Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.31%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.68%
steady accumulation
Rally response
-16.15%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DNTHDianthus Therapeutics, I | $47M | 9.8% | +362.6% | 1.5 yr |
| BBIOBridgeBio Pharma, Inc. | $32M | 6.7% | +114.8% | 1.3 yr |
| — | $30M | 6.2% | — | 1.5 yr |
| BMYBristol-Myers Squibb Com | $26M | 5.3% | +3.4% | 0.8 yr |
| SNDXSyndax Pharmaceuticals, | $24M | 5.1% | +90.1% | 1.3 yr |
| GILDGilead Sciences, Inc. | $23M | 4.8% | +27.7% | 0.8 yr |
| TERNTerns Pharmaceuticals, I | $22M | 4.5% | — | 0.5 yr |
| DFTXDefinium Therapeutics, I | $20M | 4.1% | — | 0.3 yr |
| — | $19M | 4.0% | — | 1.3 yr |
| BSXBoston Scientific Corpor | $19M | 3.9% | -37.8% | 1.3 yr |
| RAREUltragenyx Pharmaceutica | $18M | 3.7% | -42.1% | 1.0 yr |
| INCYIncyte Corporation | $17M | 3.6% | +55.4% | 0.3 yr |
| CYTKCytokinetics, Incorporat | $14M | 3.0% | +64.0% | 1.5 yr |
| NTRANatera, Inc. | $14M | 3.0% | +41.4% | 1.0 yr |
| CRVSCorvus Pharmaceuticals, | $13M | 2.7% | +360.1% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology66.6%+13.7pp$319M
Unknown10.9%+0.3pp$52M
Drug Manufacturers - General10.1%+5.3pp$48M
Medical - Devices6.7%-13.3pp$32M
Medical - Diagnostics & Research3.0%$14M
Medical - Healthcare Information Services2.1%$10M
Drug Manufacturers - Specialty & Generic0.7%$3M
Country
US85.8%+3.4pp
Unknown10.9%+0.3pp
NL1.7%-0.6pp
FR1.1%
GB0.5%-3.2pp
Top 5: 33.1% · Top 10: 54.5% · Top 25: 90.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DNTH | $14M | +0.05B | 362.6% |
| BBIO | $33M | +0.04B | 114.8% |
| GPCR | $12M | +0.02B | 178.5% |
| SNDX | $21M | +0.02B | 90.1% |
| SEPN | $6M | +0.02B | 315.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| DFTX Definium Therapeutics, Inc.new | +$20M |
| INCY Incyte Corporationnew | +$17M |
| RARE Ultragenyx Pharmaceutical Inc. | +$14M |
| CRVS Corvus Pharmaceuticals, Inc.new | +$13M |
| MANE Veradermics, Incorporatednew | +$11M |
| KALV KalVista Pharmaceuticals, Inc.new | +$9M |
| HTFL Heartflow, Inc. Common Stock | +$7M |
| KPTI Karyopharm Therapeutics Inc. | +$4M |
| QURE uniQure N.V. | +$3M |
| MLYS Mineralys Therapeutics, Inc. | +$12M |
Top sells this quarter · 15
| JNJ Johnson & Johnsonexit | −$30M |
| LLY Eli Lilly and Companyexit | −$24M |
| REGN Regeneron Pharmaceuticals, Incexit | −$23M |
| GILD Gilead Sciences, Inc. | −$17M |
| BBIO BridgeBio Pharma, Inc. | −$14M |
| BMY Bristol-Myers Squibb Company | −$14M |
| ISRG Intuitive Surgical, Inc.exit | −$13M |
| SUPN Supernus Pharmaceuticals, Inc. | −$10M |
| DNTH Dianthus Therapeutics, Inc. | −$27M |
| OCUL Ocular Therapeutix, Inc.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $479M | 41 | +51.29% | +17.59% | +33.70% | -0.06B |
| 2025-12-31 | $534M | 44 | +29.90% | +17.72% | +12.18% | -0.13B |
| 2025-09-30 | $541M | 38 | +18.73% | +8.12% | +10.61% | -0.03B |
| 2025-06-30 | $477M | 40 | +2.58% | +10.78% | -8.19% | +0.06B |
| 2025-03-31 | $403M | 35 | -12.68% | -4.27% | -8.41% | +0.00B |
| 2024-12-31 | $457M | 33 | — | — | — | — |