Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.51%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.29%
baseline attrition
Rally response
+2.22%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MIRMMirum Pharmaceuticals, I | $709M | 18.3% | +105.1% | 4.3 yr |
| — | $542M | 14.0% | — | 3.5 yr |
| ERASErasca, Inc. | $399M | 10.3% | +1081.0% | 2.0 yr |
| BBIOBridgeBio Pharma, Inc. | $256M | 6.6% | +114.8% | 3.3 yr |
| ARQTArcutis Biotherapeutics, | $233M | 6.0% | +50.6% | 4.3 yr |
| MBXMBX Biosciences, Inc. Co | $199M | 5.1% | +304.5% | 1.8 yr |
| PHATPhathom Pharmaceuticals, | $139M | 3.6% | +77.2% | 4.3 yr |
| MAZEMaze Therapeutics, Inc. | $136M | 3.5% | +171.1% | 1.3 yr |
| KRYSKrystal Biotech, Inc. | $124M | 3.2% | +43.3% | 4.3 yr |
| TRVITrevi Therapeutics, Inc. | $119M | 3.1% | +89.7% | 4.0 yr |
| PVLAPalvella Therapeutics, I | $110M | 2.8% | +345.3% | 1.5 yr |
| KALVKalVista Pharmaceuticals | $100M | 2.6% | +74.4% | 4.3 yr |
| IRONDisc Medicine, Inc. | $87M | 2.2% | +28.8% | 3.0 yr |
| CYTKCytokinetics, Incorporat | $76M | 2.0% | +64.0% | 1.0 yr |
| RVMDRevolution Medicines, In | $66M | 1.7% | +175.0% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology84.6%+2.7pp$3.29B
Unknown15.1%-3.0pp$587M
Drug Manufacturers - Specialty & Generic0.3%$11M
Country
US82.4%+14.7pp
Unknown15.1%-3.0pp
CN0.9%+0.3pp
IE0.6%-0.3pp
GB0.5%-11.2pp
FR0.4%
Top 5: 55.1% · Top 10: 73.5% · Top 25: 95.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ERAS | $31M | +0.33B | 1081.0% |
| MIRM | $306M | +0.32B | 105.1% |
| BBIO | $131M | +0.15B | 114.8% |
| MBX | $44M | +0.13B | 304.5% |
| MAZE | $45M | +0.08B | 171.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ZLAB | $13M | -0.01B | -48.0% |
Top buys this quarter · 12
| MIRM Mirum Pharmaceuticals, Inc. | +$82M |
| BCRX BioCryst Pharmaceuticals, Inc.new | +$38M |
| ERAS Erasca, Inc. | +$31M |
| PVLA Palvella Therapeutics, Inc. | +$20M |
| ACRS Aclaris Therapeutics, Inc. | +$17M |
| GLUE Monte Rosa Therapeutics, Inc.new | +$16M |
| CYTK Cytokinetics, Incorporated | +$15M |
| IRON Disc Medicine, Inc. | +$87M |
| MNKD MannKind Corporation | +$14M |
| XLO Xilio Therapeutics, Inc.new | +$4M |
Top sells this quarter · 15
| RNAM Avidity Biosciences Incexit | −$0M |
| RAPT RAPT Therapeutics, Inc.exit | −$0M |
| — exit | −$0M |
| ABVX Abivax S.A.exit | −$42M |
| RVMD Revolution Medicines, Inc. | −$64M |
| BBIO BridgeBio Pharma, Inc. | −$7M |
| TVTX Travere Therapeutics, Inc.exit | −$7M |
| DSGN Design Therapeutics, Inc.exit | −$6M |
| TRVI Trevi Therapeutics, Inc. | −$4M |
| KRYS Krystal Biotech, Inc. | −$120M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.89B | 38 | +92.18% | +17.59% | +74.59% | -0.05B |
| 2025-12-31 | $3.72B | 40 | +68.40% | +17.72% | +50.68% | -0.57B |
| 2025-09-30 | $3.34B | 47 | +18.02% | +17.52% | +0.50% | -0.04B |
| 2025-06-30 | $2.50B | 49 | +2.00% | +14.94% | -12.95% | +0.21B |
| 2025-03-31 | $2.19B | 47 | -8.60% | +8.30% | -16.90% | -0.05B |
| 2024-12-31 | $2.41B | 50 | +10.57% | +24.89% | -14.31% | +0.16B |
| 2024-09-30 | $2.50B | 53 | +43.14% | +36.04% | +7.10% | +0.00B |
| 2024-06-30 | $2.14B | 49 | +14.77% | +24.49% | -9.72% | -0.09B |
| 2024-03-31 | $2.37B | 50 | +43.66% | +29.62% | +14.04% | +0.27B |
| 2023-12-31 | $1.87B | 49 | +5.16% | +26.18% | -21.02% | +0.12B |
| 2023-09-30 | $1.50B | 51 | -4.48% | +21.57% | -26.05% | -0.06B |
| 2023-06-30 | $1.67B | 48 | +13.58% | +19.42% | -5.84% | +0.05B |
| 2023-03-31 | $1.38B | 49 | -13.70% | -7.82% | -5.88% | +0.06B |
| 2022-12-31 | $1.61B | 44 | +5.95% | +7.56% | -1.61% | +0.23B |
| 2022-09-30 | $1.30B | 43 | +11.18% | -4.93% | +16.11% | +0.12B |
| 2022-06-30 | $1.06B | 41 | -10.77% | -16.11% | +5.34% | +0.01B |