Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.78%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.10%
baseline attrition
Rally response
+1.13%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SYKStryker Corporation | $51M | 5.3% | -11.1% | 1.8 yr |
| DXCMDexCom, Inc. | $43M | 4.5% | -8.0% | 6.5 yr |
| KALVKalVista Pharmaceuticals | $37M | 3.8% | +74.4% | 1.3 yr |
| PODDInsulet Corporation | $33M | 3.4% | -20.1% | 6.0 yr |
| LLYEli Lilly and Company | $32M | 3.3% | +12.2% | 2.8 yr |
| PTCTPTC Therapeutics, Inc. | $29M | 3.0% | +33.7% | 1.8 yr |
| XENEXenon Pharmaceuticals In | $29M | 3.0% | +73.3% | 6.5 yr |
| BSXBoston Scientific Corpor | $28M | 2.9% | -37.8% | 4.0 yr |
| CVSCVS Health Corporation | $28M | 2.9% | +10.0% | 2.5 yr |
| RCUSArcus Biosciences, Inc. | $26M | 2.7% | +175.2% | 6.0 yr |
| LIVNLivaNova PLC | $26M | 2.7% | +61.8% | 2.3 yr |
| ZBHZimmer Biomet Holdings, | $24M | 2.5% | -19.5% | 2.0 yr |
| MBXMBX Biosciences, Inc. Co | $24M | 2.5% | +304.5% | 1.5 yr |
| ANIPANI Pharmaceuticals, Inc | $22M | 2.2% | +14.9% | 3.5 yr |
| SNDXSyndax Pharmaceuticals, | $21M | 2.2% | +90.1% | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology41.3%+7.1pp$398M
Medical - Devices28.0%+2.8pp$270M
Unknown6.2%+1.6pp$60M
Medical - Diagnostics & Research5.5%-0.4pp$53M
Drug Manufacturers - General5.0%-1.8pp$48M
Drug Manufacturers - Specialty & Generic3.1%+1.8pp$30M
Medical - Healthcare Plans2.9%-4.3pp$28M
Medical - Equipment & Services1.9%$18M
Medical - Care Facilities1.8%-1.6pp$17M
Medical - Healthcare Information Services1.3%-1.0pp$13M
Country
US87.4%-3.9pp
Unknown6.2%+1.6pp
CA3.0%+2.3pp
GB3.0%+0.1pp
NL0.4%-0.0pp
FR0.1%+0.0pp
IL0.0%-0.1pp
Top 5: 20.3% · Top 10: 34.9% · Top 25: 63.2%
Top buys this quarter · 15
| LLY Eli Lilly and Company | +$23M |
| XENE Xenon Pharmaceuticals Inc. | +$20M |
| PTCT PTC Therapeutics, Inc. | +$18M |
| NVST Envista Holdings Corpnew | +$18M |
| SYK Stryker Corporation | +$16M |
| ILMN Illumina, Inc.new | +$14M |
| ZBH Zimmer Biomet Holdings, Inc. | +$11M |
| ANIP ANI Pharmaceuticals, Inc. | +$10M |
| AGIO Agios Pharmaceuticals, Inc. | +$10M |
| IQV IQVIA Holdings Inc. | +$9M |
Top sells this quarter · 15
| MASI Masimo Corporationexit | −$36M |
| FOLD Amicus Therapeutics, Inc.exit | −$22M |
| MCK McKesson Corporation | −$20M |
| MTD Mettler-Toledo International Iexit | −$14M |
| DAWN Day One Biopharmaceuticals, Inexit | −$14M |
| A Agilent Technologies, Inc.exit | −$11M |
| DHR Danaher Corporationexit | −$11M |
| UNH UnitedHealth Group Incorporateexit | −$9M |
| ALNY Alnylam Pharmaceuticals, Inc. | −$7M |
| BIIB Biogen Inc.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $965M | 89 | +14.20% | +17.59% | -3.39% | +0.01B |
| 2025-12-31 | $1.05B | 100 | +16.28% | +17.72% | -1.44% | +0.05B |
| 2025-09-30 | $911M | 90 | -5.13% | +17.52% | -22.64% | -0.10B |
| 2025-06-30 | $864M | 87 | -11.58% | +14.94% | -26.52% | +0.05B |
| 2025-03-31 | $840M | 90 | -18.70% | +8.30% | -27.00% | +0.15B |
| 2024-12-31 | $748M | 88 | -0.36% | +24.89% | -25.25% | +0.05B |
| 2024-09-30 | $781M | 92 | +28.48% | +36.04% | -7.56% | -0.02B |
| 2024-06-30 | $729M | 88 | +3.18% | +24.49% | -21.31% | +0.00B |
| 2024-03-31 | $812M | 98 | +25.34% | +29.62% | -4.28% | +0.01B |
| 2023-12-31 | $702M | 87 | -4.33% | +26.18% | -30.51% | +0.08B |
| 2023-09-30 | $543M | 101 | -3.15% | +21.57% | -24.72% | +0.04B |
| 2023-06-30 | $577M | 95 | +14.34% | +19.42% | -5.08% | +0.08B |
| 2023-03-31 | $460M | 83 | -6.86% | -7.82% | +0.96% | +0.13B |
| 2022-12-31 | $376M | 81 | +16.98% | +7.56% | +9.42% | -0.04B |
| 2022-09-30 | $352M | 89 | +3.55% | -4.93% | +8.48% | +0.07B |
| 2022-06-30 | $272M | 76 | -11.39% | -16.11% | +4.72% | -0.03B |