Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.11%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.78%
baseline attrition
Rally response
-0.32%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| INCYIncyte Corporation | $2.89B | 17.9% | +55.4% | 10.5 yr |
| ONCBeOne Medicines Ltd. | $2.61B | 16.2% | +9.1% | 10.3 yr |
| MDGLMadrigal Pharmaceuticals | $1.12B | 7.0% | +58.0% | 9.8 yr |
| ACADACADIA Pharmaceuticals I | $955M | 5.9% | +34.0% | 10.5 yr |
| RVMDRevolution Medicines, In | $929M | 5.8% | +175.0% | 5.3 yr |
| CELCCelcuity Inc. | $904M | 5.6% | +1029.0% | 2.8 yr |
| KODKodiak Sciences Inc. | $759M | 4.7% | +1256.6% | 7.5 yr |
| KYMRKymera Therapeutics, Inc | $721M | 4.5% | +204.3% | 5.8 yr |
| SMMTSummit Therapeutics Inc. | $690M | 4.3% | -1.7% | 3.0 yr |
| — | $565M | 3.5% | — | 2.3 yr |
| RYTMRhythm Pharmaceuticals, | $487M | 3.0% | +64.2% | 8.5 yr |
| ALKSAlkermes plc | $354M | 2.2% | +7.1% | 9.0 yr |
| GRALGRAIL, Inc. | $208M | 1.3% | +102.3% | 1.5 yr |
| EWTXEdgewise Therapeutics, I | $207M | 1.3% | +43.2% | 5.3 yr |
| IONSIonis Pharmaceuticals, I | $154M | 1.0% | +148.9% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology77.6%+7.8pp$12.51B
Medical - Pharmaceuticals16.2%-11.9pp$2.61B
Unknown4.6%+3.4pp$739M
Medical - Diagnostics & Research1.4%+0.6pp$219M
Medical - Devices0.1%-0.2pp$18M
Asset Management0.1%$18M
Medical - Care Facilities0.1%$13M
Country
US89.3%-2.8pp
Unknown4.6%+3.4pp
IE2.2%+0.5pp
GB1.5%-1.2pp
CA0.8%-0.1pp
DE0.7%+0.3pp
FR0.6%
NL0.2%-0.5pp
Top 5: 52.8% · Top 10: 75.3% · Top 25: 91.3%
Top buys this quarter · 15
| GRAL GRAIL, Inc. | +$100M |
| CRNX Crinetics Pharmaceuticals, Inc | +$26M |
| ELVN Enliven Therapeutics, Inc. | +$25M |
| MIRM Mirum Pharmaceuticals, Inc. | +$24M |
| EVMN Evommune, Inc.new | +$19M |
| IONS Ionis Pharmaceuticals, Inc. | +$19M |
| AKTS Aktis Oncology, Inc.new | +$18M |
| GENB Generate Biomedicines, Inc.new | +$18M |
| CMPS COMPASS Pathways plcnew | +$13M |
| IDYA IDEAYA Biosciences, Inc. | +$11M |
Top sells this quarter · 15
| RARE Ultragenyx Pharmaceutical Inc.exit | −$58M |
| IMCR Immunocore Holdings plc | −$48M |
| VTYX Ventyx Biosciences, Inc.exit | −$33M |
| BCRX BioCryst Pharmaceuticals, Inc.exit | −$27M |
| BNTX BioNTech SE | −$22M |
| ROIV Roivant Sciences Ltd. | −$121M |
| NUVL Nuvalent, Inc.exit | −$15M |
| IMTX Immatics N.V. | −$12M |
| ARWR Arrowhead Pharmaceuticals, Inc | −$11M |
| TECX Tectonic Therapeutic, Inc. | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $16.13B | 82 | +60.09% | +17.59% | +42.49% | +0.30B |
| 2025-12-31 | $15.86B | 84 | +57.74% | +17.72% | +40.02% | +0.76B |
| 2025-09-30 | $12.83B | 88 | +30.18% | +17.52% | +12.67% | +0.39B |
| 2025-06-30 | $9.53B | 87 | +21.49% | +14.94% | +6.55% | +0.63B |
| 2025-03-31 | $8.52B | 86 | +10.93% | +8.30% | +2.62% | -0.22B |
| 2024-12-31 | $8.89B | 92 | +2.87% | +24.89% | -22.01% | -0.07B |
| 2024-09-30 | $9.23B | 91 | +20.37% | +36.04% | -15.67% | +0.17B |
| 2024-06-30 | $7.44B | 92 | -9.87% | +24.49% | -34.36% | -0.15B |
| 2024-03-31 | $7.96B | 86 | -10.66% | +29.62% | -40.28% | +0.08B |
| 2023-12-31 | $8.64B | 81 | -8.49% | +26.18% | -34.67% | -10.93B |
| 2023-09-30 | $17.21B | 99 | -5.92% | +21.57% | -27.49% | +1.58B |
| 2023-06-30 | $17.14B | 105 | -5.01% | +19.42% | -24.43% | -0.22B |
| 2023-03-31 | $18.37B | 104 | -10.78% | -7.82% | -2.97% | +2.85B |
| 2022-12-31 | $16.62B | 110 | +16.89% | +7.56% | +9.32% | -1.17B |
| 2022-09-30 | $15.22B | 112 | -7.90% | -4.93% | -2.97% | -0.90B |
| 2022-06-30 | $17.51B | 113 | -11.26% | -16.11% | +4.85% | +2.18B |