Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.10%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.16%
baseline attrition
Rally response
-5.94%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SRRKScholar Rock Holding Cor | $532M | 14.8% | +52.9% | 1.8 yr |
| KYMRKymera Therapeutics, Inc | $265M | 7.4% | +204.3% | 1.8 yr |
| ERASErasca, Inc. | $182M | 5.0% | +1081.0% | 1.8 yr |
| EWTXEdgewise Therapeutics, I | $140M | 3.9% | +43.2% | 1.8 yr |
| ONCBeOne Medicines Ltd. | $138M | 3.8% | +9.1% | 1.8 yr |
| TNGXTango Therapeutics, Inc. | $118M | 3.3% | +1427.0% | 1.8 yr |
| BCAXBicara Therapeutics Inc. | $115M | 3.2% | +52.6% | 1.8 yr |
| RVMDRevolution Medicines, In | $108M | 3.0% | +175.0% | 1.8 yr |
| ARWRArrowhead Pharmaceutical | $101M | 2.8% | +392.2% | 1.8 yr |
| MANEVeradermics, Incorporate | $95M | 2.6% | — | 0.3 yr |
| XENEXenon Pharmaceuticals In | $77M | 2.1% | +73.3% | 1.8 yr |
| OLMAOlema Pharmaceuticals, I | $71M | 2.0% | +296.5% | 0.5 yr |
| CRNXCrinetics Pharmaceutical | $69M | 1.9% | +8.3% | 1.8 yr |
| LXRXLexicon Pharmaceuticals, | $69M | 1.9% | +238.5% | 1.8 yr |
| COGTCogent Biosciences, Inc. | $66M | 1.8% | +542.6% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology83.6%+12.8pp$3.02B
Unknown5.3%-5.4pp$192M
Medical - Pharmaceuticals4.4%-3.7pp$160M
Internet Content & Information1.7%-0.7pp$62M
Software - Infrastructure1.5%-0.6pp$53M
Software - Application1.0%-1.1pp$38M
Semiconductors1.0%+0.2pp$36M
Specialty Retail0.5%-0.5pp$18M
Asset Management0.3%$9M
Auto - Manufacturers0.2%+0.1pp$8M
Country
US88.4%+11.2pp
Unknown5.3%-5.4pp
CA2.3%+0.9pp
GB1.8%-2.6pp
SG0.5%-1.2pp
NL0.5%-2.1pp
TW0.4%+0.1pp
RU0.3%+0.2pp
Top 5: 34.8% · Top 10: 49.8% · Top 25: 74.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KYMR | $89M | +0.18B | 204.3% |
| SRRK | $297M | +0.16B | 52.9% |
| ARWR | $34M | +0.13B | 392.2% |
| ERAS | $12M | +0.13B | 1081.0% |
| CNTA | $43M | +0.08B | 176.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| MANE Veradermics, Incorporatednew | +$95M |
| ERAS Erasca, Inc. | +$40M |
| XENE Xenon Pharmaceuticals Inc. | +$29M |
| ELVN Enliven Therapeutics, Inc.new | +$29M |
| ORIC ORIC Pharmaceuticals, Inc. | +$25M |
| DMRA Galecto, Inc.new | +$23M |
| PVLA Palvella Therapeutics, Inc. | +$23M |
| ANNX Annexon, Inc.new | +$22M |
| OLMA Olema Pharmaceuticals, Inc. | +$71M |
| RYTM Rhythm Pharmaceuticals, Inc. | +$20M |
Top sells this quarter · 15
| CNTA Centessa Pharmaceuticals plc | −$118M |
| APLS Apellis Pharmaceuticals, Inc.exit | −$104M |
| TNGX Tango Therapeutics, Inc. | −$72M |
| DYN Dyne Therapeutics, Inc. | −$23M |
| RVMD Revolution Medicines, Inc. | −$106M |
| IHS IHS Holding Limitedexit | −$19M |
| MLYS Mineralys Therapeutics, Inc.exit | −$19M |
| ALMS Alumis Inc. Common Stockexit | −$11M |
| ONC BeOne Medicines Ltd. | −$10M |
| KYMR Kymera Therapeutics, Inc. | −$256M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.61B | 100 | +92.44% | +17.59% | +74.85% | -0.01B |
| 2025-12-31 | $3.35B | 113 | +35.24% | +17.72% | +17.53% | +0.15B |
| 2025-09-30 | $2.56B | 115 | +22.36% | +17.52% | +4.84% | +0.01B |
| 2025-06-30 | $1.93B | 110 | +8.49% | +10.78% | -2.29% | +0.01B |
| 2025-03-31 | $1.77B | 116 | -24.27% | -4.27% | -20.00% | +0.06B |
| 2024-12-31 | $2.26B | 117 | +13.18% | +2.49% | +10.69% | +0.00B |
| 2024-09-30 | $2.00B | 109 | — | — | — | — |