Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.63%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.38%
baseline attrition
Rally response
-7.32%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ERASErasca, Inc. | $56M | 15.7% | +1081.0% | 2.0 yr |
| TRDAEntrada Therapeutics, In | $51M | 14.2% | +39.6% | 4.5 yr |
| TYRATyra Biosciences, Inc. | $39M | 10.9% | +311.8% | 2.8 yr |
| CAMPCAMP4 Therapeutics Corpo | $26M | 7.2% | +10.3% | 1.5 yr |
| CNTACentessa Pharmaceuticals | $23M | 6.4% | +176.2% | 2.3 yr |
| PHVSPharvaris N.V. | $23M | 6.3% | +79.9% | 4.0 yr |
| MPLTMapLight Therapeutics, I | $19M | 5.4% | — | 0.5 yr |
| TECXTectonic Therapeutic, In | $19M | 5.2% | +74.5% | 2.0 yr |
| CLDXCelldex Therapeutics, In | $16M | 4.4% | +74.8% | 3.0 yr |
| ARTVArtiva Biotherapeutics, | $15M | 4.2% | +114.7% | 1.8 yr |
| EYPTEyePoint Pharmaceuticals | $14M | 3.8% | +137.8% | 2.0 yr |
| — | $11M | 3.1% | — | 1.3 yr |
| ZNTLZentalis Pharmaceuticals | $9M | 2.6% | +47.2% | 3.0 yr |
| GHRSGH Research PLC | $8M | 2.2% | +27.5% | 3.0 yr |
| TARAProtara Therapeutics, In | $7M | 2.0% | +22.3% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology93.5%+11.3pp$337M
Unknown6.5%-11.3pp$23M
Country
US77.9%+12.0pp
GB7.1%+2.1pp
Unknown6.5%-11.3pp
NL6.3%+1.5pp
IE2.2%-0.2pp
Top 5: 54.4% · Top 10: 79.8% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ERAS | $7M | +0.08B | 1081.0% |
| TYRA | $9M | +0.03B | 311.8% |
| CNTA | $12M | +0.02B | 176.2% |
| TRDA | $40M | +0.02B | 39.6% |
| PHVS | $13M | +0.01B | 79.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $360M | 20 | +133.39% | +17.59% | +115.79% | -0.08B |
| 2025-12-31 | $318M | 21 | +11.43% | +17.72% | -6.29% | -0.05B |
| 2025-09-30 | $273M | 25 | -26.39% | +17.52% | -43.91% | -0.07B |
| 2025-06-30 | $260M | 29 | -33.97% | +14.94% | -48.91% | +0.01B |
| 2025-03-31 | $264M | 31 | -32.57% | +8.30% | -40.87% | -0.01B |
| 2024-12-31 | $419M | 31 | +31.68% | +24.89% | +6.79% | -0.01B |
| 2024-09-30 | $484M | 28 | +53.86% | +36.04% | +17.82% | -0.04B |
| 2024-06-30 | $447M | 28 | +15.88% | +24.49% | -8.61% | +0.01B |
| 2024-03-31 | $447M | 26 | +27.34% | +29.62% | -2.28% | -0.04B |
| 2023-12-31 | $377M | 25 | -6.05% | +26.18% | -32.23% | +0.01B |
| 2023-09-30 | $348M | 26 | -14.01% | +21.57% | -35.58% | -0.01B |
| 2023-06-30 | $401M | 24 | +10.49% | +19.42% | -8.94% | -0.02B |
| 2023-03-31 | $391M | 24 | -12.67% | -7.82% | -4.85% | +0.04B |
| 2022-12-31 | $372M | 21 | -4.51% | +7.56% | -12.07% | -0.13B |
| 2022-09-30 | $522M | 21 | +14.11% | -4.93% | +19.04% | +0.06B |
| 2022-06-30 | $404M | 21 | -15.09% | -16.11% | +1.02% | +0.02B |