Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.01%
adds when stocks drop
when a holding falls −10%+
Middle response
-8.45%
baseline attrition
Rally response
-21.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TVTXTravere Therapeutics, In | $146M | 4.8% | +65.8% | 5.3 yr |
| PTCTPTC Therapeutics, Inc. | $141M | 4.7% | +33.7% | 7.3 yr |
| MDGLMadrigal Pharmaceuticals | $139M | 4.6% | +58.0% | 9.3 yr |
| SUPNSupernus Pharmaceuticals | $98M | 3.2% | +57.8% | 6.5 yr |
| NBIXNeurocrine Biosciences, | $95M | 3.1% | +19.1% | 4.3 yr |
| AGIOAgios Pharmaceuticals, I | $92M | 3.0% | +15.5% | 3.8 yr |
| IMVTImmunovant, Inc. | $89M | 2.9% | +45.3% | 2.8 yr |
| FRPTFreshpet, Inc. | $64M | 2.1% | -29.1% | 6.5 yr |
| INCYIncyte Corporation | $62M | 2.0% | +55.4% | 7.8 yr |
| DYNDyne Therapeutics, Inc. | $58M | 1.9% | +73.3% | 3.0 yr |
| AMZNAmazon.com, Inc. | $55M | 1.8% | +9.5% | 7.5 yr |
| IRWDIronwood Pharmaceuticals | $53M | 1.7% | +138.8% | 2.8 yr |
| CYTKCytokinetics, Incorporat | $50M | 1.7% | +64.0% | 2.3 yr |
| HRMYHarmony Biosciences Hold | $45M | 1.5% | -15.6% | 0.5 yr |
| TMOThermo Fisher Scientific | $45M | 1.5% | -0.9% | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology48.3%+10.8pp$1.46B
Medical - Devices6.3%-1.8pp$190M
Software - Application6.2%+0.6pp$189M
Drug Manufacturers - Specialty & Generic5.2%-0.1pp$156M
Specialty Retail3.4%+0.9pp$104M
Software - Infrastructure3.2%-0.5pp$98M
Semiconductors3.1%+2.5pp$94M
Packaged Foods2.6%-1.7pp$80M
Internet Content & Information2.4%+0.7pp$73M
Drug Manufacturers - General2.4%-1.6pp$72M
Country
US90.8%+7.0pp
GB3.2%-1.4pp
Unknown1.7%-0.8pp
CN1.0%
ES0.8%-1.0pp
TW0.7%+0.4pp
FR0.5%-0.3pp
RU0.4%+0.0pp
Top 5: 20.4% · Top 10: 32.5% · Top 25: 52.4%
Top buys this quarter · 15
| TVTX Travere Therapeutics, Inc. | +$34M |
| HRMY Harmony Biosciences Holdings, | +$31M |
| UNH UnitedHealth Group Incorporate | +$27M |
| MDLN Medline Inc. | +$23M |
| UBER Uber Technologies, Inc. | +$17M |
| META Meta Platforms, Inc. | +$15M |
| HUBS HubSpot, Inc. | +$15M |
| MDB MongoDB, Inc. | +$14M |
| TMO Thermo Fisher Scientific Inc. | +$14M |
| ALGN Align Technology, Inc. | +$14M |
Top sells this quarter · 15
| KVUE Kenvue Inc. | −$68M |
| IMVT Immunovant, Inc. | −$54M |
| PTCT PTC Therapeutics, Inc. | −$50M |
| SBUX Starbucks Corporationexit | −$49M |
| GEHC GE HealthCare Technologies Inc | −$48M |
| SUPN Supernus Pharmaceuticals, Inc. | −$45M |
| ARGX argenx SEexit | −$42M |
| GSK GSK plc | −$42M |
| INCY Incyte Corporation | −$42M |
| REGN Regeneron Pharmaceuticals, Inc | −$37M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.03B | 251 | +19.02% | +17.59% | +1.43% | -0.73B |
| 2025-12-31 | $4.08B | 357 | +16.30% | +17.72% | -1.42% | +0.48B |
| 2025-09-30 | $3.19B | 318 | +0.64% | +17.52% | -16.88% | +0.16B |
| 2025-06-30 | $2.59B | 199 | -12.10% | +14.94% | -27.04% | -1.01B |
| 2025-03-31 | $3.69B | 218 | -18.85% | +8.30% | -27.16% | -0.16B |
| 2024-12-31 | $4.28B | 225 | -4.09% | +24.89% | -28.98% | +0.55B |
| 2024-09-30 | $3.81B | 253 | +7.53% | +36.04% | -28.51% | -0.10B |
| 2024-06-30 | $3.82B | 250 | -7.50% | +24.49% | -31.99% | +0.43B |
| 2024-03-31 | $3.76B | 333 | +0.64% | +29.62% | -28.98% | -0.25B |
| 2023-12-31 | $3.77B | 278 | -3.00% | +26.18% | -29.17% | +0.07B |
| 2023-09-30 | $3.36B | 249 | -35.72% | +21.57% | -57.28% | -0.13B |
| 2023-06-30 | $3.98B | 217 | -63.76% | +19.42% | -83.19% | -0.24B |
| 2023-03-31 | $4.30B | 221 | -76.79% | -7.82% | -68.97% | +0.49B |
| 2022-12-31 | $3.72B | 191 | -27.25% | +7.56% | -34.81% | +0.83B |
| 2022-09-30 | $3.97B | 194 | -50.52% | -4.93% | -45.59% | +2.04B |
| 2022-06-30 | $3.90B | 174 | -37.13% | -16.11% | -21.02% | +1.69B |