Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.35%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.51%
baseline attrition
Rally response
-23.41%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ABVXAbivax S.A. | $155M | 9.4% | +1681.6% | 2.3 yr |
| PTGXProtagonist Therapeutics | $105M | 6.4% | +117.9% | 2.5 yr |
| ROIVRoivant Sciences Ltd. | $91M | 5.5% | +174.5% | 2.5 yr |
| IMVTImmunovant, Inc. | $67M | 4.0% | +45.3% | 2.5 yr |
| SPYState Street SPDR S&P 50 | $49M | 3.0% | +17.6% | 1.0 yr |
| TERNTerns Pharmaceuticals, I | $48M | 2.9% | — | 2.0 yr |
| CYTKCytokinetics, Incorporat | $42M | 2.5% | +64.0% | 2.5 yr |
| CRNXCrinetics Pharmaceutical | $41M | 2.5% | +8.3% | 2.0 yr |
| BOXXAlpha Architect 1-3 Mont | $39M | 2.4% | — | 2.3 yr |
| DNLIDenali Therapeutics Inc. | $36M | 2.2% | +41.2% | 2.3 yr |
| BEAMBeam Therapeutics Inc. | $34M | 2.1% | +22.0% | 1.0 yr |
| ZLABZai Lab Limited | $27M | 1.6% | -48.0% | 2.5 yr |
| SEPNSepterna, Inc. | $26M | 1.6% | +315.0% | 1.3 yr |
| VIRVir Biotechnology, Inc. | $25M | 1.5% | +38.3% | 1.5 yr |
| — | $21M | 1.3% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology77.3%+9.1pp$1.27B
Unknown7.1%-5.6pp$117M
Asset Management6.4%-5.3pp$105M
Medical - Devices4.2%+2.4pp$69M
Drug Manufacturers - General1.6%+1.2pp$26M
Shell Companies0.7%-0.6pp$12M
Drug Manufacturers - Specialty & Generic0.7%-2.7pp$11M
Medical - Diagnostics & Research0.5%+0.3pp$8M
Insurance - Life0.3%$6M
Medical - Pharmaceuticals0.3%$6M
Country
US68.2%+2.8pp
FR11.1%+8.4pp
Unknown7.1%-5.6pp
GB5.7%-2.1pp
CN1.8%-4.9pp
AU1.3%+0.1pp
IE1.1%
CA0.9%+0.0pp
Top 5: 28.4% · Top 10: 41.0% · Top 25: 59.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ABVX | $14M | +0.23B | 1681.6% |
| ROIV | $35M | +0.06B | 174.5% |
| PTGX | $45M | +0.05B | 117.9% |
| AMLX | $5M | +0.02B | 292.7% |
| SEPN | $4M | +0.01B | 315.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ZLAB | $34M | -0.02B | -48.0% |
Top buys this quarter · 15
| DNLI Denali Therapeutics Inc. | +$35M |
| BEAM Beam Therapeutics Inc. | +$34M |
| CRNX Crinetics Pharmaceuticals, Inc | +$30M |
| VIR Vir Biotechnology, Inc. | +$22M |
| INSP Inspire Medical Systems, Inc. | +$20M |
| SRRK Scholar Rock Holding Corporati | +$17M |
| SYRE Spyre Therapeutics, Inc. | +$15M |
| AVR Anteris Technologies Global Co | +$14M |
| RYTM Rhythm Pharmaceuticals, Inc. | +$14M |
| SPY State Street SPDR S&P 500 ETF | +$14M |
Top sells this quarter · 15
| ABUS Arbutus Biopharma Corporation | −$10M |
| BBIO BridgeBio Pharma, Inc. | −$9M |
| FULC Fulcrum Therapeutics, Inc. | −$9M |
| TFX Teleflex Incorporated | −$7M |
| CLDX Celldex Therapeutics, Inc. | −$7M |
| YCY AA Mission Acquisition Corp. Iexit | −$6M |
| PTGX Protagonist Therapeutics, Inc. | −$92M |
| CLYM Climb Bio, Inc. | −$6M |
| CRVS Corvus Pharmaceuticals, Inc. | −$6M |
| ARDX Ardelyx, Inc. | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.64B | 288 | +150.68% | +17.59% | +133.09% | +0.27B |
| 2025-12-31 | $1.34B | 249 | +125.66% | +17.72% | +107.94% | +0.06B |
| 2025-09-30 | $1.00B | 197 | +62.88% | +17.52% | +45.36% | -0.11B |
| 2025-06-30 | $609M | 199 | +2.13% | +14.94% | -12.81% | +0.08B |
| 2025-03-31 | $505M | 191 | -6.22% | +8.30% | -14.53% | +0.07B |
| 2024-12-31 | $468M | 194 | +24.54% | +24.89% | -0.34% | -0.08B |
| 2024-09-30 | $596M | 256 | +14.43% | +5.75% | +8.68% | +0.03B |
| 2024-06-30 | $494M | 243 | -3.67% | +4.38% | -8.05% | +0.14B |
| 2024-03-31 | $366M | 238 | +22.77% | +10.39% | +12.38% | +0.09B |
| 2023-12-31 | $224M | 141 | — | — | — | — |