Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.97%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.09%
baseline attrition
Rally response
-10.77%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UTHRUnited Therapeutics Corp | $62M | 7.3% | +92.4% | 0.8 yr |
| ABVXAbivax S.A. | $52M | 6.1% | +1681.6% | 0.8 yr |
| BBIOBridgeBio Pharma, Inc. | $52M | 6.0% | +114.8% | 1.8 yr |
| XENEXenon Pharmaceuticals In | $46M | 5.4% | +73.3% | 2.5 yr |
| RVMDRevolution Medicines, In | $46M | 5.3% | +175.0% | 1.8 yr |
| — | $43M | 5.1% | — | 2.0 yr |
| NUVLNuvalent, Inc. | $38M | 4.4% | +44.5% | 2.5 yr |
| MIRMMirum Pharmaceuticals, I | $37M | 4.3% | +105.1% | 2.5 yr |
| COGTCogent Biosciences, Inc. | $36M | 4.3% | +542.6% | 0.5 yr |
| ROIVRoivant Sciences Ltd. | $33M | 3.9% | +174.5% | 1.0 yr |
| AXSMAxsome Therapeutics, Inc | $32M | 3.7% | +44.9% | 2.5 yr |
| IDYAIDEAYA Biosciences, Inc. | $29M | 3.4% | +103.4% | 1.3 yr |
| ORICORIC Pharmaceuticals, In | $26M | 3.0% | +127.1% | 2.3 yr |
| ELVNEnliven Therapeutics, In | $24M | 2.9% | +99.2% | 1.8 yr |
| CELCCelcuity Inc. | $24M | 2.8% | +1029.0% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology87.3%+20.2pp$746M
Unknown10.8%+4.1pp$92M
Medical - Diagnostics & Research1.9%-9.7pp$16M
Country
US72.1%+0.6pp
Unknown10.8%+4.1pp
FR6.1%
CA5.4%+0.4pp
GB3.9%-2.1pp
NL1.2%-8.3pp
CH0.7%-0.8pp
Top 5: 30.1% · Top 10: 52.0% · Top 25: 89.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BBIO | $23M | +0.03B | 114.8% |
| MIRM | $23M | +0.02B | 105.1% |
| RVMD | $12M | +0.02B | 175.0% |
| XENE | $23M | +0.02B | 73.3% |
| ORIC | $11M | +0.01B | 127.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| UTHR United Therapeutics Corporatio | +$24M |
| CELC Celcuity Inc.new | +$24M |
| DNTH Dianthus Therapeutics, Inc.new | +$19M |
| PVLA Palvella Therapeutics, Inc.new | +$18M |
| ERAS Erasca, Inc.new | +$14M |
| ABVX Abivax S.A. | +$9M |
| BBIO BridgeBio Pharma, Inc. | +$7M |
| IDYA IDEAYA Biosciences, Inc. | +$5M |
| QURE uniQure N.V. | +$5M |
| COGT Cogent Biosciences, Inc. | +$5M |
Top sells this quarter · 15
| GH Guardant Health, Inc.exit | −$25M |
| ARGX argenx SEexit | −$17M |
| RVMD Revolution Medicines, Inc. | −$17M |
| RYTM Rhythm Pharmaceuticals, Inc.exit | −$13M |
| RCUS Arcus Biosciences, Inc.exit | −$12M |
| IRON Disc Medicine, Inc.exit | −$10M |
| MIRM Mirum Pharmaceuticals, Inc. | −$7M |
| VERA Vera Therapeutics, Inc. | −$7M |
| ELVN Enliven Therapeutics, Inc. | −$16M |
| AXSM Axsome Therapeutics, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $854M | 32 | +64.65% | +17.59% | +47.06% | -0.02B |
| 2025-12-31 | $829M | 32 | +39.33% | +17.72% | +21.62% | +0.06B |
| 2025-09-30 | $620M | 28 | +2.88% | +17.52% | -14.64% | +0.04B |
| 2025-06-30 | $499M | 34 | -4.43% | +14.94% | -19.38% | -0.01B |
| 2025-03-31 | $465M | 34 | -14.80% | +8.30% | -23.10% | -0.00B |
| 2024-12-31 | $527M | 35 | -2.00% | +24.89% | -26.89% | -0.03B |
| 2024-09-30 | $606M | 37 | +7.66% | +5.75% | +1.91% | -0.03B |
| 2024-06-30 | $593M | 35 | -3.09% | +4.38% | -7.47% | -0.05B |
| 2024-03-31 | $668M | 34 | +2.12% | +10.39% | -8.28% | -0.04B |
| 2023-12-31 | $696M | 31 | — | — | — | — |