Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.30%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.78%
baseline attrition
Rally response
-1.21%
trims into rallies
when a holding rises +10%+
Top positions · 4
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CNTACentessa Pharmaceuticals | $793M | 80.8% | +176.2% | 5.0 yr |
| — | $86M | 8.7% | — | 3.5 yr |
| PHATPhathom Pharmaceuticals, | $83M | 8.4% | +77.2% | 6.5 yr |
| AURAAura Biosciences, Inc. | $20M | 2.1% | +14.2% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology91.3%+10.9pp$896M
Unknown8.7%-10.9pp$86M
Country
GB80.8%+15.2pp
US10.5%-4.2pp
Unknown8.7%-10.9pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 2
| — | −$0M |
| — exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $982M | 4 | +154.83% | +17.59% | +137.24% | -0.19B |
| 2025-12-31 | $835M | 5 | +52.31% | +17.72% | +34.59% | +0.03B |
| 2025-09-30 | $744M | 5 | +22.75% | +17.52% | +5.23% | +0.03B |
| 2025-06-30 | $427M | 5 | +25.99% | +14.94% | +11.04% | -0.01B |
| 2025-03-31 | $438M | 5 | +6.99% | +8.30% | -1.32% | -0.01B |
| 2024-12-31 | $529M | 5 | +67.92% | +24.89% | +43.04% | +0.07B |
| 2024-09-30 | $529M | 4 | +116.35% | +36.04% | +80.31% | -0.05B |
| 2024-06-30 | $335M | 4 | +17.78% | +24.49% | -6.71% | -0.05B |
| 2024-03-31 | $449M | 5 | +109.90% | +29.62% | +80.28% | +0.06B |
| 2023-12-31 | $296M | 5 | +47.92% | +26.18% | +21.74% | -0.06B |
| 2023-09-30 | $313M | 6 | +34.11% | +21.57% | +12.54% | -0.02B |
| 2023-06-30 | $357M | 6 | +47.46% | +19.42% | +28.04% | +0.00B |
| 2023-03-31 | $233M | 6 | -22.93% | -7.82% | -15.11% | +0.01B |
| 2022-12-31 | $238M | 6 | +1.93% | +7.56% | -5.63% | -0.01B |
| 2022-09-30 | $240M | 5 | +2.84% | -4.93% | +7.77% | -0.01B |
| 2022-06-30 | $241M | 6 | -20.62% | -16.11% | -4.51% | -0.05B |