Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.49%
baseline attrition
Rally response
-5.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| XBIState Street SPDR S&P Bi | $19M | 14.5% | — | 4.8 yr |
| CAHCardinal Health, Inc. | $5M | 3.9% | +54.9% | 6.8 yr |
| — | $5M | 3.8% | — | 0.3 yr |
| JNJJohnson & Johnson | $5M | 3.7% | +51.5% | 4.8 yr |
| MRKMerck & Co., Inc. | $5M | 3.7% | +38.9% | 5.5 yr |
| ABCAmerisourceBergen Corpor | $5M | 3.6% | — | 8.0 yr |
| LLYEli Lilly and Company | $5M | 3.5% | +12.2% | 8.8 yr |
| WATWaters Corporation | $4M | 3.4% | -19.2% | 3.0 yr |
| VRTXVertex Pharmaceuticals I | $4M | 3.4% | -7.9% | 8.0 yr |
| ISRGIntuitive Surgical, Inc. | $4M | 3.2% | -6.9% | 8.0 yr |
| AZNAstraZeneca PLC | $4M | 3.0% | +36.2% | 0.3 yr |
| TMOThermo Fisher Scientific | $4M | 3.0% | -0.9% | 8.5 yr |
| BSXBoston Scientific Corpor | $4M | 3.0% | -37.8% | 10.0 yr |
| DHRDanaher Corporation | $4M | 2.9% | -7.1% | 7.8 yr |
| THCTenet Healthcare Corpora | $4M | 2.9% | +40.3% | 7.8 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General21.1%+14.6pp$28M
Medical - Devices17.1%-4.6pp$22M
Asset Management14.5%+3.5pp$19M
Medical - Diagnostics & Research14.5%+3.9pp$19M
Medical - Distribution10.1%-1.6pp$13M
Medical - Healthcare Plans6.9%-0.1pp$9M
Medical - Care Facilities6.3%-13.2pp$8M
Biotechnology5.7%+3.1pp$8M
Unknown3.8%+1.0pp$5M
Country
US92.0%+3.0pp
GB4.2%+2.3pp
Unknown3.8%+1.0pp
Top 5: 29.6% · Top 10: 46.6% · Top 25: 86.2%
Top buys this quarter · 4
| AZN AstraZeneca PLCnew | +$4M |
| MRK Merck & Co., Inc. | +$1M |
| HUM Humana Inc. | +$3M |
| — new | +$0M |
Top sells this quarter · 15
| REGN Regeneron Pharmaceuticals, Inc | −$12M |
| HCA HCA Healthcare, Inc.exit | −$7M |
| MCK McKesson Corporation | −$4M |
| MDT Medtronic plcexit | −$4M |
| EHC Encompass Health Corporation | −$3M |
| THC Tenet Healthcare Corporation | −$3M |
| BDX Becton, Dickinson and Companyexit | −$3M |
| SEM Select Medical Holdings Corporexit | −$3M |
| RGEN Repligen Corporationexit | −$3M |
| CVS CVS Health Corporation | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $132M | 34 | +0.75% | +17.59% | -16.84% | -0.06B |
| 2025-12-31 | $205M | 41 | +11.68% | +17.72% | -6.03% | +0.01B |
| 2025-09-30 | $190M | 35 | -2.08% | +17.52% | -19.59% | -0.04B |
| 2025-06-30 | $224M | 38 | -0.10% | +14.94% | -15.04% | +0.04B |
| 2025-03-31 | $183M | 29 | -2.04% | +8.30% | -10.35% | -0.00B |
| 2024-12-31 | $181M | 36 | +6.81% | +24.89% | -18.08% | -0.03B |
| 2024-09-30 | $235M | 33 | +27.55% | +36.04% | -8.49% | +0.00B |
| 2024-06-30 | $224M | 37 | +13.20% | +24.49% | -11.29% | -0.05B |
| 2024-03-31 | $275M | 46 | +23.27% | +29.62% | -6.36% | +0.01B |
| 2023-12-31 | $239M | 39 | +9.22% | +26.18% | -16.95% | +0.02B |
| 2023-09-30 | $198M | 33 | +14.96% | +21.57% | -6.61% | -0.03B |
| 2023-06-30 | $250M | 42 | +20.67% | +19.42% | +1.25% | -0.00B |
| 2023-03-31 | $233M | 40 | -2.13% | -7.82% | +5.69% | +0.02B |
| 2022-12-31 | $213M | 39 | +14.62% | +7.56% | +7.06% | +0.01B |
| 2022-09-30 | $180M | 41 | -2.68% | -4.93% | +2.25% | +0.01B |
| 2022-06-30 | $176M | 38 | -11.52% | -16.11% | +4.59% | -0.04B |