Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.86%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.27%
baseline attrition
Rally response
-11.16%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| THCTenet Healthcare Corpora | $75M | 8.1% | +40.3% | 7.3 yr |
| LLYEli Lilly and Company | $60M | 6.5% | +12.2% | 5.8 yr |
| PENPenumbra, Inc. | $46M | 4.9% | +22.8% | 10.5 yr |
| AXSMAxsome Therapeutics, Inc | $45M | 4.8% | +44.9% | 4.0 yr |
| — | $35M | 3.7% | — | 2.3 yr |
| JAZZJazz Pharmaceuticals plc | $34M | 3.6% | +52.3% | 3.8 yr |
| NBIXNeurocrine Biosciences, | $28M | 3.0% | +19.1% | 2.3 yr |
| UTHRUnited Therapeutics Corp | $24M | 2.5% | +92.4% | 1.3 yr |
| GKOSGlaukos Corporation | $23M | 2.5% | +9.4% | 0.5 yr |
| CNTACentessa Pharmaceuticals | $21M | 2.2% | +176.2% | 2.3 yr |
| — | $21M | 2.2% | — | 2.0 yr |
| EWEdwards Lifesciences Cor | $20M | 2.2% | +10.5% | 10.5 yr |
| BBIOBridgeBio Pharma, Inc. | $19M | 2.1% | +114.8% | 1.5 yr |
| MDGLMadrigal Pharmaceuticals | $18M | 1.9% | +58.0% | 1.3 yr |
| INDVIndivior Pharmaceuticals | $18M | 1.9% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology39.2%+16.5pp$366M
Medical - Devices14.6%+3.8pp$136M
Medical - Care Facilities11.0%+1.3pp$103M
Unknown8.5%-0.3pp$79M
Medical - Diagnostics & Research7.2%+0.4pp$67M
Drug Manufacturers - General6.5%-16.9pp$60M
Medical - Healthcare Plans3.9%-7.0pp$36M
Drug Manufacturers - Specialty & Generic3.1%$29M
Medical - Instruments & Supplies2.9%+1.3pp$27M
Medical - Distribution1.9%-3.2pp$18M
Country
US82.1%-3.7pp
Unknown8.5%-0.3pp
IE4.3%+3.7pp
GB3.7%+2.9pp
DK0.8%+0.6pp
NL0.4%-3.3pp
FR0.3%
Top 5: 28.0% · Top 10: 41.9% · Top 25: 66.4%
Top buys this quarter · 15
| JAZZ Jazz Pharmaceuticals plc | +$24M |
| INDV Indivior Pharmaceuticals Incnew | +$18M |
| MDGL Madrigal Pharmaceuticals, Inc. | +$14M |
| ORKA Oruka Therapeutics, Inc.new | +$9M |
| TNGX Tango Therapeutics, Inc.new | +$8M |
| RYTM Rhythm Pharmaceuticals, Inc. | +$8M |
| NVO Novo Nordisk A/Snew | +$7M |
| NBIX Neurocrine Biosciences, Inc. | +$7M |
| ALHC Alignment Healthcare, Inc.new | +$6M |
| BLTE Belite Bio, Inc | +$6M |
Top sells this quarter · 15
| ROIV Roivant Sciences Ltd. | −$28M |
| MRK Merck & Co., Inc.exit | −$23M |
| MMSI Merit Medical Systems, Inc. | −$19M |
| ABT Abbott Laboratories | −$19M |
| MDT Medtronic plcexit | −$19M |
| HSIC Henry Schein, Inc. | −$18M |
| UTHR United Therapeutics Corporatio | −$17M |
| CNC Centene Corporation | −$15M |
| TFX Teleflex Incorporatedexit | −$12M |
| ADMA ADMA Biologics, Inc.exit | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $933M | 76 | +21.40% | +17.59% | +3.81% | +0.00B |
| 2025-12-31 | $973M | 76 | +30.88% | +17.72% | +13.16% | -0.40B |
| 2025-09-30 | $1.16B | 66 | +6.49% | +17.52% | -11.03% | -0.02B |
| 2025-06-30 | $1.13B | 55 | +4.97% | +14.94% | -9.97% | -0.17B |
| 2025-03-31 | $1.27B | 62 | -2.38% | +8.30% | -10.68% | -0.05B |
| 2024-12-31 | $1.28B | 70 | +4.12% | +24.89% | -20.77% | -0.36B |
| 2024-09-30 | $1.70B | 71 | +19.67% | +36.04% | -16.37% | -0.13B |
| 2024-06-30 | $1.77B | 70 | +12.83% | +24.49% | -11.67% | -0.09B |
| 2024-03-31 | $1.96B | 79 | +29.68% | +29.62% | +0.05% | +0.18B |
| 2023-12-31 | $1.61B | 59 | +6.70% | +26.18% | -19.48% | -0.65B |
| 2023-09-30 | $2.04B | 67 | +0.49% | +21.57% | -21.08% | -0.34B |
| 2023-06-30 | $2.46B | 77 | +4.56% | +19.42% | -14.86% | +0.18B |
| 2023-03-31 | $2.08B | 71 | -17.49% | -7.82% | -9.67% | +0.02B |
| 2022-12-31 | $2.27B | 75 | +4.52% | +7.56% | -3.05% | -0.30B |
| 2022-09-30 | $2.46B | 75 | +0.95% | -4.93% | +5.87% | -0.03B |
| 2022-06-30 | $2.47B | 72 | -13.84% | -16.11% | +2.27% | +0.31B |