Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.10%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.11%
baseline attrition
Rally response
-5.49%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HROWHarrow Health, Inc. | $100M | 13.2% | +32.6% | 6.0 yr |
| LQDALiquidia Corporation | $89M | 11.7% | +155.9% | 5.0 yr |
| ETONEton Pharmaceuticals, In | $71M | 9.3% | +90.1% | 7.5 yr |
| SLGLSol-Gel Technologies Ltd | $40M | 5.2% | — | 0.8 yr |
| RYTMRhythm Pharmaceuticals, | $35M | 4.7% | +64.2% | 4.8 yr |
| — | $33M | 4.3% | — | 0.8 yr |
| IRONDisc Medicine, Inc. | $27M | 3.5% | +28.8% | 1.3 yr |
| URGNUroGen Pharma Ltd. | $26M | 3.4% | +62.6% | 3.3 yr |
| — | $24M | 3.2% | — | 0.5 yr |
| STOKStoke Therapeutics, Inc. | $23M | 3.0% | +389.6% | 1.5 yr |
| CATXPerspective Therapeutics | $19M | 2.6% | +95.8% | 0.5 yr |
| RZLTRezolute, Inc. | $19M | 2.5% | +5.2% | 1.8 yr |
| MGTXMeiraGTx Holdings plc | $18M | 2.4% | +27.7% | 0.8 yr |
| TGTXTG Therapeutics, Inc. | $18M | 2.3% | -15.7% | 6.5 yr |
| — | $17M | 2.2% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology69.9%+6.0pp$530M
Drug Manufacturers - Specialty & Generic13.7%-10.8pp$104M
Unknown13.4%+3.9pp$102M
Medical - Devices2.6%+0.4pp$20M
Medical - Diagnostics & Research0.5%$3M
Country
US81.4%-8.4pp
Unknown13.4%+3.9pp
IL5.2%
Top 5: 44.0% · Top 10: 61.5% · Top 25: 88.2%
Top buys this quarter · 15
| URGN UroGen Pharma Ltd. | +$21M |
| MGTX MeiraGTx Holdings plc | +$15M |
| CATX Perspective Therapeutics, Inc. | +$15M |
| IRON Disc Medicine, Inc. | +$14M |
| QTTB Q32 Bio Inc. | +$7M |
| EDIT Editas Medicine, Inc.new | +$5M |
| LQDA Liquidia Corporation | +$4M |
| SLGL Sol-Gel Technologies Ltd. | +$4M |
| BDSX Biodesix, Inc.new | +$3M |
| LYEL Lyell Immunopharma, Inc.new | +$2M |
Top sells this quarter · 15
| HROW Harrow Health, Inc. | −$38M |
| CGON CG Oncology, Inc. Common stock | −$21M |
| RYTM Rhythm Pharmaceuticals, Inc. | −$35M |
| ALKS Alkermes plcexit | −$17M |
| OCUL Ocular Therapeutix, Inc. | −$8M |
| KPTI Karyopharm Therapeutics Inc.exit | −$5M |
| PLX Protalix BioTherapeutics, Inc. | −$5M |
| VTYX Ventyx Biosciences, Inc.exit | −$4M |
| TECX Tectonic Therapeutic, Inc. | −$3M |
| ASRT Assertio Holdings, Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $759M | 54 | +65.58% | +17.59% | +47.99% | -0.01B |
| 2025-12-31 | $758M | 53 | +41.64% | +17.72% | +23.92% | -0.01B |
| 2025-09-30 | $703M | 42 | +26.79% | +17.52% | +9.27% | +0.01B |
| 2025-06-30 | $484M | 39 | +22.69% | +14.94% | +7.75% | +0.02B |
| 2025-03-31 | $438M | 43 | +3.87% | +8.30% | -4.44% | -0.05B |
| 2024-12-31 | $561M | 37 | +53.82% | +24.89% | +28.93% | -0.02B |
| 2024-09-30 | $591M | 42 | +73.38% | +36.04% | +37.34% | -0.00B |
| 2024-06-30 | $430M | 49 | +4.96% | +24.49% | -19.54% | +0.03B |
| 2024-03-31 | $456M | 51 | +2.84% | +29.62% | -26.78% | -0.02B |
| 2023-12-31 | $373M | 45 | -13.30% | +26.18% | -39.48% | +0.04B |
| 2023-09-30 | $304M | 39 | -13.60% | +21.57% | -35.17% | -0.05B |
| 2023-06-30 | $417M | 46 | +16.31% | +19.42% | -3.12% | +0.13B |
| 2023-03-31 | $334M | 41 | -0.56% | -7.82% | +7.26% | +0.02B |
| 2022-12-31 | $288M | 40 | +9.79% | +7.56% | +2.23% | +0.02B |
| 2022-09-30 | $242M | 42 | +12.65% | -4.93% | +17.57% | -0.01B |
| 2022-06-30 | $222M | 47 | -25.75% | -16.11% | -9.64% | -0.02B |