Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.37%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.10%
baseline attrition
Rally response
-19.82%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EVMNEvommune, Inc. | $14M | 11.5% | — | 0.5 yr |
| CTNMContineum Therapeutics, | $10M | 8.1% | +87.1% | 2.0 yr |
| — | $6M | 5.3% | — | 0.8 yr |
| LLYEli Lilly and Company | $6M | 5.0% | +12.2% | 9.8 yr |
| JNJJohnson & Johnson | $4M | 3.8% | +51.5% | 8.0 yr |
| GILDGilead Sciences, Inc. | $4M | 3.5% | +27.7% | 9.5 yr |
| UNHUnitedHealth Group Incor | $4M | 3.4% | -46.9% | 9.0 yr |
| AMGNAmgen Inc. | $4M | 3.0% | +16.5% | 7.0 yr |
| VRTXVertex Pharmaceuticals I | $3M | 2.9% | -7.9% | 9.5 yr |
| ARGXargenx SE | $3M | 2.3% | +23.4% | 5.5 yr |
| ABBVAbbVie Inc. | $3M | 2.3% | +7.3% | 6.5 yr |
| ABTAbbott Laboratories | $3M | 2.2% | -21.1% | 8.5 yr |
| MRKMerck & Co., Inc. | $3M | 2.2% | +38.9% | 9.3 yr |
| REGNRegeneron Pharmaceutical | $2M | 2.1% | +22.5% | 8.0 yr |
| ISRGIntuitive Surgical, Inc. | $2M | 2.1% | -6.9% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology49.9%-3.0pp$59M
Drug Manufacturers - General21.8%+0.8pp$26M
Medical - Devices11.4%+0.5pp$13M
Unknown6.1%+4.7pp$7M
Medical - Diagnostics & Research5.2%+0.6pp$6M
Medical - Healthcare Plans3.9%-2.5pp$5M
Medical - Healthcare Information Services1.2%+0.4pp$1M
Medical - Pharmaceuticals0.5%-0.1pp$1M
Country
US86.1%-4.9pp
Unknown6.1%+4.7pp
NL2.8%+0.8pp
DE2.3%+1.1pp
IE1.1%-1.3pp
GB0.9%+0.5pp
BE0.4%
FR0.3%
Top 5: 33.7% · Top 10: 49.0% · Top 25: 74.1%
Top buys this quarter · 15
| GILD Gilead Sciences, Inc. | +$1M |
| ARDX Ardelyx, Inc.new | +$1M |
| BMY Bristol-Myers Squibb Company | +$1M |
| ARGX argenx SE | +$0M |
| AGMB AgomAb Therapeutics N.V. Amerinew | +$0M |
| BSX Boston Scientific Corporation | +$2M |
| BNTX BioNTech SE | +$0M |
| SPRY ARS Pharmaceuticals, Inc. | +$0M |
| UNH UnitedHealth Group Incorporate | +$4M |
| ABVX Abivax S.A.new | +$0M |
Top sells this quarter · 15
| AMGN Amgen Inc. | −$1M |
| VTYX Ventyx Biosciences, Inc.exit | −$1M |
| MDT Medtronic plc | −$1M |
| ABBV AbbVie Inc. | −$1M |
| CTNM Contineum Therapeutics, Inc. C | −$9M |
| LLY Eli Lilly and Company | −$1M |
| TECX Tectonic Therapeutic, Inc. | −$1M |
| SNDX Syndax Pharmaceuticals, Inc. | −$1M |
| FOLD Amicus Therapeutics, Inc.exit | −$1M |
| REGN Regeneron Pharmaceuticals, Inc | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $117M | 76 | +44.06% | +17.59% | +26.47% | -0.01B |
| 2025-12-31 | $123M | 73 | +48.38% | +17.72% | +30.66% | -0.05B |
| 2025-09-30 | $160M | 81 | +24.45% | +17.52% | +6.93% | -0.05B |
| 2025-06-30 | $150M | 93 | -2.37% | +14.94% | -17.31% | +0.03B |
| 2025-03-31 | $127M | 83 | -3.34% | +8.30% | -11.64% | -0.03B |
| 2024-12-31 | $150M | 86 | +3.73% | +24.89% | -21.16% | -0.01B |
| 2024-09-30 | $169M | 90 | +23.89% | +36.04% | -12.15% | -0.10B |
| 2024-06-30 | $246M | 97 | +1.91% | +24.49% | -22.59% | +0.01B |
| 2024-03-31 | $254M | 92 | +18.04% | +29.62% | -11.58% | -0.00B |
| 2023-12-31 | $232M | 104 | +2.60% | +26.18% | -23.58% | -0.34B |
| 2023-09-30 | $514M | 123 | -6.66% | +21.57% | -28.23% | -0.02B |
| 2023-06-30 | $600M | 121 | +4.68% | +19.42% | -14.75% | +0.04B |
| 2023-03-31 | $520M | 118 | -17.58% | -7.82% | -9.76% | +0.02B |
| 2022-12-31 | $517M | 120 | +0.76% | +7.56% | -6.80% | +0.01B |
| 2022-09-30 | $508M | 109 | -0.40% | -4.93% | +4.52% | +0.01B |
| 2022-06-30 | $496M | 112 | -14.72% | -16.11% | +1.39% | +0.02B |