Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+10.88%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.80%
steady accumulation
Rally response
+0.84%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LLYEli Lilly and Company | $27M | 10.8% | +20.2% | 2.8 yr |
| TMOThermo Fisher Scientific | $14M | 5.8% | -5.1% | 2.5 yr |
| ONCBeOne Medicines Ltd. | $12M | 4.9% | +60.8% | 1.3 yr |
| JNJJohnson & Johnson | $12M | 4.8% | +75.1% | 0.3 yr |
| BBIOBridgeBio Pharma, Inc. | $12M | 4.8% | +170.6% | 2.5 yr |
| VRTXVertex Pharmaceuticals I | $11M | 4.5% | +10.9% | 3.0 yr |
| ABBVAbbVie Inc. | $10M | 4.2% | +27.7% | 3.8 yr |
| SYKStryker Corporation | $10M | 3.8% | -7.9% | 2.5 yr |
| ISRGIntuitive Surgical, Inc. | $9M | 3.8% | -11.7% | 1.0 yr |
| IONSIonis Pharmaceuticals, I | $9M | 3.8% | +114.8% | 1.5 yr |
| MIRMMirum Pharmaceuticals, I | $9M | 3.8% | +123.4% | 2.0 yr |
| BSXBoston Scientific Corpor | $9M | 3.5% | -29.7% | 2.5 yr |
| AMGNAmgen Inc. | $9M | 3.5% | +40.4% | 2.3 yr |
| EWEdwards Lifesciences Cor | $8M | 3.3% | +8.2% | 2.3 yr |
| ALKSAlkermes plc | $8M | 3.3% | +22.9% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology37.4%+10.1pp$93M
Drug Manufacturers - General26.1%-3.4pp$65M
Medical - Devices17.0%-0.1pp$42M
Medical - Diagnostics & Research5.8%-0.3pp$14M
Medical - Pharmaceuticals4.9%+3.9pp$12M
Medical - Distribution4.6%-0.6pp$11M
Unknown3.1%+0.6pp$8M
Medical - Healthcare Plans1.1%-7.4pp$3M
Country
US91.7%+0.5pp
IE3.3%-0.3pp
Unknown3.1%+0.6pp
FR1.9%
Top 5: 31.0% · Top 10: 51.1% · Top 25: 93.7%
Top buys this quarter · 12
| JNJ Johnson & Johnsonnew | +$23M |
| ISRG Intuitive Surgical, Inc. | +$9M |
| CAH Cardinal Health, Inc. | +$5M |
| CELC Celcuity Inc. | +$11M |
| MIRM Mirum Pharmaceuticals, Inc. | +$10M |
| LLY Eli Lilly and Company | +$27M |
| EW Edwards Lifesciences Corporati | +$4M |
| IRON Disc Medicine, Inc. | +$3M |
| SYRE Spyre Therapeutics, Inc.new | +$3M |
| KRYS Krystal Biotech, Inc. | +$7M |
Top sells this quarter · 15
| MRK Merck & Co., Inc.exit | −$24M |
| RVMD Revolution Medicines, Inc.exit | −$9M |
| CVS CVS Health Corporationexit | −$8M |
| IONS Ionis Pharmaceuticals, Inc. | −$7M |
| UFPT UFP Technologies, Inc.exit | −$4M |
| BSX Boston Scientific Corporation | −$4M |
| TMO Thermo Fisher Scientific Inc. | −$3M |
| CMPX Compass Therapeutics, Inc.exit | −$3M |
| DXCM DexCom, Inc.exit | −$2M |
| BBIO BridgeBio Pharma, Inc. | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $249M | 30 | +17.03% | +4.12% | +12.91% | -0.05B |
| 2025-12-31 | $309M | 38 | +11.38% | +11.59% | -0.21% | +0.03B |
| 2025-06-30 | $234M | 37 | -6.28% | +14.94% | -21.22% | +0.02B |
| 2025-03-31 | $227M | 37 | -5.20% | +8.30% | -13.51% | +0.01B |
| 2024-12-31 | $211M | 36 | -1.20% | +24.89% | -26.09% | +0.02B |
| 2024-09-30 | $213M | 36 | +10.22% | +36.04% | -25.81% | +0.05B |
| 2024-06-30 | $164M | 38 | +20.54% | +38.36% | -17.82% | +0.00B |
| 2024-03-31 | $164M | 44 | +28.44% | +26.03% | +2.42% | +0.03B |
| 2023-12-31 | $128M | 45 | +19.54% | -4.23% | +23.77% | +0.08B |
| 2022-12-31 | $52M | 53 | +11.56% | +7.56% | +4.00% | -0.00B |
| 2022-09-30 | $47M | 10 | +4.03% | -4.93% | +8.95% | +0.00B |
| 2022-06-30 | $43M | 12 | +1.14% | -16.11% | +17.25% | -0.02B |
| 2022-03-31 | $63M | 12 | — | — | — | -0.01B |
| 2021-12-31 | $71M | 13 | — | — | — | +0.01B |
| 2021-09-30 | $66M | 16 | — | — | — | -0.04B |
| 2021-06-30 | $106M | 9 | — | — | — | -0.02B |