Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+12.58%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.35%
baseline attrition
Rally response
-4.08%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CGONCG Oncology, Inc. Common | $150M | 32.7% | +176.4% | 1.5 yr |
| ALMSAlumis Inc. Common Stock | $94M | 20.3% | +258.8% | 1.5 yr |
| CNTACentessa Pharmaceuticals | $54M | 11.8% | +176.2% | 1.5 yr |
| CRVSCorvus Pharmaceuticals, | $27M | 5.8% | +360.1% | 1.5 yr |
| DNLIDenali Therapeutics Inc. | $23M | 5.0% | +41.2% | 0.8 yr |
| AGIOAgios Pharmaceuticals, I | $18M | 3.9% | +15.5% | 0.5 yr |
| 0LOV.LVerastem, Inc. | $17M | 3.6% | — | 1.0 yr |
| KYMRKymera Therapeutics, Inc | $12M | 2.6% | +204.3% | 1.5 yr |
| NERVMinerva Neurosciences, I | $12M | 2.6% | +254.7% | 0.3 yr |
| CLDXCelldex Therapeutics, In | $10M | 2.2% | +74.8% | 0.3 yr |
| — | $10M | 2.1% | — | 0.3 yr |
| HNGEHinge Health, Inc. | $8M | 1.8% | — | 1.0 yr |
| CRNXCrinetics Pharmaceutical | $8M | 1.7% | +8.3% | 0.3 yr |
| OKUROnKure Therapeutics, Inc | $6M | 1.3% | -3.7% | 0.3 yr |
| JBIOJade Biosciences, Inc. | $4M | 1.0% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology95.5%+8.0pp$439M
Unknown2.7%-7.2pp$12M
Medical - Healthcare Information Services1.8%$8M
Country
US84.6%+4.4pp
GB11.8%+1.9pp
Unknown2.7%-7.2pp
IE1.0%
Top 5: 75.6% · Top 10: 90.5% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CGON | $54M | +0.10B | 176.4% |
| ALMS | $26M | +0.07B | 258.8% |
| CNTA | $18M | +0.03B | 176.2% |
| CRVS | $5M | +0.02B | 360.1% |
| KYMR | $4M | +0.01B | 204.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 12
| — new | +$0M |
| 0LOV.L Verastem, Inc. | +$17M |
| — new | +$0M |
| NERV Minerva Neurosciences, Inc.new | +$12M |
| CLDX Celldex Therapeutics, Inc.new | +$10M |
| CRNX Crinetics Pharmaceuticals, Incnew | +$8M |
| CRVS Corvus Pharmaceuticals, Inc. | +$7M |
| OKUR OnKure Therapeutics, Inc.new | +$6M |
| JBIO Jade Biosciences, Inc.new | +$4M |
| GHRS GH Research PLCnew | +$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $460M | 17 | +124.17% | +17.59% | +106.57% | -0.05B |
| 2025-12-31 | $331M | 12 | +14.49% | +17.72% | -3.22% | +0.03B |
| 2025-09-30 | $259M | 12 | +41.56% | +8.12% | +33.44% | +0.01B |
| 2025-06-30 | $178M | 20 | -10.44% | +10.78% | -21.21% | +0.01B |
| 2025-03-31 | $183M | 14 | -21.55% | -4.27% | -17.28% | +0.01B |
| 2024-12-31 | $224M | 14 | — | — | — | — |