Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.04%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.36%
baseline attrition
Rally response
-3.02%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $27M | 19.5% | — | 2.5 yr |
| TERNTerns Pharmaceuticals, I | $26M | 18.6% | — | 3.8 yr |
| WHWKWhitehawk Therapeutics I | $12M | 8.4% | +93.8% | 4.8 yr |
| TNGXTango Therapeutics, Inc. | $9M | 6.6% | +1427.0% | 0.5 yr |
| — | $8M | 5.8% | — | 1.5 yr |
| — | $7M | 4.8% | — | 0.5 yr |
| ERASErasca, Inc. | $6M | 4.1% | +1081.0% | 0.3 yr |
| — | $5M | 3.6% | — | 1.3 yr |
| OCULOcular Therapeutix, Inc. | $5M | 3.6% | +15.6% | 2.8 yr |
| CMPXCompass Therapeutics, In | $4M | 3.2% | +178.4% | 0.8 yr |
| NERVMinerva Neurosciences, I | $4M | 3.0% | +254.7% | 0.5 yr |
| MLTXMoonLake Immunotherapeut | $4M | 2.5% | -52.3% | 0.8 yr |
| ARGXargenx SE | $3M | 2.4% | +23.4% | 5.5 yr |
| — | $3M | 1.9% | — | 1.3 yr |
| RVMDRevolution Medicines, In | $3M | 1.8% | +175.0% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology62.3%-4.7pp$88M
Unknown37.7%+8.7pp$53M
Country
US57.3%-4.6pp
Unknown37.7%+8.7pp
CH2.5%
NL2.4%-2.9pp
Top 5: 58.8% · Top 10: 78.0% · Top 25: 99.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| WHWK | $6M | +0.01B | 93.8% |
| RVMD | $2M | +0.00B | 175.0% |
| OCUL | $9M | +0.00B | 15.6% |
| ARGX | $4M | +0.00B | 23.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 11
| ERAS Erasca, Inc.new | +$6M |
| TNGX Tango Therapeutics, Inc. | +$3M |
| MLTX MoonLake Immunotherapeutics | +$2M |
| RVMD Revolution Medicines, Inc. | +$2M |
| IDYA IDEAYA Biosciences, Inc. | +$1M |
| TRDA Entrada Therapeutics, Inc.new | +$1M |
| — new | +$0M |
| — | +$0M |
| — new | +$0M |
| — | +$0M |
Top sells this quarter · 15
| JAZZ Jazz Pharmaceuticals plcexit | −$5M |
| OCUL Ocular Therapeutix, Inc. | −$4M |
| AMLX Amylyx Pharmaceuticals, Inc. | −$3M |
| DNTH Dianthus Therapeutics, Inc.exit | −$1M |
| CMPX Compass Therapeutics, Inc. | −$1M |
| ARGX argenx SE | −$0M |
| TSHA Taysha Gene Therapies, Inc. | −$0M |
| DSGN Design Therapeutics, Inc. | −$1M |
| UTHR United Therapeutics Corporatio | −$1M |
| LBRX LB Pharmaceuticals Inc Common | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $141M | 26 | +90.94% | +17.59% | +73.35% | -0.02B |
| 2025-12-31 | $143M | 29 | +41.79% | +17.72% | +24.07% | +0.03B |
| 2025-09-30 | $91M | 27 | +7.72% | +17.52% | -9.79% | -0.00B |
| 2025-06-30 | $68M | 27 | -10.09% | +14.94% | -25.03% | -0.01B |
| 2025-03-31 | $78M | 32 | -17.84% | +8.30% | -26.14% | -0.00B |
| 2024-12-31 | $92M | 38 | +13.88% | +24.89% | -11.01% | -0.01B |
| 2024-09-30 | $116M | 40 | +27.46% | +36.04% | -8.58% | -0.01B |
| 2024-06-30 | $114M | 31 | +13.23% | +24.49% | -11.26% | -0.03B |
| 2024-03-31 | $152M | 32 | +21.85% | +29.62% | -7.77% | -0.06B |
| 2023-12-31 | $177M | 37 | -10.46% | +26.18% | -36.64% | +0.04B |
| 2023-09-30 | $138M | 42 | -15.33% | +21.57% | -36.90% | -0.01B |
| 2023-06-30 | $148M | 35 | -33.90% | +19.42% | -53.32% | +0.02B |
| 2023-03-31 | $128M | 33 | -52.11% | -7.82% | -44.30% | -0.01B |
| 2022-12-31 | $163M | 34 | -3.49% | +7.56% | -11.06% | -0.05B |
| 2022-09-30 | $225M | 46 | -21.58% | -4.93% | -16.65% | +0.08B |
| 2022-06-30 | $179M | 41 | -26.78% | -16.11% | -10.67% | +0.02B |