Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.95%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.39%
baseline attrition
Rally response
-26.74%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SMMTSummit Therapeutics Inc. | $17M | 12.1% | -1.7% | 1.0 yr |
| IMVTImmunovant, Inc. | $9M | 6.3% | +45.3% | 1.3 yr |
| COGTCogent Biosciences, Inc. | $9M | 6.2% | +542.6% | 1.5 yr |
| SVRASavara Inc. | $9M | 6.2% | +97.1% | 2.5 yr |
| URGNUroGen Pharma Ltd. | $7M | 5.0% | +62.6% | 2.0 yr |
| DFTXDefinium Therapeutics, I | $7M | 4.7% | — | 0.3 yr |
| VIRVir Biotechnology, Inc. | $7M | 4.7% | +38.3% | 0.5 yr |
| PCVXVaxcyte, Inc. | $6M | 4.6% | +53.9% | 0.5 yr |
| CLDXCelldex Therapeutics, In | $6M | 4.1% | +74.8% | 0.5 yr |
| SIONSionna Therapeutics, Inc | $6M | 4.0% | +283.3% | 0.5 yr |
| GMABGenmab A/S | $5M | 3.8% | +37.0% | 0.5 yr |
| ZLABZai Lab Limited | $5M | 3.7% | -48.0% | 2.0 yr |
| VRTXVertex Pharmaceuticals I | $5M | 3.5% | -7.9% | 0.3 yr |
| IQVIQVIA Holdings Inc. | $4M | 3.1% | -3.3% | 0.5 yr |
| MPLTMapLight Therapeutics, I | $4M | 2.8% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology93.6%+1.6pp$131M
Medical - Diagnostics & Research3.1%$4M
Drug Manufacturers - General1.5%-4.4pp$2M
Unknown1.1%-0.5pp$2M
Medical - Pharmaceuticals0.6%$1M
Country
US89.3%+12.6pp
DK3.8%
CN3.7%-9.1pp
KY2.1%
Unknown1.1%-0.5pp
Top 5: 35.8% · Top 10: 57.9% · Top 25: 93.9%
Top buys this quarter · 15
| SMMT Summit Therapeutics Inc. | +$13M |
| DFTX Definium Therapeutics, Inc.new | +$7M |
| PCVX Vaxcyte, Inc. | +$6M |
| VIR Vir Biotechnology, Inc. | +$5M |
| VRTX Vertex Pharmaceuticals Incorponew | +$5M |
| GMAB Genmab A/S | +$4M |
| MPLT MapLight Therapeutics, Inc.new | +$4M |
| ARVN Arvinas, Inc.new | +$3M |
| SVRA Savara Inc. | +$3M |
| ORKA Oruka Therapeutics, Inc.new | +$3M |
Top sells this quarter · 15
| URGN UroGen Pharma Ltd. | −$6M |
| COGT Cogent Biosciences, Inc. | −$5M |
| RVMD Revolution Medicines, Inc.exit | −$5M |
| FOLD Amicus Therapeutics, Inc.exit | −$5M |
| AXSM Axsome Therapeutics, Inc. | −$4M |
| BLTE Belite Bio, Incexit | −$4M |
| OCUL Ocular Therapeutix, Inc.exit | −$4M |
| PFE Pfizer Inc. | −$3M |
| TSHA Taysha Gene Therapies, Inc. | −$3M |
| CABA Cabaletta Bio, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $140M | 35 | +77.35% | +17.59% | +59.76% | -0.05B |
| 2025-12-31 | $187M | 45 | +59.07% | +17.72% | +41.35% | +0.06B |
| 2025-09-30 | $99M | 34 | +12.06% | +17.52% | -5.46% | -0.00B |
| 2025-06-30 | $79M | 34 | -10.10% | +14.94% | -25.04% | -0.01B |
| 2025-03-31 | $84M | 33 | -31.89% | +8.30% | -40.19% | -0.02B |
| 2024-12-31 | $111M | 37 | -21.44% | +24.89% | -46.33% | +0.01B |
| 2024-09-30 | $112M | 27 | +2.89% | +5.75% | -2.86% | +0.03B |
| 2024-06-30 | $79M | 39 | -20.77% | +4.38% | -25.15% | -0.04B |
| 2024-03-31 | $151M | 37 | +5.20% | +10.39% | -5.20% | +0.00B |
| 2023-12-31 | $140M | 30 | — | — | — | — |