Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.13%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.81%
baseline attrition
Rally response
-11.20%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $31M | 7.7% | — | 1.5 yr |
| VORVor Biopharma Inc. | $31M | 7.6% | +24.3% | 0.5 yr |
| — | $25M | 6.1% | — | 3.0 yr |
| AMLXAmylyx Pharmaceuticals, | $24M | 6.0% | +292.7% | 2.0 yr |
| NKTRNektar Therapeutics | $23M | 5.6% | — | 0.8 yr |
| SLGLSol-Gel Technologies Ltd | $22M | 5.3% | — | 0.3 yr |
| ALMSAlumis Inc. Common Stock | $19M | 4.6% | +258.8% | 0.3 yr |
| — | $16M | 3.9% | — | 0.3 yr |
| ANNXAnnexon, Inc. | $14M | 3.4% | +187.0% | 0.3 yr |
| KALVKalVista Pharmaceuticals | $14M | 3.3% | +74.4% | 3.3 yr |
| IMVTImmunovant, Inc. | $14M | 3.3% | +45.3% | 1.3 yr |
| JBIOJade Biosciences, Inc. | $14M | 3.3% | — | 1.0 yr |
| CTNMContineum Therapeutics, | $10M | 2.6% | +87.1% | 0.5 yr |
| ZBIOZenas BioPharma, Inc. | $10M | 2.5% | +147.5% | 0.3 yr |
| NGNENeurogene Inc. | $10M | 2.5% | +72.2% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology73.0%-4.4pp$298M
Unknown24.3%+12.1pp$99M
Drug Manufacturers - Specialty & Generic1.7%-8.7pp$7M
Medical - Pharmaceuticals1.0%$4M
Country
US65.8%-0.5pp
Unknown24.3%+12.1pp
IL5.3%
CH2.3%
GB1.3%-3.7pp
NL0.6%-4.9pp
IE0.4%
Top 5: 33.0% · Top 10: 53.6% · Top 25: 87.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AMLX | $6M | +0.02B | 292.7% |
| CNTX | $3M | +0.01B | 328.1% |
| KALV | $12M | +0.01B | 74.4% |
| NGNE | $6M | +0.00B | 72.2% |
| IMVT | $6M | +0.00B | 45.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SLGL Sol-Gel Technologies Ltd.new | +$22M |
| ALMS Alumis Inc. Common Stocknew | +$19M |
| ANNX Annexon, Inc.new | +$14M |
| ZBIO Zenas BioPharma, Inc.new | +$10M |
| VERA Vera Therapeutics, Inc.new | +$8M |
| NKTR Nektar Therapeutics | +$8M |
| LBRX LB Pharmaceuticals Inc Common new | +$7M |
| CMPX Compass Therapeutics, Inc.new | +$7M |
| SCYX SCYNEXIS, Inc.new | +$7M |
| VOR Vor Biopharma Inc. | +$7M |
Top sells this quarter · 13
| DNTH Dianthus Therapeutics, Inc.exit | −$29M |
| ALKS Alkermes plc | −$29M |
| IRON Disc Medicine, Inc.exit | −$16M |
| CNTX Context Therapeutics Inc. | −$6M |
| RARE Ultragenyx Pharmaceutical Inc.exit | −$6M |
| FULC Fulcrum Therapeutics, Inc.exit | −$6M |
| IMVT Immunovant, Inc. | −$5M |
| CGEM Cullinan Therapeutics, Inc. | −$5M |
| UPB Upstream Bio, Inc.exit | −$3M |
| SANA Sana Biotechnology, Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $408M | 39 | +95.01% | +17.59% | +77.42% | +0.05B |
| 2025-12-31 | $308M | 29 | +17.12% | +17.72% | -0.60% | +0.10B |
| 2025-09-30 | $240M | 28 | +3.50% | +17.52% | -14.01% | -0.05B |
| 2025-06-30 | $154M | 26 | -46.18% | +14.94% | -61.12% | -0.03B |
| 2025-03-31 | $184M | 31 | -54.45% | +8.30% | -62.75% | +0.04B |
| 2024-12-31 | $212M | 26 | -29.10% | +24.89% | -53.98% | -0.04B |
| 2024-09-30 | $331M | 29 | +10.92% | +36.04% | -25.12% | -0.16B |
| 2024-06-30 | $505M | 32 | +0.48% | +24.49% | -24.01% | -0.03B |
| 2024-03-31 | $621M | 34 | +3.71% | +29.62% | -25.91% | -0.01B |
| 2023-12-31 | $580M | 33 | -21.15% | +26.18% | -47.33% | -0.05B |
| 2023-09-30 | $522M | 38 | -32.42% | +21.57% | -53.98% | +0.08B |
| 2023-06-30 | $499M | 36 | -24.62% | +19.42% | -44.05% | +0.05B |
| 2023-03-31 | $506M | 42 | -21.18% | -7.82% | -13.37% | +0.10B |
| 2022-12-31 | $484M | 40 | +2.76% | +7.56% | -4.80% | +0.06B |
| 2022-09-30 | $415M | 40 | -1.02% | -4.93% | +3.91% | +0.03B |
| 2022-06-30 | $388M | 33 | -6.73% | -16.11% | +9.38% | +0.00B |