Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.05%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.10%
baseline attrition
Rally response
-6.72%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACLXArcellx, Inc. | $350M | 19.9% | — | 4.3 yr |
| CELCCelcuity Inc. | $261M | 14.8% | +1029.0% | 3.5 yr |
| SGPSpyGlass Pharma, Inc. Co | $192M | 10.9% | — | 0.3 yr |
| TRVITrevi Therapeutics, Inc. | $158M | 9.0% | +89.7% | 6.8 yr |
| SVRASavara Inc. | $134M | 7.6% | +97.1% | 5.3 yr |
| GLUEMonte Rosa Therapeutics, | $127M | 7.2% | +254.5% | 5.0 yr |
| MBXMBX Biosciences, Inc. Co | $108M | 6.1% | +304.5% | 1.8 yr |
| ZBIOZenas BioPharma, Inc. | $79M | 4.5% | +147.5% | 1.8 yr |
| COURCoursera, Inc. | $75M | 4.3% | -12.6% | 5.0 yr |
| AUPHAurinia Pharmaceuticals | $59M | 3.3% | +84.3% | 10.5 yr |
| ORICORIC Pharmaceuticals, In | $52M | 3.0% | +127.1% | 2.3 yr |
| CRSPCRISPR Therapeutics AG | $50M | 2.9% | +39.8% | 9.5 yr |
| PHATPhathom Pharmaceuticals, | $22M | 1.2% | +77.2% | 3.0 yr |
| CVRXCVRx, Inc. | $19M | 1.1% | -22.6% | 4.8 yr |
| KRROKorro Bio, Inc. | $15M | 0.8% | -35.0% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology93.6%+15.9pp$1.65B
Education & Training Services4.3%-2.3pp$75M
Medical - Devices1.1%-0.8pp$19M
Unknown1.1%-0.7pp$19M
Country
US92.3%+14.4pp
CA3.3%+0.9pp
CH2.9%-1.3pp
Unknown1.1%-0.7pp
FR0.5%+0.1pp
Top 5: 62.2% · Top 10: 87.6% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.76B | 26 | +108.22% | +17.59% | +90.63% | -0.06B |
| 2025-12-31 | $1.96B | 27 | +111.24% | +17.72% | +93.52% | -0.26B |
| 2025-09-30 | $1.82B | 29 | +56.00% | +17.52% | +38.48% | -0.34B |
| 2025-06-30 | $1.33B | 32 | +11.56% | +14.94% | -3.38% | -0.14B |
| 2025-03-31 | $1.30B | 37 | -25.36% | +8.30% | -33.67% | -0.37B |
| 2024-12-31 | $1.77B | 41 | -16.28% | +24.89% | -41.17% | +0.12B |
| 2024-09-30 | $1.84B | 42 | +11.25% | +36.04% | -24.78% | +0.29B |
| 2024-06-30 | $1.33B | 41 | -7.32% | +24.49% | -31.81% | +0.12B |
| 2024-03-31 | $1.61B | 43 | +40.61% | +29.62% | +10.99% | +0.02B |
| 2023-12-31 | $1.50B | 42 | +32.86% | +26.18% | +6.68% | -0.05B |
| 2023-09-30 | $1.29B | 45 | -9.25% | +21.57% | -30.82% | +0.02B |
| 2023-06-30 | $1.31B | 43 | -25.67% | +19.42% | -45.09% | -0.35B |
| 2023-03-31 | $1.45B | 51 | -60.75% | -7.82% | -52.93% | -0.33B |
| 2022-12-31 | $1.78B | 53 | -18.36% | +7.56% | -25.93% | +0.14B |
| 2022-09-30 | $2.00B | 56 | -20.41% | -4.93% | -15.49% | +0.45B |
| 2022-06-30 | $1.95B | 57 | -39.58% | -16.11% | -23.47% | -0.11B |