Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.13%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.49%
baseline attrition
Rally response
-2.08%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SRRKScholar Rock Holding Cor | $446M | 29.5% | +52.9% | 8.0 yr |
| KRYSKrystal Biotech, Inc. | $174M | 11.5% | +43.3% | 7.5 yr |
| STOKStoke Therapeutics, Inc. | $136M | 9.0% | +389.6% | 7.0 yr |
| IMNMImmunome, Inc. | $122M | 8.1% | +225.0% | 2.5 yr |
| NRIXNurix Therapeutics, Inc. | $120M | 7.9% | +30.5% | 5.8 yr |
| ANNXAnnexon, Inc. | $81M | 5.3% | +187.0% | 5.8 yr |
| ADCTADC Therapeutics S.A. | $58M | 3.8% | +166.0% | 6.0 yr |
| RGNXREGENXBIO Inc. | $37M | 2.4% | +17.2% | 9.3 yr |
| STTKShattuck Labs, Inc. | $36M | 2.4% | +576.8% | 5.5 yr |
| BEAMBeam Therapeutics Inc. | $29M | 2.0% | +22.0% | 6.3 yr |
| NGNENeurogene Inc. | $29M | 1.9% | +72.2% | 2.5 yr |
| COGTCogent Biosciences, Inc. | $26M | 1.8% | +542.6% | 3.0 yr |
| ABSIAbsci Corporation | $25M | 1.6% | +19.5% | 4.8 yr |
| IDYAIDEAYA Biosciences, Inc. | $17M | 1.1% | +103.4% | 2.5 yr |
| ALXOALX Oncology Holdings In | $16M | 1.1% | +222.6% | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology95.9%+14.6pp$1.45B
Unknown2.8%-6.0pp$42M
Medical - Devices1.3%-8.6pp$20M
Country
US90.6%+8.3pp
CH3.8%+1.8pp
Unknown2.8%-6.0pp
GB1.2%-3.1pp
CA1.0%+0.8pp
CR0.4%-0.9pp
BE0.1%
Top 5: 66.0% · Top 10: 81.9% · Top 25: 97.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| STOK | $30M | +0.12B | 389.6% |
| COGT | $19M | +0.10B | 542.6% |
| IMNM | $36M | +0.08B | 225.0% |
| SRRK | $141M | +0.07B | 52.9% |
| KRYS | $133M | +0.06B | 43.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CBLL | $8M | -0.00B | -4.6% |
Top buys this quarter · 9
| SRRK Scholar Rock Holding Corporati | +$189M |
| ANNX Annexon, Inc. | +$25M |
| ALXO ALX Oncology Holdings Inc. | +$9M |
| XENE Xenon Pharmaceuticals Inc. | +$7M |
| PRME Prime Medicine, Inc. | +$5M |
| STOK Stoke Therapeutics, Inc. | +$4M |
| AGMB AgomAb Therapeutics N.V. Amerinew | +$2M |
| — new | +$0M |
| — | +$0M |
Top sells this quarter · 15
| COGT Cogent Biosciences, Inc. | −$29M |
| BMRN BioMarin Pharmaceutical Inc. | −$18M |
| REPL Replimune Group, Inc.exit | −$8M |
| IDYA IDEAYA Biosciences, Inc. | −$7M |
| NRIX Nurix Therapeutics, Inc. | −$6M |
| ARDX Ardelyx, Inc. | −$5M |
| IMNM Immunome, Inc. | −$3M |
| BEAM Beam Therapeutics Inc. | −$1M |
| KRYS Krystal Biotech, Inc. | −$167M |
| PLRX Pliant Therapeutics, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.51B | 35 | +77.00% | +17.59% | +59.41% | +0.18B |
| 2025-12-31 | $1.36B | 34 | +36.24% | +17.72% | +18.52% | -0.06B |
| 2025-09-30 | $1.03B | 40 | -6.41% | +17.52% | -23.93% | -0.12B |
| 2025-06-30 | $940M | 48 | -20.42% | +14.94% | -35.36% | -0.20B |
| 2025-03-31 | $1.06B | 56 | -41.46% | +8.30% | -49.76% | -0.02B |
| 2024-12-31 | $1.43B | 62 | -5.34% | +24.89% | -30.23% | -0.17B |
| 2024-09-30 | $1.70B | 63 | +4.95% | +36.04% | -31.09% | -0.02B |
| 2024-06-30 | $1.65B | 63 | -12.20% | +24.49% | -36.70% | -0.50B |
| 2024-03-31 | $2.72B | 77 | +5.05% | +29.62% | -24.57% | -0.69B |
| 2023-12-31 | $2.80B | 70 | -24.79% | +26.18% | -50.97% | +0.59B |
| 2023-09-30 | $2.10B | 68 | -26.89% | +21.57% | -48.46% | -0.16B |
| 2023-06-30 | $2.61B | 72 | -32.94% | +19.42% | -52.37% | +0.43B |
| 2023-03-31 | $2.30B | 76 | -45.48% | -7.82% | -37.66% | +0.17B |
| 2022-12-31 | $2.44B | 69 | +1.99% | +7.56% | -5.57% | -0.18B |
| 2022-09-30 | $2.58B | 70 | -20.34% | -4.93% | -15.41% | +0.49B |
| 2022-06-30 | $2.62B | 71 | -23.19% | -16.11% | -7.08% | +0.16B |