Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+13.02%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.84%
steady accumulation
Rally response
-23.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PATHUiPath Inc. | $280M | 55.0% | +7.8% | 4.3 yr |
| KGEIFKolibri Global Energy In | $38M | 7.4% | — | 2.5 yr |
| WBDWarner Bros. Discovery, | $25M | 5.0% | +155.9% | 0.3 yr |
| WKWorkiva Inc. | $15M | 2.9% | -21.4% | 1.0 yr |
| LYFTLyft, Inc. | $13M | 2.6% | +12.0% | 6.0 yr |
| CXMSprinklr, Inc. | $13M | 2.6% | -28.1% | 4.3 yr |
| AUTLAutolus Therapeutics plc | $13M | 2.6% | -11.0% | 8.0 yr |
| CLDXCelldex Therapeutics, In | $10M | 1.9% | +74.8% | 1.5 yr |
| ARWRArrowhead Pharmaceutical | $8M | 1.6% | +392.2% | 0.8 yr |
| NKTRNektar Therapeutics | $7M | 1.5% | — | 0.5 yr |
| ANNXAnnexon, Inc. | $7M | 1.4% | +187.0% | 2.0 yr |
| PHVSPharvaris N.V. | $6M | 1.2% | +79.9% | 1.3 yr |
| ALKSAlkermes plc | $6M | 1.1% | +7.1% | 1.0 yr |
| AGIOAgios Pharmaceuticals, I | $6M | 1.1% | +15.5% | 0.5 yr |
| IMVTImmunovant, Inc. | $5M | 1.1% | +45.3% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure55.0%+13.3pp$280M
Biotechnology22.5%+3.3pp$115M
Software - Application8.4%-4.0pp$43M
Oil & Gas Exploration & Production7.4%-15.8pp$38M
Entertainment5.0%$25M
Unknown1.7%+1.7pp$9M
Country
US92.7%+0.2pp
GB3.2%-2.0pp
Unknown1.7%+1.7pp
NL1.2%+0.4pp
IE1.1%
Top 5: 72.9% · Top 10: 83.0% · Top 25: 97.0%
Top buys this quarter · 15
| PATH UiPath Inc. | +$280M |
| WBD Warner Bros. Discovery, Inc.new | +$25M |
| WK Workiva Inc. | +$6M |
| DFTX Definium Therapeutics, Inc.new | +$4M |
| IONS Ionis Pharmaceuticals, Inc.new | +$3M |
| NKTR Nektar Therapeutics | +$2M |
| CLDX Celldex Therapeutics, Inc. | +$2M |
| KRYS Krystal Biotech, Inc. | +$2M |
| ARWR Arrowhead Pharmaceuticals, Inc | +$2M |
| SLN Silence Therapeutics plc | +$1M |
Top sells this quarter · 11
| TECX Tectonic Therapeutic, Inc. | −$6M |
| ANNX Annexon, Inc. | −$4M |
| FOLD Amicus Therapeutics, Inc.exit | −$4M |
| ZVRA Zevra Therapeutics, Inc.exit | −$2M |
| AXSM Axsome Therapeutics, Inc. | −$1M |
| MPLT MapLight Therapeutics, Inc. | −$1M |
| RLAY Relay Therapeutics, Inc. | −$1M |
| KGEIF Kolibri Global Energy Inc. | −$27M |
| — | −$0M |
| RAPT RAPT Therapeutics, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $509M | 34 | +19.32% | +17.59% | +1.73% | +0.14B |
| 2025-12-31 | $474M | 28 | +24.82% | +17.72% | +7.10% | -0.02B |
| 2025-09-30 | $414M | 36 | +4.93% | +17.52% | -12.58% | +0.03B |
| 2025-06-30 | $354M | 29 | +1.52% | +14.94% | -13.43% | +0.05B |
| 2025-03-31 | $255M | 25 | -44.23% | +8.30% | -52.53% | +0.07B |
| 2024-12-31 | $234M | 19 | -25.94% | +24.89% | -50.83% | +0.01B |
| 2024-09-30 | $223M | 16 | +4.82% | +36.04% | -31.22% | -0.00B |
| 2024-06-30 | $215M | 18 | +4.15% | +24.49% | -20.35% | +0.08B |
| 2024-03-31 | $213M | 18 | +61.13% | +29.62% | +31.51% | -0.09B |
| 2023-12-31 | $287M | 20 | +73.18% | +26.18% | +47.00% | -0.09B |
| 2023-09-30 | $268M | 28 | +14.03% | +21.57% | -7.54% | -0.11B |
| 2023-06-30 | $366M | 31 | +3.53% | +19.42% | -15.90% | +0.02B |
| 2023-03-31 | $340M | 32 | -27.63% | -7.82% | -19.82% | -0.05B |
| 2022-12-31 | $339M | 47 | -6.70% | +7.56% | -14.26% | -0.03B |
| 2022-09-30 | $391M | 124 | -5.33% | -4.93% | -0.40% | -0.30B |
| 2022-06-30 | $730M | 154 | -28.99% | -16.11% | -12.88% | +0.12B |