Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.42%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.60%
baseline attrition
Rally response
+3.03%
adds into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACLXArcellx, Inc. | $269M | 29.4% | — | 4.3 yr |
| MANEVeradermics, Incorporate | $152M | 16.6% | — | 0.3 yr |
| ZBIOZenas BioPharma, Inc. | $98M | 10.8% | +147.5% | 1.8 yr |
| CRSPCRISPR Therapeutics AG | $97M | 10.6% | +39.8% | 2.3 yr |
| DSGNDesign Therapeutics, Inc | $69M | 7.6% | +175.6% | 4.5 yr |
| ORICORIC Pharmaceuticals, In | $58M | 6.4% | +127.1% | 1.0 yr |
| ALMSAlumis Inc. Common Stock | $43M | 4.7% | +258.8% | 2.0 yr |
| MLYSMineralys Therapeutics, | $42M | 4.6% | +70.6% | 3.3 yr |
| SPRYARS Pharmaceuticals, Inc | $32M | 3.5% | -36.2% | 3.5 yr |
| ORKAOruka Therapeutics, Inc. | $21M | 2.3% | +378.1% | 1.8 yr |
| — | $17M | 1.9% | — | 1.3 yr |
| NKTXNkarta, Inc. | $7M | 0.8% | +14.7% | 4.0 yr |
| — | $5M | 0.6% | — | 2.0 yr |
| RAREUltragenyx Pharmaceutica | $3M | 0.3% | -42.1% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology97.6%+0.9pp$893M
Unknown2.4%-0.9pp$22M
Country
US87.0%-0.5pp
CH10.6%+1.4pp
Unknown2.4%-0.9pp
Top 5: 74.9% · Top 10: 96.5% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ZBIO | $39M | +0.06B | 147.5% |
| DSGN | $25M | +0.04B | 175.6% |
| MLYS | $50M | +0.04B | 70.6% |
| ALMS | $12M | +0.03B | 258.8% |
| ORKA | $4M | +0.02B | 378.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPRY | $50M | -0.02B | -36.2% |
Top buys this quarter · 1
| MANE Veradermics, Incorporatednew | +$152M |
Top sells this quarter · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $915M | 14 | +78.85% | +17.59% | +61.25% | +0.29B |
| 2025-12-31 | $706M | 13 | +87.57% | +17.72% | +69.86% | -0.07B |
| 2025-09-30 | $691M | 12 | +25.20% | +17.52% | +7.68% | -0.03B |
| 2025-06-30 | $461M | 13 | -10.90% | +14.94% | -25.84% | +0.01B |
| 2025-03-31 | $389M | 12 | -40.25% | +8.30% | -48.55% | +0.01B |
| 2024-12-31 | $410M | 11 | -5.87% | +24.89% | -30.76% | +0.04B |
| 2024-09-30 | $499M | 11 | +62.21% | +36.04% | +26.17% | +0.14B |
| 2024-06-30 | $319M | 9 | -25.47% | +24.49% | -49.96% | +0.04B |
| 2024-03-31 | $364M | 6 | -4.04% | +29.62% | -33.66% | +0.02B |
| 2023-12-31 | $238M | 5 | -59.50% | +26.18% | -85.68% | -0.01B |
| 2023-09-30 | $195M | 6 | -79.27% | +21.57% | -100.84% | +0.08B |
| 2023-06-30 | $232M | 6 | -52.56% | +19.42% | -71.99% | -0.04B |
| 2023-03-31 | $268M | 6 | -58.87% | -7.82% | -51.05% | +0.10B |
| 2022-12-31 | $274M | 5 | -34.30% | +7.56% | -41.86% | +0.13B |
| 2022-09-30 | $219M | 4 | +17.25% | -4.93% | +22.18% | -0.02B |
| 2022-06-30 | $204M | 4 | -13.31% | -16.11% | +2.80% | +0.03B |