Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.30%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.38%
baseline attrition
Rally response
-18.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MMSMaximus, Inc. | $49M | 7.1% | -4.5% | 1.8 yr |
| WAYWaystar Holding Corp. | $40M | 5.7% | -35.5% | 0.5 yr |
| ICLRICON Public Limited Comp | $34M | 4.9% | -36.8% | 3.8 yr |
| ABCAmerisourceBergen Corpor | $32M | 4.6% | — | 4.0 yr |
| DNTHDianthus Therapeutics, I | $31M | 4.5% | +362.6% | 1.3 yr |
| AVRAnteris Technologies Glo | $30M | 4.3% | +52.5% | 1.5 yr |
| CORTCorcept Therapeutics Inc | $27M | 3.9% | -64.7% | 0.3 yr |
| LIVNLivaNova PLC | $27M | 3.9% | +61.8% | 0.5 yr |
| TYRATyra Biosciences, Inc. | $23M | 3.3% | +311.8% | 3.3 yr |
| CELCCelcuity Inc. | $22M | 3.2% | +1029.0% | 0.8 yr |
| GSKGSK plc | $21M | 3.1% | +48.1% | 2.0 yr |
| ANIPANI Pharmaceuticals, Inc | $20M | 2.9% | +14.9% | 3.0 yr |
| ABTAbbott Laboratories | $19M | 2.8% | -21.1% | 1.3 yr |
| EMBCEmbecta Corp. | $16M | 2.4% | -27.1% | 1.8 yr |
| ABVXAbivax S.A. | $15M | 2.2% | +1681.6% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology41.2%+12.7pp$286M
Medical - Devices12.8%-3.2pp$89M
Specialty Business Services7.1%-2.6pp$49M
Drug Manufacturers - Specialty & Generic6.4%-0.4pp$45M
Information Technology Services5.7%$40M
Drug Manufacturers - General5.5%-1.9pp$38M
Medical - Diagnostics & Research4.9%-11.8pp$34M
Unknown4.8%-3.0pp$33M
Medical - Distribution4.6%$32M
Medical - Instruments & Supplies4.3%-2.8pp$30M
Country
US73.6%-4.4pp
GB8.1%
IE4.9%-5.9pp
Unknown4.8%-3.0pp
AU4.3%+1.7pp
FR3.8%
NL0.5%-0.4pp
Top 5: 26.7% · Top 10: 45.4% · Top 25: 75.0%
Top buys this quarter · 15
| CORT Corcept Therapeutics Incorporanew | +$27M |
| WAY Waystar Holding Corp. | +$25M |
| ICLR ICON Public Limited Company | +$20M |
| AVR Anteris Technologies Global Co | +$19M |
| MMS Maximus, Inc. | +$17M |
| EMBC Embecta Corp. | +$16M |
| ANIP ANI Pharmaceuticals, Inc. | +$14M |
| SION Sionna Therapeutics, Inc.new | +$12M |
| ABVX Abivax S.A. | +$10M |
| ABT Abbott Laboratories | +$10M |
Top sells this quarter · 15
| CI Cigna Corporationexit | −$46M |
| SNY Sanofi | −$35M |
| CELC Celcuity Inc. | −$32M |
| ZBH Zimmer Biomet Holdings, Inc. | −$29M |
| KVUE Kenvue Inc.exit | −$25M |
| ERAS Erasca, Inc. | −$22M |
| OGN Organon & Co. | −$15M |
| BTSG BrightSpring Health Services, exit | −$13M |
| CRL Charles River Laboratories Intexit | −$9M |
| CNC Centene Corporationexit | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $694M | 73 | +42.54% | +17.59% | +24.95% | +0.08B |
| 2025-12-31 | $603M | 65 | +25.63% | +17.72% | +7.91% | +0.13B |
| 2025-09-30 | $395M | 51 | -3.82% | +17.52% | -21.34% | +0.10B |
| 2025-06-30 | $249M | 49 | -13.22% | +14.94% | -28.17% | -0.07B |
| 2025-03-31 | $330M | 53 | -16.26% | +8.30% | -24.57% | +0.01B |
| 2024-12-31 | $355M | 51 | +8.52% | +24.89% | -16.36% | +0.15B |
| 2024-09-30 | $223M | 38 | +27.95% | +36.04% | -8.09% | -0.06B |
| 2024-06-30 | $265M | 46 | +3.97% | +24.49% | -20.53% | -0.01B |
| 2024-03-31 | $287M | 48 | +19.13% | +29.62% | -10.49% | -0.17B |
| 2023-12-31 | $388M | 39 | +0.88% | +26.18% | -25.29% | +0.04B |
| 2023-09-30 | $323M | 52 | +2.17% | +21.57% | -19.40% | +0.08B |
| 2023-06-30 | $283M | 41 | +10.01% | +19.42% | -9.41% | +0.06B |
| 2023-03-31 | $202M | 44 | -11.75% | -7.82% | -3.93% | +0.02B |
| 2022-12-31 | $180M | 39 | +9.16% | +7.56% | +1.60% | -0.08B |
| 2022-09-30 | $234M | 43 | -5.78% | -4.93% | -0.85% | -0.00B |
| 2022-06-30 | $254M | 59 | -13.09% | -16.11% | +3.02% | +0.04B |