Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.32%
baseline attrition
Rally response
-0.52%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UTHRUnited Therapeutics Corp | $1.56B | 15.4% | +92.4% | 5.5 yr |
| — | $1.16B | 11.4% | — | 9.5 yr |
| MDGLMadrigal Pharmaceuticals | $952M | 9.4% | +58.0% | 8.0 yr |
| KRYSKrystal Biotech, Inc. | $746M | 7.4% | +43.3% | 4.5 yr |
| ARGXargenx SE | $730M | 7.2% | +23.4% | 9.0 yr |
| ARWRArrowhead Pharmaceutical | $671M | 6.6% | +392.2% | 3.5 yr |
| KYMRKymera Therapeutics, Inc | $623M | 6.1% | +204.3% | 5.0 yr |
| APLSApellis Pharmaceuticals, | $492M | 4.8% | +84.0% | 5.8 yr |
| CNTACentessa Pharmaceuticals | $454M | 4.5% | +176.2% | 1.5 yr |
| CELCCelcuity Inc. | $385M | 3.8% | +1029.0% | 0.5 yr |
| XENEXenon Pharmaceuticals In | $336M | 3.3% | +73.3% | 8.0 yr |
| GPCRStructure Therapeutics I | $316M | 3.1% | +178.5% | 1.3 yr |
| TERNTerns Pharmaceuticals, I | $300M | 3.0% | — | 0.5 yr |
| VERAVera Therapeutics, Inc. | $237M | 2.3% | +67.5% | 2.3 yr |
| RVMDRevolution Medicines, In | $228M | 2.2% | +175.0% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology87.6%+4.4pp$8.90B
Unknown12.4%-3.1pp$1.26B
Country
US71.0%+7.4pp
Unknown12.4%-3.1pp
NL8.2%-5.6pp
GB4.5%+3.3pp
CA3.3%+0.3pp
IE0.7%-0.6pp
Top 5: 50.7% · Top 10: 76.5% · Top 25: 99.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| UTHR | $825M | +0.76B | 92.4% |
| ARWR | $142M | +0.56B | 392.2% |
| MDGL | $670M | +0.39B | 58.0% |
| KYMR | $177M | +0.36B | 204.3% |
| APLS | $267M | +0.22B | 84.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MNKD | $44M | -0.02B | -51.3% |
Top buys this quarter · 13
| CYTK Cytokinetics, Incorporated | +$186M |
| DMRA Galecto, Inc.new | +$98M |
| DFTX Definium Therapeutics, Inc.new | +$95M |
| CELC Celcuity Inc. | +$30M |
| XENE Xenon Pharmaceuticals Inc. | +$21M |
| RVMD Revolution Medicines, Inc. | +$17M |
| UTHR United Therapeutics Corporatio | +$14M |
| OCUL Ocular Therapeutix, Inc. | +$104M |
| ARGX argenx SE | +$730M |
| MDGL Madrigal Pharmaceuticals, Inc. | +$952M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $10.15B | 30 | +71.98% | +17.59% | +54.39% | -0.67B |
| 2025-12-31 | $10.40B | 35 | +41.32% | +17.72% | +23.60% | +0.42B |
| 2025-09-30 | $7.73B | 30 | +9.41% | +17.52% | -8.11% | -0.04B |
| 2025-06-30 | $5.71B | 30 | -18.92% | +14.94% | -33.86% | -0.32B |
| 2025-03-31 | $6.41B | 33 | -16.97% | +8.30% | -25.27% | +0.36B |
| 2024-12-31 | $7.07B | 39 | +5.50% | +24.89% | -19.39% | +0.22B |
| 2024-09-30 | $6.86B | 35 | +16.61% | +36.04% | -19.43% | -0.71B |
| 2024-06-30 | $7.51B | 41 | +1.18% | +24.49% | -23.31% | -0.75B |
| 2024-03-31 | $8.57B | 46 | +11.44% | +29.62% | -18.18% | +0.71B |
| 2023-12-31 | $7.24B | 42 | -3.42% | +26.18% | -29.59% | +0.16B |
| 2023-09-30 | $6.41B | 45 | +1.83% | +21.57% | -19.74% | -0.04B |
| 2023-06-30 | $7.37B | 43 | +26.62% | +19.42% | +7.19% | +0.22B |
| 2023-03-31 | $6.74B | 38 | +17.18% | -7.82% | +25.00% | +0.44B |
| 2022-12-31 | $6.69B | 36 | +16.46% | +7.56% | +8.89% | +0.39B |
| 2022-09-30 | $5.41B | 39 | +8.77% | -4.93% | +13.70% | -0.09B |
| 2022-06-30 | $5.06B | 40 | -1.77% | -16.11% | +14.34% | -0.32B |