Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.93%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.73%
baseline attrition
Rally response
-2.82%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $715M | 26.7% | — | 2.8 yr |
| ERASErasca, Inc. | $265M | 9.9% | +1081.0% | 2.0 yr |
| ORKAOruka Therapeutics, Inc. | $203M | 7.6% | +378.1% | 1.8 yr |
| SYRESpyre Therapeutics, Inc. | $186M | 6.9% | +212.5% | 2.5 yr |
| KALVKalVista Pharmaceuticals | $130M | 4.9% | +74.4% | 3.5 yr |
| DNTHDianthus Therapeutics, I | $99M | 3.7% | +362.6% | 2.8 yr |
| DMRAGalecto, Inc. | $93M | 3.5% | — | 0.3 yr |
| OCULOcular Therapeutix, Inc. | $88M | 3.3% | +15.6% | 2.5 yr |
| COGTCogent Biosciences, Inc. | $77M | 2.9% | +542.6% | 5.5 yr |
| VRDNViridian Therapeutics, I | $76M | 2.8% | +45.1% | 5.5 yr |
| SVRASavara Inc. | $75M | 2.8% | +97.1% | 3.3 yr |
| ELVNEnliven Therapeutics, In | $68M | 2.5% | +99.2% | 3.3 yr |
| ORICORIC Pharmaceuticals, In | $55M | 2.0% | +127.1% | 3.0 yr |
| VORVor Biopharma Inc. | $54M | 2.0% | +24.3% | 0.8 yr |
| MAZEMaze Therapeutics, Inc. | $48M | 1.8% | +171.1% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology66.8%+2.9pp$1.79B
Unknown32.5%-2.8pp$870M
Medical - Pharmaceuticals0.7%-0.2pp$20M
Country
US66.0%+6.1pp
Unknown32.5%-2.8pp
KY0.8%
CA0.7%
Top 5: 56.0% · Top 10: 72.1% · Top 25: 96.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ERAS | $22M | +0.24B | 1081.0% |
| COGT | $34M | +0.18B | 542.6% |
| ORKA | $43M | +0.16B | 378.1% |
| DNTH | $32M | +0.11B | 362.6% |
| SYRE | $43M | +0.09B | 212.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 14
| DMRA Galecto, Inc.new | +$93M |
| OCUL Ocular Therapeutix, Inc. | +$88M |
| RLMD Relmada Therapeutics, Inc. | +$34M |
| ANL Adlai Nortye Ltd.new | +$22M |
| VOR Vor Biopharma Inc. | +$20M |
| DNTH Dianthus Therapeutics, Inc. | +$15M |
| IPSC Century Therapeutics, Inc. | +$14M |
| KRRO Korro Bio, Inc.new | +$11M |
| ANRO Alto Neuroscience, Inc.new | +$11M |
| MAZE Maze Therapeutics, Inc. | +$48M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.68B | 33 | +203.78% | +17.59% | +186.19% | -0.09B |
| 2025-12-31 | $2.02B | 27 | +64.69% | +17.72% | +46.97% | -0.36B |
| 2025-09-30 | $1.78B | 33 | -0.08% | +17.52% | -17.59% | -0.20B |
| 2025-06-30 | $1.33B | 31 | -26.04% | +14.94% | -40.99% | +0.02B |
| 2025-03-31 | $1.18B | 37 | -44.80% | +8.30% | -53.10% | +0.09B |
| 2024-12-31 | $1.46B | 37 | -6.01% | +24.89% | -30.89% | -0.10B |
| 2024-09-30 | $1.91B | 38 | +30.39% | +36.04% | -5.65% | +0.19B |
| 2024-06-30 | $1.57B | 35 | +9.77% | +24.49% | -14.72% | -0.18B |
| 2024-03-31 | $2.10B | 38 | +43.33% | +29.62% | +13.71% | +0.26B |
| 2023-12-31 | $1.46B | 36 | +2.10% | +26.18% | -24.08% | +0.39B |
| 2023-09-30 | $950M | 37 | -36.20% | +21.57% | -57.77% | +0.37B |
| 2023-06-30 | $625M | 30 | -37.31% | +19.42% | -56.73% | +0.07B |
| 2023-03-31 | $512M | 25 | -53.21% | -7.82% | -45.39% | -0.05B |
| 2022-12-31 | $623M | 29 | -29.44% | +7.56% | -37.00% | +0.17B |
| 2022-09-30 | $648M | 31 | -9.34% | -4.93% | -4.41% | +0.15B |
| 2022-06-30 | $554M | 28 | -18.69% | -16.11% | -2.58% | +0.05B |