Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.07%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.60%
baseline attrition
Rally response
+2.48%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ERASErasca, Inc. | $197M | 16.3% | +1081.0% | 2.0 yr |
| — | $109M | 9.1% | — | 1.0 yr |
| TERNTerns Pharmaceuticals, I | $70M | 5.8% | — | 5.3 yr |
| TRVITrevi Therapeutics, Inc. | $61M | 5.1% | +89.7% | 1.8 yr |
| — | $56M | 4.6% | — | 1.3 yr |
| CMPXCompass Therapeutics, In | $50M | 4.2% | +178.4% | 4.5 yr |
| TNGXTango Therapeutics, Inc. | $45M | 3.7% | +1427.0% | 1.0 yr |
| — | $44M | 3.6% | — | 0.8 yr |
| CRVSCorvus Pharmaceuticals, | $41M | 3.4% | +360.1% | 1.8 yr |
| — | $41M | 3.4% | — | 1.5 yr |
| — | $38M | 3.2% | — | 6.3 yr |
| DNTHDianthus Therapeutics, I | $30M | 2.5% | +362.6% | 0.8 yr |
| DYNDyne Therapeutics, Inc. | $28M | 2.3% | +73.3% | 5.8 yr |
| ABVXAbivax S.A. | $27M | 2.2% | +1681.6% | 0.8 yr |
| NERVMinerva Neurosciences, I | $26M | 2.2% | +254.7% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology72.1%+24.6pp$867M
Unknown27.2%-22.0pp$327M
Medical - Pharmaceuticals0.4%$5M
Medical - Diagnostics & Research0.3%-0.5pp$3M
Medical - Care Facilities0.1%-1.2pp$1M
Country
US68.6%+32.4pp
Unknown27.2%-22.0pp
FR2.2%
CH1.5%
CA0.4%
GB0.1%-13.7pp
Top 5: 41.0% · Top 10: 59.3% · Top 25: 89.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ERAS | $9M | +0.10B | 1081.0% |
| COGT | $7M | +0.04B | 542.6% |
| CRVS | $7M | +0.03B | 360.1% |
| ACRS | $14M | +0.02B | 145.1% |
| TRVI | $22M | +0.02B | 89.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GERN | $43M | -0.00B | -6.3% |
Top buys this quarter · 11
| ERAS Erasca, Inc. | +$47M |
| SNSE Sensei Biotherapeutics, Inc.new | +$23M |
| AVBP ArriVent BioPharma, Inc. Commonew | +$20M |
| MANE Veradermics, Incorporatednew | +$19M |
| ANTX AN2 Therapeutics, Inc.new | +$11M |
| CRVS Corvus Pharmaceuticals, Inc. | +$8M |
| OKUR OnKure Therapeutics, Inc.new | +$8M |
| — | +$0M |
| — | +$0M |
| — | +$0M |
Top sells this quarter · 15
| COGT Cogent Biosciences, Inc. | −$76M |
| GERN Geron Corporation | −$28M |
| DYN Dyne Therapeutics, Inc. | −$19M |
| CMPS COMPASS Pathways plc | −$17M |
| ZBIO Zenas BioPharma, Inc.exit | −$17M |
| VRDN Viridian Therapeutics, Inc. | −$16M |
| CTMX CytomX Therapeutics, Inc.exit | −$14M |
| ABVX Abivax S.A. | −$13M |
| ACRS Aclaris Therapeutics, Inc. | −$8M |
| SLN Silence Therapeutics plcexit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.20B | 46 | +207.55% | +17.59% | +189.96% | -0.74B |
| 2025-12-31 | $1.55B | 47 | +58.19% | +17.72% | +40.47% | -0.25B |
| 2025-09-30 | $1.24B | 47 | -12.88% | +17.52% | -30.40% | -0.25B |
| 2025-06-30 | $977M | 42 | -36.35% | +14.94% | -51.29% | +0.14B |
| 2025-03-31 | $755M | 40 | -49.37% | +8.30% | -57.67% | +0.18B |
| 2024-12-31 | $893M | 40 | -7.82% | +24.89% | -32.71% | -0.07B |
| 2024-09-30 | $1.21B | 43 | +23.51% | +36.04% | -12.53% | -0.00B |
| 2024-06-30 | $1.08B | 41 | -14.49% | +24.49% | -38.98% | -0.04B |
| 2024-03-31 | $1.27B | 42 | +2.96% | +29.62% | -26.66% | -0.16B |
| 2023-12-31 | $1.22B | 47 | -25.33% | +26.18% | -51.50% | +0.36B |
| 2023-09-30 | $808M | 52 | -68.83% | +21.57% | -90.40% | +0.16B |
| 2023-06-30 | $833M | 47 | -58.49% | +19.42% | -77.91% | -0.58B |
| 2023-03-31 | $1.34B | 47 | -70.14% | -7.82% | -62.33% | +0.60B |
| 2022-12-31 | $865M | 47 | -55.42% | +7.56% | -62.98% | +0.46B |
| 2022-09-30 | $906M | 51 | +3.24% | -4.93% | +8.17% | -0.12B |
| 2022-06-30 | $996M | 49 | -23.85% | -16.11% | -7.74% | -0.11B |