Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.44%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.52%
baseline attrition
Rally response
-5.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ABVXAbivax S.A. | $67M | 19.6% | +1681.6% | 0.8 yr |
| LLYEli Lilly and Company | $35M | 10.3% | +12.2% | 3.3 yr |
| TRVITrevi Therapeutics, Inc. | $24M | 7.1% | +89.7% | 1.0 yr |
| ARGXargenx SE | $22M | 6.4% | +23.4% | 3.5 yr |
| AZNAstraZeneca PLC | $19M | 5.5% | +36.2% | 0.3 yr |
| — | $16M | 4.7% | — | 2.0 yr |
| DNTHDianthus Therapeutics, I | $14M | 4.0% | +362.6% | 0.8 yr |
| RVMDRevolution Medicines, In | $12M | 3.6% | +175.0% | 1.8 yr |
| IONSIonis Pharmaceuticals, I | $11M | 3.2% | +148.9% | 1.3 yr |
| EYPTEyePoint Pharmaceuticals | $10M | 2.9% | +137.8% | 2.5 yr |
| DGXQuest Diagnostics Incorp | $8M | 2.3% | +17.5% | 1.3 yr |
| ALMSAlumis Inc. Common Stock | $7M | 2.1% | +258.8% | 0.3 yr |
| VKTXViking Therapeutics, Inc | $6M | 1.7% | +34.7% | 3.5 yr |
| MRKMerck & Co., Inc. | $6M | 1.6% | +38.9% | 2.0 yr |
| TERNTerns Pharmaceuticals, I | $6M | 1.6% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology66.4%+24.0pp$226M
Drug Manufacturers - General21.0%-3.7pp$72M
Unknown9.6%-6.5pp$33M
Medical - Diagnostics & Research2.3%-0.7pp$8M
Medical - Healthcare Information Services0.7%$2M
Country
US56.7%-7.8pp
FR19.6%
Unknown9.6%-6.5pp
GB6.6%-4.7pp
NL6.4%-1.4pp
CA1.1%+0.7pp
Top 5: 48.9% · Top 10: 67.3% · Top 25: 89.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| LLY | $78M | +0.01B | 12.2% |
| RVMD | $4M | +0.01B | 175.0% |
| SRRK | $6M | +0.00B | 52.9% |
| EYPT | $2M | +0.00B | 137.8% |
| DGX | $10M | +0.00B | 17.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 11
| AZN AstraZeneca PLCnew | +$19M |
| ALMS Alumis Inc. Common Stocknew | +$7M |
| JNJ Johnson & Johnsonnew | +$6M |
| EWTX Edgewise Therapeutics, Inc.new | +$2M |
| RVMD Revolution Medicines, Inc. | +$2M |
| XENE Xenon Pharmaceuticals Inc. | +$1M |
| BLTE Belite Bio, Inc | +$1M |
| BTSG BrightSpring Health Services, | +$1M |
| CELC Celcuity Inc. | +$0M |
| — | +$0M |
Top sells this quarter · 15
| MRK Merck & Co., Inc. | −$48M |
| ARGX argenx SE | −$26M |
| VKTX Viking Therapeutics, Inc. | −$18M |
| QURE uniQure N.V.exit | −$17M |
| LLY Eli Lilly and Company | −$11M |
| VTYX Ventyx Biosciences, Inc.exit | −$10M |
| PVLA Palvella Therapeutics, Inc.exit | −$7M |
| BIIB Biogen Inc. | −$6M |
| ALNY Alnylam Pharmaceuticals, Inc.exit | −$6M |
| CYTK Cytokinetics, Incorporated | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $341M | 47 | +36.51% | +17.59% | +18.92% | -0.13B |
| 2025-12-31 | $504M | 49 | +32.57% | +17.72% | +14.85% | -0.02B |
| 2025-09-30 | $464M | 48 | -0.95% | +17.52% | -18.47% | +0.06B |
| 2025-06-30 | $313M | 32 | -23.89% | +14.94% | -38.83% | -0.01B |
| 2025-03-31 | $317M | 31 | -23.60% | +8.30% | -31.90% | +0.10B |
| 2024-12-31 | $236M | 32 | +10.38% | +24.89% | -14.51% | -0.06B |
| 2024-09-30 | $350M | 43 | +41.37% | +36.04% | +5.34% | -0.03B |
| 2024-06-30 | $386M | 41 | +45.41% | +24.49% | +20.92% | -0.03B |
| 2024-03-31 | $404M | 46 | +44.63% | +29.62% | +15.01% | +0.07B |
| 2023-12-31 | $250M | 26 | +7.82% | +26.18% | -18.35% | -0.01B |
| 2023-09-30 | $241M | 27 | +0.70% | -3.22% | +3.92% | -0.05B |
| 2023-06-30 | $290M | 34 | +1.18% | +8.68% | -7.51% | +0.04B |
| 2023-03-31 | $249M | 32 | -1.46% | +7.46% | -8.91% | -0.01B |
| 2022-12-31 | $261M | 24 | — | — | — | — |