Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.09%
trims when stocks drop
when a holding falls −10%+
Middle response
+5.82%
steady accumulation
Rally response
-10.41%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DCTHDelcath Systems, Inc. | $31M | 12.5% | -27.1% | 2.5 yr |
| XERSXeris Biopharma Holdings | $19M | 7.7% | +5.6% | 2.5 yr |
| FENCFennec Pharmaceuticals I | $18M | 7.3% | +1.0% | 1.5 yr |
| SVRASavara Inc. | $17M | 7.2% | +97.1% | 1.5 yr |
| PCVXVaxcyte, Inc. | $17M | 6.9% | +53.9% | 0.3 yr |
| EYPTEyePoint Pharmaceuticals | $13M | 5.5% | +137.8% | 0.8 yr |
| XFORX4 Pharmaceuticals, Inc. | $13M | 5.4% | -41.7% | 0.8 yr |
| VORVor Biopharma Inc. | $12M | 5.1% | +24.3% | 0.3 yr |
| — | $12M | 4.9% | — | 2.5 yr |
| 0LOV.LVerastem, Inc. | $11M | 4.6% | — | 1.5 yr |
| CLDXCelldex Therapeutics, In | $10M | 4.3% | +74.8% | 0.3 yr |
| BCRXBioCryst Pharmaceuticals | $9M | 3.6% | +26.9% | 0.3 yr |
| CYBNCybin Inc. | $7M | 3.0% | — | 1.5 yr |
| CGONCG Oncology, Inc. Common | $7M | 2.8% | +176.4% | 1.0 yr |
| — | $6M | 2.6% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology72.2%+7.7pp$176M
Medical - Devices15.8%-6.6pp$39M
Unknown10.5%+0.3pp$26M
Drug Manufacturers - Specialty & Generic1.5%-0.2pp$4M
Country
US84.3%+4.9pp
Unknown10.5%+0.3pp
CA5.2%+0.7pp
Top 5: 41.6% · Top 10: 67.2% · Top 25: 96.9%
Top buys this quarter · 15
| PCVX Vaxcyte, Inc.new | +$17M |
| VOR Vor Biopharma Inc.new | +$12M |
| CLDX Celldex Therapeutics, Inc.new | +$10M |
| BCRX BioCryst Pharmaceuticals, Inc.new | +$9M |
| XERS Xeris Biopharma Holdings, Inc. | +$6M |
| AVIR Atea Pharmaceuticals, Inc.new | +$6M |
| EYPT EyePoint Pharmaceuticals, Inc. | +$4M |
| XFOR X4 Pharmaceuticals, Inc. | +$3M |
| DFTX Definium Therapeutics, Inc.new | +$2M |
| FENC Fennec Pharmaceuticals Inc. | +$18M |
Top sells this quarter · 15
| CGON CG Oncology, Inc. Common stock | −$14M |
| CYTK Cytokinetics, Incorporatedexit | −$13M |
| REPL Replimune Group, Inc.exit | −$11M |
| AVBP ArriVent BioPharma, Inc. Commoexit | −$5M |
| VRDN Viridian Therapeutics, Inc. | −$4M |
| OCUL Ocular Therapeutix, Inc.exit | −$3M |
| PROF Profound Medical Corp. | −$2M |
| TRVI Trevi Therapeutics, Inc.exit | −$1M |
| OKUR OnKure Therapeutics, Inc. | −$1M |
| SVRA Savara Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $244M | 32 | +26.58% | +17.59% | +8.99% | -0.00B |
| 2025-12-31 | $261M | 28 | +30.42% | +17.72% | +12.70% | -0.04B |
| 2025-09-30 | $274M | 27 | +35.79% | +17.52% | +18.28% | +0.02B |
| 2025-06-30 | $207M | 29 | +26.67% | +14.94% | +11.73% | -0.00B |
| 2025-03-31 | $205M | 31 | +20.15% | +8.30% | +11.85% | +0.02B |
| 2024-12-31 | $186M | 28 | +26.70% | +24.89% | +1.82% | +0.02B |
| 2024-09-30 | $151M | 29 | +13.08% | +5.75% | +7.33% | +0.01B |
| 2024-06-30 | $126M | 35 | -3.52% | +4.38% | -7.90% | +0.02B |
| 2024-03-31 | $107M | 31 | +3.26% | +10.39% | -7.13% | -0.02B |
| 2023-12-31 | $120M | 27 | — | — | — | — |