Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +172.0%
S&P 500 total return (same window) +37.0%
Excess return +135.0%

Annualized: +122.7% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 96.9% · Options excluded: 1.9%

Sector breakdown

04
Healthcare 88.7%
Consumer products 0.2%
Consumer Discretionary 0.1%
Other/Unmapped 11.0%

Full portfolio 45 positions

05
Type Streak 8Q trend
DNTH Dianthus Therapeutics, Inc. - Common Stock $205,115,856 32.85% 2,104,184 $28,532,735
CGON CG Oncology, Inc. - Common stock $99,395,255 15.92% 1,398,948 $12,159,254 Up ×1
ORKA Oruka Therapeutics, Inc. - Common Stock $72,369,552 11.59% 760,424 $35,070,755
JBIO Jade Biosciences, Inc. - Common Stock $37,789,732 6.05% 1,700,708 $18,109,785 Up ×1
ELVN Enliven Therapeutics, Inc. - Common Stock $27,912,500 4.47% 550,000 $12,232,500 Up ×2
CATX CUSIP: 46489V302 $21,482,997 3.44% 6,299,999 $-3,745,499 Up ×4
AKTS Aktis Oncology, Inc. - Common stock $15,605,766 2.50% 484,200 $7,223,120 Up ×1
PVLA Palvella Therapeutics, Inc. - Common Stock $10,697,400 1.71% 70,000 $1,971,900
Unknown issuer (CUSIP: 60705V103) $10,696,979 1.71% 798,282 Up ×1
RGEN Repligen Corporation - Common Stock $10,615,032 1.70% 77,800 $1,448,636
Unknown issuer (CUSIP: 4525EP200) $10,296,993 1.65% 669,941 Up ×1
SENS Senseonics Holdings, Inc. - Common Stock $9,088,000 1.46% 1,600,000 Up ×1
KPTI Karyopharm Therapeutics Inc. - Common Stock $9,032,238 1.45% 924,487 $6,449,201 Up ×2
TEVA Teva Pharmaceutical Industries Limited American Depositary Shares $6,776,000 1.09% 200,000 $-6,781,012 Down ×1
DXCM DexCom, Inc. - Common Stock $6,735,000 1.08% 100,000 $1,083,000 Up ×1
TEM Tempus AI, Inc. - Class A Common Stock $6,082,650 0.97% 105,000 $4,952,150 Up ×1
MDT Medtronic plc. Ordinary Shares $5,476,100 0.88% 70,000 $-3,188,900 Down ×3
VIR Vir Biotechnology, Inc. - Common Stock $5,291,667 0.85% 519,300 $-3,220,333 Down ×1
GPCR Structure Therapeutics Inc. - American Depositary Shares $5,259,660 0.84% 98,000 $3,813,660 Up ×1
EHC Encompass Health Corporation Common Stock $4,245,360 0.68% 42,000 $182,700
TENX Tenax Therapeutics, Inc. - Common Stock $3,869,340 0.62% 265,934 $416,555 Up ×1
NVCT Nuvectis Pharma, Inc. - Common Stock $3,678,000 0.59% 200,000 Up ×1
PODD Insulet Corporation - Common Stock $3,654,000 0.59% 24,000 $1,932,600 Up ×1
BSX Boston Scientific Corporation Common Stock $3,414,400 0.55% 80,000 $-350,600 Up ×1
MSLE Satellos Bioscience Inc. - Common Stock $3,014,904 0.48% 387,769 $831,765
Unknown issuer (CUSIP: 010911105) $2,979,900 0.48% 110,000 Up ×1
CNTX Context Therapeutics Inc. - Common Stock $2,768,540 0.44% 4,998,267 $-10,326,920
GILD Gilead Sciences, Inc. - Common Stock $2,526,800 0.40% 20,000 $-260,600
CRL Charles River Laboratories International, Inc. Common Stock $2,267,900 0.36% 10,000 $598,200
PHAT Phathom Pharmaceuticals, Inc. - Common Stock $2,170,000 0.35% 200,000 $-600,723 Down ×1
Unknown issuer (CUSIP: 05348Y105) $1,975,200 0.32% 60,000 Up ×1
Unknown issuer (CUSIP: 482931102) $1,762,400 0.28% 80,000 Up ×1
GMAB Genmab A/S - American Depositary Shares $1,373,500 0.22% 50,000 $32,000
NTLA Intellia Therapeutics, Inc. - Common Stock $1,269,000 0.20% 75,000 $307,500
CRVS Corvus Pharmaceuticals, Inc. - Common Stock $1,195,200 0.19% 80,000 $-487,250 Down ×1
ODD ODDITY Tech Ltd. - Class A Ordinary Shares $1,059,100 0.17% 70,000 $122,500
Unknown issuer (CUSIP: 811292309) $1,059,038 0.17% 260,206 Up ×1
EVMN Evommune, Inc. Common Stock $996,750 0.16% 75,000 Up ×1
ABT Abbott Laboratories Common Stock $907,400 0.15% 10,000 $-500
BBIO BridgeBio Pharma, Inc. - Common Stock $744,800 0.12% 10,000 $33,700
PTON Peloton Interactive, Inc. - Common Stock $591,000 0.09% 100,000 $-267,000 Down ×1
LEGN Legend Biotech Corporation - American Depositary Shares $433,200 0.07% 15,000 $80,400
BBOT BridgeBio Oncology Therapeutics, Inc. - Common Stock $334,160 0.05% 43,853 $-58,324
SVRA Savara, Inc. - Common Stock $308,000 0.05% 50,000 $46,000
TRVI Trevi Therapeutics, Inc. - Common Stock $124,209 0.02% 6,660 $44,755

