.59% | +32.84% | -0.10B |
| 2025-12-31 | $2.01B | 74 | +30.05% | +17.72% | +12.33% | -1.06B |
| 2025-09-30 | $2.57B | 193 | -6.57% | +17.52% | -24.08% | +0.15B |
| 2025-06-30 | $1.96B | 199 | -17.65% | +14.94% | -32.59% | +0.14B |
| 2025-03-31 | $1.80B | 201 | -38.31% | +8.30% | -46.61% | +0.49B |
| 2024-12-31 | $1.50B | 182 | -16.14% | +24.89% | -41.02% | +0.31B |
| 2024-09-30 | $1.39B | 153 | +4.88% | +36.04% | -31.16% | +0.33B |
| 2024-06-30 | $972M | 126 | -15.96% | +24.49% | -40.45% | +0.24B |
| 2024-03-31 | $960M | 99 | -6.07% | +29.62% | -35.69% | -0.31B |
| 2023-12-31 | $1.08B | 122 | -35.22% | +26.18% | -61.39% | +0.32B |
| 2023-09-30 | $704M | 105 | -43.39% | +21.57% | -64.96% | +0.11B |
| 2023-06-30 | $676M | 98 | -29.73% | +19.42% | -49.15% | +0.11B |
| 2023-03-31 | $668M | 102 | -30.43% | -7.82% | -22.61% | +0.11B |
| 2022-12-31 | $685M | 88 | -6.00% | +7.56% | -13.56% | -0.07B |
| 2022-09-30 | $805M | 94 | +8.39% | -4.93% | +13.32% | +0.09B |
| 2022-06-30 | $659M | 67 | -16.10% | -16.11% | +0.01% | +0.24B |