Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.31%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.06%
baseline attrition
Rally response
-2.49%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $285M | 14.6% | — | 2.5 yr |
| BBOTBridgeBio Oncology Thera | $160M | 8.2% | — | 0.8 yr |
| EYPTEyePoint Pharmaceuticals | $107M | 5.5% | +137.8% | 3.3 yr |
| EWTXEdgewise Therapeutics, I | $103M | 5.3% | +43.2% | 5.3 yr |
| ERASErasca, Inc. | $94M | 4.8% | +1081.0% | 2.5 yr |
| RAPPRapport Therapeutics, In | $93M | 4.7% | +212.0% | 2.0 yr |
| ALMSAlumis Inc. Common Stock | $87M | 4.5% | +258.8% | 2.0 yr |
| ABVXAbivax S.A. | $85M | 4.3% | +1681.6% | 2.5 yr |
| MLTXMoonLake Immunotherapeut | $84M | 4.3% | -52.3% | 4.0 yr |
| DNTHDianthus Therapeutics, I | $80M | 4.1% | +362.6% | 0.3 yr |
| — | $77M | 4.0% | — | 1.5 yr |
| BBIOBridgeBio Pharma, Inc. | $63M | 3.2% | +114.8% | 7.0 yr |
| OLMAOlema Pharmaceuticals, I | $58M | 3.0% | +296.5% | 3.8 yr |
| BIOABioAge Labs, Inc. | $51M | 2.6% | +365.2% | 1.8 yr |
| CNTACentessa Pharmaceuticals | $42M | 2.1% | +176.2% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology76.9%-6.8pp$1.50B
Unknown22.4%+6.1pp$438M
Shell Companies0.7%$13M
Country
US61.3%+13.0pp
Unknown22.4%+6.1pp
FR4.3%+3.3pp
CH4.3%-21.6pp
GB3.2%+0.7pp
KY1.7%
NL1.4%-2.8pp
BE1.3%
Top 5: 38.3% · Top 10: 60.2% · Top 25: 89.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ABVX | $13M | +0.22B | 1681.6% |
| BBIO | $69M | +0.08B | 114.8% |
| RAPP | $29M | +0.06B | 212.0% |
| EYPT | $45M | +0.06B | 137.8% |
| CNTA | $33M | +0.06B | 176.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MLTX | $332M | -0.17B | -52.3% |
Top buys this quarter · 15
| DNTH Dianthus Therapeutics, Inc.new | +$80M |
| DMRA Galecto, Inc.new | +$39M |
| AGMB AgomAb Therapeutics N.V. Amerinew | +$26M |
| MAZE Maze Therapeutics, Inc.new | +$22M |
| ROIV Roivant Sciences Ltd.new | +$21M |
| ANL Adlai Nortye Ltd.new | +$20M |
| OLMA Olema Pharmaceuticals, Inc. | +$58M |
| BIOA BioAge Labs, Inc. | +$15M |
| HLXC Helix Acquisition Corp. III Clnew | +$13M |
| SNSE Sensei Biotherapeutics, Inc.new | +$10M |
Top sells this quarter · 15
| ERAS Erasca, Inc. | −$21M |
| ABVX Abivax S.A. | −$66M |
| TNGX Tango Therapeutics, Inc. | −$16M |
| GPCR Structure Therapeutics Inc. | −$42M |
| GLUE Monte Rosa Therapeutics, Inc. | −$41M |
| BBIO BridgeBio Pharma, Inc. | −$26M |
| GHRS GH Research PLCexit | −$18M |
| CNTA Centessa Pharmaceuticals plc | −$33M |
| JANX Janux Therapeutics, Inc.exit | −$9M |
| AXSM Axsome Therapeutics, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.95B | 45 | +67.97% | +17.59% | +50.38% | -0.05B |
| 2025-12-31 | $1.72B | 31 | +4.86% | +17.72% | -12.85% | -0.07B |
| 2025-09-30 | $1.39B | 35 | -23.39% | +17.52% | -40.90% | +0.04B |
| 2025-06-30 | $1.29B | 41 | -20.63% | +14.94% | -35.57% | -0.08B |
| 2025-03-31 | $1.28B | 41 | -39.52% | +8.30% | -47.82% | -0.01B |
| 2024-12-31 | $1.78B | 47 | -16.78% | +24.89% | -41.66% | +0.03B |
| 2024-09-30 | $1.85B | 44 | +4.27% | +36.04% | -31.77% | +0.04B |
| 2024-06-30 | $1.67B | 46 | -3.15% | +24.49% | -27.64% | -0.16B |
| 2024-03-31 | $2.25B | 55 | +39.47% | +29.62% | +9.85% | +0.18B |
| 2023-12-31 | $2.07B | 46 | +51.62% | +26.18% | +25.44% | +0.06B |
| 2023-09-30 | $1.70B | 48 | +8.26% | +21.57% | -13.31% | -0.07B |
| 2023-06-30 | $1.76B | 61 | +14.52% | +19.42% | -4.90% | -0.03B |
| 2023-03-31 | $1.52B | 72 | -26.80% | -7.82% | -18.98% | -0.10B |
| 2022-12-31 | $1.49B | 72 | -15.67% | +7.56% | -23.23% | +0.29B |
| 2022-09-30 | $1.42B | 72 | +6.41% | -4.93% | +11.34% | +0.05B |
| 2022-06-30 | $1.29B | 79 | -25.02% | -16.11% | -8.91% | +0.31B |