Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.85%
baseline attrition
Rally response
-19.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MLYSMineralys Therapeutics, | $36M | 6.3% | +70.6% | 3.3 yr |
| TEVATeva Pharmaceutical Indu | $34M | 6.0% | +96.0% | 9.5 yr |
| TSEMTower Semiconductor Ltd. | $26M | 4.5% | +392.1% | 3.8 yr |
| NVMINova Ltd. | $23M | 4.0% | +135.6% | 3.8 yr |
| BBIOBridgeBio Pharma, Inc. | $18M | 3.2% | +114.8% | 3.8 yr |
| BIIBBiogen Inc. | $17M | 3.0% | +34.0% | 7.3 yr |
| RAREUltragenyx Pharmaceutica | $17M | 3.0% | -42.1% | 4.3 yr |
| SNDXSyndax Pharmaceuticals, | $17M | 2.9% | +90.1% | 8.0 yr |
| COGTCogent Biosciences, Inc. | $16M | 2.8% | +542.6% | 2.8 yr |
| SNYSanofi | $13M | 2.3% | -10.4% | 6.5 yr |
| AZNAstraZeneca PLC | $12M | 2.1% | +36.2% | 0.3 yr |
| FOLDAmicus Therapeutics, Inc | $9M | 1.5% | +77.2% | 6.5 yr |
| CLBTCellebrite DI Ltd. | $9M | 1.5% | -29.1% | 0.5 yr |
| APLSApellis Pharmaceuticals, | $9M | 1.5% | +84.0% | 2.5 yr |
| PANWPalo Alto Networks, Inc. | $8M | 1.5% | -6.0% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology51.6%+3.7pp$297M
Drug Manufacturers - General15.9%-0.9pp$91M
Semiconductors11.0%+3.4pp$63M
Unknown6.6%-2.1pp$38M
Drug Manufacturers - Specialty & Generic6.2%+0.1pp$36M
Software - Infrastructure3.0%+1.7pp$17M
Solar1.4%+0.2pp$8M
Renewable Utilities1.3%-0.2pp$8M
Specialty Retail1.2%-0.6pp$7M
Asset Management0.8%+0.7pp$5M
Country
US63.2%+1.5pp
IL18.4%+3.1pp
Unknown6.6%-2.1pp
GB3.3%+2.1pp
CA2.6%+0.8pp
FR2.3%-2.0pp
DE1.2%+0.2pp
CH1.0%-0.4pp
Top 5: 23.9% · Top 10: 37.8% · Top 25: 59.3%
Top buys this quarter · 15
| MLYS Mineralys Therapeutics, Inc. | +$24M |
| AZN AstraZeneca PLCnew | +$12M |
| RARE Ultragenyx Pharmaceutical Inc. | +$11M |
| BBIO BridgeBio Pharma, Inc. | +$10M |
| PANW Palo Alto Networks, Inc. | +$6M |
| AAOI Applied Optoelectronics, Inc.new | +$6M |
| XENE Xenon Pharmaceuticals Inc. | +$6M |
| MAZE Maze Therapeutics, Inc. | +$5M |
| CLBT Cellebrite DI Ltd. | +$5M |
| ORA Ormat Technologies, Inc. | +$4M |
Top sells this quarter · 15
| NICE NICE Ltd. | −$17M |
| SEDG SolarEdge Technologies, Inc. | −$7M |
| ANNX Annexon, Inc.exit | −$7M |
| ORIC ORIC Pharmaceuticals, Inc. | −$6M |
| ESLT Elbit Systems Ltd.exit | −$5M |
| DYN Dyne Therapeutics, Inc. | −$4M |
| TNGX Tango Therapeutics, Inc. | −$5M |
| AMD Advanced Micro Devices, Inc.exit | −$4M |
| CLYM Climb Bio, Inc. | −$4M |
| CYTK Cytokinetics, Incorporated | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $575M | 91 | +62.98% | +17.59% | +45.39% | +0.06B |
| 2025-12-31 | $474M | 93 | +27.58% | +17.72% | +9.86% | -0.02B |
| 2025-09-30 | $416M | 100 | -1.62% | +17.52% | -19.14% | -0.06B |
| 2025-06-30 | $377M | 100 | -20.02% | +14.94% | -34.97% | -0.02B |
| 2025-03-31 | $400M | 111 | -30.66% | +8.30% | -38.97% | -0.06B |
| 2024-12-31 | $536M | 102 | -9.77% | +24.89% | -34.66% | -0.02B |
| 2024-09-30 | $604M | 106 | -6.00% | +36.04% | -42.03% | -0.02B |
| 2024-06-30 | $609M | 108 | -29.97% | +24.49% | -54.46% | +0.08B |
| 2024-03-31 | $617M | 92 | -29.78% | +29.62% | -59.41% | +0.03B |
| 2023-12-31 | $533M | 88 | -63.37% | +26.18% | -89.55% | +0.15B |
| 2023-09-30 | $399M | 74 | -65.86% | +21.57% | -87.43% | +0.05B |
| 2023-06-30 | $453M | 75 | -58.03% | +19.42% | -77.45% | +0.06B |
| 2023-03-31 | $451M | 73 | -63.76% | -7.82% | -55.94% | +0.27B |
| 2022-12-31 | $314M | 56 | -10.94% | +7.56% | -18.50% | -0.18B |
| 2022-09-30 | $560M | 62 | -5.98% | -4.93% | -1.05% | +0.07B |
| 2022-06-30 | $522M | 47 | -25.14% | -16.11% | -9.03% | +0.08B |