Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.23%
adds when stocks drop
when a holding falls −10%+
Middle response
+4.00%
steady accumulation
Rally response
+2.37%
adds into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LQDALiquidia Corporation | $306M | 21.7% | +155.9% | 3.5 yr |
| ABVXAbivax S.A. | $163M | 11.5% | +1681.6% | 1.5 yr |
| RVMDRevolution Medicines, In | $161M | 11.4% | +175.0% | 1.3 yr |
| PCVXVaxcyte, Inc. | $120M | 8.5% | +53.9% | 0.5 yr |
| XENEXenon Pharmaceuticals In | $81M | 5.7% | +73.3% | 0.8 yr |
| MLYSMineralys Therapeutics, | $75M | 5.3% | +70.6% | 2.0 yr |
| EXELExelixis, Inc. | $67M | 4.7% | +16.2% | 3.3 yr |
| TNGXTango Therapeutics, Inc. | $50M | 3.6% | +1427.0% | 0.5 yr |
| TYRATyra Biosciences, Inc. | $49M | 3.5% | +311.8% | 1.3 yr |
| SYRESpyre Therapeutics, Inc. | $44M | 3.1% | +212.5% | 0.3 yr |
| ADMAADMA Biologics, Inc. | $43M | 3.0% | -54.6% | 2.0 yr |
| LBRXLB Pharmaceuticals Inc C | $35M | 2.4% | — | 0.3 yr |
| VORVor Biopharma Inc. | $34M | 2.4% | +24.3% | 0.5 yr |
| — | $31M | 2.2% | — | 0.3 yr |
| IRDOpus Genetics, Inc. | $28M | 2.0% | +363.4% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology94.6%+6.8pp$1.34B
Unknown3.9%+3.1pp$55M
Medical - Devices1.5%-3.0pp$21M
Country
US76.9%+1.8pp
FR13.5%+11.8pp
CA5.7%
Unknown3.9%+3.1pp
Top 5: 58.8% · Top 10: 78.9% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| LQDA | $120M | +0.19B | 155.9% |
| ABVX | $8M | +0.13B | 1681.6% |
| RVMD | $16M | +0.03B | 175.0% |
| MLYS | $34M | +0.02B | 70.6% |
| EXEL | $56M | +0.01B | 16.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ANIK | $22M | -0.00B | -3.5% |
Top buys this quarter · 15
| XENE Xenon Pharmaceuticals Inc. | +$49M |
| SYRE Spyre Therapeutics, Inc.new | +$44M |
| RVMD Revolution Medicines, Inc. | +$36M |
| LBRX LB Pharmaceuticals Inc Common new | +$35M |
| IRD Opus Genetics, Inc.new | +$28M |
| MBX MBX Biosciences, Inc. Common Snew | +$25M |
| PCVX Vaxcyte, Inc. | +$21M |
| VOR Vor Biopharma Inc. | +$18M |
| IVA Inventiva S.A. | +$17M |
| ADMA ADMA Biologics, Inc. | +$43M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.41B | 24 | +131.88% | +17.59% | +114.28% | +0.25B |
| 2025-12-31 | $1.09B | 20 | +141.56% | +17.72% | +123.84% | +0.17B |
| 2025-09-30 | $721M | 16 | +82.76% | +17.52% | +65.24% | -0.20B |
| 2025-06-30 | $515M | 16 | +1.99% | +14.94% | -12.95% | +0.06B |
| 2025-03-31 | $479M | 16 | -5.16% | +8.30% | -13.46% | +0.04B |
| 2024-12-31 | $395M | 14 | +3.01% | +24.89% | -21.88% | +0.09B |
| 2024-09-30 | $315M | 12 | +49.41% | +36.04% | +13.37% | -0.11B |
| 2024-06-30 | $428M | 13 | +43.69% | +24.49% | +19.20% | +0.09B |
| 2024-03-31 | $378M | 12 | +71.75% | +29.62% | +42.13% | +0.02B |
| 2023-12-31 | $297M | 11 | +58.06% | +26.18% | +31.88% | +0.02B |
| 2023-09-30 | $196M | 12 | -3.81% | -3.22% | -0.58% | +0.04B |
| 2023-06-30 | $165M | 12 | +5.57% | +8.68% | -3.11% | +0.01B |
| 2023-03-31 | $143M | 11 | +10.50% | +7.46% | +3.05% | +0.01B |
| 2022-12-31 | $120M | 11 | — | — | — | — |