Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-19.77%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.00%
baseline attrition
Rally response
+0.00%
adds into rallies
when a holding rises +10%+
Top positions · 6
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACLXArcellx, Inc. | $772M | 36.4% | — | 1.5 yr |
| RCUSArcus Biosciences, Inc. | $679M | 32.1% | +175.2% | 1.5 yr |
| GLPGGalapagos N.V. | $501M | 23.7% | +19.4% | 1.5 yr |
| — | $125M | 5.9% | — | 1.5 yr |
| KYTXKyverna Therapeutics, In | $36M | 1.7% | +347.2% | 1.5 yr |
| — | $5M | 0.3% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology93.8%-3.8pp$1.99B
Unknown6.2%+3.8pp$130M
Country
US70.2%+9.7pp
BE23.7%-11.8pp
Unknown6.2%+3.8pp
Top 5: 99.7% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 1
| — | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.12B | 6 | +82.77% | +17.59% | +65.18% | +0.35B |
| 2025-12-31 | $1.94B | 6 | +41.31% | +17.72% | +23.59% | -0.37B |
| 2025-09-30 | $1.79B | 9 | +40.65% | +8.12% | +32.53% | -0.01B |
| 2025-06-30 | $1.28B | 14 | +10.98% | +10.78% | +0.20% | -0.03B |
| 2025-03-31 | $1.18B | 14 | -29.55% | -4.27% | -25.28% | +0.09B |
| 2024-12-31 | $1.55B | 16 | — | — | — | — |