Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.43%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.58%
baseline attrition
Rally response
-0.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $108M | 6.8% | — | 2.8 yr |
| XENEXenon Pharmaceuticals In | $97M | 6.1% | +73.3% | 4.3 yr |
| ERASErasca, Inc. | $87M | 5.4% | +1081.0% | 2.0 yr |
| ROIVRoivant Sciences Ltd. | $78M | 4.9% | +174.5% | 2.8 yr |
| SYRESpyre Therapeutics, Inc. | $65M | 4.0% | +212.5% | 2.8 yr |
| CNTACentessa Pharmaceuticals | $56M | 3.5% | +176.2% | 4.8 yr |
| — | $55M | 3.4% | — | 0.5 yr |
| ANABAnaptysBio, Inc. | $52M | 3.3% | +198.4% | 0.5 yr |
| ALKSAlkermes plc | $48M | 3.0% | +7.1% | 2.8 yr |
| CYTKCytokinetics, Incorporat | $46M | 2.9% | +64.0% | 4.0 yr |
| ABVXAbivax S.A. | $45M | 2.8% | +1681.6% | 1.3 yr |
| TEVATeva Pharmaceutical Indu | $42M | 2.6% | +96.0% | 3.0 yr |
| ACLXArcellx, Inc. | $42M | 2.6% | — | 4.0 yr |
| NUVLNuvalent, Inc. | $31M | 1.9% | +44.5% | 2.8 yr |
| TERNTerns Pharmaceuticals, I | $30M | 1.9% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology73.8%-4.5pp$1.18B
Unknown19.9%+8.0pp$318M
Drug Manufacturers - Specialty & Generic2.6%-1.0pp$42M
Medical - Devices1.5%-1.5pp$24M
Shell Companies0.8%$13M
Medical - Pharmaceuticals0.7%+0.4pp$11M
Medical - Care Facilities0.4%$6M
Asset Management0.3%-2.5pp$4M
Country
US53.8%+2.4pp
Unknown19.9%+8.0pp
GB8.7%-2.6pp
CA6.1%-1.4pp
IE3.0%-2.6pp
FR2.8%+2.6pp
IL2.8%-0.8pp
KY0.9%
Top 5: 27.2% · Top 10: 43.2% · Top 25: 71.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ERAS | $5M | +0.05B | 1081.0% |
| CNTA | $22M | +0.04B | 176.2% |
| XENE | $45M | +0.03B | 73.3% |
| PTGX | $19M | +0.02B | 117.9% |
| ORKA | $6M | +0.02B | 378.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CNTA Centessa Pharmaceuticals plc | +$32M |
| ROIV Roivant Sciences Ltd. | +$30M |
| XENE Xenon Pharmaceuticals Inc. | +$25M |
| ERAS Erasca, Inc. | +$23M |
| DNTH Dianthus Therapeutics, Inc. | +$20M |
| ANAB AnaptysBio, Inc. | +$18M |
| COGT Cogent Biosciences, Inc. | +$15M |
| HLXC Helix Acquisition Corp. III Clnew | +$13M |
| MDGL Madrigal Pharmaceuticals, Inc. | +$12M |
| ALKS Alkermes plc | +$12M |
Top sells this quarter · 15
| VTYX Ventyx Biosciences, Inc.exit | −$91M |
| TNGX Tango Therapeutics, Inc.exit | −$21M |
| CGEM Cullinan Therapeutics, Inc. | −$16M |
| ORKA Oruka Therapeutics, Inc. | −$24M |
| BBIO BridgeBio Pharma, Inc. | −$13M |
| ABVX Abivax S.A. | −$11M |
| TSHA Taysha Gene Therapies, Inc. | −$10M |
| WVE Wave Life Sciences Ltd. | −$9M |
| SYRE Spyre Therapeutics, Inc. | −$47M |
| CYTK Cytokinetics, Incorporated | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.60B | 91 | +98.84% | +17.59% | +81.25% | +0.18B |
| 2025-12-31 | $1.28B | 81 | +43.12% | +17.72% | +25.40% | -0.03B |
| 2025-09-30 | $981M | 81 | -12.34% | +17.52% | -29.86% | +0.17B |
| 2025-06-30 | $603M | 73 | -25.77% | +14.94% | -40.71% | +0.01B |
| 2025-03-31 | $595M | 77 | -36.08% | +8.30% | -44.38% | +0.12B |
| 2024-12-31 | $588M | 70 | -6.78% | +24.89% | -31.66% | +0.10B |
| 2024-09-30 | $599M | 72 | +41.03% | +36.04% | +4.99% | -0.05B |
| 2024-06-30 | $570M | 80 | +11.07% | +24.49% | -13.42% | +0.08B |
| 2024-03-31 | $574M | 73 | +31.43% | +29.62% | +1.81% | +0.02B |
| 2023-12-31 | $474M | 70 | +12.93% | +26.18% | -13.25% | +0.12B |
| 2023-09-30 | $290M | 68 | +17.86% | +21.57% | -3.70% | +0.08B |
| 2023-06-30 | $240M | 59 | +23.45% | +19.42% | +4.03% | -0.01B |
| 2023-03-31 | $241M | 59 | -0.89% | -7.82% | +6.93% | +0.03B |
| 2022-12-31 | $208M | 50 | +28.72% | +7.56% | +21.16% | -0.03B |
| 2022-09-30 | $187M | 42 | -6.31% | -4.93% | -1.38% | +0.04B |
| 2022-06-30 | $155M | 36 | -18.10% | -16.11% | -1.99% | -0.03B |