Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+11.94%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.93%
steady accumulation
Rally response
-0.18%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PAGPPlains GP Holdings, L.P. | $30M | 19.0% | +23.4% | 2.3 yr |
| — | $11M | 7.2% | — | 2.3 yr |
| PHATPhathom Pharmaceuticals, | $9M | 5.9% | +77.2% | 2.5 yr |
| DCTHDelcath Systems, Inc. | $9M | 5.8% | -27.1% | 1.5 yr |
| CORTCorcept Therapeutics Inc | $6M | 3.8% | -64.7% | 0.3 yr |
| 0H7R.LAbeona Therapeutics Inc. | $6M | 3.8% | — | 2.0 yr |
| VORVor Biopharma Inc. | $6M | 3.5% | +24.3% | 0.3 yr |
| KYTXKyverna Therapeutics, In | $6M | 3.5% | +347.2% | 0.5 yr |
| MISTMilestone Pharmaceutical | $5M | 3.2% | +48.7% | 1.3 yr |
| CLDXCelldex Therapeutics, In | $4M | 2.6% | +74.8% | 0.8 yr |
| CMPSCOMPASS Pathways plc | $4M | 2.6% | +93.4% | 1.3 yr |
| VRDNViridian Therapeutics, I | $4M | 2.6% | +45.1% | 0.8 yr |
| IVAInventiva S.A. | $4M | 2.5% | +88.8% | 0.5 yr |
| — | $4M | 2.4% | — | 0.5 yr |
| OBIOOrchestra BioMed Holding | $4M | 2.4% | -0.7% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology56.1%-0.3pp$89M
Oil & Gas Midstream19.0%-12.6pp$30M
Unknown14.6%+5.2pp$23M
Medical - Devices5.8%+3.1pp$9M
Medical - Care Facilities2.6%$4M
Drug Manufacturers - Specialty & Generic1.9%$3M
Medical - Pharmaceuticals0.0%$0M
Country
US75.6%-13.7pp
Unknown14.6%+5.2pp
CA3.2%+1.9pp
GB2.6%
FR2.5%
NL1.1%
CN0.3%
Top 5: 41.7% · Top 10: 58.3% · Top 25: 89.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PAGP | $27M | +0.01B | 23.4% |
| PHAT | $7M | +0.01B | 77.2% |
| MIST | $1M | +0.00B | 48.7% |
| ZVRA | $1M | +0.00B | 24.4% |
| DCTH | $2M | -0.00B | -27.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DCTH | $2M | -0.00B | -27.1% |
Top buys this quarter · 15
| CORT Corcept Therapeutics Incorporanew | +$6M |
| VOR Vor Biopharma Inc.new | +$6M |
| DCTH Delcath Systems, Inc. | +$5M |
| OBIO Orchestra BioMed Holdings, Incnew | +$4M |
| FDMT 4D Molecular Therapeutics, Incnew | +$4M |
| OCUL Ocular Therapeutix, Inc.new | +$3M |
| UPB Upstream Bio, Inc.new | +$3M |
| AQST Aquestive Therapeutics, Inc.new | +$3M |
| EYPT EyePoint Pharmaceuticals, Inc.new | +$3M |
| CHRS Coherus Oncology, Inc.new | +$2M |
Top sells this quarter · 11
| NKTR Nektar Therapeuticsexit | −$6M |
| IVA Inventiva S.A. | −$2M |
| VRDN Viridian Therapeutics, Inc. | −$1M |
| RGNX REGENXBIO Inc.exit | −$1M |
| CLDX Celldex Therapeutics, Inc. | −$1M |
| CMPS COMPASS Pathways plc | −$1M |
| LENZ LENZ Therapeutics, Inc.exit | −$1M |
| TRVI Trevi Therapeutics, Inc. | −$1M |
| KYTX Kyverna Therapeutics, Inc. | −$0M |
| AARD Aardvark Therapeutics, Inc. Coexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $159M | 38 | +14.25% | +17.59% | -3.34% | +0.05B |
| 2025-12-31 | $117M | 20 | +16.21% | +17.72% | -1.51% | +0.01B |
| 2025-09-30 | $100M | 16 | -8.12% | +17.52% | -25.64% | +0.01B |
| 2025-06-30 | $82M | 16 | -10.09% | +14.94% | -25.03% | -0.01B |
| 2025-03-31 | $86M | 18 | -21.05% | +8.30% | -29.35% | -0.01B |
| 2024-12-31 | $101M | 21 | -1.37% | +24.89% | -26.26% | -0.04B |
| 2024-09-30 | $172M | 21 | +3.86% | +5.75% | -1.89% | +0.01B |
| 2024-06-30 | $154M | 24 | -6.26% | +4.38% | -10.64% | -0.01B |
| 2024-03-31 | $172M | 28 | +20.11% | +10.39% | +9.71% | +0.03B |
| 2023-12-31 | $121M | 33 | — | — | — | — |