Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.17%
trims when stocks drop
when a holding falls −10%+
Middle response
+2.13%
steady accumulation
Rally response
-29.09%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $7M | 7.3% | — | 0.5 yr |
| AXSMAxsome Therapeutics, Inc | $7M | 7.0% | — | 0.3 yr |
| XERSXeris Biopharma Holdings | $6M | 6.0% | — | 0.5 yr |
| KALVKalVista Pharmaceuticals | $6M | 5.6% | — | 0.3 yr |
| FOLDAmicus Therapeutics, Inc | $5M | 5.4% | — | 0.5 yr |
| BMRNBioMarin Pharmaceutical | $5M | 4.7% | — | 0.5 yr |
| 0LOV.LVerastem, Inc. | $4M | 4.4% | — | 0.5 yr |
| RAREUltragenyx Pharmaceutica | $4M | 3.7% | — | 0.5 yr |
| ARWRArrowhead Pharmaceutical | $3M | 3.5% | — | 0.3 yr |
| PCVXVaxcyte, Inc. | $3M | 3.4% | — | 0.5 yr |
| VERAVera Therapeutics, Inc. | $3M | 3.3% | — | 0.3 yr |
| TVTXTravere Therapeutics, In | $3M | 3.3% | — | 0.3 yr |
| MLTXMoonLake Immunotherapeut | $3M | 3.3% | — | 0.3 yr |
| ZNTLZentalis Pharmaceuticals | $3M | 2.9% | — | 0.5 yr |
| SRRKScholar Rock Holding Cor | $3M | 2.8% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology89.3%$88M
Unknown10.7%$11M
Country
US81.5%
Unknown10.7%
CH3.3%
DK2.2%
DE1.5%
GB0.7%
Top 5: 31.4% · Top 10: 51.0% · Top 25: 88.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| AXSM Axsome Therapeutics, Inc.new | +$7M |
| KALV KalVista Pharmaceuticals, Inc.new | +$6M |
| ARWR Arrowhead Pharmaceuticals, Incnew | +$3M |
| VERA Vera Therapeutics, Inc.new | +$3M |
| TVTX Travere Therapeutics, Inc.new | +$3M |
| MLTX MoonLake Immunotherapeuticsnew | +$3M |
| SRRK Scholar Rock Holding Corporatinew | +$3M |
| ARDX Ardelyx, Inc.new | +$3M |
| RARE Ultragenyx Pharmaceutical Inc. | +$3M |
| MLYS Mineralys Therapeutics, Inc.new | +$2M |
Top sells this quarter · 15
| UTHR United Therapeutics Corporatioexit | −$3M |
| ANNX Annexon, Inc. | −$3M |
| BCRX BioCryst Pharmaceuticals, Inc.exit | −$3M |
| BBIO BridgeBio Pharma, Inc.exit | −$3M |
| SNDX Syndax Pharmaceuticals, Inc.exit | −$2M |
| DNTH Dianthus Therapeutics, Inc.exit | −$2M |
| APLS Apellis Pharmaceuticals, Inc.exit | −$2M |
| PTCT PTC Therapeutics, Inc. | −$2M |
| NUVB Nuvation Bio Inc.exit | −$2M |
| TARS Tarsus Pharmaceuticals, Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $99M | 36 | -0.87% | -4.37% | +3.50% | +0.02B |
| 2025-12-31 | $84M | 36 | — | — | — | — |