Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+19.80%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.80%
baseline attrition
Rally response
-19.71%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NKTRNektar Therapeutics | $53M | 8.7% | — | 0.5 yr |
| BSXBoston Scientific Corpor | $50M | 8.2% | -37.8% | 0.8 yr |
| JANXJanux Therapeutics, Inc. | $49M | 8.1% | -48.5% | 1.8 yr |
| PRCTPROCEPT BioRobotics Corp | $49M | 8.0% | -57.1% | 1.0 yr |
| GLPGGalapagos N.V. | $47M | 7.6% | +19.4% | 5.5 yr |
| WGSGeneDx Holdings Corp. | $34M | 5.5% | -27.5% | 0.5 yr |
| STTKShattuck Labs, Inc. | $32M | 5.3% | +576.8% | 4.8 yr |
| ADCTADC Therapeutics S.A. | $31M | 5.1% | +166.0% | 3.8 yr |
| KURAKura Oncology, Inc. | $27M | 4.5% | +23.2% | 5.5 yr |
| ALNYAlnylam Pharmaceuticals, | $25M | 4.1% | +22.5% | 1.0 yr |
| MGTXMeiraGTx Holdings plc | $23M | 3.7% | +27.7% | 7.0 yr |
| ALKSAlkermes plc | $18M | 3.0% | +7.1% | 2.3 yr |
| SNDXSyndax Pharmaceuticals, | $18M | 2.9% | +90.1% | 2.0 yr |
| VEEVVeeva Systems Inc. | $15M | 2.5% | -24.2% | 0.5 yr |
| — | $13M | 2.2% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology66.8%-11.8pp$407M
Medical - Devices17.5%+12.8pp$107M
Medical - Healthcare Information Services10.5%+8.0pp$64M
Unknown2.5%-2.2pp$15M
Medical - Equipment & Services1.8%$11M
Medical - Instruments & Supplies0.7%-0.7pp$4M
Staffing & Employment Services0.2%$1M
Medical - Pharmaceuticals0.1%-0.2pp$1M
Country
US79.0%+16.5pp
BE7.6%-3.2pp
CH5.1%+0.7pp
IE3.0%-2.1pp
Unknown2.5%-2.2pp
FR1.9%
GB0.8%-6.9pp
JE0.1%
Top 5: 40.6% · Top 10: 65.0% · Top 25: 93.6%
Top buys this quarter · 15
| BSX Boston Scientific Corporation | +$37M |
| WGS GeneDx Holdings Corp. | +$30M |
| ALNY Alnylam Pharmaceuticals, Inc. | +$19M |
| STTK Shattuck Labs, Inc. | +$17M |
| JANX Janux Therapeutics, Inc. | +$16M |
| GLPG Galapagos N.V. | +$14M |
| PRCT PROCEPT BioRobotics Corporatio | +$14M |
| NKTR Nektar Therapeutics | +$13M |
| ABVX Abivax S.A. | +$10M |
| ALKS Alkermes plc | +$8M |
Top sells this quarter · 15
| ISRG Intuitive Surgical, Inc. | −$21M |
| SEM Select Medical Holdings Corporexit | −$17M |
| FOLD Amicus Therapeutics, Inc.exit | −$17M |
| ROIV Roivant Sciences Ltd. | −$12M |
| ICLR ICON Public Limited Companyexit | −$12M |
| LH Labcorp Holdings Inc.exit | −$9M |
| CON Concentra Group Holdings Paren | −$8M |
| AVTR Avantor, Inc.exit | −$7M |
| MGTX MeiraGTx Holdings plc | −$5M |
| TECX Tectonic Therapeutic, Inc. | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $610M | 46 | +35.44% | +17.59% | +17.85% | +0.14B |
| 2025-12-31 | $484M | 38 | +19.31% | +17.72% | +1.60% | +0.03B |
| 2025-09-30 | $416M | 41 | +1.79% | +17.52% | -15.73% | -0.09B |
| 2025-06-30 | $410M | 39 | -16.36% | +14.94% | -31.30% | +0.10B |
| 2025-03-31 | $304M | 38 | -35.41% | +8.30% | -43.72% | -0.00B |
| 2024-12-31 | $357M | 35 | -24.67% | +24.89% | -49.55% | -0.01B |
| 2024-09-30 | $394M | 41 | -24.08% | +36.04% | -60.12% | +0.05B |
| 2024-06-30 | $335M | 46 | -57.76% | +24.49% | -82.25% | +0.05B |
| 2024-03-31 | $359M | 44 | -56.27% | +29.62% | -85.89% | +0.11B |
| 2023-12-31 | $249M | 34 | -78.10% | +26.18% | -104.28% | -0.04B |
| 2023-09-30 | $316M | 41 | -80.22% | +21.57% | -101.79% | +0.12B |
| 2023-06-30 | $342M | 35 | -63.32% | +19.42% | -82.75% | +0.17B |
| 2023-03-31 | $208M | 38 | -75.63% | -7.82% | -67.82% | +0.12B |
| 2022-12-31 | $179M | 37 | -16.01% | +7.56% | -23.57% | +0.03B |
| 2022-09-30 | $182M | 36 | +5.21% | -4.93% | +10.14% | +0.05B |
| 2022-06-30 | $123M | 23 | -45.05% | -16.11% | -28.94% | +0.05B |