Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.07%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.29%
baseline attrition
Rally response
-5.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VKTXViking Therapeutics, Inc | $17M | 7.6% | +34.7% | 1.3 yr |
| UTHRUnited Therapeutics Corp | $16M | 7.2% | +92.4% | 0.5 yr |
| JNJJohnson & Johnson | $13M | 5.9% | +51.5% | 0.5 yr |
| COGTCogent Biosciences, Inc. | $12M | 5.6% | +542.6% | 1.5 yr |
| JAZZJazz Pharmaceuticals plc | $10M | 4.6% | +52.3% | 1.3 yr |
| TERNTerns Pharmaceuticals, I | $10M | 4.3% | — | 1.5 yr |
| BMRNBioMarin Pharmaceutical | $8M | 3.7% | -20.1% | 1.3 yr |
| ABVXAbivax S.A. | $8M | 3.7% | +1681.6% | 0.8 yr |
| RVMDRevolution Medicines, In | $8M | 3.5% | +175.0% | 1.0 yr |
| KODKodiak Sciences Inc. | $7M | 3.3% | +1256.6% | 0.3 yr |
| INCYIncyte Corporation | $7M | 3.3% | +55.4% | 0.3 yr |
| TGTXTG Therapeutics, Inc. | $7M | 3.1% | -15.7% | 1.5 yr |
| BBIOBridgeBio Pharma, Inc. | $6M | 2.8% | +114.8% | 0.5 yr |
| IMCRImmunocore Holdings plc | $6M | 2.6% | +1.6% | 1.3 yr |
| LLYEli Lilly and Company | $6M | 2.5% | +12.2% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology84.5%+7.2pp$189M
Drug Manufacturers - General10.7%-2.1pp$24M
Unknown3.7%-5.5pp$8M
Drug Manufacturers - Specialty & Generic1.0%+0.3pp$2M
Medical - Care Facilities0.1%$0M
Country
US81.3%+10.9pp
IE5.6%-3.1pp
FR4.5%
Unknown3.7%-5.5pp
GB3.7%-0.5pp
NL0.7%-5.5pp
CN0.2%
DK0.2%-1.1pp
Top 5: 30.9% · Top 10: 49.5% · Top 25: 79.9%
Top buys this quarter · 15
| UTHR United Therapeutics Corporatio | +$10M |
| KOD Kodiak Sciences Inc.new | +$7M |
| COGT Cogent Biosciences, Inc. | +$7M |
| INCY Incyte Corporationnew | +$7M |
| VKTX Viking Therapeutics, Inc. | +$6M |
| JAZZ Jazz Pharmaceuticals plc | +$6M |
| RVMD Revolution Medicines, Inc. | +$4M |
| 0SZI.L Corbus Pharmaceuticals Holdingnew | +$4M |
| IMCR Immunocore Holdings plc | +$4M |
| LLY Eli Lilly and Company | +$4M |
Top sells this quarter · 15
| REGN Regeneron Pharmaceuticals, Incexit | −$8M |
| ABBV AbbVie Inc. | −$6M |
| ANIP ANI Pharmaceuticals, Inc.exit | −$4M |
| BIOA BioAge Labs, Inc. | −$4M |
| CNTA Centessa Pharmaceuticals plcexit | −$4M |
| CORT Corcept Therapeutics Incorpora | −$4M |
| JNJ Johnson & Johnson | −$3M |
| VTYX Ventyx Biosciences, Inc.exit | −$3M |
| VRTX Vertex Pharmaceuticals Incorpo | −$3M |
| CAPR Capricor Therapeutics, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $224M | 84 | +38.31% | +17.59% | +20.72% | +0.05B |
| 2025-12-31 | $168M | 72 | +21.77% | +17.72% | +4.05% | -0.01B |
| 2025-09-30 | $144M | 59 | +13.15% | +8.12% | +5.03% | -0.04B |
| 2025-06-30 | $161M | 45 | -4.43% | +10.78% | -15.21% | +0.04B |
| 2025-03-31 | $125M | 42 | -7.27% | -4.27% | -3.00% | +0.05B |
| 2024-12-31 | $84M | 52 | — | — | — | — |