Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.26%
adds when stocks drop
when a holding falls −10%+
Middle response
-9.66%
baseline attrition
Rally response
-8.35%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UTHRUnited Therapeutics Corp | $50M | 19.5% | +92.4% | 10.3 yr |
| ENTAEnanta Pharmaceuticals, | $36M | 14.2% | +128.8% | 10.3 yr |
| JAZZJazz Pharmaceuticals plc | $32M | 12.4% | +52.3% | 2.5 yr |
| BMRNBioMarin Pharmaceutical | $30M | 11.6% | -20.1% | 0.8 yr |
| EXELExelixis, Inc. | $18M | 7.0% | +16.2% | 4.8 yr |
| SNYSanofi | $16M | 6.1% | -10.4% | 2.5 yr |
| SUPNSupernus Pharmaceuticals | $15M | 5.7% | +57.8% | 1.3 yr |
| INDVIndivior Pharmaceuticals | $10M | 4.0% | — | 0.3 yr |
| RAREUltragenyx Pharmaceutica | $8M | 3.2% | -42.1% | 0.5 yr |
| VNDAVanda Pharmaceuticals In | $8M | 3.2% | +50.5% | 3.3 yr |
| EMBCEmbecta Corp. | $7M | 2.5% | -27.1% | 1.8 yr |
| GSKGSK plc | $5M | 2.1% | +48.1% | 1.3 yr |
| BNTXBioNTech SE | $5M | 2.1% | -2.4% | 2.3 yr |
| ALKSAlkermes plc | $4M | 1.5% | +7.1% | 6.5 yr |
| BIIBBiogen Inc. | $4M | 1.4% | +34.0% | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology77.0%+18.9pp$197M
Drug Manufacturers - Specialty & Generic12.5%+4.7pp$32M
Drug Manufacturers - General9.6%-0.8pp$25M
Medical - Devices0.8%$2M
Country
US75.2%+10.0pp
IE13.9%+3.2pp
FR6.1%+1.5pp
GB2.1%-3.7pp
DE2.1%-2.3pp
IL0.6%
Top 5: 64.7% · Top 10: 86.9% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $256M | 20 | +42.28% | +17.59% | +24.69% | -0.02B |
| 2025-12-31 | $283M | 18 | +46.99% | +17.72% | +29.27% | +0.01B |
| 2025-09-30 | $235M | 17 | +25.09% | +17.52% | +7.57% | +0.01B |
| 2025-06-30 | $189M | 15 | +14.47% | +14.94% | -0.48% | -0.00B |
| 2025-03-31 | $181M | 14 | +9.46% | +8.30% | +1.15% | +0.01B |
| 2024-12-31 | $169M | 12 | +10.54% | +24.89% | -14.34% | -0.01B |
| 2024-09-30 | $178M | 13 | +15.62% | +36.04% | -20.41% | -0.05B |
| 2024-06-30 | $218M | 13 | +2.99% | +24.49% | -21.50% | -0.01B |
| 2024-03-31 | $226M | 12 | -3.53% | +29.62% | -33.16% | -0.06B |
| 2023-12-31 | $282M | 12 | -4.48% | +26.18% | -30.66% | -0.00B |
| 2023-09-30 | $272M | 12 | -1.42% | +21.57% | -22.99% | -0.03B |
| 2023-06-30 | $316M | 12 | +2.70% | +19.42% | -16.73% | +0.00B |
| 2023-03-31 | $329M | 12 | +3.84% | -7.82% | +11.66% | +0.00B |
| 2022-12-31 | $324M | 12 | +7.11% | +7.56% | -0.45% | -0.01B |
| 2022-09-30 | $314M | 14 | -1.01% | -4.93% | +3.92% | +0.01B |
| 2022-06-30 | $302M | 14 | -3.31% | -16.11% | +12.80% | +0.02B |