Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.41%
baseline attrition
Rally response
-12.80%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HTFLHeartflow, Inc. Common S | $254M | 22.9% | — | 0.8 yr |
| — | $234M | 21.1% | — | 3.5 yr |
| OLMAOlema Pharmaceuticals, I | $111M | 10.0% | +296.5% | 1.5 yr |
| SVRASavara Inc. | $96M | 8.7% | +97.1% | 6.5 yr |
| PHVSPharvaris N.V. | $76M | 6.8% | +79.9% | 5.3 yr |
| — | $71M | 6.4% | — | 3.5 yr |
| XFORX4 Pharmaceuticals, Inc. | $33M | 3.0% | -41.7% | 1.0 yr |
| DNTHDianthus Therapeutics, I | $30M | 2.7% | +362.6% | 2.3 yr |
| ANNXAnnexon, Inc. | $29M | 2.6% | +187.0% | 5.8 yr |
| KYTXKyverna Therapeutics, In | $27M | 2.4% | +347.2% | 2.3 yr |
| CABACabaletta Bio, Inc. | $26M | 2.3% | +93.5% | 3.0 yr |
| CNTACentessa Pharmaceuticals | $25M | 2.3% | +176.2% | 0.3 yr |
| ALKSAlkermes plc | $22M | 1.9% | +7.1% | 0.3 yr |
| RPIDRapid Micro Biosystems, | $19M | 1.7% | -14.0% | 4.8 yr |
| CCCCC4 Therapeutics, Inc. | $19M | 1.7% | +64.4% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology47.7%-10.6pp$529M
Unknown27.6%-10.8pp$307M
Medical - Healthcare Information Services22.9%$254M
Medical - Devices1.7%-1.6pp$19M
Country
US61.3%+7.4pp
Unknown27.6%-10.8pp
NL6.8%-0.9pp
GB2.3%
IE1.9%
Top 5: 69.6% · Top 10: 86.7% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DNTH | $49M | +0.18B | 362.6% |
| OLMA | $26M | +0.08B | 296.5% |
| SVRA | $49M | +0.05B | 97.1% |
| PHVS | $52M | +0.04B | 79.9% |
| KYTX | $7M | +0.02B | 347.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| RPID | $22M | -0.00B | -14.0% |
Top buys this quarter · 4
| — | +$0M |
| CNTA Centessa Pharmaceuticals plcnew | +$25M |
| ALKS Alkermes plcnew | +$22M |
| XLO Xilio Therapeutics, Inc.new | +$6M |
Top sells this quarter · 11
| MRSN Mersana Therapeutics, Inc.exit | −$0M |
| — exit | −$0M |
| HTFL Heartflow, Inc. Common Stock | −$49M |
| DNTH Dianthus Therapeutics, Inc. | −$32M |
| IRON Disc Medicine, Inc. | −$28M |
| OLMA Olema Pharmaceuticals, Inc. | −$15M |
| TNGX Tango Therapeutics, Inc.exit | −$14M |
| UPB Upstream Bio, Inc. | −$4M |
| PHVS Pharvaris N.V. | −$4M |
| AVIR Atea Pharmaceuticals, Inc. | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.11B | 20 | +67.77% | +17.59% | +50.17% | -0.05B |
| 2025-12-31 | $1.31B | 19 | +47.70% | +17.72% | +29.98% | -0.46B |
| 2025-09-30 | $1.51B | 21 | +4.19% | +17.52% | -13.33% | +0.35B |
| 2025-06-30 | $799M | 23 | -19.20% | +14.94% | -34.14% | +0.04B |
| 2025-03-31 | $676M | 24 | -41.45% | +8.30% | -49.76% | +0.01B |
| 2024-12-31 | $850M | 26 | -17.12% | +24.89% | -42.01% | +0.06B |
| 2024-09-30 | $961M | 24 | +31.19% | +36.04% | -4.85% | -0.06B |
| 2024-06-30 | $911M | 25 | +28.64% | +24.49% | +4.15% | -0.10B |
| 2024-03-31 | $1.24B | 26 | +116.69% | +29.62% | +87.07% | +0.09B |
| 2023-12-31 | $1.04B | 27 | +83.58% | +26.18% | +57.41% | -0.12B |
| 2023-09-30 | $894M | 31 | +42.45% | +21.57% | +20.88% | -0.17B |
| 2023-06-30 | $971M | 32 | +19.54% | +19.42% | +0.12% | -0.12B |
| 2023-03-31 | $800M | 34 | -31.15% | -7.82% | -23.33% | -0.04B |
| 2022-12-31 | $895M | 33 | +1.28% | +7.56% | -6.28% | +0.05B |
| 2022-09-30 | $838M | 33 | -7.66% | -4.93% | -2.73% | +0.05B |
| 2022-06-30 | $853M | 35 | -21.22% | -16.11% | -5.11% | +0.04B |