Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-29.67%
trims when stocks drop
when a holding falls −10%+
Middle response
-16.42%
baseline attrition
Rally response
-8.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TNGXTango Therapeutics, Inc. | $228M | 29.9% | +1427.0% | 1.5 yr |
| KODKodiak Sciences Inc. | $52M | 6.8% | +1256.6% | 1.5 yr |
| RVMDRevolution Medicines, In | $49M | 6.4% | +175.0% | 1.5 yr |
| KYMRKymera Therapeutics, Inc | $27M | 3.6% | +204.3% | 1.5 yr |
| CELCCelcuity Inc. | $26M | 3.4% | +1029.0% | 0.8 yr |
| — | $22M | 2.9% | — | 0.5 yr |
| ABVXAbivax S.A. | $22M | 2.9% | +1681.6% | 0.8 yr |
| TERNTerns Pharmaceuticals, I | $20M | 2.6% | — | 0.8 yr |
| PCVXVaxcyte, Inc. | $19M | 2.5% | +53.9% | 0.3 yr |
| CAPRCapricor Therapeutics, I | $18M | 2.4% | +220.3% | 0.5 yr |
| PTGXProtagonist Therapeutics | $18M | 2.4% | +117.9% | 1.0 yr |
| VIRVir Biotechnology, Inc. | $17M | 2.2% | +38.3% | 0.5 yr |
| CRVSCorvus Pharmaceuticals, | $16M | 2.1% | +360.1% | 0.3 yr |
| — | $15M | 2.0% | — | 0.5 yr |
| PTCTPTC Therapeutics, Inc. | $14M | 1.8% | +33.7% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology90.5%-7.7pp$689M
Unknown9.5%+7.7pp$73M
Country
US84.9%+6.6pp
Unknown9.5%+7.7pp
FR2.9%
NL1.4%-9.8pp
CH0.7%
CA0.5%-5.5pp
Top 5: 50.0% · Top 10: 63.3% · Top 25: 87.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TNGX | $14M | +0.20B | 1427.0% |
| RVMD | $47M | +0.08B | 175.0% |
| KOD | $3M | +0.04B | 1256.6% |
| KYMR | $9M | +0.02B | 204.3% |
| AMLX | $6M | +0.02B | 292.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| REPL | $18M | -0.00B | -21.5% |
Top buys this quarter · 15
| PCVX Vaxcyte, Inc.new | +$19M |
| CRVS Corvus Pharmaceuticals, Inc.new | +$16M |
| DFTX Definium Therapeutics, Inc.new | +$11M |
| VIR Vir Biotechnology, Inc. | +$11M |
| IRD Opus Genetics, Inc.new | +$10M |
| CORT Corcept Therapeutics Incorporanew | +$10M |
| RVMD Revolution Medicines, Inc. | +$10M |
| KOD Kodiak Sciences Inc. | +$9M |
| ABVX Abivax S.A. | +$8M |
| PGEN Precigen, Inc. | +$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $762M | 54 | +238.53% | +17.59% | +220.93% | +0.11B |
| 2025-12-31 | $457M | 45 | +92.85% | +17.72% | +75.14% | +0.08B |
| 2025-09-30 | $314M | 34 | +59.22% | +8.12% | +51.10% | -0.00B |
| 2025-06-30 | $199M | 20 | +22.52% | +10.78% | +11.75% | -0.21B |
| 2025-03-31 | $332M | 28 | -18.13% | -4.27% | -13.86% | -0.63B |
| 2024-12-31 | $1.17B | 60 | — | — | — | — |