Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +23.2%
S&P 500 total return (same window) +37.0%
Excess return -13.8%

Annualized: +18.2% · 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: 95.8% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 62.8%
Technology 32.3%
Energy 3.5%
Materials 0.5%
Financials 0.3%
Other/Unmapped 0.5%

Full portfolio 72 positions

05
Type Streak 8Q trend
KLAC KLA Corporation - Common Stock $53,846,485 25.21% 178,471 $24,570,557 Up ×1
BMY Bristol-Myers Squibb Company Common Stock $17,127,142 8.02% 297,243 $-1,448,012 Down ×1
LRCX Lam Research Corporation - Common Stock $15,166,550 7.10% 35,000 $7,474,790 Down ×2
SLDB Solid Biosciences Inc. - Common Stock $6,655,298 3.12% 666,196 $2,148,242 Up ×1
NTLA Intellia Therapeutics, Inc. - Common Stock $6,520,968 3.05% 385,400 $810,940 Down ×1
BDSX (filed as BDSXXXXX) Biodesix, Inc. - Common Stock $6,467,429 3.03% 286,804 $2,308,772
STOK Stoke Therapeutics, Inc. - Common Stock $5,827,759 2.73% 178,110 $-1,009,841 Down ×2
OVV Ovintiv Inc. (DE) $5,659,875 2.65% 107,500 $-721,325
NKTR Nektar Therapeutics - Common Stock $5,654,610 2.65% 81,000 $3,424,160 Up ×1
CORT Corcept Therapeutics Incorporated - Common Stock $4,973,540 2.33% 57,200 $3,070,908 Up ×1
NBIX Neurocrine Biosciences, Inc. - Common Stock $4,582,467 2.15% 27,190 $1,000,456
PRTA Prothena Corporation plc - Ordinary Shares $4,395,896 2.06% 449,019 $31,431
ACAD ACADIA Pharmaceuticals Inc. - Common Stock $4,326,300 2.03% 171,000 $519,840
PTGX Protagonist Therapeutics, Inc. - Common Stock $4,292,506 2.01% 35,018 $603,506 Up ×1
CMPX Compass Therapeutics, Inc. - Common Stock $3,668,250 1.72% 1,675,000 $-4,086,186 Up ×1
RLMD Relmada Therapeutics, Inc. - Common Stock $2,824,052 1.32% 408,100 $-25,282 Down ×1
ALKS Alkermes plc - Ordinary Shares $2,619,750 1.23% 50,000 $851,750
HALO Halozyme Therapeutics, Inc. - Common Stock $2,602,556 1.22% 33,251 $1,949,793 Up ×1
CLDX Celldex Therapeutics, Inc. - Common Stock $2,600,979 1.22% 69,900 $377,566 Down ×1
CYTK Cytokinetics, Incorporated - Common Stock $2,555,700 1.20% 30,000 $578,400
OLMA Olema Pharmaceuticals, Inc. - Common Stock $2,489,490 1.17% 199,000 $-775,800 Down ×2
VERA Vera Therapeutics, Inc. - Class A Common Stock $2,478,396 1.16% 57,758 $708,276 Up ×1
UTHR United Therapeutics Corporation - Common Stock $2,441,486 1.14% 4,506 $-226,924 Up ×2
ZBIO Zenas BioPharma, Inc. - Common Stock $2,375,593 1.11% 93,601 $1,007,093 Up ×1
QURE uniQure N.V. - Ordinary Shares $2,335,104 1.09% 50,697 $688,708 Down ×1
PACB Pacific Biosciences of California, Inc. - Common Stock $2,268,000 1.06% 1,350,000 $288,000 Down ×1
ABVX Abivax SA - American Depositary Shares $2,265,420 1.06% 17,000 Up ×1
VIR Vir Biotechnology, Inc. - Common Stock $2,241,800 1.05% 220,000 Up ×1
BIIB Biogen Inc. - Common Stock $1,944,540 0.91% 9,000 $1,027,890 Up ×1
EQT EQT Corporation Common Stock $1,840,692 0.86% 34,619 $-362,461
BIOA BioAge Labs, Inc. - Common Stock $1,691,190 0.79% 69,000 Up ×1
TVTX Travere Therapeutics, Inc. - Common Stock $1,647,490 0.77% 29,000 $779,958 Down ×6
QDEL (filed as QDELXXXX) QuidelOrtho Corporation - Common Stock $1,565,438 0.73% 89,377 $209,174 Up ×2
