Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.44%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.64%
baseline attrition
Rally response
-1.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KALVKalVista Pharmaceuticals | $58M | 6.9% | +74.4% | 3.8 yr |
| DNTHDianthus Therapeutics, I | $55M | 6.5% | +362.6% | 1.3 yr |
| COGTCogent Biosciences, Inc. | $51M | 6.0% | +542.6% | 5.0 yr |
| CELCCelcuity Inc. | $41M | 4.8% | +1029.0% | 0.8 yr |
| IMNMImmunome, Inc. | $40M | 4.8% | +225.0% | 0.8 yr |
| KODKodiak Sciences Inc. | $38M | 4.5% | +1256.6% | 2.8 yr |
| NUVLNuvalent, Inc. | $36M | 4.3% | +44.5% | 3.5 yr |
| ABVXAbivax S.A. | $34M | 4.0% | +1681.6% | 2.0 yr |
| GLUEMonte Rosa Therapeutics, | $33M | 3.9% | +254.5% | 1.3 yr |
| ERASErasca, Inc. | $30M | 3.6% | +1081.0% | 2.5 yr |
| — | $29M | 3.4% | — | 3.3 yr |
| URGNUroGen Pharma Ltd. | $27M | 3.2% | +62.6% | 2.8 yr |
| RYTMRhythm Pharmaceuticals, | $27M | 3.2% | +64.2% | 3.0 yr |
| — | $23M | 2.7% | — | 2.5 yr |
| ZBIOZenas BioPharma, Inc. | $22M | 2.6% | +147.5% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology86.6%+1.5pp$730M
Unknown8.5%-2.8pp$72M
Shell Companies1.5%$12M
Drug Manufacturers - General1.1%-0.4pp$9M
Medical - Diagnostics & Research1.1%$9M
Medical - Devices0.9%-1.1pp$7M
Medical - Care Facilities0.2%$2M
Asset Management0.1%$1M
Country
US79.4%+11.6pp
Unknown8.5%-2.8pp
FR4.0%+3.7pp
GB2.4%-6.0pp
IE1.9%+1.0pp
KY1.5%
CA1.4%+1.3pp
IL0.8%-0.1pp
Top 5: 29.0% · Top 10: 49.3% · Top 25: 81.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ERAS | $10M | +0.11B | 1081.0% |
| ABVX | $1M | +0.02B | 1681.6% |
| KOD | $1M | +0.02B | 1256.6% |
| ORIC | $11M | +0.01B | 127.1% |
| KALV | $20M | +0.01B | 74.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| ZBIO Zenas BioPharma, Inc.new | +$22M |
| GLUE Monte Rosa Therapeutics, Inc. | +$16M |
| IMNM Immunome, Inc. | +$16M |
| RYTM Rhythm Pharmaceuticals, Inc. | +$15M |
| HLXC Helix Acquisition Corp. III Clnew | +$12M |
| XENE Xenon Pharmaceuticals Inc. | +$11M |
| ALKS Alkermes plc | +$10M |
| IMVT Immunovant, Inc. | +$9M |
| KALV KalVista Pharmaceuticals, Inc. | +$9M |
| ERAS Erasca, Inc. | +$9M |
Top sells this quarter · 15
| ABVX Abivax S.A. | −$13M |
| CGON CG Oncology, Inc. Common stock | −$13M |
| PFE Pfizer Inc.exit | −$12M |
| CYTK Cytokinetics, Incorporated | −$9M |
| DNTH Dianthus Therapeutics, Inc. | −$31M |
| AMLX Amylyx Pharmaceuticals, Inc.exit | −$7M |
| VRDN Viridian Therapeutics, Inc.exit | −$7M |
| VCYT Veracyte, Inc. | −$6M |
| BIIB Biogen Inc. | −$4M |
| URGN UroGen Pharma Ltd. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $843M | 66 | +94.37% | +17.59% | +76.78% | +0.10B |
| 2025-12-31 | $679M | 63 | +43.57% | +17.72% | +25.85% | -0.13B |
| 2025-09-30 | $661M | 72 | +7.28% | +17.52% | -10.24% | +0.02B |
| 2025-06-30 | $464M | 56 | -15.28% | +14.94% | -30.22% | -0.01B |
| 2025-03-31 | $454M | 66 | -33.33% | +8.30% | -41.63% | +0.11B |
| 2024-12-31 | $422M | 57 | -4.10% | +24.89% | -28.99% | +0.04B |
| 2024-09-30 | $418M | 67 | +16.97% | +36.04% | -19.07% | -0.01B |
| 2024-06-30 | $396M | 65 | +9.90% | +24.49% | -14.60% | +0.11B |
| 2024-03-31 | $354M | 72 | +50.82% | +29.62% | +21.20% | -0.02B |
| 2023-12-31 | $324M | 64 | +20.10% | +26.18% | -6.07% | +0.02B |
| 2023-09-30 | $268M | 68 | +17.84% | +21.57% | -3.73% | -0.04B |
| 2023-06-30 | $296M | 77 | +11.69% | +19.42% | -7.73% | +0.05B |
| 2023-03-31 | $223M | 67 | -24.91% | -7.82% | -17.10% | -0.05B |
| 2022-12-31 | $290M | 81 | +9.78% | +7.56% | +2.22% | +0.04B |
| 2022-09-30 | $231M | 68 | -2.55% | -4.93% | +2.38% | +0.03B |
| 2022-06-30 | $209M | 58 | -24.14% | -16.11% | -8.03% | +0.07B |