Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.08%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.60%
baseline attrition
Rally response
+1.92%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $109M | 8.4% | — | 1.0 yr |
| CGEMCullinan Therapeutics, I | $109M | 8.4% | +87.7% | 5.3 yr |
| AKTSAktis Oncology, Inc. | $87M | 6.7% | — | 0.3 yr |
| LQDALiquidia Corporation | $53M | 4.1% | +155.9% | 0.8 yr |
| ALMSAlumis Inc. Common Stock | $53M | 4.1% | +258.8% | 0.5 yr |
| EWTXEdgewise Therapeutics, I | $52M | 4.0% | +43.2% | 2.8 yr |
| RVMDRevolution Medicines, In | $49M | 3.8% | +175.0% | 4.8 yr |
| AGIOAgios Pharmaceuticals, I | $44M | 3.4% | +15.5% | 0.5 yr |
| CORTCorcept Therapeutics Inc | $40M | 3.1% | -64.7% | 0.3 yr |
| TRVITrevi Therapeutics, Inc. | $39M | 3.0% | +89.7% | 2.3 yr |
| DNTHDianthus Therapeutics, I | $36M | 2.7% | +362.6% | 0.3 yr |
| XENEXenon Pharmaceuticals In | $34M | 2.6% | +73.3% | 1.8 yr |
| MLTXMoonLake Immunotherapeut | $34M | 2.6% | -52.3% | 2.5 yr |
| TVTXTravere Therapeutics, In | $34M | 2.6% | +65.8% | 2.5 yr |
| EVMNEvommune, Inc. | $33M | 2.6% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology76.5%+0.8pp$991M
Unknown13.7%+12.1pp$177M
Medical - Pharmaceuticals8.4%-1.6pp$109M
Medical - Diagnostics & Research1.4%-7.4pp$19M
Country
US78.4%-6.6pp
Unknown13.7%+12.1pp
CA2.6%+0.8pp
CH2.6%+0.5pp
NL1.7%
FR0.9%
Top 5: 31.6% · Top 10: 49.0% · Top 25: 82.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CGEM | $58M | +0.05B | 87.7% |
| CNTX | $9M | +0.03B | 328.1% |
| RVMD | $11M | +0.02B | 175.0% |
| TRVI | $22M | +0.02B | 89.7% |
| STOK | $5M | +0.02B | 389.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MLTX | $12M | -0.01B | -52.3% |
Top buys this quarter · 15
| AKTS Aktis Oncology, Inc.new | +$87M |
| CORT Corcept Therapeutics Incorporanew | +$40M |
| DNTH Dianthus Therapeutics, Inc.new | +$36M |
| EVMN Evommune, Inc. | +$31M |
| MLTX MoonLake Immunotherapeutics | +$28M |
| CYTK Cytokinetics, Incorporated | +$20M |
| TVTX Travere Therapeutics, Inc. | +$17M |
| XENE Xenon Pharmaceuticals Inc. | +$6M |
| ABVX Abivax S.A. | +$6M |
| ALLO Allogene Therapeutics, Inc.new | +$5M |
Top sells this quarter · 15
| MDGL Madrigal Pharmaceuticals, Inc.exit | −$51M |
| PTCT PTC Therapeutics, Inc.exit | −$29M |
| VTYX Ventyx Biosciences, Inc.exit | −$23M |
| PTGX Protagonist Therapeutics, Inc.exit | −$21M |
| CRVS Corvus Pharmaceuticals, Inc. | −$21M |
| RCKT Rocket Pharmaceuticals, Inc.exit | −$6M |
| MAZE Maze Therapeutics, Inc.exit | −$2M |
| SRPT Sarepta Therapeutics, Inc.exit | −$2M |
| CLYM Climb Bio, Inc. | −$11M |
| ALMS Alumis Inc. Common Stock | −$23M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.29B | 41 | +72.44% | +17.59% | +54.85% | +0.27B |
| 2025-12-31 | $874M | 38 | +23.43% | +17.72% | +5.71% | +0.09B |
| 2025-09-30 | $611M | 40 | -13.62% | +17.52% | -31.14% | -0.06B |
| 2025-06-30 | $577M | 44 | -21.54% | +14.94% | -36.49% | -0.00B |
| 2025-03-31 | $582M | 43 | -36.83% | +8.30% | -45.13% | -0.01B |
| 2024-12-31 | $704M | 47 | -0.51% | +24.89% | -25.39% | +0.11B |
| 2024-09-30 | $667M | 43 | +32.48% | +36.04% | -3.56% | -0.01B |
| 2024-06-30 | $644M | 44 | +6.14% | +24.49% | -18.35% | +0.15B |
| 2024-03-31 | $622M | 38 | +46.78% | +29.62% | +17.16% | +0.06B |
| 2023-12-31 | $427M | 32 | +0.09% | +26.18% | -26.09% | -0.02B |
| 2023-09-30 | $375M | 32 | -21.93% | +21.57% | -43.49% | -0.05B |
| 2023-06-30 | $497M | 34 | -6.37% | +19.42% | -25.79% | +0.07B |
| 2023-03-31 | $385M | 31 | -28.53% | -7.82% | -20.71% | +0.04B |
| 2022-12-31 | $385M | 33 | -7.25% | +7.56% | -14.81% | -0.01B |
| 2022-09-30 | $422M | 38 | +1.52% | -4.93% | +6.45% | +0.06B |
| 2022-06-30 | $360M | 37 | -15.66% | -16.11% | +0.46% | +0.05B |