Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.88%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.63%
baseline attrition
Rally response
-22.24%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TERNTerns Pharmaceuticals, I | $77M | 11.0% | — | 4.0 yr |
| KODKodiak Sciences Inc. | $48M | 6.9% | +1256.6% | 3.5 yr |
| ALMSAlumis Inc. Common Stock | $27M | 3.8% | +258.8% | 0.3 yr |
| PCVXVaxcyte, Inc. | $25M | 3.6% | +53.9% | 4.5 yr |
| — | $23M | 3.3% | — | 1.8 yr |
| HROWHarrow Health, Inc. | $19M | 2.7% | +32.6% | 1.0 yr |
| RLMDRelmada Therapeutics, In | $19M | 2.7% | +2477.8% | 5.0 yr |
| CYTKCytokinetics, Incorporat | $19M | 2.7% | +64.0% | 3.8 yr |
| — | $16M | 2.3% | — | 0.8 yr |
| CAPRCapricor Therapeutics, I | $16M | 2.3% | +220.3% | 1.0 yr |
| RVMDRevolution Medicines, In | $16M | 2.3% | +175.0% | 0.5 yr |
| CLDXCelldex Therapeutics, In | $15M | 2.1% | +74.8% | 3.3 yr |
| PHVSPharvaris N.V. | $14M | 2.0% | +79.9% | 0.8 yr |
| CNTBConnect Biopharma Holdin | $13M | 1.9% | — | 0.5 yr |
| — | $12M | 1.7% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology75.9%-5.2pp$530M
Unknown16.1%+5.8pp$112M
Drug Manufacturers - Specialty & Generic5.3%+3.5pp$37M
Medical - Devices0.9%+0.4pp$6M
Drug Manufacturers - General0.9%$6M
Medical - Care Facilities0.5%$4M
Asset Management - Leveraged0.2%$2M
Medical - Diagnostics & Research0.1%-1.2pp$1M
Medical - Pharmaceuticals0.0%$0M
Agricultural Inputs0.0%$0M
Country
US75.1%-11.0pp
Unknown16.1%+5.8pp
NL2.5%
FR2.0%
CN1.9%
GB0.9%-1.9pp
CA0.6%-0.2pp
IE0.3%
Top 5: 28.6% · Top 10: 41.3% · Top 25: 66.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KOD | $2M | +0.02B | 1256.6% |
| ORKA | $2M | +0.01B | 378.1% |
| MAZE | $4M | +0.01B | 171.1% |
| PCVX | $8M | +0.00B | 53.9% |
| CYTK | $6M | +0.00B | 64.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| RARE | $8M | -0.00B | -42.1% |
Top buys this quarter · 15
| ALMS Alumis Inc. Common Stocknew | +$27M |
| KOD Kodiak Sciences Inc. | +$21M |
| HROW Harrow Health, Inc. | +$13M |
| ANIP ANI Pharmaceuticals, Inc.new | +$11M |
| CLDX Celldex Therapeutics, Inc. | +$11M |
| RARE Ultragenyx Pharmaceutical Inc. | +$10M |
| ORKA Oruka Therapeutics, Inc. | +$9M |
| BBIO BridgeBio Pharma, Inc. | +$8M |
| VERA Vera Therapeutics, Inc. | +$7M |
| CYTK Cytokinetics, Incorporated | +$7M |
Top sells this quarter · 15
| JAZZ Jazz Pharmaceuticals plc | −$28M |
| ABVX Abivax S.A. | −$17M |
| AMGN Amgen Inc.exit | −$16M |
| CTMX CytomX Therapeutics, Inc.exit | −$15M |
| CGON CG Oncology, Inc. Common stockexit | −$14M |
| VTYX Ventyx Biosciences, Inc.exit | −$13M |
| CELC Celcuity Inc.exit | −$12M |
| ERAS Erasca, Inc.exit | −$12M |
| PTCT PTC Therapeutics, Inc.exit | −$8M |
| MAZE Maze Therapeutics, Inc. | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $698M | 126 | +73.18% | +17.59% | +55.59% | -0.08B |
| 2025-12-31 | $771M | 134 | +38.10% | +17.72% | +20.38% | +0.20B |
| 2025-09-30 | $439M | 114 | -0.31% | +17.52% | -17.83% | +0.03B |
| 2025-06-30 | $286M | 102 | -22.85% | +14.94% | -37.79% | +0.01B |
| 2025-03-31 | $300M | 115 | -26.88% | +8.30% | -35.19% | +0.02B |
| 2024-12-31 | $342M | 121 | +20.48% | +24.89% | -4.41% | +0.05B |
| 2024-09-30 | $309M | 94 | +33.25% | +36.04% | -2.79% | -0.04B |
| 2024-06-30 | $317M | 84 | -10.55% | +24.49% | -35.04% | -0.01B |
| 2024-03-31 | $371M | 82 | -9.50% | +29.62% | -39.13% | -0.12B |
| 2023-12-31 | $365M | 77 | -60.99% | +26.18% | -87.17% | +0.09B |
| 2023-09-30 | $265M | 78 | -68.12% | +21.57% | -89.68% | +0.06B |
| 2023-06-30 | $273M | 77 | -55.18% | +19.42% | -74.60% | +0.07B |
| 2023-03-31 | $233M | 88 | -69.85% | -7.82% | -62.04% | +0.09B |
| 2022-12-31 | $241M | 66 | -15.17% | +7.56% | -22.73% | +0.07B |
| 2022-09-30 | $200M | 63 | +4.01% | -4.93% | +8.94% | -0.05B |
| 2022-06-30 | $238M | 94 | -40.54% | -16.11% | -24.43% | +0.04B |