Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.40%
trims when stocks drop
when a holding falls −10%+
Middle response
+9.67%
steady accumulation
Rally response
-9.30%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PCVXVaxcyte, Inc. | $38M | 9.1% | — | 0.5 yr |
| DFTXDefinium Therapeutics, I | $33M | 7.7% | — | 0.3 yr |
| LBRXLB Pharmaceuticals Inc C | $33M | 7.7% | — | 0.5 yr |
| MIRMMirum Pharmaceuticals, I | $31M | 7.2% | — | 0.5 yr |
| NRIXNurix Therapeutics, Inc. | $27M | 6.4% | — | 0.5 yr |
| XENEXenon Pharmaceuticals In | $26M | 6.0% | — | 0.5 yr |
| RVMDRevolution Medicines, In | $24M | 5.6% | — | 0.3 yr |
| RCUSArcus Biosciences, Inc. | $23M | 5.3% | — | 0.5 yr |
| IMCRImmunocore Holdings plc | $21M | 4.8% | — | 0.5 yr |
| CYTKCytokinetics, Incorporat | $20M | 4.7% | — | 0.3 yr |
| SNDXSyndax Pharmaceuticals, | $16M | 3.9% | — | 0.3 yr |
| NGNENeurogene Inc. | $16M | 3.7% | — | 0.5 yr |
| IVAInventiva S.A. | $15M | 3.5% | — | 0.5 yr |
| — | $14M | 3.2% | — | 0.5 yr |
| FDMT4D Molecular Therapeutic | $12M | 2.9% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology93.8%$399M
Unknown6.2%$26M
Country
US77.9%
Unknown6.2%
CA6.0%
GB4.8%
FR3.5%
IL1.6%
Top 5: 38.1% · Top 10: 64.5% · Top 25: 99.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| DFTX Definium Therapeutics, Inc.new | +$33M |
| MIRM Mirum Pharmaceuticals, Inc. | +$28M |
| RVMD Revolution Medicines, Inc.new | +$24M |
| CYTK Cytokinetics, Incorporatednew | +$20M |
| SNDX Syndax Pharmaceuticals, Inc.new | +$16M |
| FDMT 4D Molecular Therapeutics, Incnew | +$12M |
| DSGN Design Therapeutics, Inc.new | +$9M |
| NERV Minerva Neurosciences, Inc.new | +$9M |
| SLGL Sol-Gel Technologies Ltd.new | +$7M |
| IPSC Century Therapeutics, Inc.new | +$6M |
Top sells this quarter · 15
| ACAD ACADIA Pharmaceuticals Inc.exit | −$32M |
| TYRA Tyra Biosciences, Inc.exit | −$27M |
| FOLD Amicus Therapeutics, Inc.exit | −$15M |
| MBX MBX Biosciences, Inc. Common Sexit | −$9M |
| XENE Xenon Pharmaceuticals Inc. | −$9M |
| ELVN Enliven Therapeutics, Inc.exit | −$8M |
| CMPX Compass Therapeutics, Inc.exit | −$7M |
| PCVX Vaxcyte, Inc. | −$34M |
| LBRX LB Pharmaceuticals Inc Common | −$31M |
| CAMP CAMP4 Therapeutics Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $425M | 26 | +7.38% | -4.37% | +11.75% | -0.01B |
| 2025-12-31 | $405M | 23 | — | — | — | — |