Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+13.42%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.12%
steady accumulation
Rally response
-12.94%
trims into rallies
when a holding rises +10%+
Top positions · 15
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACRSAclaris Therapeutics, In | $53M | 34.4% | +145.1% | 2.5 yr |
| AVIRAtea Pharmaceuticals, In | $38M | 24.4% | +79.9% | 3.0 yr |
| ORMPOramed Pharmaceuticals I | $11M | 6.9% | +70.0% | 3.3 yr |
| TLYSTilly's, Inc. | $9M | 5.6% | +84.1% | 1.0 yr |
| OMOutset Medical, Inc. | $7M | 4.7% | -65.3% | 0.5 yr |
| PMVPPMV Pharmaceuticals, Inc | $7M | 4.2% | +13.8% | 2.3 yr |
| KMXCarMax, Inc. | $6M | 4.1% | -46.6% | 0.5 yr |
| — | $5M | 3.4% | — | 1.5 yr |
| — | $5M | 3.4% | — | 2.3 yr |
| TGTTarget Corporation | $5M | 2.9% | +21.5% | 0.8 yr |
| KHCThe Kraft Heinz Company | $3M | 1.8% | -21.4% | 0.3 yr |
| JANXJanux Therapeutics, Inc. | $2M | 1.4% | -48.5% | 0.3 yr |
| PLRXPliant Therapeutics, Inc | $2M | 1.3% | -6.7% | 0.5 yr |
| CNTBConnect Biopharma Holdin | $1M | 0.7% | — | 0.8 yr |
| IMAImageneBio Inc | $1M | 0.6% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology74.0%-5.6pp$115M
Unknown6.9%-13.6pp$11M
Apparel - Retail5.6%$9M
Medical - Devices4.7%$7M
Auto - Dealerships4.1%$6M
Discount Stores2.9%$5M
Packaged Foods1.8%$3M
Country
US92.4%+21.1pp
Unknown6.9%-13.6pp
CN0.7%
Top 5: 76.0% · Top 10: 94.2% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ACRS | $22M | +0.03B | 145.1% |
| AVIR | $23M | +0.02B | 79.9% |
| ORMP | $6M | +0.00B | 70.0% |
| PMVP | $4M | +0.00B | 13.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $155M | 15 | +83.26% | +17.59% | +65.67% | +0.01B |
| 2025-12-31 | $113M | 13 | +8.76% | +17.72% | -8.96% | -0.03B |
| 2025-09-30 | $109M | 18 | +17.71% | +17.52% | +0.19% | -0.03B |
| 2025-06-30 | $131M | 23 | +17.19% | +14.94% | +2.24% | +0.00B |
| 2025-03-31 | $124M | 26 | -7.89% | +8.30% | -16.19% | +0.00B |
| 2024-12-31 | $161M | 25 | +27.58% | +24.89% | +2.70% | -0.07B |
| 2024-09-30 | $170M | 29 | +1.80% | +36.04% | -34.24% | +0.02B |
| 2024-06-30 | $137M | 27 | -29.59% | +24.49% | -54.08% | +0.01B |
| 2024-03-31 | $149M | 30 | -10.52% | +29.62% | -40.14% | +0.02B |
| 2023-12-31 | $127M | 31 | -18.11% | +26.18% | -44.29% | +0.01B |
| 2023-09-30 | $108M | 25 | -25.30% | -3.22% | -22.07% | +0.03B |
| 2023-06-30 | $111M | 31 | +5.49% | +8.68% | -3.19% | -0.01B |
| 2023-03-31 | $116M | 31 | -5.39% | +7.46% | -12.85% | +0.02B |
| 2022-12-31 | $105M | 25 | — | — | — | — |