Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.01%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.58%
baseline attrition
Rally response
-19.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| 0LOV.LVerastem, Inc. | $18M | 15.5% | — | 1.8 yr |
| — | $16M | 13.8% | — | 0.8 yr |
| EOLSEvolus, Inc. | $7M | 6.4% | -65.8% | 5.3 yr |
| ADMAADMA Biologics, Inc. | $7M | 5.9% | -54.6% | 4.8 yr |
| CAMPCAMP4 Therapeutics Corpo | $6M | 5.4% | +10.3% | 0.5 yr |
| NKTRNektar Therapeutics | $6M | 5.4% | — | 1.0 yr |
| ZVRAZevra Therapeutics, Inc. | $4M | 4.0% | +24.4% | 1.8 yr |
| 0SZI.LCorbus Pharmaceuticals H | $4M | 3.2% | +75.3% | 0.8 yr |
| 0H7R.LAbeona Therapeutics Inc. | $3M | 3.0% | — | 1.0 yr |
| KZIAKazia Therapeutics Limit | $3M | 2.3% | — | 0.5 yr |
| ANTXAN2 Therapeutics, Inc. | $2M | 2.2% | +151.5% | 1.3 yr |
| SLGLSol-Gel Technologies Ltd | $2M | 1.9% | — | 0.3 yr |
| XOMAXOMA Royalty Corp. | $2M | 1.9% | +57.4% | 7.5 yr |
| — | $2M | 1.9% | — | 3.0 yr |
| — | $2M | 1.8% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology64.7%+23.6pp$73M
Unknown24.6%+12.5pp$28M
Drug Manufacturers - Specialty & Generic6.4%-29.1pp$7M
Medical - Devices3.4%-7.6pp$4M
Medical - Pharmaceuticals0.5%$1M
Medical - Instruments & Supplies0.4%$0M
Country
US68.8%-12.6pp
Unknown24.6%+12.5pp
AU2.3%
IL2.1%
CA1.1%+0.0pp
CN0.7%
CR0.3%-2.8pp
DK0.1%
Top 5: 47.0% · Top 10: 64.8% · Top 25: 86.2%
Top buys this quarter · 15
| CAMP CAMP4 Therapeutics Corporation | +$5M |
| SLGL Sol-Gel Technologies Ltd.new | +$2M |
| CNTB Connect Biopharma Holdings Limnew | +$1M |
| PHAT Phathom Pharmaceuticals, Inc.new | +$1M |
| OKUR OnKure Therapeutics, Inc.new | +$1M |
| XLO Xilio Therapeutics, Inc.new | +$1M |
| EOLS Evolus, Inc. | +$7M |
| CADL Candel Therapeutics, Inc.new | +$1M |
| POCI Precision Optics Corporation, new | +$0M |
| MXCT MaxCyte, Inc. | +$1M |
Top sells this quarter · 15
| DAWN Day One Biopharmaceuticals, Inexit | −$4M |
| ELDN Eledon Pharmaceuticals, Inc. | −$3M |
| ACAD ACADIA Pharmaceuticals Inc.exit | −$2M |
| XOMA XOMA Royalty Corp. | −$1M |
| VRCA Verrica Pharmaceuticals Inc. | −$1M |
| SPRB Spruce Biosciences, Inc.exit | −$1M |
| ENTA Enanta Pharmaceuticals, Inc.exit | −$1M |
| GERN Geron Corporationexit | −$1M |
| XFOR X4 Pharmaceuticals, Inc. | −$1M |
| XERS Xeris Biopharma Holdings, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $113M | 65 | +10.82% | +17.59% | -6.77% | -0.00B |
| 2025-12-31 | $126M | 60 | +7.92% | +17.72% | -9.80% | -0.01B |
| 2025-09-30 | $123M | 58 | -29.34% | +17.52% | -46.85% | +0.01B |
| 2025-06-30 | $102M | 58 | -13.11% | +14.94% | -28.06% | +0.00B |
| 2025-03-31 | $99M | 62 | -22.33% | +8.30% | -30.63% | -0.01B |
| 2024-12-31 | $124M | 52 | -3.99% | +24.89% | -28.88% | +0.01B |
| 2024-09-30 | $158M | 38 | +32.01% | +36.04% | -4.03% | +0.01B |
| 2024-06-30 | $110M | 25 | -15.98% | +24.49% | -40.47% | -0.00B |
| 2024-03-31 | $126M | 20 | -4.04% | +29.62% | -33.67% | -0.13B |
| 2023-12-31 | $231M | 16 | -12.23% | +26.18% | -38.41% | -0.08B |
| 2023-09-30 | $301M | 23 | -7.07% | +21.57% | -28.63% | +0.07B |
| 2023-06-30 | $277M | 21 | +1.70% | +19.42% | -17.72% | -0.02B |
| 2023-03-31 | $295M | 21 | -30.34% | -7.82% | -22.52% | +0.06B |
| 2022-12-31 | $238M | 19 | +8.42% | +7.56% | +0.86% | -0.00B |
| 2022-09-30 | $222M | 19 | -8.01% | -4.93% | -3.08% | +0.02B |
| 2022-06-30 | $215M | 25 | -30.04% | -16.11% | -13.93% | +0.05B |