Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.98%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.08%
baseline attrition
Rally response
-5.28%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GHGuardant Health, Inc. | $308M | 6.4% | +116.8% | 3.0 yr |
| IMVTImmunovant, Inc. | $286M | 5.9% | +45.3% | 4.5 yr |
| TARSTarsus Pharmaceuticals, | $253M | 5.2% | +36.6% | 1.3 yr |
| PCVXVaxcyte, Inc. | $250M | 5.2% | +53.9% | 1.3 yr |
| GPCRStructure Therapeutics I | $206M | 4.3% | +178.5% | 3.3 yr |
| AXSMAxsome Therapeutics, Inc | $186M | 3.8% | +44.9% | 2.5 yr |
| APLSApellis Pharmaceuticals, | $182M | 3.8% | +84.0% | 2.3 yr |
| OCULOcular Therapeutix, Inc. | $167M | 3.4% | +15.6% | 2.5 yr |
| VERAVera Therapeutics, Inc. | $165M | 3.4% | +67.5% | 0.5 yr |
| ALMSAlumis Inc. Common Stock | $149M | 3.1% | +258.8% | 0.3 yr |
| IONSIonis Pharmaceuticals, I | $146M | 3.0% | +148.9% | 3.5 yr |
| NUVLNuvalent, Inc. | $141M | 2.9% | +44.5% | 0.8 yr |
| ALKSAlkermes plc | $127M | 2.6% | +7.1% | 2.3 yr |
| CNTACentessa Pharmaceuticals | $125M | 2.6% | +176.2% | 1.5 yr |
| MLTXMoonLake Immunotherapeut | $119M | 2.5% | -52.3% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology85.3%+14.3pp$4.13B
Medical - Diagnostics & Research8.7%+1.1pp$420M
Unknown3.7%+1.9pp$180M
Medical - Care Facilities1.4%+0.6pp$67M
Drug Manufacturers - Specialty & Generic1.0%-16.7pp$46M
Country
US83.7%-7.7pp
GB5.2%+1.9pp
Unknown3.7%+1.9pp
IE2.6%+1.9pp
CH2.5%
DK2.0%
FR0.1%-0.6pp
CA0.1%-1.3pp
Top 5: 26.9% · Top 10: 44.4% · Top 25: 76.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GH | $232M | +0.27B | 116.8% |
| IONS | $138M | +0.21B | 148.9% |
| GPCR | $71M | +0.13B | 178.5% |
| BBIO | $97M | +0.11B | 114.8% |
| APLS | $109M | +0.09B | 84.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| ALMS Alumis Inc. Common Stocknew | +$149M |
| NUVL Nuvalent, Inc. | +$113M |
| OCUL Ocular Therapeutix, Inc. | +$98M |
| GMAB Genmab A/S | +$85M |
| DFTX Definium Therapeutics, Inc.new | +$57M |
| ALKS Alkermes plc | +$56M |
| VERA Vera Therapeutics, Inc. | +$52M |
| GH Guardant Health, Inc. | +$50M |
| CNTA Centessa Pharmaceuticals plc | +$46M |
| TARS Tarsus Pharmaceuticals, Inc. | +$42M |
Top sells this quarter · 15
| APLS Apellis Pharmaceuticals, Inc. | −$129M |
| CYTK Cytokinetics, Incorporated | −$129M |
| BMRN BioMarin Pharmaceutical Inc. | −$65M |
| MAZE Maze Therapeutics, Inc. | −$23M |
| VRDN Viridian Therapeutics, Inc. | −$22M |
| XENE Xenon Pharmaceuticals Inc.exit | −$21M |
| CLDX Celldex Therapeutics, Inc. | −$20M |
| ATAI Atai Beckley N.Vexit | −$17M |
| MBX MBX Biosciences, Inc. Common S | −$15M |
| DYN Dyne Therapeutics, Inc. | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.85B | 62 | +91.15% | +17.59% | +73.56% | +0.52B |
| 2025-12-31 | $4.38B | 53 | +53.08% | +17.72% | +35.36% | -0.48B |
| 2025-09-30 | $3.58B | 56 | +0.14% | +17.52% | -17.38% | -0.42B |
| 2025-06-30 | $2.93B | 64 | -22.03% | +14.94% | -36.98% | -0.28B |
| 2025-03-31 | $3.07B | 68 | -30.21% | +8.30% | -38.51% | +0.96B |
| 2024-12-31 | $2.67B | 61 | -6.33% | +24.89% | -31.22% | -0.12B |
| 2024-09-30 | $3.13B | 69 | +14.80% | +36.04% | -21.23% | -0.28B |
| 2024-06-30 | $3.21B | 66 | +0.43% | +24.49% | -24.06% | +0.08B |
| 2024-03-31 | $3.35B | 64 | +13.46% | +29.62% | -16.16% | +0.50B |
| 2023-12-31 | $2.69B | 56 | -2.74% | +26.18% | -28.92% | +0.05B |
| 2023-09-30 | $2.43B | 61 | -6.58% | +21.57% | -28.14% | +0.57B |
| 2023-06-30 | $2.00B | 52 | +6.92% | +19.42% | -12.51% | -0.37B |
| 2023-03-31 | $2.24B | 53 | -16.74% | -7.82% | -8.92% | +0.23B |
| 2022-12-31 | $2.21B | 56 | +4.60% | +7.56% | -2.96% | +0.09B |
| 2022-09-30 | $2.02B | 60 | +6.34% | -4.93% | +11.26% | +0.49B |
| 2022-06-30 | $1.45B | 49 | -17.60% | -16.11% | -1.49% | +0.17B |