Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-21.09%
trims when stocks drop
when a holding falls −10%+
Middle response
-25.43%
baseline attrition
Rally response
-22.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DNTHDianthus Therapeutics, I | $177M | 34.9% | +362.6% | 2.8 yr |
| CGONCG Oncology, Inc. Common | $87M | 17.3% | +176.4% | 2.3 yr |
| ORKAOruka Therapeutics, Inc. | $37M | 7.4% | +378.1% | 1.8 yr |
| CATXPerspective Therapeutics | $25M | 5.0% | +95.8% | 2.0 yr |
| JBIOJade Biosciences, Inc. | $20M | 3.9% | — | 1.0 yr |
| ELVNEnliven Therapeutics, In | $16M | 3.1% | +99.2% | 1.3 yr |
| TEVATeva Pharmaceutical Indu | $14M | 2.7% | +96.0% | 1.3 yr |
| CNTXContext Therapeutics Inc | $13M | 2.6% | +328.1% | 2.0 yr |
| RGENRepligen Corporation | $9M | 1.8% | -7.4% | 1.0 yr |
| PVLAPalvella Therapeutics, I | $9M | 1.7% | +345.3% | 0.5 yr |
| MDTMedtronic plc | $9M | 1.7% | -1.3% | 2.0 yr |
| VIRVir Biotechnology, Inc. | $9M | 1.7% | +38.3% | 2.5 yr |
| AKTSAktis Oncology, Inc. | $8M | 1.7% | — | 0.3 yr |
| — | $7M | 1.5% | — | 2.3 yr |
| HUMHumana Inc. | $6M | 1.2% | -33.8% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology77.8%+29.8pp$393M
Medical - Devices9.3%-5.2pp$47M
Drug Manufacturers - Specialty & Generic3.1%+1.3pp$15M
Unknown2.3%-1.0pp$12M
Medical - Healthcare Plans1.8%-8.2pp$9M
Medical - Instruments & Supplies1.8%+0.3pp$9M
Medical - Diagnostics & Research1.0%-9.2pp$5M
Medical - Care Facilities0.8%-1.2pp$4M
Drug Manufacturers - General0.6%-1.1pp$3M
Medical - Pharmaceuticals0.4%$2M
Country
US91.6%+2.6pp
IL2.7%+1.1pp
Unknown2.3%-1.0pp
IE2.1%-0.0pp
CA0.4%-1.2pp
DK0.3%
FR0.2%
CH0.2%
Top 5: 68.5% · Top 10: 80.4% · Top 25: 94.3%
Top buys this quarter · 15
| CATX Perspective Therapeutics, Inc. | +$12M |
| ELVN Enliven Therapeutics, Inc. | +$10M |
| AKTS Aktis Oncology, Inc.new | +$8M |
| PVLA Palvella Therapeutics, Inc. | +$6M |
| ORKA Oruka Therapeutics, Inc. | +$5M |
| RGEN Repligen Corporation | +$3M |
| PODD Insulet Corporationnew | +$2M |
| KPTI Karyopharm Therapeutics Inc. | +$2M |
| CRVS Corvus Pharmaceuticals, Inc.new | +$2M |
| HIMS Hims & Hers Health, Inc.new | +$2M |
Top sells this quarter · 15
| ABT Abbott Laboratories | −$35M |
| GILD Gilead Sciences, Inc. | −$33M |
| RVMD Revolution Medicines, Inc. | −$21M |
| GPCR Structure Therapeutics Inc. | −$19M |
| CGON CG Oncology, Inc. Common stock | −$61M |
| BBIO BridgeBio Pharma, Inc. | −$10M |
| MCK McKesson Corporationexit | −$8M |
| CRL Charles River Laboratories Int | −$8M |
| DXCM DexCom, Inc. | −$8M |
| ALNY Alnylam Pharmaceuticals, Inc.exit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $505M | 52 | +58.86% | +17.59% | +41.27% | +0.07B |
| 2025-12-31 | $344M | 38 | +9.99% | +17.72% | -7.73% | -0.13B |
| 2025-09-30 | $438M | 42 | -16.29% | +17.52% | -33.80% | -0.12B |
| 2025-06-30 | $493M | 54 | -18.13% | +14.94% | -33.07% | +0.00B |
| 2025-03-31 | $477M | 62 | -27.83% | +8.30% | -36.13% | -0.39B |
| 2024-12-31 | $987M | 60 | -12.51% | +24.89% | -37.39% | -0.59B |
| 2024-09-30 | $1.92B | 80 | +7.98% | +36.04% | -28.06% | -0.66B |
| 2024-06-30 | $2.32B | 84 | -24.55% | +24.49% | -49.04% | -0.22B |
| 2024-03-31 | $2.81B | 87 | -19.70% | +29.62% | -49.33% | +0.03B |
| 2023-12-31 | $2.61B | 72 | -49.41% | +26.18% | -75.59% | +0.10B |
| 2023-09-30 | $2.48B | 83 | -53.56% | +21.57% | -75.12% | +0.26B |
| 2023-06-30 | $2.86B | 93 | -38.78% | +19.42% | -58.20% | -0.03B |
| 2023-03-31 | $3.01B | 83 | -57.49% | -7.82% | -49.68% | +0.14B |
| 2022-12-31 | $4.28B | 84 | -7.09% | +7.56% | -14.65% | +0.01B |
| 2022-09-30 | $4.60B | 95 | +2.22% | -4.93% | +7.15% | +0.14B |
| 2022-06-30 | $4.36B | 82 | -33.28% | -16.11% | -17.17% | +1.37B |