Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.43%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.86%
baseline attrition
Rally response
+2.78%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MDGLMadrigal Pharmaceuticals | $1.04B | 11.3% | +58.0% | 3.0 yr |
| PTGXProtagonist Therapeutics | $533M | 5.8% | +117.9% | 6.8 yr |
| PTCTPTC Therapeutics, Inc. | $528M | 5.7% | +33.7% | 9.5 yr |
| ARGXargenx SE | $518M | 5.6% | +23.4% | 9.0 yr |
| CGONCG Oncology, Inc. Common | $473M | 5.1% | +176.4% | 2.3 yr |
| CELCCelcuity Inc. | $347M | 3.7% | +1029.0% | 0.5 yr |
| TNGXTango Therapeutics, Inc. | $278M | 3.0% | +1427.0% | 1.3 yr |
| ERASErasca, Inc. | $261M | 2.8% | +1081.0% | 0.5 yr |
| NTRANatera, Inc. | $250M | 2.7% | +41.4% | 8.5 yr |
| RDNTRadNet, Inc. | $239M | 2.6% | +12.4% | 2.5 yr |
| TARSTarsus Pharmaceuticals, | $235M | 2.5% | +36.6% | 5.5 yr |
| — | $234M | 2.5% | — | 2.8 yr |
| SYRESpyre Therapeutics, Inc. | $210M | 2.3% | +212.5% | 2.5 yr |
| COGTCogent Biosciences, Inc. | $210M | 2.3% | +542.6% | 0.8 yr |
| IRTCiRhythm Technologies, In | $197M | 2.1% | +12.7% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology79.6%+5.7pp$7.37B
Medical - Diagnostics & Research7.7%-0.3pp$716M
Medical - Devices5.3%-8.6pp$488M
Unknown3.0%+0.9pp$275M
Medical - Instruments & Supplies1.6%+1.5pp$145M
Medical - Healthcare Information Services1.0%-0.0pp$89M
Medical - Care Facilities0.6%+0.4pp$59M
Information Technology Services0.4%$39M
Drug Manufacturers - Specialty & Generic0.3%$31M
Medical - Pharmaceuticals0.3%+0.1pp$24M
Country
US81.7%+7.7pp
NL6.1%-3.8pp
GB3.1%-2.3pp
Unknown3.0%+0.9pp
CR1.6%-0.0pp
IE1.5%-3.0pp
DE1.4%+0.9pp
CN1.3%-0.5pp
Top 5: 33.4% · Top 10: 48.3% · Top 25: 76.4%
Top buys this quarter · 15
| CGON CG Oncology, Inc. Common stock | +$337M |
| CELC Celcuity Inc. | +$284M |
| ERAS Erasca, Inc. | +$259M |
| TNGX Tango Therapeutics, Inc. | +$247M |
| HNGE Hinge Health, Inc. | +$61M |
| IRTC iRhythm Technologies, Inc. | +$197M |
| ISRG Intuitive Surgical, Inc. | +$55M |
| WAY Waystar Holding Corp.new | +$39M |
| CADL Candel Therapeutics, Inc.new | +$31M |
| AKTS Aktis Oncology, Inc.new | +$28M |
Top sells this quarter · 15
| PEN Penumbra, Inc.exit | −$285M |
| APLS Apellis Pharmaceuticals, Inc. | −$160M |
| AXSM Axsome Therapeutics, Inc.exit | −$150M |
| MASI Masimo Corporationexit | −$122M |
| COGT Cogent Biosciences, Inc. | −$82M |
| PODD Insulet Corporationexit | −$68M |
| NTRA Natera, Inc. | −$50M |
| SYK Stryker Corporation | −$48M |
| DNTH Dianthus Therapeutics, Inc. | −$15M |
| QURE uniQure N.V. | −$18M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.26B | 87 | +42.78% | +17.59% | +25.19% | +0.50B |
| 2025-12-31 | $9.14B | 90 | +43.42% | +17.72% | +25.70% | -0.07B |
| 2025-09-30 | $7.67B | 73 | +21.41% | +17.52% | +3.90% | -0.67B |
| 2025-06-30 | $6.71B | 72 | +0.50% | +14.94% | -14.44% | +0.41B |
| 2025-03-31 | $6.31B | 67 | -11.78% | +8.30% | -20.08% | +0.15B |
| 2024-12-31 | $6.40B | 71 | -7.43% | +24.89% | -32.31% | -0.38B |
| 2024-09-30 | $6.67B | 67 | +8.32% | +36.04% | -27.72% | +0.27B |
| 2024-06-30 | $6.22B | 67 | -11.98% | +24.49% | -36.47% | +0.32B |
| 2024-03-31 | $6.72B | 68 | -1.03% | +29.62% | -30.65% | +0.32B |
| 2023-12-31 | $6.34B | 63 | -6.73% | +26.18% | -32.91% | +0.76B |
| 2023-09-30 | $4.69B | 66 | -24.18% | +21.57% | -45.75% | +0.32B |
| 2023-06-30 | $5.23B | 61 | -2.19% | +19.42% | -21.61% | +0.50B |
| 2023-03-31 | $4.80B | 60 | -23.96% | -7.82% | -16.14% | +0.14B |
| 2022-12-31 | $4.90B | 77 | -21.92% | -18.17% | -3.75% | +0.70B |
| 2022-09-30 | $4.34B | 86 | -10.34% | -15.51% | +5.17% | +0.18B |
| 2022-06-30 | $3.85B | 105 | -16.43% | -10.62% | -5.81% | +0.16B |