Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.65%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.21%
baseline attrition
Rally response
-18.03%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GILDGilead Sciences, Inc. | $3M | 2.9% | +113.8% | 4.5 yr |
| RPVInvesco S&P 500 Pure Val | $3M | 2.6% | — | 2.3 yr |
| IWDiShares Russell 1000 Val | $3M | 2.6% | — | 2.3 yr |
| AZNAstraZeneca PLC | $2M | 2.3% | +31.1% | 0.3 yr |
| VRTXVertex Pharmaceuticals I | $2M | 2.3% | -4.7% | 2.3 yr |
| EEFTEuronet Worldwide, Inc. | $2M | 1.9% | -35.9% | 0.5 yr |
| INVHInvitation Homes Inc. | $2M | 1.9% | -26.8% | 2.3 yr |
| IONSIonis Pharmaceuticals, I | $1M | 1.5% | +57.6% | 0.8 yr |
| INCYIncyte Corporation | $1M | 1.4% | +55.3% | 1.8 yr |
| ROIVRoivant Sciences Ltd. | $1M | 1.4% | +162.1% | 1.8 yr |
| ARGXargenx SE | $1M | 1.3% | +69.8% | 2.5 yr |
| NBIXNeurocrine Biosciences, | $1M | 1.3% | -4.3% | 3.3 yr |
| AXRAMREP Corporation | $1M | 1.3% | +48.8% | 0.8 yr |
| BFSSaul Centers, Inc. | $1M | 1.2% | -0.3% | 0.8 yr |
| STXSStereotaxis, Inc. | $1M | 1.1% | +1.1% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology23.8%-16.1pp$23M
Asset Management16.5%+7.2pp$16M
Drug Manufacturers - General8.6%+3.8pp$8M
Unknown4.2%+2.7pp$4M
Software - Infrastructure3.2%+2.2pp$3M
Industrial - Machinery3.1%+2.4pp$3M
Aerospace & Defense3.1%+2.6pp$3M
Asset Management - Bonds2.8%+1.4pp$3M
Medical - Devices2.3%-2.2pp$2M
REIT - Residential2.0%+1.0pp$2M
Country
US86.7%+1.8pp
Unknown4.2%+2.7pp
GB3.8%+0.4pp
NL1.3%-2.6pp
FR1.1%-0.0pp
CA1.0%+0.5pp
IE0.8%-1.1pp
DE0.5%+0.3pp
Top 5: 12.7% · Top 10: 20.6% · Top 25: 36.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ARGX | $3M | +0.00B | 69.8% |
| PTGX | $1M | +0.00B | 204.2% |
| ROIV | $1M | +0.00B | 162.1% |
| AXSM | $1M | +0.00B | 110.0% |
| GILD | $0M | +0.00B | 113.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NBIX | $1M | -0.00B | -4.3% |
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$2M |
| PNNT PennantPark Investment Corporanew | +$1M |
| BLDR Builders FirstSource, Inc. | +$1M |
| ONDS Ondas Holdings Inc.new | +$0M |
| MANH Manhattan Associates, Inc.new | +$0M |
| TEM Tempus AI, Inc.new | +$0M |
| RYTM Rhythm Pharmaceuticals, Inc. | +$0M |
| SYRE Spyre Therapeutics, Inc.new | +$0M |
| RDW Redwire Corporationnew | +$0M |
| XTIA XTI Aerospace, Inc.new | +$0M |
Top sells this quarter · 15
| ABVX Abivax S.A. | −$29M |
| LLY Eli Lilly and Company | −$6M |
| JNJ Johnson & Johnson | −$4M |
| PINE Alpine Income Property Trust, exit | −$2M |
| EXAS Exact Sciences Corporationexit | −$1M |
| AXR AMREP Corporation | −$1M |
| DAWN Day One Biopharmaceuticals, Inexit | −$1M |
| CLDX Celldex Therapeutics, Inc. | −$1M |
| SRRK Scholar Rock Holding Corporatiexit | −$0M |
| RKLB Rocket Lab USA, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $97M | 249 | +64.67% | +6.41% | +58.26% | -0.03B |
| 2025-12-31 | $98M | 246 | +19.30% | +16.14% | +3.16% | -0.01B |
| 2024-12-31 | $100M | 207 | +10.28% | +24.89% | -14.61% | -0.03B |
| 2024-09-30 | $132M | 226 | +15.93% | +36.04% | -20.11% | -0.01B |
| 2024-06-30 | $132M | 212 | -4.78% | +24.49% | -29.27% | -0.02B |
| 2024-03-31 | $158M | 222 | +0.23% | +29.62% | -29.40% | +0.01B |
| 2023-12-31 | $141M | 210 | -1.49% | +26.18% | -27.67% | -0.03B |
| 2023-09-30 | $164M | 223 | -6.31% | +21.57% | -27.88% | +0.01B |
| 2023-06-30 | $170M | 223 | +1.14% | +8.68% | -7.54% | +0.03B |
| 2023-03-31 | $139M | 202 | +1.27% | +7.46% | -6.19% | +0.04B |
| 2022-12-31 | $99M | 163 | +0.75% | +7.56% | -6.81% | +0.00B |
| 2022-09-30 | $97M | 183 | — | — | — | -0.18B |
| 2021-12-31 | $272M | 216 | — | — | — | -0.02B |
| 2021-09-30 | $291M | 190 | — | — | — | +0.02B |
| 2021-06-30 | $276M | 205 | — | — | — | +0.05B |
| 2021-03-31 | $228M | 203 | — | — | — | +0.06B |