Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.54%
baseline attrition
Rally response
-8.52%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VRTXVertex Pharmaceuticals I | $304M | 7.2% | -7.9% | 10.3 yr |
| ARGXargenx SE | $229M | 5.4% | +23.4% | 7.5 yr |
| REGNRegeneron Pharmaceutical | $215M | 5.1% | +22.5% | 9.8 yr |
| SRRKScholar Rock Holding Cor | $176M | 4.2% | +52.9% | 7.0 yr |
| GILDGilead Sciences, Inc. | $163M | 3.9% | +27.7% | 10.3 yr |
| RVMDRevolution Medicines, In | $150M | 3.6% | +175.0% | 5.5 yr |
| IONSIonis Pharmaceuticals, I | $137M | 3.3% | +148.9% | 10.3 yr |
| ISRGIntuitive Surgical, Inc. | $132M | 3.1% | -6.9% | 10.3 yr |
| VRDNViridian Therapeutics, I | $132M | 3.1% | +45.1% | 2.5 yr |
| KRYSKrystal Biotech, Inc. | $124M | 3.0% | +43.3% | 4.5 yr |
| CRNXCrinetics Pharmaceutical | $119M | 2.8% | +8.3% | 0.5 yr |
| ABTAbbott Laboratories | $118M | 2.8% | -21.1% | 10.3 yr |
| NUVLNuvalent, Inc. | $108M | 2.6% | +44.5% | 0.5 yr |
| AMGNAmgen Inc. | $104M | 2.5% | +16.5% | 10.3 yr |
| BSXBoston Scientific Corpor | $92M | 2.2% | -37.8% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology61.5%+14.3pp$2.58B
Medical - Devices19.7%-12.3pp$826M
Drug Manufacturers - General9.0%+6.0pp$377M
Medical - Diagnostics & Research3.1%-1.0pp$130M
Medical - Healthcare Plans2.6%-1.5pp$108M
Medical - Healthcare Information Services1.3%-1.1pp$55M
Medical - Instruments & Supplies1.1%-2.1pp$47M
Medical - Care Facilities0.6%-0.7pp$26M
Medical - Distribution0.5%-0.5pp$20M
Drug Manufacturers - Specialty & Generic0.2%+0.1pp$8M
Country
US89.4%+2.5pp
NL5.4%-2.3pp
IE2.5%+0.1pp
GB2.3%+1.4pp
IL0.2%+0.2pp
DE0.0%+0.0pp
Unknown0.0%-1.2pp
CN0.0%+0.0pp
Top 5: 25.9% · Top 10: 42.0% · Top 25: 72.7%
Top buys this quarter · 15
| REGN Regeneron Pharmaceuticals, Inc | +$205M |
| GILD Gilead Sciences, Inc. | +$156M |
| CRNX Crinetics Pharmaceuticals, Inc | +$119M |
| AMGN Amgen Inc. | +$97M |
| ELVN Enliven Therapeutics, Inc.new | +$91M |
| PCVX Vaxcyte, Inc. | +$69M |
| DMRA Galecto, Inc.new | +$60M |
| RARE Ultragenyx Pharmaceutical Inc. | +$50M |
| VRDN Viridian Therapeutics, Inc. | +$132M |
| IRON Disc Medicine, Inc.new | +$29M |
Top sells this quarter · 15
| RVMD Revolution Medicines, Inc. | −$337M |
| IONS Ionis Pharmaceuticals, Inc. | −$224M |
| NBIX Neurocrine Biosciences, Inc. | −$224M |
| FOLD Amicus Therapeutics, Inc.exit | −$155M |
| ARGX argenx SE | −$109M |
| CLDX Celldex Therapeutics, Inc. | −$77M |
| ALNY Alnylam Pharmaceuticals, Inc. | −$70M |
| HALO Halozyme Therapeutics, Inc. | −$48M |
| SYK Stryker Corporation | −$47M |
| PEN Penumbra, Inc. | −$40M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.20B | 154 | +28.72% | +17.59% | +11.13% | -0.87B |
| 2025-12-31 | $5.27B | 175 | +26.82% | +17.72% | +9.10% | -0.20B |
| 2025-09-30 | $4.81B | 147 | +5.43% | +17.52% | -12.09% | -0.29B |
| 2025-06-30 | $4.53B | 141 | -2.48% | +14.94% | -17.42% | -0.12B |
| 2025-03-31 | $4.45B | 147 | -8.23% | +8.30% | -16.53% | -0.45B |
| 2024-12-31 | $5.18B | 159 | +0.68% | +24.89% | -24.20% | -0.63B |
| 2024-09-30 | $6.13B | 161 | +17.92% | +36.04% | -18.11% | -0.21B |
| 2024-06-30 | $6.09B | 165 | +5.00% | +24.49% | -19.49% | -0.30B |
| 2024-03-31 | $6.50B | 168 | +11.53% | +29.62% | -18.09% | -0.22B |
| 2023-12-31 | $6.47B | 160 | -10.41% | +26.18% | -36.59% | -0.32B |
| 2023-09-30 | $6.13B | 151 | -18.79% | +21.57% | -40.35% | -0.31B |
| 2023-06-30 | $6.94B | 155 | -10.52% | +19.42% | -29.95% | -0.20B |
| 2023-03-31 | $6.84B | 158 | -42.95% | -7.82% | -35.13% | +0.60B |
| 2022-12-31 | $7.47B | 168 | +0.46% | +7.56% | -7.10% | +0.54B |
| 2022-09-30 | $6.90B | 175 | +2.23% | -4.93% | +7.16% | -0.26B |
| 2022-06-30 | $7.00B | 171 | -33.40% | -16.11% | -17.29% | +1.32B |