AXSM Axsome Therapeutics, Inc. - Common Stock $1,468,620 0.69% 6,000 $454,500
FHTX Foghorn Therapeutics Inc. - Common Stock $1,375,853 0.64% 281,937 $29,184 Up ×1
BCYC Bicycle Therapeutics plc - American Depositary Shares $1,329,732 0.62% 313,616 $-821,367 Down ×1
GPCR Structure Therapeutics Inc. - American Depositary Shares $1,288,080 0.60% 24,000 $-3,531,920 Down ×1
XENE Xenon Pharmaceuticals Inc. - Common Shares $1,269,492 0.59% 21,032 $48,342 Up ×1
NVO Novo Nordisk A/S Common Stock $1,150,560 0.54% 24,000 Up ×1
FCX Freeport-McMoRan, Inc. Common Stock $1,134,198 0.53% 18,035 $73,806 Down ×2
IMNM Immunome, Inc. - Common Stock $1,059,500 0.50% 50,000 $-34,000
PHVS Pharvaris N.V. - Ordinary Shares $1,032,109 0.48% 29,847 $188,931
HROW Harrow, Inc. - Common Stock $1,019,280 0.48% 24,000 $173,040
ADAG Adagene Inc. - ADS, each representing 1.25 ordinary shares $1,008,000 0.47% 240,000 Up ×1
DFTX Definium Therapeutics, Inc. - Common Shares $940,800 0.44% 20,000 Up ×1
SLN Silence Therapeutics Plc - American Depository Share $781,974 0.37% 71,218 Up ×1
BBIO BridgeBio Pharma, Inc. - Common Stock $651,030 0.30% 8,741 $5,859 Up ×1
FDMT 4D Molecular Therapeutics, Inc. - Common Stock $645,117 0.30% 48,505 Up ×1
URGN UroGen Pharma Ltd. - Ordinary Shares $606,722 0.28% 16,487 Up ×1
PHAT Phathom Pharmaceuticals, Inc. - Common Stock $596,750 0.28% 55,000 $-1,569,700 Down ×1
CAMP CAMP4 Therapeutics Corporation - Common Stock $524,400 0.25% 120,000 Up ×1
SVRA Savara, Inc. - Common Stock $492,800 0.23% 80,000 Up ×1
CADL Candel Therapeutics, Inc. - Common Stock $491,887 0.23% 47,756 $197,887 Down ×1
ALT Altimmune, Inc. - Common Stock $464,150 0.22% 152,681 Up ×1
CMPS COMPASS Pathways Plc - American Depository Shares $424,500 0.20% 30,000 $-1,649,250 Down ×1
KPTI (filed as KPTIXXXX) Karyopharm Therapeutics Inc. - Common Stock $419,641 0.20% 42,952 $-47,972 Down ×1
CGEM Cullinan Therapeutics, Inc. - Common Stock $364,200 0.17% 20,000 $80,000
TRIN Trinity Capital Inc. - Common Stock $357,800 0.17% 20,000 $63,600
CAPR Capricor Therapeutics, Inc. - Common Stock $345,596 0.16% 14,352 Up ×1
CSTL Castle Biosciences, Inc. - Common stock $309,668 0.14% 12,984 $-7,027 Up ×1
IVVD Invivyd, Inc. - Common Stock $298,601 0.14% 342,275 Up ×1
GRCE Grace Therapeutics, Inc. - Common Stock $272,400 0.13% 120,000 $40,900 Up ×1
KBDC Kayne Anderson BDC, Inc. Common Stock $270,600 0.13% 20,000 $-3,800
VYGR Voyager Therapeutics, Inc. - Common Stock $263,015 0.12% 75,147 $-26,168 Up ×1
LUNG Pulmonx Corporation - Common Stock $260,706 0.12% 200,543 $-62,079 Down ×2
OCUL Ocular Therapeutix, Inc. - Common Stock $202,832 0.09% 20,655 $-2,507,568 Down ×1
KYNB Kyntra Bio, Inc. - Common Stock $170,373 0.08% 22,566 $17,376
ELUT Elutia, Inc. - Class A Common Stock $161,726 0.08% 165,094 $-11,623
QNRX Quoin Pharmaceuticals, Ltd. - American Depositary Shares $96,800 0.05% 20,000 $-35,200
LPCN Lipocine Inc. - Common Stock $42,783 0.02% 16,712 $-850,387 Down ×1
DCGO DocGo Inc. - Common Stock $20,160 0.01% 39,062 $-4,735 Down ×3
GOSS Gossamer Bio, Inc. - Common Stock $2,992 0.00% 18,176 $-2,979