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
CATX $21,482,997 3.44% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 60705V103) $10,696,979 798,282 1.71%
Unknown issuer (CUSIP: 4525EP200) $10,296,993 669,941 1.65%
SENS $9,088,000 1,600,000 1.46%
NVCT $3,678,000 200,000 0.59%
Unknown issuer (CUSIP: 010911105) $2,979,900 110,000 0.48%
Unknown issuer (CUSIP: 05348Y105) $1,975,200 60,000 0.32%
Unknown issuer (CUSIP: 482931102) $1,762,400 80,000 0.28%
Unknown issuer (CUSIP: 811292309) $1,059,038 260,206 0.17%
EVMN $996,750 75,000 0.16%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ORKA Price move only +0 +$35.1M
DNTH Price move only +0 +$28.5M
JBIO Bought more +300K +$18.1M
ELVN Bought more +150K +$12.2M
CGON Bought more +110K +$12.2M
CNTX Price move only +0 -$10.3M
AKTS Bought more +16K +$7.2M
TEVA Trimmed -250K -$6.8M
KPTI Bought more +461K +$6.4M
GPCR Bought more +68K +$3.8M

1 position hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
THC Sept. 30, 2025 106,000 $18,656,000 27.3%
DXCM Sept. 30, 2025 210,500 $18,374,545 23.9%
HNGE Sept. 30, 2025 322,344 $16,681,302 100.4%
REGN June 30, 2025 25,400 $16,109,442 40.7%
ISRG Sept. 30, 2025 27,100 $14,726,411 -9.5%
GKOS June 30, 2025 134,000 $13,188,280 56.4%
BMY Dec. 31, 2025 257,600 $11,617,760 10.5%
JAZZ June 30, 2025 80,000 $9,932,000 118.0%
AXSM Sept. 30, 2025 94,500 $9,864,855 43.5%
NBIX June 30, 2025 85,700 $9,478,420 15.8%
RVMD Sept. 30, 2025 228,600 $8,410,194 328.0%
ALNY March 31, 2026 21,000 $8,350,650 -32.3%
MCK March 31, 2026 9,520 $7,809,161 6.5%
XBI June 30, 2025 94,000 $7,623,400 85.0%
CNTA June 30, 2025 529,000 $7,607,020 No longer tracked
IMUX June 30, 2026 6,699,411 $7,436,346 -49.1%
MTSR Dec. 31, 2025 140,500 $7,352,365 No longer tracked
AVTR June 30, 2025 453,000 $7,343,130 14.6%
IDYA June 30, 2025 445,000 $7,289,100 74.3%
OMDA Sept. 30, 2025 390,600 $7,147,980 -6.2%
JANX June 30, 2025 258,000 $6,966,000 -27.3%
HUM Sept. 30, 2025 27,600 $6,747,648 55.4%
OGN Sept. 30, 2025 640,000 $6,195,200 28.7%
UNH Dec. 31, 2025 17,800 $6,146,340 14.0%
BPMC June 30, 2025 68,500 $6,062,935 No longer tracked
BBIO Sept. 30, 2025 140,000 $6,045,200 28.9%
ARVN Dec. 31, 2025 698,363 $5,950,053 -38.4%
HUM June 30, 2026 25,000 $5,911,000 1.8%
MDGL Sept. 30, 2025 19,000 $5,750,160 8.2%
A March 31, 2026 41,500 $5,646,905 48.6%
RARE Sept. 30, 2025 154,000 $5,599,440 -51.9%
UTHR June 30, 2025 16,800 $5,178,936 88.5%
PFE March 31, 2026 203,600 $5,069,640 -2.1%
JNJ Dec. 31, 2025 26,800 $4,969,256 23.1%
BRKR June 30, 2025 115,000 $4,800,100 46.8%
SNDX Sept. 30, 2025 490,000 $4,588,850 12.9%
ABBV Dec. 31, 2025 19,800 $4,584,492 16.7%
