Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.96%
baseline attrition
Rally response
-2.78%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RVMDRevolution Medicines, In | $251M | 19.0% | +175.0% | 6.3 yr |
| WGSGeneDx Holdings Corp. | $193M | 14.6% | -27.5% | 3.0 yr |
| RLAYRelay Therapeutics, Inc. | $143M | 10.9% | +279.8% | 5.8 yr |
| BLFSBioLife Solutions, Inc. | $114M | 8.6% | -16.5% | 8.0 yr |
| LABStandard BioTools Inc. | $82M | 6.2% | -14.9% | 3.0 yr |
| ILMNIllumina, Inc. | $65M | 4.9% | +55.4% | 7.8 yr |
| GPCRStructure Therapeutics I | $57M | 4.3% | +178.5% | 3.3 yr |
| TXG10x Genomics, Inc. | $48M | 3.7% | +143.2% | 0.5 yr |
| DNLIDenali Therapeutics Inc. | $35M | 2.7% | +41.2% | 7.5 yr |
| BEAMBeam Therapeutics Inc. | $32M | 2.4% | +22.0% | 5.5 yr |
| GHGuardant Health, Inc. | $29M | 2.2% | +116.8% | 2.8 yr |
| NGNENeurogene Inc. | $29M | 2.2% | +72.2% | 2.5 yr |
| ALNYAlnylam Pharmaceuticals, | $25M | 1.9% | +22.5% | 10.5 yr |
| MAZEMaze Therapeutics, Inc. | $23M | 1.7% | +171.1% | 1.3 yr |
| SRRKScholar Rock Holding Cor | $17M | 1.3% | +52.9% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology54.1%+11.1pp$714M
Medical - Healthcare Information Services19.3%-6.9pp$255M
Medical - Diagnostics & Research9.6%+3.4pp$126M
Medical - Instruments & Supplies8.6%-7.6pp$114M
Medical - Devices6.3%-0.5pp$83M
Medical - Equipment & Services1.1%+0.6pp$15M
Unknown1.1%+0.9pp$14M
Country
US96.8%-3.0pp
BE1.2%
Unknown1.1%+0.9pp
CH0.6%
KY0.3%
Top 5: 59.3% · Top 10: 77.3% · Top 25: 96.3%
Top buys this quarter · 13
| — new | +$0M |
| TXG 10x Genomics, Inc. | +$19M |
| AGMB AgomAb Therapeutics N.V. Amerinew | +$16M |
| RLAY Relay Therapeutics, Inc. | +$14M |
| PSNL Personalis, Inc.new | +$10M |
| MLTX MoonLake Immunotherapeuticsnew | +$8M |
| TSHA Taysha Gene Therapies, Inc. | +$8M |
| HIMS Hims & Hers Health, Inc. | +$7M |
| SRRK Scholar Rock Holding Corporati | +$4M |
| IRON Disc Medicine, Inc.new | +$4M |
Top sells this quarter · 14
| RNAM Avidity Biosciences Incexit | −$0M |
| NTLA Intellia Therapeutics, Inc. | −$21M |
| UNH UnitedHealth Group Incorporateexit | −$14M |
| SPRY ARS Pharmaceuticals, Inc.exit | −$13M |
| DXCM DexCom, Inc.exit | −$11M |
| CI Cigna Corporationexit | −$11M |
| INCY Incyte Corporationexit | −$9M |
| ILMN Illumina, Inc. | −$9M |
| MRNA Moderna, Inc. | −$8M |
| GRAL GRAIL, Inc. | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.32B | 40 | +29.75% | +17.59% | +12.16% | -0.06B |
| 2025-12-31 | $1.61B | 38 | +23.65% | +17.72% | +5.93% | +0.11B |
| 2025-09-30 | $1.20B | 32 | -0.03% | +17.52% | -17.54% | -0.11B |
| 2025-06-30 | $1.10B | 33 | -6.99% | +14.94% | -21.93% | -0.14B |
| 2025-03-31 | $1.22B | 44 | -7.33% | +8.30% | -15.64% | +0.00B |
| 2024-12-31 | $1.50B | 38 | +25.54% | +24.89% | +0.66% | -0.02B |
| 2024-09-30 | $1.50B | 35 | +30.14% | +36.04% | -5.90% | +0.04B |
| 2024-06-30 | $1.31B | 38 | -5.70% | +24.49% | -30.19% | -0.05B |
| 2024-03-31 | $1.34B | 36 | -8.66% | +29.62% | -38.29% | +0.22B |
| 2023-12-31 | $1.01B | 36 | -16.86% | +26.18% | -43.03% | +0.07B |
| 2023-09-30 | $897M | 38 | -25.41% | +21.57% | -46.98% | -0.03B |
| 2023-06-30 | $1.14B | 41 | +14.29% | +19.42% | -5.13% | -0.04B |
| 2023-03-31 | $1.21B | 40 | -16.93% | -7.82% | -9.11% | -0.08B |
| 2022-12-31 | $1.28B | 44 | -5.91% | +7.56% | -13.47% | -0.15B |
| 2022-09-30 | $1.52B | 36 | +23.60% | -4.93% | +28.53% | +0.05B |
| 2022-06-30 | $1.18B | 40 | -28.97% | -16.11% | -12.86% | -0.40B |