Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.92%
adds when stocks drop
when a holding falls −10%+
Middle response
-7.56%
baseline attrition
Rally response
+1.14%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RVMDRevolution Medicines, In | $146M | 8.9% | +175.0% | 3.3 yr |
| CYTKCytokinetics, Incorporat | $105M | 6.4% | +64.0% | 6.3 yr |
| REGNRegeneron Pharmaceutical | $66M | 4.0% | +22.5% | 2.5 yr |
| VERAVera Therapeutics, Inc. | $64M | 3.9% | +67.5% | 2.3 yr |
| CAHCardinal Health, Inc. | $57M | 3.5% | +54.9% | 2.0 yr |
| ROIVRoivant Sciences Ltd. | $55M | 3.4% | +174.5% | 2.0 yr |
| BTSGBrightSpring Health Serv | $53M | 3.2% | +135.5% | 1.8 yr |
| RYTMRhythm Pharmaceuticals, | $52M | 3.2% | +64.2% | 1.3 yr |
| MRKMerck & Co., Inc. | $51M | 3.1% | +38.9% | 4.0 yr |
| EWTXEdgewise Therapeutics, I | $50M | 3.1% | +43.2% | 1.5 yr |
| AZNAstraZeneca PLC | $49M | 3.0% | +36.2% | 0.3 yr |
| ALHCAlignment Healthcare, In | $45M | 2.8% | -5.4% | 1.5 yr |
| NVSNovartis AG | $38M | 2.3% | +39.7% | 3.0 yr |
| BSXBoston Scientific Corpor | $35M | 2.1% | -37.8% | 4.0 yr |
| LFSTLifeStance Health Group, | $27M | 1.7% | -4.4% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology58.5%+18.8pp$963M
Drug Manufacturers - General10.8%+1.4pp$177M
Medical - Devices6.6%-11.2pp$108M
Medical - Healthcare Plans6.0%-0.5pp$99M
Unknown4.1%+1.1pp$67M
Medical - Distribution3.5%+2.4pp$57M
Medical - Healthcare Information Services3.2%-0.1pp$53M
Medical - Care Facilities3.0%-8.3pp$50M
Medical - Diagnostics & Research1.7%-2.1pp$28M
Drug Manufacturers - Specialty & Generic1.4%+0.4pp$23M
Country
US83.7%+3.1pp
GB7.1%+5.2pp
Unknown4.1%+1.1pp
CH2.3%-2.9pp
DE1.1%-1.6pp
NL0.9%-0.8pp
CA0.7%
FR0.1%
Top 5: 26.7% · Top 10: 42.6% · Top 25: 67.2%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$49M |
| ROIV Roivant Sciences Ltd. | +$32M |
| RVMD Revolution Medicines, Inc. | +$29M |
| BTSG BrightSpring Health Services, | +$21M |
| MRK Merck & Co., Inc. | +$21M |
| BSX Boston Scientific Corporation | +$20M |
| ALMS Alumis Inc. Common Stocknew | +$18M |
| CAH Cardinal Health, Inc. | +$15M |
| COGT Cogent Biosciences, Inc.new | +$13M |
| CYTK Cytokinetics, Incorporated | +$13M |
Top sells this quarter · 15
| MDT Medtronic plcexit | −$58M |
| ISRG Intuitive Surgical, Inc. | −$35M |
| PEN Penumbra, Inc.exit | −$33M |
| TEVA Teva Pharmaceutical Industriesexit | −$30M |
| TFX Teleflex Incorporatedexit | −$30M |
| CVS CVS Health Corporation | −$25M |
| DXCM DexCom, Inc. | −$20M |
| ALNY Alnylam Pharmaceuticals, Inc.exit | −$20M |
| THC Tenet Healthcare Corporationexit | −$19M |
| GKOS Glaukos Corporation | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.64B | 85 | +36.63% | +17.59% | +19.04% | -0.09B |
| 2025-12-31 | $1.76B | 83 | +30.74% | +17.72% | +13.02% | +0.49B |
| 2025-09-30 | $1.14B | 71 | +10.63% | +17.52% | -6.89% | +0.03B |
| 2025-06-30 | $909M | 69 | -6.19% | +14.94% | -21.13% | +0.11B |
| 2025-03-31 | $784M | 75 | -12.57% | +8.30% | -20.87% | -0.18B |
| 2024-12-31 | $1.02B | 79 | +8.59% | +24.89% | -16.29% | +0.32B |
| 2024-09-30 | $742M | 61 | +21.46% | +36.04% | -14.58% | -0.19B |
| 2024-06-30 | $901M | 68 | +15.36% | +24.49% | -9.13% | -0.03B |
| 2024-03-31 | $983M | 75 | +35.01% | +29.62% | +5.39% | +0.18B |
| 2023-12-31 | $682M | 66 | +13.58% | +26.18% | -12.59% | -0.06B |
| 2023-09-30 | $705M | 62 | +8.81% | +21.57% | -12.76% | -0.05B |
| 2023-06-30 | $762M | 70 | +10.50% | +19.42% | -8.92% | +0.23B |
| 2023-03-31 | $481M | 67 | -12.51% | -7.82% | -4.69% | +0.04B |
| 2022-12-31 | $444M | 59 | +0.78% | +7.56% | -6.78% | -0.05B |
| 2022-09-30 | $493M | 64 | +0.19% | -4.93% | +5.11% | +0.01B |
| 2022-06-30 | $484M | 64 | -12.41% | -16.11% | +3.70% | +0.15B |