Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.53%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.99%
baseline attrition
Rally response
-10.25%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARQTArcutis Biotherapeutics, | $290M | 7.9% | +50.6% | 3.3 yr |
| MANEVeradermics, Incorporate | $263M | 7.1% | — | 0.3 yr |
| PVLAPalvella Therapeutics, I | $144M | 3.9% | +345.3% | 1.5 yr |
| APLSApellis Pharmaceuticals, | $142M | 3.8% | +84.0% | 1.8 yr |
| LEGNLegend Biotech Corporati | $137M | 3.7% | -46.7% | 2.0 yr |
| — | $123M | 3.3% | — | 2.8 yr |
| CAPRCapricor Therapeutics, I | $116M | 3.1% | +220.3% | 0.5 yr |
| IMTXImmatics N.V. | $110M | 3.0% | +118.2% | 2.0 yr |
| RCUSArcus Biosciences, Inc. | $109M | 2.9% | +175.2% | 2.8 yr |
| EYPTEyePoint Pharmaceuticals | $107M | 2.9% | +137.8% | 5.3 yr |
| AVBPArriVent BioPharma, Inc. | $102M | 2.8% | +24.8% | 2.3 yr |
| TSMTaiwan Semiconductor Man | $101M | 2.7% | +105.6% | 2.8 yr |
| NVDANVIDIA Corporation | $100M | 2.7% | +60.9% | 2.3 yr |
| METAMeta Platforms, Inc. | $97M | 2.6% | -0.4% | 6.3 yr |
| KALVKalVista Pharmaceuticals | $96M | 2.6% | +74.4% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology59.3%+17.5pp$2.19B
Unknown7.3%-4.8pp$269M
Semiconductors6.9%+1.0pp$253M
Food Distribution4.1%$152M
Internet Content & Information2.6%-1.7pp$98M
Aerospace & Defense2.4%+0.7pp$88M
Gambling, Resorts & Casinos2.2%+1.5pp$80M
Asset Management2.0%-0.3pp$75M
Home Improvement2.0%+0.5pp$73M
Banks - Diversified1.7%+0.4pp$63M
Country
US84.8%+3.0pp
Unknown7.3%-4.8pp
DE3.2%+1.2pp
TW2.7%+0.3pp
GB1.3%+0.5pp
CH0.2%-0.1pp
IE0.2%+0.0pp
AU0.1%
Top 5: 26.5% · Top 10: 41.8% · Top 25: 75.4%
Top buys this quarter · 15
| MANE Veradermics, Incorporatednew | +$263M |
| CAPR Capricor Therapeutics, Inc. | +$62M |
| VMC Vulcan Materials Companynew | +$49M |
| MGM MGM Resorts International | +$35M |
| PFGC Performance Food Group Companynew | +$33M |
| PVLA Palvella Therapeutics, Inc. | +$33M |
| REPL Replimune Group, Inc. | +$32M |
| COF Capital One Financial Corporat | +$24M |
| LEGN Legend Biotech Corporation | +$137M |
| GLUE Monte Rosa Therapeutics, Inc. | +$14M |
Top sells this quarter · 15
| SPOT Spotify Technology S.A. | −$458M |
| ERAS Erasca, Inc. | −$54M |
| KO The Coca-Cola Companyexit | −$105M |
| MSFT Microsoft Corporation | −$57M |
| TNGX Tango Therapeutics, Inc.exit | −$56M |
| RARE Ultragenyx Pharmaceutical Inc.exit | −$42M |
| NOW ServiceNow, Inc.exit | −$41M |
| DHR Danaher Corporation | −$39M |
| CRM Salesforce, Inc.exit | −$37M |
| USFD US Foods Holding Corp. | −$28M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.69B | 88 | +45.92% | +17.59% | +28.33% | -0.29B |
| 2025-12-31 | $3.99B | 89 | +32.13% | +17.72% | +14.41% | +0.35B |
| 2025-09-30 | $3.27B | 89 | +1.27% | +17.52% | -16.25% | +0.16B |
| 2025-06-30 | $2.63B | 94 | -4.31% | +14.94% | -19.25% | +0.01B |
| 2025-03-31 | $2.36B | 98 | -27.81% | +8.30% | -36.12% | +0.02B |
| 2024-12-31 | $2.59B | 93 | -9.64% | +24.89% | -34.53% | +0.31B |
| 2024-09-30 | $2.67B | 95 | +10.16% | +36.04% | -25.88% | +0.12B |
| 2024-06-30 | $2.28B | 96 | -33.17% | +24.49% | -57.66% | +0.34B |
| 2024-03-31 | $2.32B | 98 | -27.02% | +29.62% | -56.64% | -0.06B |
| 2023-12-31 | $2.10B | 86 | -56.87% | +26.18% | -83.05% | +0.26B |
| 2023-09-30 | $1.76B | 86 | -61.12% | +21.57% | -82.68% | +0.54B |
| 2023-06-30 | $1.80B | 98 | -41.75% | +19.42% | -61.17% | -0.05B |
| 2023-03-31 | $2.02B | 91 | -56.64% | -7.82% | -48.83% | +0.47B |
| 2022-12-31 | $2.33B | 88 | -5.95% | +7.56% | -13.52% | +0.13B |
| 2022-09-30 | $2.34B | 69 | +1.52% | -4.93% | +6.45% | -0.28B |
| 2022-06-30 | $2.59B | 88 | -31.87% | -16.11% | -15.76% | +0.38B |