Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.71%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.98%
baseline attrition
Rally response
+2.93%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ABVXAbivax S.A. | $722M | 20.6% | +1681.6% | 2.5 yr |
| CGONCG Oncology, Inc. Common | $248M | 7.1% | +176.4% | 2.3 yr |
| TNGXTango Therapeutics, Inc. | $220M | 6.3% | +1427.0% | 2.3 yr |
| COGTCogent Biosciences, Inc. | $190M | 5.4% | +542.6% | 4.5 yr |
| CNTACentessa Pharmaceuticals | $170M | 4.9% | +176.2% | 2.8 yr |
| DNTHDianthus Therapeutics, I | $141M | 4.0% | +362.6% | 1.5 yr |
| TYRATyra Biosciences, Inc. | $124M | 3.6% | +311.8% | 4.5 yr |
| IMVTImmunovant, Inc. | $111M | 3.2% | +45.3% | 1.5 yr |
| BCRXBioCryst Pharmaceuticals | $105M | 3.0% | +26.9% | 0.3 yr |
| MIRMMirum Pharmaceuticals, I | $98M | 2.8% | +105.1% | 0.5 yr |
| VORVor Biopharma Inc. | $96M | 2.8% | +24.3% | 0.3 yr |
| SYRESpyre Therapeutics, Inc. | $96M | 2.7% | +212.5% | 0.8 yr |
| AMLXAmylyx Pharmaceuticals, | $87M | 2.5% | +292.7% | 1.8 yr |
| IRONDisc Medicine, Inc. | $86M | 2.5% | +28.8% | 1.8 yr |
| DYNDyne Therapeutics, Inc. | $84M | 2.4% | +73.3% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology96.0%+5.2pp$3.35B
Unknown2.9%-4.8pp$102M
Medical - Devices0.9%$33M
Medical - Pharmaceuticals0.2%$6M
Country
US69.3%-9.5pp
FR20.6%+15.5pp
GB5.3%-3.0pp
Unknown2.9%-4.8pp
CH1.2%
BE0.6%
Top 5: 44.4% · Top 10: 60.9% · Top 25: 88.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ABVX | $38M | +0.64B | 1681.6% |
| COGT | $42M | +0.23B | 542.6% |
| TNGX | $15M | +0.21B | 1427.0% |
| CGON | $90M | +0.16B | 176.4% |
| DNTH | $27M | +0.10B | 362.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| BCRX BioCryst Pharmaceuticals, Inc.new | +$105M |
| VOR Vor Biopharma Inc.new | +$101M |
| MIRM Mirum Pharmaceuticals, Inc. | +$92M |
| IMVT Immunovant, Inc. | +$69M |
| IRON Disc Medicine, Inc. | +$56M |
| IPSC Century Therapeutics, Inc.new | +$40M |
| TECX Tectonic Therapeutic, Inc.new | +$37M |
| CATX Perspective Therapeutics, Inc.new | +$33M |
| ALXO ALX Oncology Holdings Inc.new | +$26M |
| AGMB AgomAb Therapeutics N.V. Amerinew | +$22M |
Top sells this quarter · 15
| ABVX Abivax S.A. | −$70M |
| LQDA Liquidia Corporation | −$49M |
| TNGX Tango Therapeutics, Inc. | −$113M |
| EYPT EyePoint Pharmaceuticals, Inc.exit | −$46M |
| AGIO Agios Pharmaceuticals, Inc.exit | −$40M |
| GPCR Structure Therapeutics Inc. | −$38M |
| COGT Cogent Biosciences, Inc. | −$35M |
| OCUL Ocular Therapeutix, Inc. | −$35M |
| URGN UroGen Pharma Ltd. | −$6M |
| MAZE Maze Therapeutics, Inc.exit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.50B | 49 | +302.90% | +17.59% | +285.31% | +0.16B |
| 2025-12-31 | $3.02B | 43 | +158.81% | +17.72% | +141.09% | +0.18B |
| 2025-09-30 | $2.03B | 40 | +43.07% | +17.52% | +25.55% | +0.16B |
| 2025-06-30 | $876M | 37 | -25.24% | +14.94% | -40.18% | -0.02B |
| 2025-03-31 | $733M | 37 | -46.18% | +8.30% | -54.48% | +0.01B |
| 2024-12-31 | $1.02B | 38 | -10.97% | +24.89% | -35.86% | +0.11B |
| 2024-09-30 | $1.18B | 36 | +26.10% | +36.04% | -9.93% | +0.11B |
| 2024-06-30 | $960M | 32 | +8.75% | +24.49% | -15.74% | -0.15B |
| 2024-03-31 | $1.26B | 33 | +36.58% | +29.62% | +6.96% | +0.21B |
| 2023-12-31 | $902M | 29 | +7.38% | +26.18% | -18.80% | +0.16B |
| 2023-09-30 | $679M | 26 | +2.53% | +21.57% | -19.04% | +0.09B |
| 2023-06-30 | $610M | 22 | +37.58% | +19.42% | +18.15% | +0.04B |
| 2023-03-31 | $513M | 22 | +5.15% | -7.82% | +12.97% | -0.01B |
| 2022-12-31 | $567M | 21 | +4.60% | +7.56% | -2.96% | +0.22B |
| 2022-09-30 | $333M | 21 | +29.41% | -4.93% | +34.34% | +0.03B |
| 2022-06-30 | $235M | 22 | -15.74% | -16.11% | +0.37% | +0.03B |