Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.92%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.89%
baseline attrition
Rally response
-6.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BSXBoston Scientific Corpor | $39M | 5.0% | -37.8% | 9.0 yr |
| REGNRegeneron Pharmaceutical | $37M | 4.7% | +22.5% | 9.8 yr |
| LLYEli Lilly and Company | $31M | 4.0% | +12.2% | 10.3 yr |
| CVSCVS Health Corporation | $24M | 3.1% | +10.0% | 9.8 yr |
| GILDGilead Sciences, Inc. | $23M | 3.0% | +27.7% | 9.0 yr |
| TMOThermo Fisher Scientific | $20M | 2.6% | -0.9% | 8.3 yr |
| BIIBBiogen Inc. | $20M | 2.5% | +34.0% | 9.3 yr |
| VRTXVertex Pharmaceuticals I | $19M | 2.5% | -7.9% | 10.5 yr |
| ALHCAlignment Healthcare, In | $19M | 2.4% | -5.4% | 3.8 yr |
| ISRGIntuitive Surgical, Inc. | $17M | 2.2% | -6.9% | 6.8 yr |
| ABCAmerisourceBergen Corpor | $16M | 2.1% | — | 9.3 yr |
| SYKStryker Corporation | $16M | 2.0% | -11.1% | 1.8 yr |
| ABBVAbbVie Inc. | $16M | 2.0% | +7.3% | 10.3 yr |
| VEEVVeeva Systems Inc. | $15M | 1.9% | -24.2% | 3.0 yr |
| MCKMcKesson Corporation | $15M | 1.9% | +29.1% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology37.3%+11.5pp$292M
Medical - Devices19.2%-3.1pp$151M
Drug Manufacturers - General12.2%-0.7pp$95M
Medical - Healthcare Plans9.5%-10.2pp$74M
Medical - Diagnostics & Research8.1%+1.2pp$64M
Medical - Distribution4.7%-0.1pp$37M
Medical - Care Facilities3.1%-0.6pp$24M
Medical - Healthcare Information Services2.7%+2.5pp$21M
Unknown1.2%$10M
Information Technology Services1.1%$8M
Country
US91.1%-1.9pp
IE3.7%-1.0pp
GB1.6%+1.0pp
Unknown1.2%
AU1.0%+0.5pp
CH0.6%+0.4pp
IT0.5%
CA0.2%+0.1pp
Top 5: 19.8% · Top 10: 31.9% · Top 25: 57.8%
Top buys this quarter · 15
| BSX Boston Scientific Corporation | +$39M |
| SYK Stryker Corporation | +$12M |
| VEEV Veeva Systems Inc. | +$11M |
| WAY Waystar Holding Corp.new | +$8M |
| GH Guardant Health, Inc. | +$6M |
| GILD Gilead Sciences, Inc. | +$6M |
| OSCR Oscar Health, Inc. | +$5M |
| IQV IQVIA Holdings Inc. | +$5M |
| NKTR Nektar Therapeuticsnew | +$4M |
| VRTX Vertex Pharmaceuticals Incorpo | +$4M |
Top sells this quarter · 15
| 0I3I.L The Cooper Companies, Inc. | −$20M |
| MDT Medtronic plc | −$18M |
| VERA Vera Therapeutics, Inc.exit | −$17M |
| ALGN Align Technology, Inc. | −$16M |
| DHR Danaher Corporation | −$15M |
| APLS Apellis Pharmaceuticals, Inc.exit | −$15M |
| CAH Cardinal Health, Inc. | −$14M |
| GKOS Glaukos Corporation | −$14M |
| PEN Penumbra, Inc.exit | −$10M |
| REGN Regeneron Pharmaceuticals, Inc | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $784M | 85 | +11.19% | +17.59% | -6.40% | -0.20B |
| 2025-12-31 | $1.05B | 93 | +19.03% | +17.72% | +1.31% | +0.02B |
| 2025-09-30 | $885M | 91 | -7.87% | +17.52% | -25.38% | +0.08B |
| 2025-06-30 | $773M | 89 | -4.52% | +14.94% | -19.46% | -0.07B |
| 2025-03-31 | $856M | 93 | -4.53% | +8.30% | -12.83% | -0.11B |
| 2024-12-31 | $969M | 91 | +5.46% | +24.89% | -19.42% | -0.13B |
| 2024-09-30 | $1.22B | 94 | +31.63% | +36.04% | -4.41% | +0.11B |
| 2024-06-30 | $1.03B | 91 | +14.14% | +24.49% | -10.35% | -0.01B |
| 2024-03-31 | $1.06B | 84 | +21.76% | +29.62% | -7.86% | -0.05B |
| 2023-12-31 | $1.00B | 85 | +8.16% | +26.18% | -18.02% | -0.06B |
| 2023-09-30 | $950M | 87 | +4.28% | +21.57% | -17.29% | +0.06B |
| 2023-06-30 | $949M | 83 | +11.19% | +19.42% | -8.23% | -0.01B |
| 2023-03-31 | $911M | 88 | -1.69% | -7.82% | +6.13% | -0.03B |
| 2022-12-31 | $958M | 93 | +8.10% | +7.56% | +0.54% | -0.07B |
| 2022-09-30 | $955M | 90 | -0.12% | -4.93% | +4.81% | +0.08B |
| 2022-06-30 | $880M | 86 | -7.13% | -16.11% | +8.98% | -0.06B |