Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+14.06%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.86%
steady accumulation
Rally response
-13.08%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RVMDRevolution Medicines, In | $231M | 6.5% | +175.0% | 1.3 yr |
| BMRNBioMarin Pharmaceutical | $202M | 5.6% | -20.1% | 1.8 yr |
| ABVXAbivax S.A. | $167M | 4.7% | +1681.6% | 0.8 yr |
| NBIXNeurocrine Biosciences, | $165M | 4.6% | +19.1% | 1.0 yr |
| ARWRArrowhead Pharmaceutical | $143M | 4.0% | +392.2% | 0.5 yr |
| ELVNEnliven Therapeutics, In | $127M | 3.6% | +99.2% | 1.0 yr |
| RGENRepligen Corporation | $109M | 3.0% | -7.4% | 0.8 yr |
| BCAXBicara Therapeutics Inc. | $108M | 3.0% | +52.6% | 1.8 yr |
| NRIXNurix Therapeutics, Inc. | $101M | 2.8% | +30.5% | 2.0 yr |
| — | $93M | 2.6% | — | 1.0 yr |
| — | $86M | 2.4% | — | 2.5 yr |
| IMCRImmunocore Holdings plc | $83M | 2.3% | +1.6% | 0.5 yr |
| TSHATaysha Gene Therapies, I | $80M | 2.2% | +221.6% | 1.0 yr |
| DYNDyne Therapeutics, Inc. | $73M | 2.0% | +73.3% | 1.5 yr |
| SNYSanofi | $67M | 1.9% | -10.4% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology73.8%-13.8pp$2.64B
Unknown9.5%+5.0pp$342M
Medical - Instruments & Supplies5.3%$191M
Medical - Devices4.6%+1.2pp$165M
Drug Manufacturers - General4.1%$148M
Medical - Diagnostics & Research1.0%-0.9pp$37M
Medical - Healthcare Information Services0.9%-0.3pp$34M
Medical - Equipment & Services0.6%$22M
Country
US76.2%-4.8pp
Unknown9.5%+5.0pp
FR6.6%
GB2.9%+1.6pp
DE1.7%-0.8pp
CH1.7%+1.1pp
CA1.0%-2.3pp
AU0.2%
Top 5: 25.4% · Top 10: 40.4% · Top 25: 67.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| COGT | $18M | +0.10B | 542.6% |
| VERA | $60M | +0.04B | 67.5% |
| IMTX | $32M | +0.04B | 118.2% |
| NUVL | $76M | +0.03B | 44.5% |
| SRRK | $42M | +0.02B | 52.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| RVMD Revolution Medicines, Inc. | +$202M |
| NBIX Neurocrine Biosciences, Inc. | +$161M |
| RGEN Repligen Corporation | +$99M |
| ARWR Arrowhead Pharmaceuticals, Inc | +$86M |
| DYN Dyne Therapeutics, Inc. | +$70M |
| IMCR Immunocore Holdings plc | +$66M |
| BSX Boston Scientific Corporationnew | +$50M |
| GLUE Monte Rosa Therapeutics, Inc. | +$47M |
| BCRX BioCryst Pharmaceuticals, Inc. | +$45M |
| BMY Bristol-Myers Squibb Company | +$45M |
Top sells this quarter · 15
| DAWN Day One Biopharmaceuticals, Inexit | −$111M |
| MRK Merck & Co., Inc.exit | −$93M |
| TYRA Tyra Biosciences, Inc. | −$91M |
| DXCM DexCom, Inc.exit | −$80M |
| COGT Cogent Biosciences, Inc. | −$22M |
| ABT Abbott Laboratoriesexit | −$62M |
| GMED Globus Medical, Inc. | −$57M |
| JAZZ Jazz Pharmaceuticals plcexit | −$55M |
| ABVX Abivax S.A. | −$45M |
| URGN UroGen Pharma Ltd. | −$36M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.58B | 90 | +77.98% | +17.59% | +60.39% | +0.69B |
| 2025-12-31 | $2.73B | 75 | +40.54% | +17.72% | +22.82% | -0.07B |
| 2025-09-30 | $2.20B | 80 | +3.93% | +17.52% | -13.59% | -0.34B |
| 2025-06-30 | $1.90B | 72 | -16.81% | +14.94% | -31.75% | +0.60B |
| 2025-03-31 | $1.32B | 62 | -23.84% | +8.30% | -32.14% | -0.04B |
| 2024-12-31 | $1.62B | 72 | -6.60% | +24.89% | -31.48% | +0.54B |
| 2024-09-30 | $1.15B | 66 | +7.00% | +5.75% | +1.25% | -0.23B |
| 2024-06-30 | $1.29B | 59 | -9.46% | +4.38% | -13.84% | +0.21B |
| 2024-03-31 | $1.19B | 57 | +2.70% | +10.39% | -7.69% | +0.25B |
| 2023-12-31 | $916M | 47 | — | — | — | — |