Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.75%
baseline attrition
Rally response
-7.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UTHRUnited Therapeutics Corp | $157M | 10.3% | +92.4% | 6.0 yr |
| ABVXAbivax S.A. | $104M | 6.9% | +1681.6% | 0.8 yr |
| GSKGSK plc | $99M | 6.5% | +48.1% | 3.8 yr |
| VERAVera Therapeutics, Inc. | $87M | 5.8% | +67.5% | 3.8 yr |
| NTRANatera, Inc. | $77M | 5.1% | +41.4% | 5.5 yr |
| SNDXSyndax Pharmaceuticals, | $67M | 4.4% | +90.1% | 4.0 yr |
| CLDXCelldex Therapeutics, In | $57M | 3.7% | +74.8% | 5.0 yr |
| PCVXVaxcyte, Inc. | $54M | 3.5% | +53.9% | 3.3 yr |
| BKDBrookdale Senior Living | $49M | 3.2% | +118.5% | 1.5 yr |
| IONSIonis Pharmaceuticals, I | $47M | 3.1% | +148.9% | 5.0 yr |
| HCAHCA Healthcare, Inc. | $37M | 2.5% | +37.9% | 5.5 yr |
| WELLWelltower Inc. | $36M | 2.4% | +31.2% | 0.3 yr |
| DOCHealthpeak Properties, I | $33M | 2.1% | -12.8% | 0.3 yr |
| PODDInsulet Corporation | $30M | 2.0% | -20.1% | 1.5 yr |
| BCRXBioCryst Pharmaceuticals | $29M | 1.9% | +26.9% | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology57.0%+22.0pp$865M
Medical - Care Facilities11.2%+2.6pp$170M
Drug Manufacturers - General7.6%-3.9pp$116M
REIT - Healthcare Facilities7.0%$107M
Medical - Diagnostics & Research6.1%-12.0pp$92M
Medical - Devices3.4%-9.1pp$51M
Unknown3.3%+2.5pp$50M
Medical - Instruments & Supplies2.6%+1.2pp$39M
Medical - Equipment & Services0.9%$14M
Medical - Healthcare Plans0.5%-4.3pp$8M
Country
US80.7%-3.7pp
GB6.9%-4.7pp
FR6.9%
Unknown3.3%+2.5pp
NL0.8%+0.4pp
IE0.6%+0.4pp
CA0.5%
AU0.1%
Top 5: 34.5% · Top 10: 52.6% · Top 25: 77.8%
Top buys this quarter · 15
| BKD Brookdale Senior Living Inc. | +$44M |
| WELL Welltower Inc.new | +$36M |
| DOC Healthpeak Properties, Inc.new | +$33M |
| ABVX Abivax S.A. | +$31M |
| OHI Omega Healthcare Investors, In | +$23M |
| PODD Insulet Corporation | +$14M |
| CHE Chemed Corporationnew | +$12M |
| CLDX Celldex Therapeutics, Inc. | +$11M |
| NTRA Natera, Inc. | +$10M |
| LTC LTC Properties, Inc. | +$10M |
Top sells this quarter · 15
| GSK GSK plc | −$49M |
| VERA Vera Therapeutics, Inc. | −$36M |
| DHR Danaher Corporationexit | −$35M |
| THC Tenet Healthcare Corporation | −$28M |
| EXAS Exact Sciences Corporationexit | −$25M |
| VRDN Viridian Therapeutics, Inc. | −$21M |
| CGON CG Oncology, Inc. Common stockexit | −$21M |
| TEVA Teva Pharmaceutical Industriesexit | −$20M |
| TVTX Travere Therapeutics, Inc. | −$19M |
| UNH UnitedHealth Group Incorporateexit | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.52B | 104 | +38.73% | +17.59% | +21.14% | -0.22B |
| 2025-12-31 | $1.78B | 103 | +27.76% | +17.72% | +10.04% | +0.17B |
| 2025-09-30 | $1.31B | 83 | -6.74% | +17.52% | -24.25% | +0.19B |
| 2025-06-30 | $992M | 67 | -4.45% | +14.94% | -19.39% | +0.09B |
| 2025-03-31 | $884M | 55 | -8.81% | +8.30% | -17.11% | +0.01B |
| 2024-12-31 | $969M | 62 | +24.81% | +24.89% | -0.08% | -0.13B |
| 2024-09-30 | $1.22B | 63 | +58.18% | +36.04% | +22.14% | -0.19B |
| 2024-06-30 | $1.23B | 71 | +27.87% | +24.49% | +3.38% | -0.08B |
| 2024-03-31 | $1.34B | 68 | +31.23% | +29.62% | +1.61% | +0.08B |
| 2023-12-31 | $1.02B | 55 | +8.91% | +26.18% | -17.26% | -0.01B |
| 2023-09-30 | $901M | 61 | +5.62% | +21.57% | -15.94% | +0.01B |
| 2023-06-30 | $959M | 70 | +6.50% | +19.42% | -12.92% | -0.16B |
| 2023-03-31 | $1.11B | 59 | -12.43% | -7.82% | -4.61% | +0.04B |
| 2022-12-31 | $1.05B | 66 | +10.86% | +7.56% | +3.30% | +0.11B |
| 2022-09-30 | $849M | 67 | -6.27% | -4.93% | -1.34% | -0.21B |
| 2022-06-30 | $1.13B | 74 | -17.51% | -16.11% | -1.39% | +0.15B |