Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.06%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.30%
baseline attrition
Rally response
-9.52%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ALMSAlumis Inc. Common Stock | $71M | 12.8% | +258.8% | 0.5 yr |
| AMLXAmylyx Pharmaceuticals, | $60M | 10.9% | +292.7% | 2.0 yr |
| ABVXAbivax S.A. | $60M | 10.9% | +1681.6% | 2.3 yr |
| PCVXVaxcyte, Inc. | $48M | 8.7% | +53.9% | 2.3 yr |
| PHVSPharvaris N.V. | $34M | 6.1% | +79.9% | 0.8 yr |
| IMMXImmix Biopharma, Inc. | $34M | 6.1% | +442.3% | 0.5 yr |
| CELCCelcuity Inc. | $32M | 5.8% | +1029.0% | 2.0 yr |
| JAZZJazz Pharmaceuticals plc | $31M | 5.6% | +52.3% | 1.0 yr |
| IRONDisc Medicine, Inc. | $29M | 5.2% | +28.8% | 2.5 yr |
| XFORX4 Pharmaceuticals, Inc. | $27M | 4.8% | -41.7% | 0.5 yr |
| COGTCogent Biosciences, Inc. | $24M | 4.4% | +542.6% | 3.0 yr |
| — | $19M | 3.4% | — | 0.8 yr |
| DYNDyne Therapeutics, Inc. | $18M | 3.2% | +73.3% | 1.0 yr |
| ADGIAdagio Therapeutics, Inc | $14M | 2.6% | — | 0.5 yr |
| CADLCandel Therapeutics, Inc | $14M | 2.6% | -13.3% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology91.8%+8.6pp$507M
Unknown7.9%-9.0pp$44M
Medical - Pharmaceuticals0.4%$2M
Country
US69.1%+16.8pp
FR10.9%+9.2pp
Unknown7.9%-9.0pp
NL6.1%-4.9pp
IE5.6%
CA0.4%-6.6pp
Top 5: 49.5% · Top 10: 77.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CELC | $11M | +0.11B | 1029.0% |
| ABVX | $3M | +0.06B | 1681.6% |
| COGT | $9M | +0.05B | 542.6% |
| AMLX | $9M | +0.03B | 292.7% |
| IRON | $26M | +0.01B | 28.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 14
| ADGI Adagio Therapeutics, Inc. | +$14M |
| — | +$6M |
| — | +$19M |
| MSLE Satellos Bioscience Inc. Commonew | +$0M |
| — new | +$0M |
| CADL Candel Therapeutics, Inc.new | +$14M |
| IRON Disc Medicine, Inc. | +$10M |
| IMMX Immix Biopharma, Inc. | +$6M |
| OVID Ovid Therapeutics Inc. | +$4M |
| XFOR X4 Pharmaceuticals, Inc. | +$3M |
Top sells this quarter · 9
| COGT Cogent Biosciences, Inc. | −$23M |
| JAZZ Jazz Pharmaceuticals plc | −$16M |
| DYN Dyne Therapeutics, Inc. | −$15M |
| OCUL Ocular Therapeutix, Inc.exit | −$13M |
| ABVX Abivax S.A. | −$12M |
| CNTA Centessa Pharmaceuticals plcexit | −$11M |
| CELC Celcuity Inc. | −$32M |
| AMLX Amylyx Pharmaceuticals, Inc. | −$54M |
| IVA Inventiva S.A.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $552M | 21 | +186.26% | +17.59% | +168.67% | -0.06B |
| 2025-12-31 | $545M | 20 | +101.68% | +17.72% | +83.96% | -0.07B |
| 2025-09-30 | $456M | 17 | +23.79% | +17.52% | +6.27% | +0.02B |
| 2025-06-30 | $247M | 24 | -21.96% | +14.94% | -36.90% | +0.04B |
| 2025-03-31 | $198M | 21 | -31.07% | +8.30% | -39.37% | -0.00B |
| 2024-12-31 | $255M | 24 | -13.98% | +24.89% | -38.87% | +0.02B |
| 2024-09-30 | $280M | 25 | +20.29% | +36.04% | -15.75% | -0.01B |
| 2024-06-30 | $265M | 26 | +5.92% | +24.49% | -18.57% | +0.03B |
| 2024-03-31 | $249M | 21 | +17.10% | +29.62% | -12.52% | -0.01B |
| 2023-12-31 | $261M | 23 | +12.22% | +26.18% | -13.96% | -0.02B |
| 2023-09-30 | $239M | 20 | -1.93% | -3.22% | +1.29% | +0.06B |
| 2023-06-30 | $180M | 20 | +4.22% | +8.68% | -4.47% | +0.04B |
| 2023-03-31 | $134M | 18 | -5.59% | +7.46% | -13.05% | +0.02B |
| 2022-12-31 | $121M | 19 | — | — | — | — |