Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-33.12%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.95%
steady accumulation
Rally response
+18.66%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RLMDRelmada Therapeutics, In | $59M | 23.6% | — | 0.5 yr |
| COGTCogent Biosciences, Inc. | $30M | 12.1% | — | 0.5 yr |
| KALVKalVista Pharmaceuticals | $20M | 7.9% | — | 0.5 yr |
| KODKodiak Sciences Inc. | $14M | 5.8% | — | 0.5 yr |
| ABVXAbivax S.A. | $14M | 5.8% | — | 0.5 yr |
| EWTXEdgewise Therapeutics, I | $11M | 4.4% | — | 0.5 yr |
| NKTRNektar Therapeutics | $9M | 3.6% | — | 0.3 yr |
| ANLAdlai Nortye Ltd. | $9M | 3.5% | — | 0.3 yr |
| ZNTLZentalis Pharmaceuticals | $8M | 3.4% | — | 0.3 yr |
| MAZEMaze Therapeutics, Inc. | $8M | 3.1% | — | 0.5 yr |
| SCYXSCYNEXIS, Inc. | $7M | 2.8% | — | 0.3 yr |
| RLAYRelay Therapeutics, Inc. | $7M | 2.7% | — | 0.3 yr |
| CCCCC4 Therapeutics, Inc. | $6M | 2.4% | — | 0.3 yr |
| — | $6M | 2.4% | — | 0.5 yr |
| — | $5M | 2.1% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology86.6%$216M
Unknown10.1%$25M
Drug Manufacturers - Specialty & Generic3.1%$8M
Medical - Pharmaceuticals0.1%$0M
Country
US76.6%
Unknown10.1%
FR7.0%
KY3.5%
IE1.8%
IL1.0%
Top 5: 55.2% · Top 10: 73.2% · Top 25: 98.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| RLMD Relmada Therapeutics, Inc. | +$12M |
| NKTR Nektar Therapeuticsnew | +$9M |
| ANL Adlai Nortye Ltd.new | +$9M |
| ZNTL Zentalis Pharmaceuticals, Inc.new | +$8M |
| SCYX SCYNEXIS, Inc.new | +$7M |
| RLAY Relay Therapeutics, Inc.new | +$7M |
| CCCC C4 Therapeutics, Inc.new | +$6M |
| KALV KalVista Pharmaceuticals, Inc. | +$6M |
| KOD Kodiak Sciences Inc. | +$3M |
| ALXO ALX Oncology Holdings Inc.new | +$3M |
Top sells this quarter · 15
| MAZE Maze Therapeutics, Inc. | −$7M |
| XENE Xenon Pharmaceuticals Inc.exit | −$6M |
| VTYX Ventyx Biosciences, Inc.exit | −$6M |
| TARS Tarsus Pharmaceuticals, Inc.exit | −$6M |
| BLTE Belite Bio, Incexit | −$4M |
| SPRB Spruce Biosciences, Inc. | −$4M |
| CMPS COMPASS Pathways plcexit | −$2M |
| UPB Upstream Bio, Inc.exit | −$2M |
| ABVX Abivax S.A. | −$2M |
| WVE Wave Life Sciences Ltd.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $250M | 30 | +12.60% | -4.37% | +16.97% | -0.00B |
| 2025-12-31 | $224M | 29 | — | — | — | — |