Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.00%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.81%
baseline attrition
Rally response
-12.59%
trims into rallies
when a holding rises +10%+
Top positions · 3
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DNLIDenali Therapeutics Inc. | $42M | 91.7% | +41.2% | 8.5 yr |
| SANASana Biotechnology, Inc. | $2M | 4.7% | +71.4% | 5.0 yr |
| EGHT8x8, Inc. | $2M | 3.6% | -17.0% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology96.4%-0.4pp$45M
Software - Application3.6%+0.4pp$2M
Country
US100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EGHT | $2M | -0.00B | -17.0% |
Top buys this quarter · 1
| EGHT 8x8, Inc. | +$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $46M | 3 | +43.30% | +17.59% | +25.71% | -0.01B |
| 2025-12-31 | $53M | 3 | +24.14% | +17.72% | +6.42% | -0.01B |
| 2025-09-30 | $58M | 3 | +9.61% | +17.52% | -7.91% | -0.01B |
| 2025-06-30 | $63M | 3 | +15.06% | +14.94% | +0.12% | -0.01B |
| 2025-03-31 | $63M | 3 | +8.60% | +8.30% | +0.30% | -2.69B |
| 2024-12-31 | $2.87B | 701 | +21.47% | +24.89% | -3.41% | +1.12B |
| 2024-09-30 | $1.76B | 508 | +34.71% | +36.04% | -1.32% | +0.33B |
| 2024-06-30 | $1.27B | 158 | +8.95% | +24.49% | -15.54% | +0.21B |
| 2024-03-31 | $1.06B | 155 | +18.93% | +29.62% | -10.70% | -0.10B |
| 2023-12-31 | $1.08B | 152 | +9.43% | +26.18% | -16.75% | +0.15B |
| 2023-09-30 | $837M | 139 | -2.08% | +21.57% | -23.65% | +0.00B |
| 2023-06-30 | $919M | 146 | +7.99% | +19.42% | -11.43% | +0.02B |
| 2023-03-31 | $818M | 155 | -15.53% | -7.82% | -7.71% | +0.14B |
| 2022-12-31 | $682M | 165 | +17.62% | -18.17% | +35.80% | -0.05B |
| 2022-09-30 | $740M | 200 | -0.10% | -4.93% | +4.83% | -0.02B |
| 2022-06-30 | $763M | 220 | -13.66% | -16.11% | +2.45% | +0.08B |