Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.90%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.50%
baseline attrition
Rally response
-8.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AXGNAxoGen, Inc. | $133M | 11.9% | +79.1% | 5.8 yr |
| PVLAPalvella Therapeutics, I | $122M | 11.0% | +345.3% | 0.8 yr |
| NEONeoGenomics, Inc. | $72M | 6.5% | -21.8% | 10.3 yr |
| SIBNSI-BONE, Inc. | $68M | 6.1% | -10.0% | 6.8 yr |
| CNTACentessa Pharmaceuticals | $62M | 5.6% | +176.2% | 2.3 yr |
| — | $49M | 4.3% | — | 0.5 yr |
| AMLXAmylyx Pharmaceuticals, | $44M | 4.0% | +292.7% | 0.8 yr |
| TWSTTwist Bioscience Corpora | $42M | 3.7% | +21.0% | 1.5 yr |
| CRNXCrinetics Pharmaceutical | $40M | 3.5% | +8.3% | 4.5 yr |
| MASS908 Devices Inc. | $37M | 3.3% | +36.6% | 1.8 yr |
| NPCENeuroPace, Inc. | $32M | 2.9% | +7.0% | 1.3 yr |
| EWTXEdgewise Therapeutics, I | $32M | 2.8% | +43.2% | 1.5 yr |
| ANABAnaptysBio, Inc. | $31M | 2.8% | +198.4% | 3.0 yr |
| SLPSimulations Plus, Inc. | $31M | 2.8% | -51.8% | 6.8 yr |
| GHGuardant Health, Inc. | $26M | 2.3% | +116.8% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology39.4%-1.8pp$439M
Medical - Devices32.6%+7.9pp$363M
Medical - Diagnostics & Research12.5%-0.8pp$140M
Medical - Healthcare Information Services7.1%+1.1pp$79M
Unknown4.3%+3.7pp$49M
Medical - Instruments & Supplies3.3%-4.1pp$37M
Drug Manufacturers - Specialty & Generic0.7%$8M
Country
US87.3%-0.1pp
GB5.6%-2.4pp
Unknown4.3%+3.7pp
CR1.6%-0.0pp
SG1.2%
Top 5: 40.9% · Top 10: 59.9% · Top 25: 90.6%
Top buys this quarter · 15
| PVLA Palvella Therapeutics, Inc. | +$34M |
| TLSI TriSalus Life Sciences, Inc.new | +$20M |
| WGS GeneDx Holdings Corp.new | +$16M |
| NPCE NeuroPace, Inc. | +$15M |
| TECX Tectonic Therapeutic, Inc. | +$14M |
| SGP SpyGlass Pharma, Inc. Common Snew | +$10M |
| ELVN Enliven Therapeutics, Inc.new | +$8M |
| SLP Simulations Plus, Inc. | +$31M |
| MASS 908 Devices Inc. | +$8M |
| OMCL Omnicell, Inc. | +$6M |
Top sells this quarter · 15
| AXGN AxoGen, Inc. | −$41M |
| MDGL Madrigal Pharmaceuticals, Inc.exit | −$35M |
| IRON Disc Medicine, Inc.exit | −$33M |
| CNTA Centessa Pharmaceuticals plc | −$57M |
| VERA Vera Therapeutics, Inc. | −$22M |
| RYTM Rhythm Pharmaceuticals, Inc. | −$18M |
| EWTX Edgewise Therapeutics, Inc. | −$18M |
| ATRC AtriCure, Inc. | −$13M |
| TWST Twist Bioscience Corporation | −$36M |
| ABVX Abivax S.A.exit | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.12B | 35 | +28.23% | +17.59% | +10.64% | -0.05B |
| 2025-12-31 | $1.31B | 33 | +22.34% | +17.72% | +4.62% | -0.05B |
| 2025-09-30 | $1.06B | 41 | -12.60% | +17.52% | -30.12% | +0.13B |
| 2025-06-30 | $771M | 38 | -18.86% | +14.94% | -33.80% | -0.05B |
| 2025-03-31 | $876M | 37 | -20.27% | +8.30% | -28.57% | -0.01B |
| 2024-12-31 | $1.05B | 36 | -14.92% | +24.89% | -39.81% | -0.05B |
| 2024-09-30 | $1.20B | 38 | -30.39% | +36.04% | -66.43% | -0.07B |
| 2024-06-30 | $1.14B | 44 | -58.62% | +24.49% | -83.11% | -0.06B |
| 2024-03-31 | $1.31B | 50 | -63.77% | +29.62% | -93.39% | +0.18B |
| 2023-12-31 | $1.24B | 75 | -69.23% | +26.18% | -95.40% | +0.46B |
| 2023-09-30 | $1.05B | 75 | -52.54% | +21.57% | -74.11% | +0.21B |
| 2023-06-30 | $1.28B | 79 | -21.62% | +19.42% | -41.04% | +0.38B |
| 2023-03-31 | $1.11B | 74 | -25.88% | -7.82% | -18.06% | +0.28B |
| 2022-12-31 | $1.08B | 74 | +14.97% | +7.56% | +7.41% | -0.06B |
| 2022-09-30 | $988M | 71 | +9.51% | -4.93% | +14.44% | +0.05B |
| 2022-06-30 | $859M | 71 | -23.70% | -16.11% | -7.59% | -0.01B |