Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.35%
adds when stocks drop
when a holding falls −10%+
Middle response
+6.07%
steady accumulation
Rally response
-10.88%
trims into rallies
when a holding rises +10%+
Top positions · 28
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ROIVRoivant Sciences Ltd. | $226M | 42.1% | +174.5% | 3.5 yr |
| ARGXargenx SE | $27M | 5.0% | +23.4% | 1.0 yr |
| ONCBeOne Medicines Ltd. | $24M | 4.4% | +9.1% | 0.5 yr |
| COGTCogent Biosciences, Inc. | $23M | 4.3% | +542.6% | 0.5 yr |
| MIRMMirum Pharmaceuticals, I | $21M | 4.0% | +105.1% | 1.5 yr |
| BLTEBelite Bio, Inc | $19M | 3.5% | +140.8% | 0.3 yr |
| LEGNLegend Biotech Corporati | $18M | 3.3% | -46.7% | 0.3 yr |
| NKTRNektar Therapeutics | $15M | 2.8% | — | 0.3 yr |
| — | $14M | 2.7% | — | 0.5 yr |
| PHVSPharvaris N.V. | $14M | 2.6% | +79.9% | 1.8 yr |
| ABVXAbivax S.A. | $14M | 2.5% | +1681.6% | 0.8 yr |
| XENEXenon Pharmaceuticals In | $13M | 2.5% | +73.3% | 0.5 yr |
| CELCCelcuity Inc. | $11M | 2.0% | +1029.0% | 0.8 yr |
| EYPTEyePoint Pharmaceuticals | $10M | 1.9% | +137.8% | 1.8 yr |
| MRKMerck & Co., Inc. | $10M | 1.8% | +38.9% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology88.0%-8.1pp$473M
Medical - Pharmaceuticals4.4%+1.4pp$24M
Unknown3.4%+2.6pp$18M
Drug Manufacturers - General1.8%$10M
Medical - Devices1.3%$7M
Drug Manufacturers - Specialty & Generic1.1%$6M
Country
GB42.1%-16.1pp
US42.0%+2.7pp
NL7.6%+5.8pp
Unknown3.4%+2.6pp
FR2.5%
CA2.5%
Top 5: 59.7% · Top 10: 74.6% · Top 25: 98.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ROIV | $126M | +0.22B | 174.5% |
| EYPT | $8M | +0.01B | 137.8% |
| KYMR | $4M | +0.01B | 204.3% |
| MIRM | $5M | +0.01B | 105.1% |
| ELVN | $5M | +0.00B | 99.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| BLTE Belite Bio, Incnew | +$19M |
| LEGN Legend Biotech Corporationnew | +$18M |
| NKTR Nektar Therapeuticsnew | +$15M |
| COGT Cogent Biosciences, Inc. | +$11M |
| MRK Merck & Co., Inc.new | +$10M |
| ARGX argenx SE | +$8M |
| DFTX Definium Therapeutics, Inc.new | +$6M |
| HROW Harrow Health, Inc. | +$6M |
| TARA Protara Therapeutics, Inc.new | +$5M |
| XENE Xenon Pharmaceuticals Inc. | +$5M |
Top sells this quarter · 15
| LQDA Liquidia Corporationexit | −$9M |
| SYRE Spyre Therapeutics, Inc. | −$8M |
| MIRM Mirum Pharmaceuticals, Inc. | −$6M |
| AMLX Amylyx Pharmaceuticals, Inc.exit | −$5M |
| IRON Disc Medicine, Inc.exit | −$5M |
| DNTH Dianthus Therapeutics, Inc. | −$6M |
| ELVN Enliven Therapeutics, Inc. | −$5M |
| OCUL Ocular Therapeutix, Inc.exit | −$4M |
| ALLO Allogene Therapeutics, Inc. | −$7M |
| KYMR Kymera Therapeutics, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $538M | 28 | +134.40% | +17.59% | +116.81% | +0.05B |
| 2025-12-31 | $421M | 27 | +71.96% | +17.72% | +54.24% | -0.02B |
| 2025-09-30 | $327M | 23 | +31.90% | +17.52% | +14.39% | -0.00B |
| 2025-06-30 | $241M | 18 | -5.11% | +14.94% | -20.06% | +0.01B |
| 2025-03-31 | $217M | 18 | -19.95% | +8.30% | -28.26% | +0.01B |
| 2024-12-31 | $246M | 19 | -6.07% | +24.89% | -30.96% | -0.02B |
| 2024-09-30 | $257M | 10 | -12.36% | +36.04% | -48.39% | +0.04B |
| 2024-06-30 | $215M | 2 | +2.79% | +24.49% | -21.70% | +0.00B |
| 2024-03-31 | $235M | 2 | +53.03% | +29.62% | +23.41% | +0.05B |
| 2023-12-31 | $183M | 2 | +40.55% | +26.18% | +14.37% | +0.01B |
| 2023-09-30 | $182M | 2 | +15.87% | -3.22% | +19.10% | -0.06B |
| 2023-06-30 | $205M | 2 | +36.59% | +8.68% | +27.90% | +0.04B |
| 2023-03-31 | $124M | 2 | -7.63% | +7.46% | -15.09% | -0.09B |
| 2022-12-31 | $236M | 2 | — | — | — | — |