Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+10.40%
adds when stocks drop
when a holding falls −10%+
Middle response
-10.75%
baseline attrition
Rally response
-15.44%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $15M | 8.8% | — | 1.0 yr |
| COGTCogent Biosciences, Inc. | $11M | 6.5% | +542.6% | 1.3 yr |
| ELVNEnliven Therapeutics, In | $9M | 5.2% | +99.2% | 0.8 yr |
| IONSIonis Pharmaceuticals, I | $8M | 5.0% | +148.9% | 1.5 yr |
| GHGuardant Health, Inc. | $8M | 4.6% | +116.8% | 2.3 yr |
| CYTKCytokinetics, Incorporat | $7M | 4.1% | +64.0% | 2.3 yr |
| LLYEli Lilly and Company | $6M | 3.9% | +12.2% | 2.5 yr |
| ALMSAlumis Inc. Common Stock | $6M | 3.7% | +258.8% | 0.8 yr |
| BBIOBridgeBio Pharma, Inc. | $5M | 3.0% | +114.8% | 2.5 yr |
| VERAVera Therapeutics, Inc. | $5M | 2.8% | +67.5% | 1.0 yr |
| ANTMElevance Health Inc. | $4M | 2.6% | — | 0.5 yr |
| AGIOAgios Pharmaceuticals, I | $4M | 2.6% | +15.5% | 1.0 yr |
| UTHRUnited Therapeutics Corp | $4M | 2.5% | +92.4% | 0.8 yr |
| MLTXMoonLake Immunotherapeut | $4M | 2.4% | -52.3% | 0.8 yr |
| NTRANatera, Inc. | $4M | 2.3% | +41.4% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology61.7%-6.6pp$102M
Unknown14.2%+4.2pp$23M
Medical - Diagnostics & Research6.9%-0.3pp$11M
Medical - Devices6.7%+1.2pp$11M
Medical - Healthcare Plans4.7%$8M
Drug Manufacturers - General3.9%+0.4pp$6M
Medical - Healthcare Information Services2.0%+0.1pp$3M
Country
US79.4%-6.1pp
Unknown14.2%+4.2pp
CH2.4%
IE1.8%
CN1.7%
CR0.4%-0.0pp
Top 5: 30.1% · Top 10: 47.7% · Top 25: 79.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| COGT | $4M | +0.02B | 542.6% |
| BBIO | $6M | +0.01B | 114.8% |
| GH | $5M | +0.01B | 116.8% |
| IONS | $4M | +0.01B | 148.9% |
| CYTK | $4M | +0.00B | 64.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ISRG | $3M | -0.00B | -6.9% |
Top buys this quarter · 15
| ALKS Alkermes plcnew | +$3M |
| GLUE Monte Rosa Therapeutics, Inc.new | +$3M |
| MAZE Maze Therapeutics, Inc.new | +$3M |
| UNH UnitedHealth Group Incorporate | +$2M |
| ZBIO Zenas BioPharma, Inc.new | +$2M |
| FDMT 4D Molecular Therapeutics, Incnew | +$1M |
| 0SZI.L Corbus Pharmaceuticals Holding | +$1M |
| MLTX MoonLake Immunotherapeutics | +$1M |
| BSX Boston Scientific Corporation | +$3M |
| — | +$0M |
Top sells this quarter · 15
| RLAY Relay Therapeutics, Inc. | −$8M |
| JAZZ Jazz Pharmaceuticals plcexit | −$5M |
| IMVT Immunovant, Inc.exit | −$4M |
| CELC Celcuity Inc.exit | −$4M |
| UHS Universal Health Services, Incexit | −$3M |
| EWTX Edgewise Therapeutics, Inc.exit | −$3M |
| DXCM DexCom, Inc.exit | −$3M |
| WVE Wave Life Sciences Ltd.exit | −$3M |
| IRON Disc Medicine, Inc.exit | −$3M |
| TVTX Travere Therapeutics, Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $166M | 44 | +91.59% | +17.59% | +74.00% | -0.05B |
| 2025-12-31 | $202M | 53 | +56.45% | +17.72% | +38.73% | -0.01B |
| 2025-09-30 | $148M | 52 | +8.56% | +17.52% | -8.96% | +0.01B |
| 2025-06-30 | $118M | 53 | -2.36% | +14.94% | -17.30% | +0.00B |
| 2025-03-31 | $112M | 49 | -10.48% | +8.30% | -18.79% | -0.00B |
| 2024-12-31 | $131M | 57 | +9.98% | +24.89% | -14.90% | -0.01B |
| 2024-09-30 | $142M | 56 | +7.90% | +5.75% | +2.15% | +0.03B |
| 2024-06-30 | $109M | 51 | -4.35% | +4.38% | -8.73% | -0.00B |
| 2024-03-31 | $115M | 52 | +8.47% | +10.39% | -1.92% | +0.01B |
| 2023-12-31 | $99M | 51 | — | — | — | — |