Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.92%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.64%
baseline attrition
Rally response
-10.95%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AKTSAktis Oncology, Inc. | $57M | 15.2% | — | 0.3 yr |
| LRMRLarimar Therapeutics, In | $32M | 8.6% | +109.3% | 2.5 yr |
| — | $30M | 8.1% | — | 2.5 yr |
| NCDLNuveen Churchill Direct | $27M | 7.3% | -17.8% | 1.8 yr |
| CGEMCullinan Therapeutics, I | $27M | 7.3% | +87.7% | 2.5 yr |
| OBDCBlue Owl Capital Corpora | $23M | 6.1% | -17.8% | 3.5 yr |
| MPLTMapLight Therapeutics, I | $20M | 5.5% | — | 0.5 yr |
| CMPXCompass Therapeutics, In | $16M | 4.2% | +178.4% | 2.5 yr |
| CNTXContext Therapeutics Inc | $13M | 3.6% | +328.1% | 2.0 yr |
| HLLYHolley Inc. | $13M | 3.5% | +19.5% | 1.8 yr |
| EYPTEyePoint Pharmaceuticals | $12M | 3.2% | +137.8% | 1.5 yr |
| CRVSCorvus Pharmaceuticals, | $8M | 2.1% | +360.1% | 0.3 yr |
| CNDTConduent Incorporated | $6M | 1.7% | -52.6% | 1.8 yr |
| RAREUltragenyx Pharmaceutica | $6M | 1.7% | -42.1% | 2.5 yr |
| AQSTAquestive Therapeutics, | $6M | 1.5% | +43.1% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology57.6%+26.3pp$214M
Unknown12.4%+4.3pp$46M
Asset Management7.3%-18.0pp$27M
Medical - Pharmaceuticals7.3%+1.3pp$27M
Financial - Credit Services6.1%-3.6pp$23M
Auto - Parts3.5%-0.9pp$13M
Information Technology Services1.7%-3.2pp$6M
Drug Manufacturers - Specialty & Generic1.5%+0.6pp$6M
REIT - Mortgage0.7%$3M
Computer Hardware0.6%$2M
Country
US86.6%-0.9pp
Unknown12.4%+4.3pp
CH0.7%+0.4pp
CA0.3%-0.8pp
KY0.0%
IL0.0%-0.0pp
GB0.0%-3.0pp
Top 5: 46.5% · Top 10: 69.3% · Top 25: 92.1%
Top buys this quarter · 15
| AKTS Aktis Oncology, Inc.new | +$57M |
| MPLT MapLight Therapeutics, Inc. | +$14M |
| CRVS Corvus Pharmaceuticals, Inc.new | +$8M |
| EYPT EyePoint Pharmaceuticals, Inc. | +$7M |
| RYTM Rhythm Pharmaceuticals, Inc.new | +$5M |
| AQST Aquestive Therapeutics, Inc. | +$3M |
| LENZ LENZ Therapeutics, Inc. | +$3M |
| OVID Ovid Therapeutics Inc. | +$2M |
| EVMN Evommune, Inc.new | +$2M |
| RARE Ultragenyx Pharmaceutical Inc. | +$2M |
Top sells this quarter · 15
| BLK BlackRock, Inc.exit | −$910M |
| ROIV Roivant Sciences Ltd.exit | −$7M |
| DELL Dell Technologies Inc. | −$7M |
| CGEM Cullinan Therapeutics, Inc. | −$24M |
| CNTX Context Therapeutics Inc. | −$11M |
| CNTA Centessa Pharmaceuticals plcexit | −$6M |
| PCOR Procore Technologies, Inc.exit | −$5M |
| SGMT Sagimet Biosciences Inc. | −$5M |
| ORIC ORIC Pharmaceuticals, Inc. | −$5M |
| PAYO Payoneer Global Inc.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $372M | 72 | +16.02% | +17.59% | -1.57% | -0.93B |
| 2025-12-31 | $1.34B | 79 | -7.80% | +17.72% | -25.52% | +1.02B |
| 2025-09-30 | $322M | 71 | -11.14% | +17.52% | -28.65% | -0.03B |
| 2025-06-30 | $310M | 71 | -11.81% | +14.94% | -26.75% | -0.02B |
| 2025-03-31 | $310M | 73 | -22.84% | +8.30% | -31.15% | -0.02B |
| 2024-12-31 | $423M | 76 | +23.71% | +24.89% | -1.18% | -0.08B |
| 2024-09-30 | $535M | 130 | +41.47% | +36.04% | +5.44% | +0.13B |
| 2024-06-30 | $359M | 39 | +29.83% | +24.49% | +5.33% | -0.11B |
| 2024-03-31 | $500M | 43 | +57.63% | +29.62% | +28.01% | -0.01B |
| 2023-12-31 | $410M | 40 | +44.99% | +26.18% | +18.81% | +0.27B |
| 2023-09-30 | $129M | 15 | +23.14% | +21.57% | +1.57% | -0.04B |
| 2023-06-30 | $162M | 16 | +34.80% | +19.42% | +15.38% | -0.01B |
| 2023-03-31 | $154M | 14 | -25.52% | -7.82% | -17.70% | -0.11B |
| 2022-12-31 | $235M | 43 | -8.06% | +7.56% | -15.62% | +0.02B |
| 2022-09-30 | $231M | 39 | +12.22% | -4.93% | +17.15% | +0.00B |
| 2022-06-30 | $204M | 37 | -36.89% | -16.11% | -20.78% | +0.06B |