Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.86%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.99%
baseline attrition
Rally response
-5.37%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SRRKScholar Rock Holding Cor | $339M | 32.9% | +52.9% | 4.3 yr |
| MLYSMineralys Therapeutics, | $159M | 15.5% | +70.6% | 3.3 yr |
| ALMSAlumis Inc. Common Stock | $140M | 13.6% | +258.8% | 1.8 yr |
| SEPNSepterna, Inc. | $76M | 7.4% | +315.0% | 1.5 yr |
| KLRSKalaris Therapeutics Inc | $75M | 7.3% | -28.1% | 1.3 yr |
| SGPSpyGlass Pharma, Inc. Co | $55M | 5.3% | — | 0.3 yr |
| NGNENeurogene Inc. | $35M | 3.4% | +72.2% | 2.5 yr |
| IVAInventiva S.A. | $29M | 2.8% | +88.8% | 0.5 yr |
| — | $26M | 2.6% | — | 0.5 yr |
| JBIOJade Biosciences, Inc. | $14M | 1.3% | — | 1.0 yr |
| — | $12M | 1.2% | — | 2.5 yr |
| AQSTAquestive Therapeutics, | $10M | 1.0% | +43.1% | 0.8 yr |
| XFORX4 Pharmaceuticals, Inc. | $8M | 0.7% | -41.7% | 0.5 yr |
| NKTXNkarta, Inc. | $7M | 0.7% | +14.7% | 5.8 yr |
| ACLXArcellx, Inc. | $7M | 0.7% | — | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology95.3%-0.6pp$980M
Unknown3.7%-0.4pp$38M
Drug Manufacturers - Specialty & Generic1.0%$10M
Country
US92.3%-3.2pp
Unknown3.7%-0.4pp
FR3.4%+2.9pp
BE0.6%
Top 5: 76.6% · Top 10: 92.0% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.03B | 22 | +77.07% | +17.59% | +59.48% | +0.10B |
| 2025-12-31 | $969M | 21 | +30.31% | +17.72% | +12.59% | +0.06B |
| 2025-09-30 | $766M | 27 | +48.90% | +17.52% | +31.38% | -0.04B |
| 2025-06-30 | $489M | 29 | -4.93% | +14.94% | -19.87% | -0.03B |
| 2025-03-31 | $561M | 37 | -33.58% | +8.30% | -41.89% | +0.04B |
| 2024-12-31 | $729M | 43 | +21.93% | +24.89% | -2.96% | +0.02B |
| 2024-09-30 | $520M | 42 | +31.40% | +36.04% | -4.64% | +0.02B |
| 2024-06-30 | $478M | 40 | -3.55% | +24.49% | -28.04% | +0.06B |
| 2024-03-31 | $646M | 39 | +42.35% | +29.62% | +12.73% | -0.19B |
| 2023-12-31 | $643M | 41 | -16.38% | +26.18% | -42.56% | +0.16B |
| 2023-09-30 | $327M | 41 | -59.95% | +21.57% | -81.52% | -0.11B |
| 2023-06-30 | $570M | 47 | -44.25% | +19.42% | -63.67% | +0.10B |
| 2023-03-31 | $484M | 56 | -51.75% | -7.82% | -43.93% | +0.13B |
| 2022-12-31 | $464M | 54 | -29.72% | +7.56% | -37.28% | +0.16B |
| 2022-09-30 | $428M | 55 | +7.88% | -4.93% | +12.81% | +0.03B |
| 2022-06-30 | $374M | 56 | -16.77% | -16.11% | -0.66% | +0.04B |