Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.91%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.72%
baseline attrition
Rally response
-1.45%
trims into rallies
when a holding rises +10%+
Top positions · 29
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $575M | 24.6% | — | 3.5 yr |
| ANABAnaptysBio, Inc. | $437M | 18.7% | +198.4% | 6.5 yr |
| JAZZJazz Pharmaceuticals plc | $323M | 13.8% | +52.3% | 3.0 yr |
| CNTACentessa Pharmaceuticals | $238M | 10.2% | +176.2% | 4.3 yr |
| CRNXCrinetics Pharmaceutical | $156M | 6.7% | +8.3% | 5.0 yr |
| AKTSAktis Oncology, Inc. | $86M | 3.7% | — | 0.3 yr |
| ORICORIC Pharmaceuticals, In | $85M | 3.6% | +127.1% | 6.0 yr |
| CGONCG Oncology, Inc. Common | $75M | 3.2% | +176.4% | 0.5 yr |
| CRSPCRISPR Therapeutics AG | $66M | 2.8% | +39.8% | 3.8 yr |
| ETONEton Pharmaceuticals, In | $54M | 2.3% | +90.1% | 1.8 yr |
| GLPGGalapagos N.V. | $50M | 2.1% | +19.4% | 7.3 yr |
| XNCRXencor, Inc. | $26M | 1.1% | +13.3% | 8.8 yr |
| NGNENeurogene Inc. | $26M | 1.1% | +72.2% | 2.5 yr |
| BBOTBridgeBio Oncology Thera | $25M | 1.1% | — | 0.8 yr |
| MBXMBX Biosciences, Inc. Co | $23M | 1.0% | +304.5% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology74.9%-12.7pp$1.75B
Unknown25.0%+12.6pp$585M
Shell Companies0.1%$2M
Country
US45.8%-14.3pp
Unknown25.0%+12.6pp
IE13.8%-7.3pp
GB10.4%+9.6pp
CH2.8%+0.0pp
BE2.1%+1.9pp
KY0.1%
Top 5: 73.9% · Top 10: 89.5% · Top 25: 99.8%
Top buys this quarter · 13
| CNTA Centessa Pharmaceuticals plc | +$115M |
| AKTS Aktis Oncology, Inc.new | +$86M |
| CGON CG Oncology, Inc. Common stock | +$22M |
| RLAY Relay Therapeutics, Inc. | +$13M |
| EIKN Eikon Therapeutics, Inc. Commonew | +$8M |
| PHAT Phathom Pharmaceuticals, Inc. | +$5M |
| ERAS Erasca, Inc. | +$4M |
| ETON Eton Pharmaceuticals, Inc. | +$3M |
| STOK Stoke Therapeutics, Inc.new | +$3M |
| HLXC Helix Acquisition Corp. III Clnew | +$2M |
Top sells this quarter · 13
| IMNM Immunome, Inc.exit | −$62M |
| MBX MBX Biosciences, Inc. Common S | −$40M |
| PCVX Vaxcyte, Inc.exit | −$26M |
| GPCR Structure Therapeutics Inc.exit | −$16M |
| VYGR Voyager Therapeutics, Inc.exit | −$15M |
| XNCR Xencor, Inc. | −$13M |
| AQST Aquestive Therapeutics, Inc.exit | −$11M |
| MNKD MannKind Corporationexit | −$4M |
| EOLS Evolus, Inc.exit | −$3M |
| 0HIY.L Atara Biotherapeutics, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.34B | 29 | +62.43% | +17.59% | +44.84% | +0.03B |
| 2025-12-31 | $2.18B | 27 | +10.42% | +17.72% | -7.30% | -0.09B |
| 2025-09-30 | $2.08B | 29 | -11.12% | +17.52% | -28.64% | -0.41B |
| 2025-06-30 | $1.68B | 34 | -40.30% | +14.94% | -55.25% | +0.08B |
| 2025-03-31 | $1.68B | 42 | -49.71% | +8.30% | -58.01% | -0.11B |
| 2024-12-31 | $2.50B | 53 | -26.33% | +24.89% | -51.22% | -0.07B |
| 2024-09-30 | $2.92B | 61 | -5.07% | +36.04% | -41.11% | -0.32B |
| 2024-06-30 | $3.27B | 53 | -24.97% | +24.49% | -49.46% | +0.11B |
| 2024-03-31 | $3.93B | 55 | +1.51% | +29.62% | -28.11% | -0.12B |
| 2023-12-31 | $3.85B | 48 | -14.11% | +26.18% | -40.29% | +0.52B |
| 2023-09-30 | $2.93B | 46 | -30.72% | +21.57% | -52.28% | -0.03B |
| 2023-06-30 | $3.79B | 47 | +7.21% | +19.42% | -12.21% | +0.43B |
| 2023-03-31 | $3.10B | 53 | -16.87% | -7.82% | -9.05% | +0.18B |
| 2022-12-31 | $3.28B | 61 | -8.55% | +7.56% | -16.11% | +0.19B |
| 2022-09-30 | $3.38B | 70 | +21.15% | -4.93% | +26.08% | -0.10B |
| 2022-06-30 | $2.87B | 72 | -15.85% | -16.11% | +0.26% | +0.19B |