Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.66%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.31%
baseline attrition
Rally response
-3.67%
trims into rallies
when a holding rises +10%+
Top positions · 9
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| INVAInnoviva, Inc. | $50M | 31.5% | +28.5% | 9.8 yr |
| IRWDIronwood Pharmaceuticals | $32M | 20.5% | +138.8% | 8.5 yr |
| AMRNAmarin Corporation plc | $24M | 15.4% | +61.4% | 1.0 yr |
| NBIXNeurocrine Biosciences, | $15M | 9.7% | +19.1% | 3.0 yr |
| CYTKCytokinetics, Incorporat | $15M | 9.6% | +64.0% | 2.3 yr |
| LNTHLantheus Holdings, Inc. | $13M | 8.0% | -22.3% | 1.8 yr |
| — | $5M | 3.0% | — | 0.5 yr |
| REGNRegeneron Pharmaceutical | $3M | 2.1% | +22.5% | 0.8 yr |
| VORVor Biopharma Inc. | $0M | 0.3% | +24.3% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology68.5%-2.2pp$108M
Drug Manufacturers - Specialty & Generic28.5%+6.6pp$45M
Unknown3.0%-4.4pp$5M
Country
US81.6%-10.9pp
IE15.4%
Unknown3.0%-4.4pp
Top 5: 86.6% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| IRWD | $24M | +0.03B | 138.8% |
| CYTK | $24M | +0.02B | 64.0% |
| INVA | $51M | +0.01B | 28.5% |
| NBIX | $34M | +0.01B | 19.1% |
| LNTH | $10M | -0.00B | -22.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| LNTH | $10M | -0.00B | -22.3% |
Top buys this quarter · 1
| — | +$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $158M | 9 | +43.36% | +17.59% | +25.76% | -0.08B |
| 2025-12-31 | $223M | 9 | +12.33% | +17.72% | -5.38% | -0.00B |
| 2025-09-30 | $180M | 8 | -9.52% | +17.52% | -27.03% | +0.01B |
| 2025-06-30 | $154M | 7 | -24.45% | +14.94% | -39.39% | +0.00B |
| 2025-03-31 | $155M | 7 | -26.14% | +8.30% | -34.44% | -0.11B |
| 2024-12-31 | $323M | 8 | -22.76% | +24.89% | -47.65% | -0.08B |
| 2024-09-30 | $402M | 10 | -15.70% | +36.04% | -51.74% | -0.15B |
| 2024-06-30 | $592M | 10 | -17.07% | +24.49% | -41.56% | +0.05B |
| 2024-03-31 | $572M | 10 | -8.75% | +29.62% | -38.37% | +0.01B |
| 2023-12-31 | $649M | 9 | +1.55% | +26.18% | -24.63% | -0.16B |
| 2023-09-30 | $742M | 11 | +8.16% | +21.57% | -13.40% | -0.18B |
| 2023-06-30 | $1.00B | 11 | +4.42% | +19.42% | -15.00% | +0.18B |
| 2023-03-31 | $782M | 11 | -1.28% | -7.82% | +6.53% | -0.03B |
| 2022-12-31 | $840M | 11 | +15.92% | +7.56% | +8.36% | -0.19B |
| 2022-09-30 | $885M | 11 | -10.91% | -4.93% | -5.98% | -0.00B |
| 2022-06-30 | $993M | 11 | -0.71% | -16.11% | +15.40% | -0.06B |