Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.38%
adds when stocks drop
when a holding falls −10%+
Middle response
-5.55%
baseline attrition
Rally response
-14.58%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RVMDRevolution Medicines, In | $195M | 10.0% | +175.0% | 2.8 yr |
| ERASErasca, Inc. | $180M | 9.3% | +1081.0% | 2.0 yr |
| IDYAIDEAYA Biosciences, Inc. | $115M | 5.9% | +103.4% | 4.8 yr |
| — | $92M | 4.7% | — | 1.3 yr |
| CNTACentessa Pharmaceuticals | $84M | 4.3% | +176.2% | 2.3 yr |
| TERNTerns Pharmaceuticals, I | $79M | 4.1% | — | 0.5 yr |
| ABVXAbivax S.A. | $75M | 3.9% | +1681.6% | 0.8 yr |
| TNGXTango Therapeutics, Inc. | $63M | 3.2% | +1427.0% | 0.8 yr |
| CYTKCytokinetics, Incorporat | $58M | 3.0% | +64.0% | 5.0 yr |
| OLMAOlema Pharmaceuticals, I | $48M | 2.5% | +296.5% | 5.5 yr |
| UTHRUnited Therapeutics Corp | $47M | 2.4% | +92.4% | 0.5 yr |
| IMCRImmunocore Holdings plc | $45M | 2.3% | +1.6% | 2.8 yr |
| MDGLMadrigal Pharmaceuticals | $44M | 2.3% | +58.0% | 1.3 yr |
| RYTMRhythm Pharmaceuticals, | $39M | 2.0% | +64.2% | 1.3 yr |
| CGONCG Oncology, Inc. Common | $39M | 2.0% | +176.4% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology90.5%+0.1pp$1.76B
Unknown7.6%+3.6pp$148M
Drug Manufacturers - General1.9%$37M
Country
US78.3%-2.5pp
Unknown7.6%+3.6pp
GB6.7%+5.7pp
FR3.9%
CH1.4%-1.0pp
CA1.3%-2.5pp
IE0.6%
NL0.1%
Top 5: 34.3% · Top 10: 50.9% · Top 25: 78.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ERAS | $18M | +0.19B | 1081.0% |
| RVMD | $57M | +0.10B | 175.0% |
| IDYA | $57M | +0.06B | 103.4% |
| OLMA | $12M | +0.04B | 296.5% |
| MAZE | $10M | +0.02B | 171.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MLTX | $14M | -0.01B | -52.3% |
Top buys this quarter · 15
| CNTA Centessa Pharmaceuticals plc | +$76M |
| CYTK Cytokinetics, Incorporated | +$38M |
| ABVX Abivax S.A. | +$31M |
| CGON CG Oncology, Inc. Common stock | +$25M |
| TYRA Tyra Biosciences, Inc. | +$25M |
| RYTM Rhythm Pharmaceuticals, Inc. | +$23M |
| IMCR Immunocore Holdings plc | +$20M |
| RCUS Arcus Biosciences, Inc. | +$19M |
| MDGL Madrigal Pharmaceuticals, Inc. | +$18M |
| VOR Vor Biopharma Inc. | +$12M |
Top sells this quarter · 15
| JAZZ Jazz Pharmaceuticals plcexit | −$38M |
| ERAS Erasca, Inc. | −$48M |
| TNGX Tango Therapeutics, Inc. | −$37M |
| PCVX Vaxcyte, Inc. | −$20M |
| XENE Xenon Pharmaceuticals Inc. | −$22M |
| QURE uniQure N.V.exit | −$11M |
| KYMR Kymera Therapeutics, Inc.exit | −$11M |
| NRIX Nurix Therapeutics, Inc.exit | −$8M |
| IMVT Immunovant, Inc. | −$7M |
| LBRX LB Pharmaceuticals Inc Common | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.94B | 63 | +102.10% | +17.59% | +84.51% | +0.11B |
| 2025-12-31 | $1.50B | 64 | +22.82% | +17.72% | +5.10% | +0.14B |
| 2025-09-30 | $1.01B | 53 | -16.10% | +17.52% | -33.61% | +0.02B |
| 2025-06-30 | $749M | 45 | -31.71% | +14.94% | -46.65% | +0.23B |
| 2025-03-31 | $563M | 39 | -31.01% | +8.30% | -39.32% | -0.05B |
| 2024-12-31 | $824M | 46 | +0.26% | +24.89% | -24.63% | +0.00B |
| 2024-09-30 | $893M | 53 | +39.80% | +36.04% | +3.76% | -0.04B |
| 2024-06-30 | $868M | 51 | +26.32% | +24.49% | +1.83% | -0.02B |
| 2024-03-31 | $950M | 50 | +61.08% | +29.62% | +31.46% | -0.02B |
| 2023-12-31 | $899M | 47 | +31.85% | +26.18% | +5.67% | +0.00B |
| 2023-09-30 | $701M | 52 | -3.85% | +21.57% | -25.42% | -0.01B |
| 2023-06-30 | $724M | 50 | +13.97% | +19.42% | -5.45% | -0.11B |
| 2023-03-31 | $699M | 43 | -47.40% | -7.82% | -39.58% | -0.06B |
| 2022-12-31 | $854M | 40 | -6.61% | +7.56% | -14.17% | +0.10B |
| 2022-09-30 | $811M | 38 | +15.63% | -4.93% | +20.56% | +0.18B |
| 2022-06-30 | $545M | 32 | -44.94% | -16.11% | -28.83% | +0.12B |