Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.77%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.31%
steady accumulation
Rally response
-13.38%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NTRANatera, Inc. | $310M | 16.0% | +41.4% | 8.3 yr |
| BMYBristol-Myers Squibb Com | $121M | 6.2% | +3.4% | 1.5 yr |
| JAZZJazz Pharmaceuticals plc | $113M | 5.8% | +52.3% | 2.8 yr |
| VERAVera Therapeutics, Inc. | $112M | 5.8% | +67.5% | 5.0 yr |
| UTHRUnited Therapeutics Corp | $95M | 4.9% | +92.4% | 4.5 yr |
| AZNAstraZeneca PLC | $90M | 4.6% | +36.2% | 0.3 yr |
| COGTCogent Biosciences, Inc. | $81M | 4.2% | +542.6% | 2.3 yr |
| RAREUltragenyx Pharmaceutica | $66M | 3.4% | -42.1% | 0.5 yr |
| RAPPRapport Therapeutics, In | $60M | 3.1% | +212.0% | 2.0 yr |
| ALCAlcon Inc. | $55M | 2.8% | -20.3% | 0.5 yr |
| SUPNSupernus Pharmaceuticals | $49M | 2.5% | +57.8% | 1.8 yr |
| BMRNBioMarin Pharmaceutical | $44M | 2.3% | -20.1% | 4.3 yr |
| BIIBBiogen Inc. | $42M | 2.2% | +34.0% | 1.5 yr |
| CELCCelcuity Inc. | $42M | 2.2% | +1029.0% | 0.8 yr |
| BIOABioAge Labs, Inc. | $40M | 2.1% | +365.2% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology60.5%+8.2pp$1.17B
Medical - Diagnostics & Research16.0%-1.8pp$310M
Drug Manufacturers - General13.0%+4.3pp$253M
Medical - Instruments & Supplies2.8%$55M
Unknown2.6%-1.5pp$50M
Drug Manufacturers - Specialty & Generic2.5%+1.2pp$49M
Medical - Devices2.5%-13.4pp$48M
Country
US78.3%-6.2pp
IE5.8%-2.9pp
GB5.3%+4.3pp
CH2.8%
Unknown2.6%-1.5pp
DE1.8%+1.3pp
NL1.2%+0.0pp
DK1.0%
Top 5: 38.7% · Top 10: 56.9% · Top 25: 86.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NTRA | $219M | +0.09B | 41.4% |
| COGT | $13M | +0.07B | 542.6% |
| VERA | $67M | +0.05B | 67.5% |
| IDYA | $43M | +0.04B | 103.4% |
| RAPP | $20M | +0.04B | 212.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DXCM | $27M | -0.00B | -8.0% |
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$90M |
| RARE Ultragenyx Pharmaceutical Inc. | +$64M |
| AXSM Axsome Therapeutics, Inc. | +$34M |
| ALC Alcon Inc. | +$30M |
| BMY Bristol-Myers Squibb Company | +$29M |
| SUPN Supernus Pharmaceuticals, Inc. | +$21M |
| GMAB Genmab A/Snew | +$20M |
| BIIB Biogen Inc. | +$18M |
| RYTM Rhythm Pharmaceuticals, Inc. | +$16M |
| XENE Xenon Pharmaceuticals Inc. | +$14M |
Top sells this quarter · 15
| SYK Stryker Corporation | −$83M |
| VRTX Vertex Pharmaceuticals Incorpoexit | −$73M |
| ABBV AbbVie Inc.exit | −$69M |
| JAZZ Jazz Pharmaceuticals plc | −$68M |
| ISRG Intuitive Surgical, Inc.exit | −$59M |
| LLY Eli Lilly and Companyexit | −$57M |
| CNTA Centessa Pharmaceuticals plcexit | −$44M |
| GKOS Glaukos Corporationexit | −$31M |
| BBIO BridgeBio Pharma, Inc. | −$23M |
| CYTK Cytokinetics, Incorporated | −$21M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.94B | 60 | +63.00% | +17.59% | +45.41% | -0.32B |
| 2025-12-31 | $2.29B | 59 | +46.00% | +17.72% | +28.28% | +0.19B |
| 2025-09-30 | $1.62B | 54 | +10.17% | +17.52% | -7.35% | -0.11B |
| 2025-06-30 | $1.44B | 54 | -5.01% | +14.94% | -19.95% | +0.06B |
| 2025-03-31 | $1.30B | 58 | -9.38% | +8.30% | -17.68% | +0.12B |
| 2024-12-31 | $1.35B | 59 | +30.65% | +24.89% | +5.76% | +0.18B |
| 2024-09-30 | $1.19B | 56 | +65.51% | +36.04% | +29.48% | -0.44B |
| 2024-06-30 | $1.57B | 71 | +47.02% | +24.49% | +22.53% | -0.14B |
| 2024-03-31 | $1.69B | 67 | +61.43% | +29.62% | +31.81% | -0.58B |
| 2023-12-31 | $1.79B | 60 | +26.39% | +26.18% | +0.21% | -0.01B |
| 2023-09-30 | $1.44B | 52 | +4.15% | +21.57% | -17.42% | +0.05B |
| 2023-06-30 | $1.51B | 48 | +23.69% | +19.42% | +4.26% | -0.12B |
| 2023-03-31 | $1.47B | 49 | -3.26% | -7.82% | +4.56% | -0.16B |
| 2022-12-31 | $1.65B | 46 | +2.54% | +7.56% | -5.02% | +0.04B |
| 2022-09-30 | $1.57B | 50 | +9.28% | -4.93% | +14.21% | +0.34B |
| 2022-06-30 | $1.12B | 52 | -13.28% | -16.11% | +2.83% | +0.09B |