Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.74%
adds when stocks drop
when a holding falls −10%+
Middle response
-9.96%
baseline attrition
Rally response
-1.13%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $32M | 20.3% | — | 2.5 yr |
| TARAProtara Therapeutics, In | $15M | 9.3% | +22.3% | 2.0 yr |
| — | $13M | 8.0% | — | 0.5 yr |
| EVMNEvommune, Inc. | $10M | 6.4% | — | 0.5 yr |
| MPLTMapLight Therapeutics, I | $10M | 6.3% | — | 0.5 yr |
| — | $9M | 5.8% | — | 1.8 yr |
| ABVXAbivax S.A. | $9M | 5.4% | +1681.6% | 0.8 yr |
| HRTXHeron Therapeutics, Inc. | $7M | 4.4% | -63.6% | 3.5 yr |
| IMMXImmix Biopharma, Inc. | $7M | 4.2% | +442.3% | 1.0 yr |
| ESPREsperion Therapeutics, I | $5M | 3.0% | +90.3% | 0.5 yr |
| — | $4M | 2.7% | — | 1.3 yr |
| AVRAnteris Technologies Glo | $4M | 2.4% | +52.5% | 0.3 yr |
| — | $3M | 2.1% | — | 3.0 yr |
| XNCRXencor, Inc. | $3M | 1.9% | +13.3% | 0.3 yr |
| — | $3M | 1.7% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology51.9%-25.1pp$83M
Unknown44.5%+23.6pp$71M
Medical - Devices3.6%+1.6pp$6M
Country
US45.9%-26.8pp
Unknown44.5%+23.6pp
FR5.4%
AU3.1%
CA1.2%
NL0.0%-0.0pp
Top 5: 50.3% · Top 10: 73.1% · Top 25: 96.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TARA | $7M | +0.00B | 22.3% |
| CTMX | $0M | +0.00B | 639.2% |
| OVID | $0M | +0.00B | 611.8% |
| RZLT | $1M | +0.00B | 5.2% |
| HRTX | $15M | -0.01B | -63.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| HRTX | $15M | -0.01B | -63.6% |
Top buys this quarter · 15
| IMMX Immix Biopharma, Inc. | +$6M |
| AVR Anteris Technologies Global Conew | +$4M |
| XNCR Xencor, Inc.new | +$3M |
| CTMX CytomX Therapeutics, Inc. | +$2M |
| LYEL Lyell Immunopharma, Inc.new | +$2M |
| ESPR Esperion Therapeutics, Inc. | +$1M |
| ABVX Abivax S.A. | +$9M |
| RCKT Rocket Pharmaceuticals, Inc.new | +$1M |
| QNRX Quoin Pharmaceuticals, Ltd.new | +$1M |
| ARTV Artiva Biotherapeutics, Inc.new | +$0M |
Top sells this quarter · 15
| LNTH Lantheus Holdings, Inc.exit | −$6M |
| MLYS Mineralys Therapeutics, Inc. | −$4M |
| SNDX Syndax Pharmaceuticals, Inc. | −$3M |
| TRVI Trevi Therapeutics, Inc.exit | −$2M |
| EVMN Evommune, Inc. | −$9M |
| KZIA Kazia Therapeutics Limited | −$1M |
| MPLT MapLight Therapeutics, Inc. | −$9M |
| VTYX Ventyx Biosciences, Inc.exit | −$1M |
| PYXS Pyxis Oncology, Inc.exit | −$0M |
| — | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $160M | 49 | +22.09% | +17.59% | +4.50% | -0.00B |
| 2025-12-31 | $172M | 45 | +24.37% | +17.72% | +6.65% | +0.05B |
| 2025-09-30 | $106M | 49 | +3.06% | +17.52% | -14.46% | -0.01B |
| 2025-06-30 | $100M | 49 | -43.03% | +14.94% | -57.97% | +0.01B |
| 2025-03-31 | $97M | 47 | -30.14% | +8.30% | -38.44% | -0.01B |
| 2024-12-31 | $116M | 45 | -3.51% | +24.89% | -28.40% | +0.03B |
| 2024-09-30 | $92M | 17 | +3.42% | +36.04% | -32.62% | -0.03B |
| 2024-06-30 | $175M | 17 | +33.18% | +24.49% | +8.68% | -0.04B |
| 2024-03-31 | $185M | 19 | +7.89% | +29.62% | -21.73% | +0.00B |
| 2023-12-31 | $141M | 19 | -29.23% | +26.18% | -55.41% | +0.02B |
| 2023-09-30 | $122M | 27 | -27.65% | +21.57% | -49.22% | +0.03B |
| 2023-06-30 | $107M | 29 | -36.81% | +19.42% | -56.23% | +0.00B |
| 2023-03-31 | $113M | 30 | -31.10% | -7.82% | -23.28% | +0.03B |
| 2022-12-31 | $94M | 27 | +3.53% | +7.56% | -4.03% | +0.01B |
| 2022-09-30 | $85M | 23 | -24.46% | -4.93% | -19.53% | +0.01B |
| 2022-06-30 | $94M | 22 | +2.56% | -16.11% | +18.67% | -0.02B |