Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.61%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.87%
baseline attrition
Rally response
-6.96%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARGXargenx SE | $56M | 12.7% | +23.4% | 5.5 yr |
| ICLRICON Public Limited Comp | $40M | 9.0% | -36.8% | 3.5 yr |
| GHGuardant Health, Inc. | $29M | 6.5% | +116.8% | 4.8 yr |
| BMRNBioMarin Pharmaceutical | $29M | 6.5% | -20.1% | 2.0 yr |
| NTRANatera, Inc. | $24M | 5.5% | +41.4% | 5.5 yr |
| SRRKScholar Rock Holding Cor | $24M | 5.5% | +52.9% | 1.0 yr |
| ILMNIllumina, Inc. | $23M | 5.3% | +55.4% | 4.3 yr |
| TERNTerns Pharmaceuticals, I | $22M | 4.9% | — | 0.5 yr |
| BBIOBridgeBio Pharma, Inc. | $20M | 4.5% | +114.8% | 1.0 yr |
| — | $20M | 4.5% | — | 0.5 yr |
| PTGXProtagonist Therapeutics | $19M | 4.3% | +117.9% | 0.5 yr |
| RAREUltragenyx Pharmaceutica | $19M | 4.2% | -42.1% | 2.0 yr |
| BSXBoston Scientific Corpor | $18M | 4.2% | -37.8% | 0.3 yr |
| FTREFortrea Holdings Inc. | $12M | 2.8% | +24.8% | 0.8 yr |
| KYMRKymera Therapeutics, Inc | $12M | 2.8% | +204.3% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology55.1%+9.9pp$242M
Medical - Diagnostics & Research26.3%-7.9pp$116M
Medical - Devices7.4%-10.7pp$33M
Unknown6.0%+3.5pp$26M
Medical - Healthcare Information Services2.6%$12M
Medical - Care Facilities2.6%$11M
Country
US65.6%-8.5pp
NL12.7%+0.0pp
IE10.9%+0.5pp
Unknown6.0%+3.5pp
GB4.8%+4.5pp
Top 5: 40.3% · Top 10: 65.0% · Top 25: 100.0%
Top buys this quarter · 15
| BSX Boston Scientific Corporationnew | +$18M |
| PTGX Protagonist Therapeutics, Inc. | +$13M |
| ICLR ICON Public Limited Company | +$40M |
| TEM Tempus AI, Inc.new | +$12M |
| ARGX argenx SE | +$10M |
| BMRN BioMarin Pharmaceutical Inc. | +$8M |
| SRRK Scholar Rock Holding Corporati | +$6M |
| ALKS Alkermes plc | +$6M |
| CNTA Centessa Pharmaceuticals plc | +$4M |
| PRCT PROCEPT BioRobotics Corporatio | +$4M |
Top sells this quarter · 12
| NBIX Neurocrine Biosciences, Inc.exit | −$21M |
| EXAS Exact Sciences Corporationexit | −$15M |
| NTRA Natera, Inc. | −$12M |
| LEGN Legend Biotech Corporationexit | −$7M |
| ATAI Atai Beckley N.Vexit | −$6M |
| ILMN Illumina, Inc. | −$5M |
| MLTX MoonLake Immunotherapeuticsexit | −$3M |
| QURE uniQure N.V.exit | −$3M |
| VIR Vir Biotechnology, Inc.exit | −$2M |
| IRON Disc Medicine, Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $440M | 25 | +18.51% | +17.59% | +0.92% | +0.08B |
| 2025-12-31 | $418M | 29 | +15.53% | +17.72% | -2.18% | +0.01B |
| 2025-09-30 | $342M | 22 | -6.12% | +17.52% | -23.64% | -0.05B |
| 2025-06-30 | $362M | 20 | -3.14% | +14.94% | -18.08% | -0.01B |
| 2025-03-31 | $351M | 19 | -4.92% | +8.30% | -13.23% | +0.04B |
| 2024-12-31 | $372M | 17 | +22.49% | +24.89% | -2.40% | -0.10B |
| 2024-09-30 | $481M | 23 | +37.13% | +36.04% | +1.09% | -0.10B |
| 2024-06-30 | $525M | 24 | +10.76% | +24.49% | -13.73% | -0.02B |
| 2024-03-31 | $525M | 26 | +11.30% | +29.62% | -18.33% | -0.01B |
| 2023-12-31 | $492M | 22 | +1.92% | +26.18% | -24.26% | -0.00B |
| 2023-09-30 | $454M | 23 | +7.55% | +21.57% | -14.02% | -0.03B |
| 2023-06-30 | $535M | 27 | +22.00% | +19.42% | +2.57% | -0.00B |
| 2023-03-31 | $514M | 27 | +8.47% | -7.82% | +16.28% | +0.08B |
| 2022-12-31 | $433M | 27 | +15.37% | +7.56% | +7.81% | -0.07B |
| 2022-09-30 | $436M | 28 | +1.56% | -4.93% | +6.49% | +0.00B |
| 2022-06-30 | $429M | 28 | -7.36% | -16.11% | +8.75% | +0.05B |