Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.63%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.79%
baseline attrition
Rally response
+3.27%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $2.35B | 24.9% | — | 10.5 yr |
| PCVXVaxcyte, Inc. | $667M | 7.1% | +53.9% | 6.0 yr |
| RYTMRhythm Pharmaceuticals, | $580M | 6.1% | +64.2% | 8.0 yr |
| TYRATyra Biosciences, Inc. | $467M | 5.0% | +311.8% | 4.8 yr |
| SIONSionna Therapeutics, Inc | $397M | 4.2% | +283.3% | 1.3 yr |
| EWTXEdgewise Therapeutics, I | $328M | 3.5% | +43.2% | 3.5 yr |
| — | $306M | 3.2% | — | 3.5 yr |
| NUVLNuvalent, Inc. | $260M | 2.8% | +44.5% | 1.3 yr |
| DNTHDianthus Therapeutics, I | $219M | 2.3% | +362.6% | 2.3 yr |
| MLYSMineralys Therapeutics, | $208M | 2.2% | +70.6% | 3.3 yr |
| SGPSpyGlass Pharma, Inc. Co | $208M | 2.2% | — | 0.3 yr |
| WVEWave Life Sciences Ltd. | $196M | 2.1% | -10.3% | 10.5 yr |
| SEPNSepterna, Inc. | $168M | 1.8% | +315.0% | 1.5 yr |
| IRONDisc Medicine, Inc. | $157M | 1.7% | +28.8% | 1.3 yr |
| JANXJanux Therapeutics, Inc. | $156M | 1.6% | -48.5% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology66.7%+2.5pp$6.30B
Unknown32.1%-0.8pp$3.03B
Medical - Devices0.4%-1.8pp$33M
Medical - Healthcare Information Services0.3%+0.0pp$28M
Medical - Diagnostics & Research0.2%+0.0pp$22M
Information Technology Services0.1%$13M
Shell Companies0.1%$13M
Country
US63.2%+0.9pp
Unknown32.1%-0.8pp
SG2.1%-0.4pp
IE1.1%-0.1pp
CN1.1%+0.4pp
AU0.2%
KY0.1%
Top 5: 47.3% · Top 10: 61.3% · Top 25: 82.3%
Top buys this quarter · 15
| SGP SpyGlass Pharma, Inc. Common Snew | +$208M |
| SRPT Sarepta Therapeutics, Inc.new | +$85M |
| DNTH Dianthus Therapeutics, Inc. | +$84M |
| ZLAB Zai Lab Limited | +$83M |
| NUVL Nuvalent, Inc. | +$67M |
| WVE Wave Life Sciences Ltd. | +$196M |
| DMRA Galecto, Inc.new | +$62M |
| XNCR Xencor, Inc. | +$52M |
| PCVX Vaxcyte, Inc. | +$44M |
| IPSC Century Therapeutics, Inc. | +$38M |
Top sells this quarter · 14
| BLTE Belite Bio, Incexit | −$69M |
| MDLN Medline Inc.exit | −$15M |
| TVTX Travere Therapeutics, Inc. | −$12M |
| CTNM Contineum Therapeutics, Inc. C | −$12M |
| FDMT 4D Molecular Therapeutics, Inc | −$42M |
| KIDS OrthoPediatrics Corp.exit | −$2M |
| PGNY Progyny, Inc.exit | −$2M |
| HCAT Health Catalyst, Inc.exit | −$1M |
| MGNX MacroGenics, Inc. | −$1M |
| ADGI Adagio Therapeutics, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.44B | 85 | +53.58% | +17.59% | +35.99% | -0.20B |
| 2025-12-31 | $9.76B | 71 | +6.46% | +17.72% | -11.26% | +0.23B |
| 2025-09-30 | $8.12B | 67 | -28.85% | +17.52% | -46.37% | +0.18B |
| 2025-06-30 | $5.94B | 63 | -40.20% | +14.94% | -55.14% | +0.00B |
| 2025-03-31 | $5.99B | 85 | -46.12% | +8.30% | -54.42% | +0.84B |
| 2024-12-31 | $7.51B | 89 | -13.37% | +24.89% | -38.25% | +0.71B |
| 2024-09-30 | $8.67B | 81 | +29.67% | +36.04% | -6.37% | +0.18B |
| 2024-06-30 | $7.56B | 78 | +4.43% | +24.49% | -20.06% | +0.54B |
| 2024-03-31 | $7.86B | 76 | +30.05% | +29.62% | +0.43% | +0.81B |
| 2023-12-31 | $6.40B | 62 | +0.26% | +26.18% | -25.91% | +0.44B |
| 2023-09-30 | $5.08B | 66 | -24.19% | +21.57% | -45.75% | +0.29B |
| 2023-06-30 | $5.30B | 54 | -4.75% | +19.42% | -24.17% | +0.39B |
| 2023-03-31 | $4.42B | 59 | -31.12% | -7.82% | -23.30% | +0.23B |
| 2022-12-31 | $4.93B | 70 | -11.17% | +7.56% | -18.73% | +0.77B |
| 2022-09-30 | $4.69B | 81 | +13.65% | -4.93% | +18.57% | +0.43B |
| 2022-06-30 | $3.75B | 88 | -19.59% | -16.11% | -3.48% | +0.07B |