Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.38%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.57%
baseline attrition
Rally response
-2.63%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CGONCG Oncology, Inc. Common | $431M | 65.2% | +176.4% | 2.3 yr |
| NUVBNuvation Bio Inc. | $111M | 16.8% | +143.8% | 2.0 yr |
| UPBUpstream Bio, Inc. | $25M | 3.7% | +47.1% | 1.5 yr |
| ACRSAclaris Therapeutics, In | $15M | 2.3% | +145.1% | 1.5 yr |
| AARDAardvark Therapeutics, I | $15M | 2.2% | -49.8% | 1.3 yr |
| — | $14M | 2.1% | — | 1.5 yr |
| — | $10M | 1.6% | — | 2.0 yr |
| RCUSArcus Biosciences, Inc. | $10M | 1.6% | +175.2% | 2.5 yr |
| RVMDRevolution Medicines, In | $9M | 1.4% | +175.0% | 1.8 yr |
| EQEquillium, Inc. | $9M | 1.3% | +409.8% | 2.5 yr |
| BYSIBeyondSpring Inc. | $6M | 0.9% | +13.9% | 2.5 yr |
| ZNTLZentalis Pharmaceuticals | $3M | 0.5% | +47.2% | 2.5 yr |
| KRYSKrystal Biotech, Inc. | $2M | 0.3% | +43.3% | 2.5 yr |
| PYXSPyxis Oncology, Inc. | $0M | 0.1% | +49.0% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology96.3%+4.8pp$637M
Unknown3.7%-4.4pp$24M
Country
US96.3%+7.2pp
Unknown3.7%-4.4pp
Top 5: 90.3% · Top 10: 98.2% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CGON | $156M | +0.28B | 176.4% |
| NUVB | $46M | +0.07B | 143.8% |
| RVMD | $8M | +0.01B | 175.0% |
| RCUS | $6M | +0.01B | 175.2% |
| UPB | $20M | +0.01B | 47.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AARD | $29M | -0.01B | -49.8% |
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 10
| RVMD Revolution Medicines, Inc. | −$10M |
| UPB Upstream Bio, Inc. | −$4M |
| CRNX Crinetics Pharmaceuticals, Incexit | −$3M |
| KRYS Krystal Biotech, Inc. | −$3M |
| AURA Aura Biosciences, Inc.exit | −$2M |
| RCUS Arcus Biosciences, Inc. | −$1M |
| FDMT 4D Molecular Therapeutics, Incexit | −$0M |
| RZLT Rezolute, Inc.exit | −$0M |
| — | −$0M |
| NUVB-WT Nuvation Bio Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $661M | 14 | +125.22% | +17.59% | +107.63% | -0.04B |
| 2025-12-31 | $743M | 19 | +74.79% | +17.72% | +57.07% | -0.04B |
| 2025-09-30 | $573M | 23 | +8.19% | +17.52% | -9.33% | -0.01B |
| 2025-06-30 | $392M | 24 | -18.43% | +14.94% | -33.37% | -0.03B |
| 2025-03-31 | $356M | 27 | -50.93% | +8.30% | -59.24% | +0.02B |
| 2024-12-31 | $466M | 28 | -24.55% | +24.89% | -49.43% | +0.11B |
| 2024-09-30 | $422M | 26 | +12.77% | +5.75% | +7.02% | +0.05B |
| 2024-06-30 | $326M | 24 | -29.47% | +4.38% | -33.85% | -0.20B |
| 2024-03-31 | $746M | 22 | +12.63% | +10.39% | +2.23% | +0.34B |
| 2023-12-31 | $358M | 24 | — | — | — | — |