Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.14%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.45%
baseline attrition
Rally response
-3.31%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JNJJohnson & Johnson | $101M | 14.2% | +51.5% | 1.8 yr |
| ISRGIntuitive Surgical, Inc. | $71M | 9.9% | -6.9% | 0.8 yr |
| TMOThermo Fisher Scientific | $65M | 9.1% | -0.9% | 0.5 yr |
| — | $58M | 8.2% | — | 2.3 yr |
| VRTXVertex Pharmaceuticals I | $58M | 8.1% | -7.9% | 0.8 yr |
| LLYEli Lilly and Company | $57M | 8.0% | +12.2% | 2.8 yr |
| MDGLMadrigal Pharmaceuticals | $54M | 7.6% | +58.0% | 3.5 yr |
| DXCMDexCom, Inc. | $44M | 6.2% | -8.0% | 1.0 yr |
| UTHRUnited Therapeutics Corp | $42M | 5.9% | +92.4% | 1.8 yr |
| NUVLNuvalent, Inc. | $32M | 4.4% | +44.5% | 1.3 yr |
| TEVATeva Pharmaceutical Indu | $31M | 4.3% | +96.0% | 3.3 yr |
| JAZZJazz Pharmaceuticals plc | $30M | 4.2% | +52.3% | 1.8 yr |
| ARGXargenx SE | $23M | 3.2% | +23.4% | 4.3 yr |
| TARSTarsus Pharmaceuticals, | $18M | 2.5% | +36.6% | 0.8 yr |
| DNTHDianthus Therapeutics, I | $12M | 1.7% | +362.6% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology40.1%+8.8pp$286M
Drug Manufacturers - General22.2%+16.8pp$158M
Medical - Devices16.1%+9.4pp$114M
Medical - Diagnostics & Research9.1%+4.0pp$65M
Unknown8.2%-5.2pp$58M
Drug Manufacturers - Specialty & Generic4.3%-6.5pp$31M
Country
US80.0%+13.2pp
Unknown8.2%-5.2pp
IL4.3%-4.4pp
IE4.2%
NL3.2%-5.9pp
Top 5: 49.6% · Top 10: 81.6% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TEVA | $16M | +0.02B | 96.0% |
| MDGL | $13M | +0.01B | 58.0% |
| AXSM | $12M | +0.01B | 44.9% |
| NUVL | $7M | +0.00B | 44.5% |
| ARGX | $11M | +0.00B | 23.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 8
| ISRG Intuitive Surgical, Inc. | +$65M |
| TMO Thermo Fisher Scientific Inc. | +$57M |
| VRTX Vertex Pharmaceuticals Incorpo | +$42M |
| DXCM DexCom, Inc. | +$17M |
| TARS Tarsus Pharmaceuticals, Inc. | +$9M |
| MDGL Madrigal Pharmaceuticals, Inc. | +$9M |
| DFTX Definium Therapeutics, Inc.new | +$7M |
| NUVL Nuvalent, Inc. | +$0M |
Top sells this quarter · 13
| DHR Danaher Corporationexit | −$66M |
| JNJ Johnson & Johnson | −$46M |
| IONS Ionis Pharmaceuticals, Inc.exit | −$42M |
| DNTH Dianthus Therapeutics, Inc. | −$40M |
| BSX Boston Scientific Corporationexit | −$33M |
| VERA Vera Therapeutics, Inc.exit | −$32M |
| UTHR United Therapeutics Corporatio | −$30M |
| AXSM Axsome Therapeutics, Inc. | −$24M |
| TEVA Teva Pharmaceutical Industries | −$12M |
| ARGX argenx SE | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $713M | 17 | +56.29% | +17.59% | +38.70% | -0.09B |
| 2025-12-31 | $770M | 15 | +44.55% | +17.72% | +26.84% | +0.22B |
| 2025-09-30 | $435M | 18 | +17.93% | +17.52% | +0.41% | +0.05B |
| 2025-06-30 | $330M | 23 | +13.35% | +14.94% | -1.59% | +0.14B |
| 2025-03-31 | $187M | 21 | +14.39% | +8.30% | +6.09% | -0.28B |
| 2024-12-31 | $483M | 28 | +30.33% | +24.89% | +5.44% | +0.06B |
| 2024-09-30 | $407M | 19 | +29.97% | +36.04% | -6.07% | -0.01B |
| 2024-06-30 | $374M | 24 | +30.16% | +24.49% | +5.67% | +0.08B |
| 2024-03-31 | $288M | 27 | +35.45% | +29.62% | +5.82% | +0.07B |
| 2023-12-31 | $204M | 23 | +6.86% | +26.18% | -19.32% | -0.12B |
| 2023-09-30 | $312M | 60 | -7.49% | +21.57% | -29.05% | +0.01B |
| 2023-06-30 | $269M | 58 | -16.29% | +19.42% | -35.72% | -0.08B |
| 2023-03-31 | $328M | 47 | -55.28% | -7.82% | -47.46% | +0.13B |
| 2022-12-31 | $226M | 65 | -10.92% | +7.56% | -18.48% | -0.09B |
| 2022-09-30 | $351M | 39 | +1.50% | -4.93% | +6.43% | +0.10B |
| 2022-06-30 | $243M | 49 | -42.69% | -16.11% | -26.58% | +0.10B |