Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.06%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.42%
baseline attrition
Rally response
-10.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RVMDRevolution Medicines, In | $1.32B | 8.7% | +175.0% | 5.5 yr |
| AMZNAmazon.com, Inc. | $879M | 5.8% | +9.5% | 1.0 yr |
| MSFTMicrosoft Corporation | $868M | 5.7% | -0.6% | 10.5 yr |
| AONAon plc | $811M | 5.3% | -18.4% | 5.8 yr |
| BBIOBridgeBio Pharma, Inc. | $695M | 4.6% | +114.8% | 2.0 yr |
| PTGXProtagonist Therapeutics | $669M | 4.4% | +117.9% | 8.5 yr |
| NTRANatera, Inc. | $641M | 4.2% | +41.4% | 5.0 yr |
| EXELExelixis, Inc. | $562M | 3.7% | +16.2% | 9.3 yr |
| AVGOBroadcom Inc. | $551M | 3.6% | +86.0% | 2.0 yr |
| UNHUnitedHealth Group Incor | $493M | 3.2% | -46.9% | 3.3 yr |
| SNPSSynopsys, Inc. | $481M | 3.2% | -7.5% | 0.5 yr |
| BSXBoston Scientific Corpor | $469M | 3.1% | -37.8% | 5.8 yr |
| TMOThermo Fisher Scientific | $433M | 2.8% | -0.9% | 6.5 yr |
| KKRKKR & Co. Inc. | $432M | 2.8% | -19.5% | 0.5 yr |
| LNTHLantheus Holdings, Inc. | $424M | 2.8% | -22.3% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology35.8%+20.6pp$5.47B
Software - Infrastructure8.9%+4.3pp$1.36B
Medical - Diagnostics & Research8.6%-0.9pp$1.31B
Specialty Retail5.8%$879M
Insurance - Brokers5.3%+3.3pp$811M
Semiconductors3.7%+2.3pp$571M
Medical - Healthcare Plans3.3%-1.0pp$498M
Financial - Credit Services3.1%-2.8pp$471M
Medical - Devices3.1%+0.7pp$470M
Drug Manufacturers - Specialty & Generic2.9%-2.5pp$435M
Country
US89.6%-5.1pp
IE5.3%+3.0pp
GB3.3%+2.6pp
CN0.6%-0.3pp
Unknown0.5%-0.5pp
SG0.3%+0.1pp
DK0.2%
IL0.1%
Top 5: 30.0% · Top 10: 49.1% · Top 25: 83.0%
Top buys this quarter · 15
| AVGO Broadcom Inc. | +$275M |
| ROIV Roivant Sciences Ltd. | +$267M |
| KKR KKR & Co. Inc. | +$246M |
| MA Mastercard Incorporated | +$131M |
| TMO Thermo Fisher Scientific Inc. | +$121M |
| SNPS Synopsys, Inc. | +$85M |
| PCVX Vaxcyte, Inc. | +$73M |
| DNTH Dianthus Therapeutics, Inc.new | +$70M |
| BTSG BrightSpring Health Services, | +$68M |
| TWST Twist Bioscience Corporation | +$67M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$666M |
| NYT The New York Times Companyexit | −$274M |
| NDAQ Nasdaq, Inc.exit | −$254M |
| CRM Salesforce, Inc.exit | −$235M |
| WAB Westinghouse Air Brake Technol | −$217M |
| SPGI S&P Global Inc. | −$197M |
| DIS The Walt Disney Company | −$166M |
| NTRA Natera, Inc. | −$141M |
| CBRE CBRE Group, Inc.exit | −$133M |
| ARMK Aramark | −$131M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $15.27B | 167 | +18.75% | +17.59% | +1.16% | -2.07B |
| 2025-12-31 | $18.21B | 146 | +20.13% | +17.72% | +2.41% | -1.24B |
| 2025-09-30 | $17.70B | 137 | +10.67% | +17.52% | -6.84% | -5.23B |
| 2025-06-30 | $21.89B | 140 | +17.56% | +14.94% | +2.62% | +1.78B |
| 2025-03-31 | $18.55B | 142 | +9.49% | +8.30% | +1.19% | +0.32B |
| 2024-12-31 | $18.92B | 142 | +22.11% | +24.89% | -2.78% | +0.66B |
| 2024-09-30 | $18.04B | 157 | +33.58% | +36.04% | -2.46% | -0.38B |
| 2024-06-30 | $16.56B | 158 | +14.95% | +24.49% | -9.54% | -0.25B |
| 2024-03-31 | $16.65B | 168 | +21.89% | +29.62% | -7.73% | -0.00B |
| 2023-12-31 | $15.50B | 147 | +19.99% | +26.18% | -6.19% | -3.54B |
| 2023-09-30 | $17.20B | 150 | +17.41% | +21.57% | -4.15% | +1.96B |
| 2023-06-30 | $15.91B | 157 | +12.00% | +19.42% | -7.42% | -0.49B |
| 2023-03-31 | $15.32B | 177 | -10.34% | -7.82% | -2.52% | +0.10B |
| 2022-12-31 | $14.40B | 226 | +8.36% | +7.56% | +0.80% | -2.03B |
| 2022-09-30 | $15.16B | 291 | -8.68% | -4.93% | -3.75% | +0.60B |
| 2022-06-30 | $15.95B | 297 | -14.29% | -16.11% | +1.82% | +1.02B |