Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.76%
adds when stocks drop
when a holding falls −10%+
Middle response
-11.61%
baseline attrition
Rally response
-15.90%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KRYSKrystal Biotech, Inc. | $298M | 12.1% | +43.3% | 5.5 yr |
| CELCCelcuity Inc. | $147M | 5.9% | +1029.0% | 5.0 yr |
| TGTXTG Therapeutics, Inc. | $134M | 5.4% | -15.7% | 3.5 yr |
| PODDInsulet Corporation | $118M | 4.8% | -20.1% | 2.0 yr |
| NVCRNovoCure Limited | $114M | 4.6% | -38.8% | 5.5 yr |
| UTHRUnited Therapeutics Corp | $111M | 4.5% | +92.4% | 4.8 yr |
| — | $106M | 4.3% | — | 2.3 yr |
| VCELVericel Corporation | $82M | 3.3% | -27.9% | 3.5 yr |
| ALKSAlkermes plc | $70M | 2.8% | +7.1% | 1.3 yr |
| ANIPANI Pharmaceuticals, Inc | $63M | 2.6% | +14.9% | 1.8 yr |
| GMEDGlobus Medical, Inc. | $63M | 2.5% | +17.7% | 1.0 yr |
| GERNGeron Corporation | $62M | 2.5% | -6.3% | 1.3 yr |
| TWSTTwist Bioscience Corpora | $58M | 2.4% | +21.0% | 1.3 yr |
| EWTXEdgewise Therapeutics, I | $46M | 1.9% | +43.2% | 2.0 yr |
| BBNXBeta Bionics, Inc. | $44M | 1.8% | -18.1% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology57.3%+5.4pp$1.41B
Medical - Devices16.1%+3.0pp$397M
Unknown7.2%-1.6pp$176M
Drug Manufacturers - Specialty & Generic5.5%-2.4pp$135M
Medical - Instruments & Supplies4.6%-5.0pp$114M
Medical - Diagnostics & Research4.5%$111M
Medical - Healthcare Information Services1.8%$44M
Medical - Equipment & Services1.8%-1.7pp$44M
Drug Manufacturers - General1.0%-4.2pp$24M
Medical - Pharmaceuticals0.3%$8M
Country
US79.9%+9.0pp
Unknown7.2%-1.6pp
JE4.6%-3.5pp
IE3.7%
GB1.5%+1.0pp
FR1.1%-1.2pp
NL0.9%-2.9pp
CA0.8%-0.1pp
Top 5: 32.9% · Top 10: 50.4% · Top 25: 76.2%
Top buys this quarter · 15
| PODD Insulet Corporation | +$87M |
| UTHR United Therapeutics Corporatio | +$75M |
| VCEL Vericel Corporation | +$57M |
| KRYS Krystal Biotech, Inc. | +$55M |
| INDV Indivior Pharmaceuticals Incnew | +$39M |
| PGNY Progyny, Inc.new | +$35M |
| TGTX TG Therapeutics, Inc. | +$30M |
| GERN Geron Corporation | +$27M |
| ANIP ANI Pharmaceuticals, Inc. | +$26M |
| ALKS Alkermes plc | +$23M |
Top sells this quarter · 15
| FOLD Amicus Therapeutics, Inc.exit | −$75M |
| DXCM DexCom, Inc. | −$73M |
| CELC Celcuity Inc. | −$60M |
| BMRN BioMarin Pharmaceutical Inc. | −$38M |
| GSK GSK plcexit | −$35M |
| ERAS Erasca, Inc.exit | −$35M |
| ELVN Enliven Therapeutics, Inc. | −$31M |
| TWST Twist Bioscience Corporation | −$30M |
| NBIX Neurocrine Biosciences, Inc.exit | −$23M |
| TFX Teleflex Incorporatedexit | −$23M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.47B | 91 | +43.39% | +17.59% | +25.80% | +0.12B |
| 2025-12-31 | $2.35B | 92 | +33.00% | +17.72% | +15.28% | -0.01B |
| 2025-09-30 | $1.86B | 85 | -0.91% | +17.52% | -18.42% | +0.14B |
| 2025-06-30 | $1.39B | 92 | -9.18% | +14.94% | -24.12% | +0.28B |
| 2025-03-31 | $1.21B | 72 | -6.65% | +8.30% | -14.96% | +0.00B |
| 2024-12-31 | $1.30B | 79 | +16.20% | +24.89% | -8.69% | +0.16B |
| 2024-09-30 | $1.20B | 85 | +37.09% | +36.04% | +1.06% | -0.07B |
| 2024-06-30 | $1.13B | 91 | +4.75% | +24.49% | -19.74% | +0.06B |
| 2024-03-31 | $1.13B | 89 | +14.99% | +29.62% | -14.63% | +0.10B |
| 2023-12-31 | $896M | 72 | +5.72% | +26.18% | -20.45% | -0.20B |
| 2023-09-30 | $987M | 89 | +4.59% | +21.57% | -16.98% | +0.21B |
| 2023-06-30 | $900M | 101 | +17.11% | +19.42% | -2.31% | +0.07B |
| 2023-03-31 | $807M | 76 | -13.68% | -7.82% | -5.86% | +0.07B |
| 2022-12-31 | $692M | 71 | +10.33% | +7.56% | +2.77% | -0.12B |
| 2022-09-30 | $735M | 75 | -3.23% | -4.93% | +1.69% | +0.14B |
| 2022-06-30 | $618M | 69 | -23.85% | -16.11% | -7.74% | +0.12B |