Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+25.40%
adds when stocks drop
when a holding falls −10%+
Middle response
-5.22%
baseline attrition
Rally response
-25.48%
trims into rallies
when a holding rises +10%+
Top positions · 16
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PFEPfizer Inc. | $45M | 13.4% | — | 0.5 yr |
| REGNRegeneron Pharmaceutical | $35M | 10.3% | — | 0.5 yr |
| IONSIonis Pharmaceuticals, I | $29M | 8.7% | — | 0.5 yr |
| NTRANatera, Inc. | $29M | 8.6% | — | 0.5 yr |
| BNTXBioNTech SE | $27M | 8.1% | — | 0.5 yr |
| ARGXargenx SE | $26M | 7.6% | — | 0.5 yr |
| LLYEli Lilly and Company | $25M | 7.5% | — | 0.5 yr |
| RPRXRoyalty Pharma plc | $25M | 7.5% | — | 0.5 yr |
| ROIVRoivant Sciences Ltd. | $24M | 7.2% | — | 0.5 yr |
| LEGNLegend Biotech Corporati | $24M | 7.1% | — | 0.5 yr |
| MLYSMineralys Therapeutics, | $12M | 3.6% | — | 0.5 yr |
| ABVXAbivax S.A. | $9M | 2.6% | — | 0.5 yr |
| GENBGenerate Biomedicines, I | $7M | 2.2% | — | 0.3 yr |
| PRCTPROCEPT BioRobotics Corp | $7M | 2.0% | — | 0.3 yr |
| GPCRStructure Therapeutics I | $6M | 1.8% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology66.4%$222M
Drug Manufacturers - General20.9%$70M
Medical - Diagnostics & Research8.6%$29M
Asset Management2.2%$7M
Medical - Devices2.0%$7M
Country
US74.4%
DE8.1%
NL7.6%
GB7.2%
FR2.6%
Top 5: 49.1% · Top 10: 86.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 10
| LLY Eli Lilly and Company | +$17M |
| NTRA Natera, Inc. | +$13M |
| IONS Ionis Pharmaceuticals, Inc. | +$11M |
| GENB Generate Biomedicines, Inc.new | +$7M |
| PRCT PROCEPT BioRobotics Corporationew | +$7M |
| MLYS Mineralys Therapeutics, Inc. | +$6M |
| GPCR Structure Therapeutics Inc.new | +$6M |
| LEGN Legend Biotech Corporation | +$5M |
| ABVX Abivax S.A. | +$3M |
| VRDN Viridian Therapeutics, Inc. | +$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $335M | 16 | +0.24% | -4.37% | +4.61% | +0.02B |
| 2025-12-31 | $309M | 14 | — | — | — | — |