Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.39%
baseline attrition
Rally response
-8.86%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MAZEMaze Therapeutics, Inc. | $123M | 18.2% | +171.1% | 1.3 yr |
| RAPPRapport Therapeutics, In | $117M | 17.2% | +212.0% | 2.0 yr |
| VIRVir Biotechnology, Inc. | $116M | 17.1% | +38.3% | 1.0 yr |
| ERASErasca, Inc. | $115M | 16.9% | +1081.0% | 4.5 yr |
| BEAMBeam Therapeutics Inc. | $108M | 16.0% | +22.0% | 2.0 yr |
| LYELLyell Immunopharma, Inc. | $65M | 9.6% | — | 1.0 yr |
| GENBGenerate Biomedicines, I | $24M | 3.6% | — | 0.3 yr |
| TXG10x Genomics, Inc. | $5M | 0.7% | +143.2% | 0.5 yr |
| GOSSGossamer Bio, Inc. | $3M | 0.4% | -70.1% | 2.8 yr |
| QTTBQ32 Bio Inc. | $2M | 0.3% | +289.1% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology95.7%-3.8pp$648M
Asset Management3.6%$24M
Medical - Healthcare Information Services0.7%$5M
Country
US100.0%+0.0pp
Top 5: 85.4% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ERAS | $15M | +0.16B | 1081.0% |
| RAPP | $38M | +0.08B | 212.0% |
| MAZE | $45M | +0.08B | 171.1% |
| BEAM | $89M | +0.02B | 22.0% |
| QTTB | $1M | +0.00B | 289.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GOSS | $9M | -0.01B | -70.1% |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $677M | 10 | +136.72% | +17.59% | +119.13% | -0.04B |
| 2025-12-31 | $652M | 9 | +50.55% | +17.72% | +32.83% | +0.01B |
| 2025-09-30 | $492M | 9 | +4.05% | +17.52% | -13.47% | -0.02B |
| 2025-06-30 | $299M | 11 | -37.75% | +14.94% | -52.70% | +0.10B |
| 2025-03-31 | $206M | 9 | -46.51% | +8.30% | -54.81% | +0.04B |
| 2024-12-31 | $230M | 9 | -19.77% | +24.89% | -44.65% | -0.00B |
| 2024-09-30 | $261M | 9 | -6.02% | +36.04% | -42.06% | -0.01B |
| 2024-06-30 | $266M | 9 | -35.81% | +24.49% | -60.31% | +0.20B |
| 2024-03-31 | $80M | 8 | -10.70% | +29.62% | -40.32% | -0.09B |
| 2023-12-31 | $164M | 7 | -33.14% | +26.18% | -59.32% | +0.00B |
| 2023-09-30 | $154M | 7 | -52.19% | +21.57% | -73.75% | +0.04B |
| 2023-06-30 | $162M | 6 | -22.47% | +19.42% | -41.89% | -0.07B |
| 2023-03-31 | $207M | 8 | -56.03% | -7.82% | -48.21% | -0.10B |
| 2022-12-31 | $390M | 8 | -24.72% | +7.56% | -32.28% | -0.19B |
| 2022-09-30 | $771M | 10 | +14.58% | -4.93% | +19.51% | -0.17B |
| 2022-06-30 | $821M | 10 | -35.23% | -16.11% | -19.12% | +0.37B |