Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.20%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.86%
baseline attrition
Rally response
-5.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| COGTCogent Biosciences, Inc. | $45M | 12.8% | — | 0.5 yr |
| SNDXSyndax Pharmaceuticals, | $43M | 12.3% | — | 0.5 yr |
| CLDXCelldex Therapeutics, In | $27M | 7.8% | — | 0.5 yr |
| CTMXCytomX Therapeutics, Inc | $21M | 6.1% | — | 0.5 yr |
| KALVKalVista Pharmaceuticals | $21M | 5.8% | — | 0.5 yr |
| CGONCG Oncology, Inc. Common | $20M | 5.6% | — | 0.5 yr |
| VERAVera Therapeutics, Inc. | $19M | 5.5% | — | 0.5 yr |
| PCVXVaxcyte, Inc. | $18M | 5.2% | — | 0.5 yr |
| PHVSPharvaris N.V. | $13M | 3.8% | — | 0.5 yr |
| TYRATyra Biosciences, Inc. | $13M | 3.8% | — | 0.5 yr |
| BEAMBeam Therapeutics Inc. | $11M | 3.2% | — | 0.5 yr |
| VRDNViridian Therapeutics, I | $10M | 3.0% | — | 0.5 yr |
| BCRXBioCryst Pharmaceuticals | $10M | 2.7% | — | 0.5 yr |
| UTHRUnited Therapeutics Corp | $9M | 2.5% | — | 0.5 yr |
| CGEMCullinan Therapeutics, I | $8M | 2.1% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology95.6%$337M
Medical - Pharmaceuticals2.1%$8M
Unknown2.0%$7M
Drug Manufacturers - Specialty & Generic0.3%$1M
Country
US93.3%
NL3.8%
Unknown2.0%
GB0.5%
SG0.4%
Top 5: 44.8% · Top 10: 68.8% · Top 25: 96.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 9
| — new | +$0M |
| CTMX CytomX Therapeutics, Inc. | +$18M |
| KALV KalVista Pharmaceuticals, Inc. | +$4M |
| CGEM Cullinan Therapeutics, Inc. | +$3M |
| ALMS Alumis Inc. Common Stocknew | +$3M |
| UTHR United Therapeutics Corporatio | +$2M |
| URGN UroGen Pharma Ltd. | +$2M |
| TVTX Travere Therapeutics, Inc. | +$2M |
| PCVX Vaxcyte, Inc. | +$1M |
Top sells this quarter · 8
| DVAX Dynavax Technologies Corporatiexit | −$0M |
| CGON CG Oncology, Inc. Common stock | −$14M |
| BCRX BioCryst Pharmaceuticals, Inc. | −$11M |
| VRDN Viridian Therapeutics, Inc. | −$6M |
| LQDA Liquidia Corporationexit | −$3M |
| BMRN BioMarin Pharmaceutical Inc. | −$2M |
| WVE Wave Life Sciences Ltd. | −$2M |
| EWTX Edgewise Therapeutics, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $352M | 34 | +6.64% | -4.37% | +11.01% | -0.01B |
| 2025-12-31 | $339M | 34 | — | — | — | — |