Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.67%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.36%
baseline attrition
Rally response
-6.34%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BCAXBicara Therapeutics Inc. | $48M | 29.2% | +52.6% | 1.8 yr |
| NUVBNuvation Bio Inc. | $35M | 21.2% | +143.8% | 5.3 yr |
| BBOTBridgeBio Oncology Thera | $29M | 18.0% | — | 0.8 yr |
| KMTSKestra Medical Technolog | $20M | 12.5% | -20.0% | 1.3 yr |
| BBNXBeta Bionics, Inc. | $13M | 8.1% | -18.1% | 1.3 yr |
| — | $6M | 3.7% | — | 2.5 yr |
| ALMSAlumis Inc. Common Stock | $5M | 3.3% | +258.8% | 2.0 yr |
| SANASana Biotechnology, Inc. | $2M | 1.5% | +71.4% | 5.3 yr |
| IMAImageneBio Inc | $2M | 1.4% | — | 0.8 yr |
| REPLReplimune Group, Inc. | $2M | 1.2% | -21.5% | 7.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology75.8%+19.1pp$124M
Medical - Instruments & Supplies12.5%-13.9pp$20M
Medical - Equipment & Services8.1%-6.3pp$13M
Unknown3.7%+1.1pp$6M
Country
US96.3%-1.0pp
Unknown3.7%+1.1pp
Top 5: 89.0% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 1
| BCAX Bicara Therapeutics Inc. Commo | +$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $163M | 10 | +35.63% | +17.59% | +18.04% | -0.04B |
| 2025-12-31 | $287M | 11 | +25.35% | +17.72% | +7.63% | -0.03B |
| 2025-09-30 | $222M | 12 | -24.12% | +17.52% | -41.64% | +0.00B |
| 2025-06-30 | $154M | 13 | -57.99% | +14.94% | -72.93% | -0.01B |
| 2025-03-31 | $169M | 13 | -59.77% | +8.30% | -68.08% | +0.07B |
| 2024-12-31 | $154M | 12 | -5.24% | +24.89% | -30.13% | +0.02B |
| 2024-09-30 | $160M | 11 | -24.41% | +36.04% | -60.44% | +0.05B |
| 2024-06-30 | $135M | 11 | -30.25% | +24.49% | -54.74% | -0.01B |
| 2024-03-31 | $155M | 11 | -3.56% | +29.62% | -33.18% | -0.03B |
| 2023-12-31 | $123M | 14 | -55.07% | +26.18% | -81.25% | +0.05B |
| 2023-09-30 | $109M | 12 | -20.43% | +21.57% | -42.00% | -0.02B |
| 2023-06-30 | $178M | 12 | -0.65% | +19.42% | -20.08% | -0.01B |
| 2023-03-31 | $153M | 14 | -35.50% | -7.82% | -27.68% | -0.06B |
| 2022-12-31 | $297M | 16 | +21.91% | +7.56% | +14.35% | -0.04B |
| 2022-09-30 | $273M | 19 | -8.29% | -4.93% | -3.36% | -0.01B |
| 2022-06-30 | $313M | 21 | -18.10% | -16.11% | -1.99% | -0.09B |