Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.33%
adds when stocks drop
when a holding falls −10%+
Middle response
+8.73%
steady accumulation
Rally response
+10.23%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACLXArcellx, Inc. | $663M | 14.1% | — | 3.5 yr |
| RVMDRevolution Medicines, In | $647M | 13.8% | +175.0% | 2.3 yr |
| NUVLNuvalent, Inc. | $545M | 11.6% | +44.5% | 3.0 yr |
| PCVXVaxcyte, Inc. | $279M | 5.9% | +53.9% | 2.3 yr |
| EWTXEdgewise Therapeutics, I | $232M | 4.9% | +43.2% | 2.3 yr |
| GMABGenmab A/S | $214M | 4.6% | +37.0% | 0.8 yr |
| TARSTarsus Pharmaceuticals, | $180M | 3.8% | +36.6% | 2.5 yr |
| BLTEBelite Bio, Inc | $178M | 3.8% | +140.8% | 0.3 yr |
| ERASErasca, Inc. | $168M | 3.6% | +1081.0% | 2.0 yr |
| CNTACentessa Pharmaceuticals | $142M | 3.0% | +176.2% | 0.3 yr |
| OLMAOlema Pharmaceuticals, I | $120M | 2.6% | +296.5% | 3.3 yr |
| TERNTerns Pharmaceuticals, I | $117M | 2.5% | — | 0.5 yr |
| ORKAOruka Therapeutics, Inc. | $114M | 2.4% | +378.1% | 1.0 yr |
| — | $113M | 2.4% | — | 2.3 yr |
| SYRESpyre Therapeutics, Inc. | $99M | 2.1% | +212.5% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology97.2%+7.3pp$4.56B
Unknown2.8%+1.1pp$132M
Country
US87.3%-1.2pp
DK4.6%
GB3.0%
Unknown2.8%+1.1pp
FR2.3%
Top 5: 50.5% · Top 10: 69.3% · Top 25: 95.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| RVMD | $218M | +0.38B | 175.0% |
| NUVL | $374M | +0.17B | 44.5% |
| ERAS | $15M | +0.16B | 1081.0% |
| OLMA | $25M | +0.08B | 296.5% |
| SYRE | $34M | +0.07B | 212.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| BLTE Belite Bio, Incnew | +$178M |
| CNTA Centessa Pharmaceuticals plcnew | +$142M |
| MAZE Maze Therapeutics, Inc.new | +$82M |
| TYRA Tyra Biosciences, Inc.new | +$79M |
| MIRM Mirum Pharmaceuticals, Inc.new | +$58M |
| PCVX Vaxcyte, Inc. | +$42M |
| CYTK Cytokinetics, Incorporated | +$41M |
| VRDN Viridian Therapeutics, Inc. | +$33M |
| MANE Veradermics, Incorporatednew | +$33M |
| ORKA Oruka Therapeutics, Inc. | +$30M |
Top sells this quarter · 11
| SRRK Scholar Rock Holding Corporati | −$90M |
| CRNX Crinetics Pharmaceuticals, Incexit | −$80M |
| ABVX Abivax S.A. | −$72M |
| ERAS Erasca, Inc. | −$53M |
| BBIO BridgeBio Pharma, Inc.exit | −$51M |
| URGN UroGen Pharma Ltd. | −$50M |
| OCUL Ocular Therapeutix, Inc.exit | −$25M |
| BBOT BridgeBio Oncology Therapeutic | −$12M |
| ORIC ORIC Pharmaceuticals, Inc. | −$20M |
| EYPT EyePoint Pharmaceuticals, Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.69B | 34 | +80.47% | +17.59% | +62.88% | +0.61B |
| 2025-12-31 | $3.73B | 29 | +34.95% | +17.72% | +17.23% | -0.62B |
| 2025-09-30 | $3.38B | 33 | -1.86% | +17.52% | -19.38% | +0.30B |
| 2025-06-30 | $2.34B | 28 | -12.74% | +14.94% | -27.68% | +0.26B |
| 2025-03-31 | $2.14B | 26 | -16.51% | +8.30% | -24.82% | -0.21B |
| 2024-12-31 | $2.87B | 28 | +5.99% | +24.89% | -18.90% | +0.20B |
| 2024-09-30 | $2.86B | 31 | +34.13% | +36.04% | -1.91% | -0.20B |
| 2024-06-30 | $2.61B | 35 | +10.92% | +24.49% | -13.57% | -0.04B |
| 2024-03-31 | $2.84B | 34 | +28.52% | +29.62% | -1.10% | +0.63B |
| 2023-12-31 | $2.13B | 29 | +11.87% | +26.18% | -14.31% | +0.40B |
| 2023-09-30 | $1.47B | 29 | +10.48% | +21.57% | -11.08% | +0.27B |
| 2023-06-30 | $1.24B | 29 | +22.24% | +19.42% | +2.82% | +0.10B |
| 2023-03-31 | $1.06B | 25 | +7.60% | -7.82% | +15.41% | +0.29B |
| 2022-12-31 | $852M | 23 | +17.08% | +7.56% | +9.52% | +0.02B |
| 2022-09-30 | $710M | 27 | +7.00% | -4.93% | +11.93% | +0.17B |
| 2022-06-30 | $502M | 23 | -4.85% | -16.11% | +11.26% | +0.14B |