CARL Dec. 31, 2025 321,912 $4,310,402 18.5%
ARQT Dec. 31, 2025 214,400 $4,041,440 -17.6%
EXAS Dec. 31, 2025 73,600 $4,026,656 No longer tracked
DHR March 31, 2026 17,000 $3,891,640 13.7%
TMO March 31, 2026 6,700 $3,882,315 33.6%
DOCS Sept. 30, 2025 60,000 $3,680,400 -62.0%
BHVN June 30, 2025 145,000 $3,485,800 -14.4%
NVO March 31, 2026 67,300 $3,424,224 2.1%
VRNA Sept. 30, 2025 33,800 $3,196,804 No longer tracked
CI March 31, 2026 11,600 $3,192,668 2.9%
COR March 31, 2026 9,400 $3,174,850 0.7%
INSM March 31, 2026 17,700 $3,080,508 -35.6%
WAT March 31, 2026 8,100 $3,076,623 46.6%
QURE Sept. 30, 2025 207,000 $2,885,580 -60.5%
ASND Dec. 31, 2025 14,500 $2,882,745 6.0%
APGE Sept. 30, 2025 65,000 $2,822,950 No longer tracked
ACAD June 30, 2025 169,000 $2,807,090 -8.5%
BEAM Dec. 31, 2025 112,000 $2,718,240 -9.0%
RPRX June 30, 2025 87,000 $2,708,310 56.6%
SLNO Sept. 30, 2025 32,000 $2,680,960 No longer tracked
CAH Sept. 30, 2025 15,000 $2,520,000 48.7%
SPRY Sept. 30, 2025 140,000 $2,443,000 -57.3%
ACHC March 31, 2026 169,000 $2,398,110 24.2%
ITGR March 31, 2026 29,800 $2,337,214 43.7%
KZR Sept. 30, 2025 502,600 $2,301,908 No longer tracked
CNC June 30, 2026 70,000 $2,291,800 0.7%
CAPR June 30, 2025 239,000 $2,268,110 -22.0%
LXEO June 30, 2025 645,000 $2,238,150 -17.9%
VERA June 30, 2025 91,000 $2,185,820 24.9%
WVE Dec. 31, 2025 297,500 $2,177,700 -79.3%
NTLA Sept. 30, 2025 232,000 $2,176,160 -28.4%
XENE Dec. 31, 2025 53,400 $2,144,010 -18.4%
AKRO Dec. 31, 2025 40,500 $1,922,940 No longer tracked
SCYX June 30, 2026 2,081,660 $1,908,674 18.9%
RGNX June 30, 2025 260,000 $1,859,000 -9.3%
MLTX Sept. 30, 2025 39,000 $1,840,800 52.7%
IONS June 30, 2025 60,000 $1,810,200 11.4%
MIRM June 30, 2025 40,000 $1,802,000 55.7%
NTRA June 30, 2026 9,000 $1,799,910 47.6%
ICLR June 30, 2026 16,000 $1,770,560 -6.9%
KVUE June 30, 2026 100,000 $1,724,000 -8.0%
HIMS June 30, 2026 75,000 $1,557,000 -15.0%
HQY March 31, 2026 16,900 $1,548,209 9.0%
RVMD June 30, 2026 15,000 $1,458,750 6.7%
NAMS June 30, 2025 68,000 $1,391,960 23.0%
AGL June 30, 2025 305,100 $1,321,083 45.0%
CORT June 30, 2026 30,000 $1,209,300 37.5%
ABVX June 30, 2026 10,000 $1,113,500 -33.8%
UNH June 30, 2026 3,800 $1,028,242 -9.5%
IQV March 31, 2026 4,400 $991,804 52.4%
MLTX June 30, 2026 50,000 $932,000 -43.8%
PCVX June 30, 2025 23,000 $868,480 105.2%
AVR June 30, 2026 150,000 $832,500 -28.4%
IMRX Dec. 31, 2025 90,900 $636,300 -41.8%
ABUS June 30, 2026 125,000 $562,500 -6.7%
ALT Sept. 30, 2025 105,000 $406,350 -29.2%
ACAD June 30, 2026 12,967 $288,645 -22.0%
HYPR June 30, 2025 222,174 $159,143 20.8%
RVPH Sept. 30, 2025 138,000 $52,592 No longer tracked