Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.63%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.82%
baseline attrition
Rally response
-6.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACADACADIA Pharmaceuticals I | $64M | 10.9% | +34.0% | 10.3 yr |
| PTCTPTC Therapeutics, Inc. | $63M | 10.7% | +33.7% | 1.8 yr |
| BMRNBioMarin Pharmaceutical | $39M | 6.6% | -20.1% | 10.5 yr |
| UTHRUnited Therapeutics Corp | $37M | 6.4% | +92.4% | 10.5 yr |
| ANABAnaptysBio, Inc. | $35M | 6.0% | +198.4% | 5.8 yr |
| MIRMMirum Pharmaceuticals, I | $30M | 5.1% | +105.1% | 4.5 yr |
| DYNDyne Therapeutics, Inc. | $30M | 5.1% | +73.3% | 1.3 yr |
| BIIBBiogen Inc. | $26M | 4.4% | +34.0% | 5.5 yr |
| IRONDisc Medicine, Inc. | $26M | 4.4% | +28.8% | 1.0 yr |
| IOVAIovance Biotherapeutics, | $22M | 3.8% | +5.4% | 2.5 yr |
| SNDXSyndax Pharmaceuticals, | $20M | 3.4% | +90.1% | 6.3 yr |
| ANNXAnnexon, Inc. | $16M | 2.8% | +187.0% | 0.5 yr |
| FOLDAmicus Therapeutics, Inc | $16M | 2.7% | +77.2% | 10.5 yr |
| NVCRNovoCure Limited | $14M | 2.4% | -38.8% | 3.3 yr |
| RAREUltragenyx Pharmaceutica | $12M | 2.1% | -42.1% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology89.3%+5.1pp$523M
Drug Manufacturers - General4.4%-2.0pp$26M
Medical - Instruments & Supplies2.4%-1.7pp$14M
Medical - Devices1.8%-0.3pp$10M
Medical - Diagnostics & Research1.6%$9M
Insurance - Brokers0.3%-2.2pp$2M
Medical - Healthcare Plans0.1%-0.1pp$1M
Medical - Care Facilities0.1%$1M
Country
US92.7%+4.6pp
IE3.5%-2.9pp
JE2.4%-1.7pp
CA0.5%
CH0.3%
DE0.3%-0.2pp
GB0.3%-0.2pp
NL0.1%
Top 5: 40.6% · Top 10: 63.5% · Top 25: 91.7%
Top buys this quarter · 15
| MIRM Mirum Pharmaceuticals, Inc. | +$16M |
| CLDX Celldex Therapeutics, Inc.new | +$9M |
| ACAD ACADIA Pharmaceuticals Inc. | +$64M |
| IRON Disc Medicine, Inc. | +$5M |
| BCAX Bicara Therapeutics Inc. Commo | +$5M |
| TVTX Travere Therapeutics, Inc. | +$4M |
| DYN Dyne Therapeutics, Inc. | +$3M |
| ANNX Annexon, Inc. | +$3M |
| RARE Ultragenyx Pharmaceutical Inc. | +$3M |
| UTHR United Therapeutics Corporatio | +$3M |
Top sells this quarter · 15
| INSM Insmed Incorporatedexit | −$80M |
| FOLD Amicus Therapeutics, Inc. | −$59M |
| BIIB Biogen Inc. | −$8M |
| DNLI Denali Therapeutics Inc. | −$8M |
| CMPX Compass Therapeutics, Inc. | −$5M |
| CYTK Cytokinetics, Incorporated | −$5M |
| BMRN BioMarin Pharmaceutical Inc. | −$3M |
| IOVA Iovance Biotherapeutics, Inc. | −$19M |
| XENE Xenon Pharmaceuticals Inc. | −$3M |
| ANAB AnaptysBio, Inc. | −$33M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $586M | 50 | +139.90% | +17.59% | +122.31% | -0.11B |
| 2025-12-31 | $718M | 49 | +118.14% | +17.72% | +100.42% | +0.04B |
| 2025-09-30 | $540M | 44 | +65.32% | +17.52% | +47.80% | -0.04B |
| 2025-06-30 | $469M | 44 | +35.30% | +14.94% | +20.36% | -0.23B |
| 2025-03-31 | $441M | 42 | -17.42% | +8.30% | -25.73% | -0.02B |
| 2024-12-31 | $523M | 41 | -17.30% | +24.89% | -42.18% | -0.03B |
| 2024-09-30 | $588M | 43 | -8.14% | +36.04% | -44.18% | -0.03B |
| 2024-06-30 | $609M | 36 | -21.19% | +24.49% | -45.68% | -0.08B |
| 2024-03-31 | $714M | 36 | -18.37% | +29.62% | -48.00% | -0.08B |
| 2023-12-31 | $896M | 32 | -27.40% | +26.18% | -53.58% | -0.22B |
| 2023-09-30 | $1.06B | 29 | -33.42% | +21.57% | -54.99% | -0.02B |
| 2023-06-30 | $1.24B | 30 | -18.61% | +19.42% | -38.03% | +0.03B |
| 2023-03-31 | $1.21B | 30 | -41.87% | -7.82% | -34.06% | +0.28B |
| 2022-12-31 | $1.17B | 29 | -3.50% | +7.56% | -11.06% | -0.05B |
| 2022-09-30 | $1.26B | 32 | +6.64% | -4.93% | +11.57% | +0.04B |
| 2022-06-30 | $1.15B | 33 | -28.47% | -16.11% | -12.36% | +0.22B |