Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+14.48%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.04%
baseline attrition
Rally response
-8.64%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SNDXSyndax Pharmaceuticals, | $188M | 11.9% | +90.1% | 4.5 yr |
| CLDXCelldex Therapeutics, In | $185M | 11.8% | +74.8% | 4.5 yr |
| PCVXVaxcyte, Inc. | $170M | 10.8% | +53.9% | 4.5 yr |
| COGTCogent Biosciences, Inc. | $155M | 9.9% | +542.6% | 4.3 yr |
| VERAVera Therapeutics, Inc. | $137M | 8.7% | +67.5% | 4.5 yr |
| BEAMBeam Therapeutics Inc. | $88M | 5.6% | +22.0% | 1.8 yr |
| CTMXCytomX Therapeutics, Inc | $71M | 4.5% | +639.2% | 1.0 yr |
| BCRXBioCryst Pharmaceuticals | $54M | 3.4% | +26.9% | 3.8 yr |
| TVTXTravere Therapeutics, In | $47M | 3.0% | +65.8% | 4.5 yr |
| VRDNViridian Therapeutics, I | $46M | 2.9% | +45.1% | 4.5 yr |
| CGEMCullinan Therapeutics, I | $44M | 2.8% | +87.7% | 1.5 yr |
| URGNUroGen Pharma Ltd. | $40M | 2.6% | +62.6% | 1.0 yr |
| KALVKalVista Pharmaceuticals | $37M | 2.3% | +74.4% | 0.8 yr |
| APLSApellis Pharmaceuticals, | $33M | 2.1% | +84.0% | 1.0 yr |
| LEGNLegend Biotech Corporati | $29M | 1.8% | -46.7% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology92.4%+14.5pp$1.46B
Unknown4.8%+2.0pp$75M
Medical - Pharmaceuticals2.8%+1.3pp$44M
Country
US91.3%+2.0pp
Unknown4.8%+2.0pp
GB1.7%-2.6pp
NL1.3%+1.1pp
SG0.4%-2.9pp
IE0.4%
Top 5: 53.0% · Top 10: 72.4% · Top 25: 96.0%
Top buys this quarter · 15
| URGN UroGen Pharma Ltd. | +$35M |
| TVTX Travere Therapeutics, Inc. | +$31M |
| BEAM Beam Therapeutics Inc. | +$30M |
| CTMX CytomX Therapeutics, Inc. | +$28M |
| LEGN Legend Biotech Corporation | +$17M |
| VRDN Viridian Therapeutics, Inc. | +$17M |
| EVMN Evommune, Inc. | +$10M |
| GERN Geron Corporation | +$5M |
| PRLD Prelude Therapeutics Incorpora | +$3M |
| AMRN Amarin Corporation plc | +$1M |
Top sells this quarter · 12
| COGT Cogent Biosciences, Inc. | −$82M |
| CGON CG Oncology, Inc. Common stockexit | −$64M |
| TYRA Tyra Biosciences, Inc.exit | −$60M |
| BCRX BioCryst Pharmaceuticals, Inc. | −$35M |
| NRIX Nurix Therapeutics, Inc. | −$12M |
| WVE Wave Life Sciences Ltd. | −$9M |
| APLS Apellis Pharmaceuticals, Inc. | −$23M |
| CLDX Celldex Therapeutics, Inc. | −$161M |
| VERA Vera Therapeutics, Inc. | −$1M |
| CLYM Climb Bio, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.58B | 36 | +100.95% | +17.59% | +83.36% | -0.04B |
| 2025-12-31 | $1.54B | 35 | +45.05% | +17.72% | +27.33% | -0.39B |
| 2025-09-30 | $1.34B | 35 | -7.58% | +17.52% | -25.10% | +0.11B |
| 2025-06-30 | $929M | 31 | -18.44% | +14.94% | -33.38% | -0.25B |
| 2025-03-31 | $1.17B | 31 | -23.29% | +8.30% | -31.59% | +0.02B |
| 2024-12-31 | $1.52B | 29 | +26.58% | +24.89% | +1.69% | +0.34B |
| 2024-09-30 | $1.29B | 24 | +72.24% | +36.04% | +36.20% | +0.17B |
| 2024-06-30 | $955M | 22 | +13.16% | +24.49% | -11.33% | +0.11B |
| 2024-03-31 | $899M | 21 | +16.35% | +29.62% | -13.27% | -0.21B |
| 2023-12-31 | $884M | 23 | -6.96% | +26.18% | -33.14% | +0.14B |
| 2023-09-30 | $602M | 27 | -15.23% | +21.57% | -36.80% | +0.10B |
| 2023-06-30 | $652M | 23 | +18.21% | +19.42% | -1.22% | -0.10B |
| 2023-03-31 | $773M | 34 | -8.22% | -7.82% | -0.40% | +0.12B |
| 2022-12-31 | $652M | 31 | +13.20% | +7.56% | +5.63% | +0.12B |
| 2022-09-30 | $473M | 33 | +7.50% | -4.93% | +12.43% | +0.06B |
| 2022-06-30 | $388M | 31 | -24.53% | -16.11% | -8.42% | +0.16B |