Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.73%
baseline attrition
Rally response
-8.69%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DBCInvesco DB Commodity Ind | $31M | 8.5% | — | 7.5 yr |
| ABVXAbivax S.A. | $13M | 3.5% | +1681.6% | 2.3 yr |
| — | $8M | 2.4% | — | 1.8 yr |
| COGTCogent Biosciences, Inc. | $8M | 2.1% | +542.6% | 3.8 yr |
| SYRESpyre Therapeutics, Inc. | $7M | 2.1% | +212.5% | 2.5 yr |
| PCVXVaxcyte, Inc. | $7M | 2.0% | +53.9% | 4.0 yr |
| RVMDRevolution Medicines, In | $7M | 1.9% | +175.0% | 4.0 yr |
| TERNTerns Pharmaceuticals, I | $6M | 1.7% | — | 3.0 yr |
| GPCRStructure Therapeutics I | $6M | 1.7% | +178.5% | 2.8 yr |
| NUVLNuvalent, Inc. | $6M | 1.6% | +44.5% | 3.3 yr |
| IMVTImmunovant, Inc. | $6M | 1.6% | +45.3% | 2.8 yr |
| — | $6M | 1.5% | — | 2.0 yr |
| TYRATyra Biosciences, Inc. | $5M | 1.4% | +311.8% | 2.0 yr |
| AMLXAmylyx Pharmaceuticals, | $5M | 1.4% | +292.7% | 1.3 yr |
| AMZNAmazon.com, Inc. | $5M | 1.3% | +9.5% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology57.6%+28.2pp$206M
Asset Management8.5%-4.5pp$31M
Unknown8.0%+5.2pp$29M
Software - Application2.4%-3.7pp$9M
Semiconductors2.4%-0.8pp$9M
Specialty Retail2.2%-1.2pp$8M
Communication Equipment1.3%-1.6pp$5M
Engineering & Construction1.3%-0.8pp$5M
Internet Content & Information1.3%-0.3pp$5M
Computer Hardware1.2%-1.1pp$4M
Country
US77.0%-5.6pp
Unknown8.0%+5.2pp
FR4.5%+4.4pp
IE2.3%+0.6pp
NL1.8%+0.0pp
GB1.4%+0.3pp
CH1.0%+0.3pp
CA0.8%-1.9pp
Top 5: 18.6% · Top 10: 27.5% · Top 25: 45.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| COGT | $2M | +0.01B | 542.6% |
| ABVX | $0M | +0.01B | 1681.6% |
| LQDA | $3M | +0.00B | 155.9% |
| RVMD | $3M | +0.00B | 175.0% |
| PTGX | $4M | +0.00B | 117.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MLTX | $2M | -0.00B | -52.3% |
Top buys this quarter · 15
| ABVX Abivax S.A. | +$5M |
| ORKA Oruka Therapeutics, Inc.new | +$4M |
| TYRA Tyra Biosciences, Inc. | +$4M |
| DFTX Definium Therapeutics, Inc.new | +$4M |
| IVA Inventiva S.A.new | +$3M |
| MLTX MoonLake Immunotherapeutics | +$3M |
| NRIX Nurix Therapeutics, Inc. | +$3M |
| ALMS Alumis Inc. Common Stocknew | +$2M |
| EYPT EyePoint Pharmaceuticals, Inc.new | +$2M |
| DYN Dyne Therapeutics, Inc. | +$2M |
Top sells this quarter · 15
| APLS Apellis Pharmaceuticals, Inc.exit | −$6M |
| COGT Cogent Biosciences, Inc. | −$5M |
| AGIO Agios Pharmaceuticals, Inc.exit | −$5M |
| RVMD Revolution Medicines, Inc. | −$5M |
| VRDN Viridian Therapeutics, Inc. | −$5M |
| PTGX Protagonist Therapeutics, Inc. | −$4M |
| CYTK Cytokinetics, Incorporated | −$4M |
| GPCR Structure Therapeutics Inc. | −$3M |
| TVTX Travere Therapeutics, Inc. | −$3M |
| SNDK Sandisk Corporationexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $358M | 155 | +81.63% | +17.59% | +64.04% | -0.04B |
| 2025-12-31 | $381M | 144 | +54.90% | +17.72% | +37.18% | -0.12B |
| 2025-09-30 | $401M | 147 | +18.89% | +17.52% | +1.37% | +0.07B |
| 2025-06-30 | $271M | 145 | +11.05% | +14.94% | -3.89% | -0.02B |
| 2025-03-31 | $258M | 147 | -4.60% | +8.30% | -12.90% | +0.02B |
| 2024-12-31 | $267M | 136 | +17.69% | +24.89% | -7.20% | -0.01B |
| 2024-09-30 | $287M | 141 | +38.04% | +36.04% | +2.01% | -0.02B |
| 2024-06-30 | $265M | 136 | +24.03% | +24.49% | -0.46% | -0.00B |
| 2024-03-31 | $277M | 130 | +41.82% | +29.62% | +12.20% | -0.02B |
| 2023-12-31 | $272M | 125 | +30.38% | +26.18% | +4.20% | +0.03B |
| 2023-09-30 | $214M | 131 | +18.96% | +21.57% | -2.60% | -0.01B |
| 2023-06-30 | $219M | 134 | +18.20% | +19.42% | -1.23% | +0.08B |
| 2023-03-31 | $123M | 108 | -9.08% | -7.82% | -1.26% | -0.05B |
| 2022-12-31 | $168M | 105 | +3.41% | +7.56% | -4.16% | -0.01B |
| 2022-09-30 | $175M | 113 | +2.29% | -4.93% | +7.22% | +0.01B |
| 2022-06-30 | $166M | 110 | -14.22% | -16.11% | +1.89% | +0.03B |