Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.40%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.30%
baseline attrition
Rally response
-5.69%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RVMDRevolution Medicines, In | $118M | 7.1% | +175.0% | 3.3 yr |
| LLYEli Lilly and Company | $91M | 5.5% | +12.2% | 4.0 yr |
| MDGLMadrigal Pharmaceuticals | $90M | 5.4% | +58.0% | 9.8 yr |
| MIRMMirum Pharmaceuticals, I | $75M | 4.6% | +105.1% | 6.8 yr |
| ARGXargenx SE | $72M | 4.4% | +23.4% | 8.0 yr |
| RYTMRhythm Pharmaceuticals, | $60M | 3.6% | +64.2% | 8.5 yr |
| — | $44M | 2.7% | — | 10.5 yr |
| XENEXenon Pharmaceuticals In | $44M | 2.7% | +73.3% | 6.3 yr |
| TVTXTravere Therapeutics, In | $44M | 2.7% | +65.8% | 5.5 yr |
| KYMRKymera Therapeutics, Inc | $41M | 2.5% | +204.3% | 5.8 yr |
| PENPenumbra, Inc. | $40M | 2.4% | +22.8% | 10.5 yr |
| ISRGIntuitive Surgical, Inc. | $38M | 2.3% | -6.9% | 10.5 yr |
| SRRKScholar Rock Holding Cor | $36M | 2.2% | +52.9% | 1.5 yr |
| ELVNEnliven Therapeutics, In | $32M | 2.0% | +99.2% | 2.3 yr |
| BSXBoston Scientific Corpor | $32M | 2.0% | -37.8% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology70.4%+8.8pp$1.16B
Medical - Devices11.3%-2.0pp$186M
Drug Manufacturers - General5.5%+0.0pp$91M
Unknown4.4%-0.7pp$73M
Medical - Care Facilities2.8%+0.5pp$46M
Medical - Healthcare Information Services1.9%-1.3pp$32M
Medical - Healthcare Plans1.0%-2.9pp$17M
Medical - Diagnostics & Research1.0%-0.9pp$17M
Semiconductors0.7%-0.2pp$12M
Drug Manufacturers - Specialty & Generic0.6%+0.6pp$10M
Country
US84.3%+3.9pp
NL5.5%-3.6pp
Unknown4.4%-0.7pp
CA2.7%+0.9pp
GB1.0%+0.1pp
CN0.9%-1.0pp
IE0.5%+0.1pp
FR0.3%+0.2pp
Top 5: 27.0% · Top 10: 41.3% · Top 25: 67.3%
Top buys this quarter · 15
| MDGL Madrigal Pharmaceuticals, Inc. | +$16M |
| BSX Boston Scientific Corporation | +$32M |
| HTFL Heartflow, Inc. Common Stock | +$7M |
| PTCT PTC Therapeutics, Inc. | +$7M |
| INDV Indivior Pharmaceuticals Incnew | +$6M |
| MIRM Mirum Pharmaceuticals, Inc. | +$5M |
| UNH UnitedHealth Group Incorporate | +$3M |
| NBIX Neurocrine Biosciences, Inc. | +$3M |
| IRTC iRhythm Technologies, Inc. | +$31M |
| IPSC Century Therapeutics, Inc.new | +$3M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$63M |
| SYK Stryker Corporation | −$54M |
| FOLD Amicus Therapeutics, Inc. | −$28M |
| TVTX Travere Therapeutics, Inc. | −$22M |
| RVMD Revolution Medicines, Inc. | −$106M |
| COGT Cogent Biosciences, Inc. | −$9M |
| LLY Eli Lilly and Company | −$6M |
| VKTX Viking Therapeutics, Inc. | −$5M |
| GPCR Structure Therapeutics Inc. | −$5M |
| EW Edwards Lifesciences Corporati | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.65B | 99 | +31.78% | +17.59% | +14.19% | -0.12B |
| 2025-12-31 | $1.89B | 96 | +28.83% | +17.72% | +11.11% | -0.04B |
| 2025-09-30 | $1.65B | 90 | +5.62% | +17.52% | -11.89% | -0.17B |
| 2025-06-30 | $1.55B | 91 | -2.92% | +14.94% | -17.87% | -0.20B |
| 2025-03-31 | $1.70B | 94 | -11.77% | +8.30% | -20.07% | -0.66B |
| 2024-12-31 | $2.58B | 104 | -2.06% | +24.89% | -26.95% | -0.31B |
| 2024-09-30 | $3.02B | 106 | +12.42% | +36.04% | -23.62% | -0.49B |
| 2024-06-30 | $3.25B | 106 | -7.53% | +24.49% | -32.02% | -0.40B |
| 2024-03-31 | $3.93B | 109 | +3.23% | +29.62% | -26.39% | -0.18B |
| 2023-12-31 | $4.04B | 99 | +0.39% | +26.18% | -25.78% | -0.06B |
| 2023-09-30 | $3.72B | 116 | -1.36% | +21.57% | -22.93% | -0.00B |
| 2023-06-30 | $4.20B | 119 | +17.53% | +19.42% | -1.89% | -0.15B |
| 2023-03-31 | $4.18B | 116 | -7.10% | -7.82% | +0.71% | +0.08B |
| 2022-12-31 | $4.15B | 116 | +8.27% | +7.56% | +0.71% | -0.03B |
| 2022-09-30 | $3.86B | 122 | +5.80% | -4.93% | +10.73% | +0.24B |
| 2022-06-30 | $3.42B | 125 | -17.89% | -16.11% | -1.78% | +0.20B |