Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.59%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.46%
baseline attrition
Rally response
-3.81%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGAlphabet Inc. | $26M | 15.6% | +84.3% | 4.5 yr |
| APOApollo Global Management | $25M | 14.9% | -17.4% | 3.8 yr |
| SNDXSyndax Pharmaceuticals, | $10M | 5.9% | +90.1% | 2.3 yr |
| BBIOBridgeBio Pharma, Inc. | $7M | 4.0% | +114.8% | 2.8 yr |
| PTGXProtagonist Therapeutics | $7M | 4.0% | +117.9% | 2.8 yr |
| XERSXeris Biopharma Holdings | $6M | 3.7% | +5.6% | 2.5 yr |
| JPMJPMorgan Chase & Co. | $6M | 3.4% | +21.8% | 4.5 yr |
| IOVAIovance Biotherapeutics, | $6M | 3.3% | +5.4% | 1.3 yr |
| — | $5M | 3.0% | — | 0.3 yr |
| JAAAJanus Henderson AAA CLO | $5M | 2.8% | — | 2.8 yr |
| ALKSAlkermes plc | $4M | 2.5% | +7.1% | 1.5 yr |
| TVTXTravere Therapeutics, In | $4M | 2.5% | +65.8% | 2.8 yr |
| COGTCogent Biosciences, Inc. | $4M | 2.4% | +542.6% | 0.8 yr |
| VRDNViridian Therapeutics, I | $4M | 2.1% | +45.1% | 1.5 yr |
| AGIOAgios Pharmaceuticals, I | $3M | 1.9% | +15.5% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology47.4%+26.2pp$80M
Asset Management21.3%-9.4pp$36M
Internet Content & Information15.6%+7.3pp$26M
Unknown5.2%-16.8pp$9M
Banks - Diversified3.4%+1.0pp$6M
Drug Manufacturers - General2.2%-2.1pp$4M
Medical - Care Facilities1.0%-2.8pp$2M
Medical - Instruments & Supplies0.9%+0.5pp$1M
Oil & Gas Exploration & Production0.5%+0.2pp$1M
Consumer Electronics0.4%+0.1pp$1M
Country
US89.0%+16.3pp
Unknown5.2%-16.8pp
IE2.5%
CA1.5%+0.8pp
GB1.0%-2.3pp
CN0.6%
SG0.2%+0.1pp
Top 5: 44.3% · Top 10: 60.5% · Top 25: 84.7%
Top buys this quarter · 15
| IOVA Iovance Biotherapeutics, Inc. | +$6M |
| RLMD Relmada Therapeutics, Inc. | +$3M |
| AGIO Agios Pharmaceuticals, Inc. | +$3M |
| TGTX TG Therapeutics, Inc. | +$1M |
| CNTA Centessa Pharmaceuticals plc | +$1M |
| ALKS Alkermes plc | +$1M |
| VRDN Viridian Therapeutics, Inc. | +$4M |
| XERS Xeris Biopharma Holdings, Inc. | +$6M |
| CNTB Connect Biopharma Holdings Lim | +$0M |
| BBIO BridgeBio Pharma, Inc. | +$0M |
Top sells this quarter · 15
| TECX Tectonic Therapeutic, Inc.exit | −$2M |
| ARDX Ardelyx, Inc. | −$2M |
| CPRX Catalyst Pharmaceuticals, Inc. | −$2M |
| TVTX Travere Therapeutics, Inc. | −$1M |
| NKTR Nektar Therapeuticsexit | −$1M |
| PTGX Protagonist Therapeutics, Inc. | −$6M |
| RCUS Arcus Biosciences, Inc. | −$1M |
| SRRK Scholar Rock Holding Corporatiexit | −$1M |
| CYTK Cytokinetics, Incorporated | −$1M |
| XENE Xenon Pharmaceuticals Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $168M | 85 | +26.24% | +17.59% | +8.65% | -0.03B |
| 2025-12-31 | $216M | 86 | +22.42% | +17.72% | +4.70% | -0.07B |
| 2025-09-30 | $239M | 87 | +11.64% | +17.52% | -5.88% | -0.02B |
| 2025-06-30 | $221M | 85 | +1.89% | +14.94% | -13.05% | +0.01B |
| 2025-03-31 | $212M | 84 | +3.15% | +8.30% | -5.15% | -0.03B |
| 2024-12-31 | $276M | 88 | +21.85% | +24.89% | -3.04% | +0.00B |
| 2024-09-30 | $251M | 86 | +16.32% | +36.04% | -19.72% | -0.01B |
| 2024-06-30 | $251M | 98 | +17.42% | +24.49% | -7.07% | -0.04B |
| 2024-03-31 | $283M | 105 | +14.90% | +29.62% | -14.72% | +0.01B |
| 2023-12-31 | $262M | 111 | +14.16% | +26.18% | -12.02% | -0.00B |
| 2023-09-30 | $254M | 129 | +22.22% | +21.57% | +0.65% | -0.00B |
| 2023-06-30 | $242M | 143 | +17.78% | +19.42% | -1.65% | +0.00B |
| 2023-03-31 | $238M | 141 | -1.67% | -7.82% | +6.15% | -0.00B |
| 2022-12-31 | $231M | 161 | +10.93% | +7.56% | +3.37% | -0.01B |
| 2022-09-30 | $214M | 169 | +2.35% | -4.93% | +7.27% | -0.01B |
| 2022-06-30 | $216M | 172 | -16.50% | -16.11% | -0.38% | -0.03B |