Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+8.00%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.01%
steady accumulation
Rally response
-21.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CAICaris Life Sciences, Inc | $143M | 5.5% | — | 1.0 yr |
| NBIXNeurocrine Biosciences, | $86M | 3.3% | +19.1% | 3.3 yr |
| GKOSGlaukos Corporation | $82M | 3.1% | +9.4% | 3.5 yr |
| CNTACentessa Pharmaceuticals | $79M | 3.0% | +176.2% | 0.5 yr |
| XENEXenon Pharmaceuticals In | $78M | 3.0% | +73.3% | 3.5 yr |
| DNTHDianthus Therapeutics, I | $75M | 2.9% | +362.6% | 1.8 yr |
| EWTXEdgewise Therapeutics, I | $74M | 2.8% | +43.2% | 1.8 yr |
| IRTCiRhythm Technologies, In | $72M | 2.7% | +12.7% | 3.5 yr |
| NUVLNuvalent, Inc. | $72M | 2.7% | +44.5% | 1.5 yr |
| KODKodiak Sciences Inc. | $69M | 2.6% | +1256.6% | 0.8 yr |
| CGONCG Oncology, Inc. Common | $67M | 2.5% | +176.4% | 2.3 yr |
| ARGXargenx SE | $62M | 2.4% | +23.4% | 3.0 yr |
| HNGEHinge Health, Inc. | $56M | 2.1% | — | 0.8 yr |
| ACADACADIA Pharmaceuticals I | $55M | 2.1% | +34.0% | 1.0 yr |
| GLUEMonte Rosa Therapeutics, | $53M | 2.0% | +254.5% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology58.8%+1.8pp$1.54B
Medical - Devices14.6%-9.3pp$382M
Medical - Diagnostics & Research10.0%+0.1pp$263M
Unknown6.9%+0.5pp$181M
Medical - Healthcare Information Services3.8%$99M
Medical - Healthcare Plans1.9%$50M
Asset Management1.7%$45M
Medical - Care Facilities1.1%$29M
Drug Manufacturers - Specialty & Generic0.7%-1.1pp$18M
Shell Companies0.4%$9M
Country
US83.4%-0.5pp
Unknown6.9%+0.5pp
GB3.0%
CA3.0%-1.8pp
NL2.4%-2.6pp
CR1.0%
KY0.4%
Top 5: 17.8% · Top 10: 31.6% · Top 25: 59.7%
Top buys this quarter · 15
| IRTC iRhythm Technologies, Inc. | +$46M |
| GENB Generate Biomedicines, Inc.new | +$45M |
| ARGX argenx SE | +$39M |
| GLUE Monte Rosa Therapeutics, Inc. | +$37M |
| ESTA Establishment Labs Holdings Innew | +$26M |
| CRVS Corvus Pharmaceuticals, Inc.new | +$26M |
| DMRA Galecto, Inc.new | +$23M |
| BIOA BioAge Labs, Inc.new | +$21M |
| TARS Tarsus Pharmaceuticals, Inc.new | +$19M |
| NKTR Nektar Therapeuticsnew | +$16M |
Top sells this quarter · 15
| CELC Celcuity Inc. | −$98M |
| EWTX Edgewise Therapeutics, Inc. | −$90M |
| ALGN Align Technology, Inc.exit | −$65M |
| CGON CG Oncology, Inc. Common stock | −$60M |
| RYTM Rhythm Pharmaceuticals, Inc. | −$14M |
| SYRE Spyre Therapeutics, Inc. | −$35M |
| DNTH Dianthus Therapeutics, Inc. | −$52M |
| GH Guardant Health, Inc. | −$44M |
| XENE Xenon Pharmaceuticals Inc. | −$28M |
| VTYX Ventyx Biosciences, Inc.exit | −$27M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.63B | 82 | +56.07% | +17.59% | +38.48% | -0.17B |
| 2025-12-31 | $2.61B | 68 | +26.33% | +17.72% | +8.61% | -0.49B |
| 2025-09-30 | $2.47B | 64 | -4.74% | +17.52% | -22.26% | +0.14B |
| 2025-06-30 | $2.09B | 45 | -7.05% | +14.94% | -21.99% | +0.10B |
| 2025-03-31 | $1.92B | 52 | -18.40% | +8.30% | -26.70% | -0.34B |
| 2024-12-31 | $2.60B | 61 | +2.19% | +24.89% | -22.69% | +0.06B |
| 2024-09-30 | $2.68B | 68 | +13.99% | +36.04% | -22.04% | +0.17B |
| 2024-06-30 | $2.30B | 61 | -7.12% | +24.49% | -31.61% | +0.38B |
| 2024-03-31 | $2.10B | 54 | +9.28% | +29.62% | -20.34% | +0.66B |
| 2023-12-31 | $1.32B | 47 | +1.68% | +26.18% | -24.50% | -0.42B |
| 2023-09-30 | $1.65B | 60 | -11.20% | -3.22% | -7.98% | +0.18B |
| 2023-06-30 | $1.66B | 58 | +7.41% | +8.68% | -1.27% | -0.11B |
| 2023-03-31 | $1.65B | 57 | +1.09% | +7.46% | -6.37% | -0.06B |
| 2022-12-31 | $1.69B | 63 | — | — | — | — |