Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.18%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.36%
steady accumulation
Rally response
-29.60%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SRRKScholar Rock Holding Cor | $51M | 9.8% | +52.9% | 1.5 yr |
| ABVXAbivax S.A. | $35M | 6.7% | +1681.6% | 1.0 yr |
| SNDXSyndax Pharmaceuticals, | $28M | 5.5% | +90.1% | 2.5 yr |
| RVMDRevolution Medicines, In | $27M | 5.3% | +175.0% | 1.5 yr |
| IMVTImmunovant, Inc. | $19M | 3.6% | +45.3% | 2.5 yr |
| — | $18M | 3.5% | — | 1.8 yr |
| MBXMBX Biosciences, Inc. Co | $15M | 2.9% | +304.5% | 1.5 yr |
| MLYSMineralys Therapeutics, | $14M | 2.8% | +70.6% | 1.3 yr |
| ELVNEnliven Therapeutics, In | $14M | 2.7% | +99.2% | 0.8 yr |
| CGONCG Oncology, Inc. Common | $14M | 2.7% | +176.4% | 1.0 yr |
| — | $13M | 2.6% | — | 2.3 yr |
| — | $13M | 2.6% | — | 2.0 yr |
| ROIVRoivant Sciences Ltd. | $11M | 2.1% | +174.5% | 2.5 yr |
| EYPTEyePoint Pharmaceuticals | $10M | 2.0% | +137.8% | 1.3 yr |
| ARQTArcutis Biotherapeutics, | $10M | 1.9% | +50.6% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology84.1%-8.2pp$437M
Unknown13.8%+6.0pp$72M
Drug Manufacturers - General0.7%$4M
Shell Companies0.6%$3M
Medical - Diagnostics & Research0.6%$3M
Medical - Devices0.2%$1M
Country
US73.6%+5.8pp
Unknown13.8%+6.0pp
FR6.7%
GB2.4%-8.9pp
CA1.6%-1.4pp
NL0.7%-6.6pp
KY0.6%
IE0.5%-1.5pp
Top 5: 30.8% · Top 10: 45.3% · Top 25: 73.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ROIV | $26M | +0.05B | 174.5% |
| RVMD | $11M | +0.02B | 175.0% |
| SNDX | $20M | +0.02B | 90.1% |
| CGON | $7M | +0.01B | 176.4% |
| SRRK | $18M | +0.01B | 52.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| RVMD Revolution Medicines, Inc. | +$21M |
| MBX MBX Biosciences, Inc. Common S | +$13M |
| CGON CG Oncology, Inc. Common stock | +$10M |
| ELVN Enliven Therapeutics, Inc. | +$10M |
| TYRA Tyra Biosciences, Inc.new | +$7M |
| SRRK Scholar Rock Holding Corporati | +$7M |
| SYRE Spyre Therapeutics, Inc. | +$7M |
| MLYS Mineralys Therapeutics, Inc. | +$7M |
| DFTX Definium Therapeutics, Inc.new | +$6M |
| BIOA BioAge Labs, Inc.new | +$6M |
Top sells this quarter · 15
| CNTA Centessa Pharmaceuticals plcexit | −$46M |
| TWST Twist Bioscience Corporation | −$23M |
| ROIV Roivant Sciences Ltd. | −$16M |
| NKTR Nektar Therapeuticsexit | −$13M |
| XENE Xenon Pharmaceuticals Inc. | −$12M |
| MDGL Madrigal Pharmaceuticals, Inc.exit | −$9M |
| ABVX Abivax S.A. | −$9M |
| ADPT Adaptive Biotechnologies Corpoexit | −$8M |
| IMCR Immunocore Holdings plc | −$8M |
| GPCR Structure Therapeutics Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $520M | 69 | +89.16% | +17.59% | +71.57% | -0.10B |
| 2025-12-31 | $583M | 75 | +52.75% | +17.72% | +35.03% | -0.02B |
| 2025-09-30 | $490M | 75 | +20.52% | +17.52% | +3.01% | +0.05B |
| 2025-06-30 | $304M | 49 | -15.34% | +14.94% | -30.28% | +0.00B |
| 2025-03-31 | $306M | 51 | -25.93% | +8.30% | -34.23% | -0.03B |
| 2024-12-31 | $391M | 47 | -2.78% | +24.89% | -27.66% | +0.07B |
| 2024-09-30 | $333M | 50 | +1.89% | +5.75% | -3.87% | -0.01B |
| 2024-06-30 | $334M | 41 | -13.18% | +4.38% | -17.56% | +0.02B |
| 2024-03-31 | $367M | 44 | +13.50% | +10.39% | +3.11% | -0.05B |
| 2023-12-31 | $366M | 58 | — | — | — | — |