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ABVX $2,265,420 17,000 1.06%
VIR $2,241,800 220,000 1.05%
BIOA $1,691,190 69,000 0.79%
NVO $1,150,560 24,000 0.54%
ADAG $1,008,000 240,000 0.47%
DFTX $940,800 20,000 0.44%
SLN $781,974 71,218 0.37%
FDMT $645,117 48,505 0.30%
URGN $606,722 16,487 0.28%
CAMP $524,400 120,000 0.25%
SVRA $492,800 80,000 0.23%
ALT $464,150 152,681 0.22%
CAPR $345,596 14,352 0.16%
IVVD $298,601 342,275 0.14%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
KLAC Bought more +159K +$24.6M
LRCX Trimmed -1K +$7.5M
CMPX Bought more +209K -$4.1M
GPCR Trimmed -76K -$3.5M
NKTR Bought more +50K +$3.4M
CORT Bought more +10K +$3.1M
BDSX (filed as BDSXXXXX) Price move only +0 +$2.3M
SLDB Bought more +40K +$2.1M
HALO Bought more +23K +$1.9M
CMPS Trimmed -345K -$1.6M

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
FOLD March 31, 2026 253,000 $3,602,720 No longer tracked
NVCR June 30, 2026 202,330 $2,205,397 -1.4%
AXGN Dec. 31, 2025 119,078 $2,124,352 14.2%
ENGN June 30, 2026 250,000 $1,702,500 12.1%
RARE June 30, 2026 62,000 $1,298,900 -54.4%
KNSA Dec. 31, 2025 30,000 $1,164,900 83.7%
KALV June 30, 2026 57,000 $1,147,410 No longer tracked
MASI March 31, 2026 8,280 $1,076,897 No longer tracked
SRRK Dec. 31, 2025 26,000 $968,240 6.3%
TXG March 31, 2026 59,000 $962,290 340.4%
VTYX March 31, 2026 100,827 $910,468 No longer tracked
VSTM June 30, 2026 150,000 $795,000 101.6%
ILMN March 31, 2026 6,000 $786,960 121.5%
APGE June 30, 2026 9,000 $757,530 No longer tracked
BHVN (filed as BHVNXXXX) March 31, 2026 59,365 $670,231 52.1%
APLS June 30, 2026 14,000 $563,220 No longer tracked
IDYA June 30, 2026 16,860 $561,775 0.2%
RCUS June 30, 2026 25,889 $559,202 -20.7%
TMCI March 31, 2026 226,947 $556,020 227.6%
RGNX June 30, 2026 66,270 $555,343 -38.0%
XNCR Sept. 30, 2025 70,000 $550,200 111.8%
RAPT March 31, 2026 15,000 $508,050 No longer tracked
RCKT June 30, 2026 127,025 $454,750 -25.1%
AVTX Dec. 31, 2025 31,000 $394,010 -17.5%
VRDN June 30, 2026 20,100 $393,156 5.6%
ATEC March 31, 2026 18,058 $379,940 -7.8%
OM June 30, 2026 98,882 $379,707 -8.3%
MLTX Sept. 30, 2025 8,000 $377,600 59.1%
GH Dec. 31, 2025 6,000 $374,880 74.1%
ZBIO Dec. 31, 2025 16,500 $366,300 -22.1%
SWTX June 30, 2025 8,280 $365,396 No longer tracked
BCRX Sept. 30, 2025 40,000 $358,400 7.6%
BPMC Sept. 30, 2025 2,700 $346,086 No longer tracked
LQDA March 31, 2026 10,000 $344,900 -24.1%
LUNG June 30, 2025 51,000 $343,230 -29.3%
KIDS Dec. 31, 2025 16,000 $296,480 24.8%
INBX March 31, 2026 3,698 $292,142 44.3%
COGT Sept. 30, 2025 40,000 $287,200 116.0%
WVE Sept. 30, 2025 40,300 $261,950 -48.4%
TXG Sept. 30, 2025 22,000 $254,760 699.8%
TELA Dec. 31, 2025 155,000 $230,950 -3.4%
ARVN June 30, 2025 30,000 $210,600 0.7%
XLV Dec. 31, 2025 1,498 $208,477 7.4%
NPCE Sept. 30, 2025 16,442 $183,164 23.2%
KPTI (filed as KPTIXXXX) Dec. 31, 2025 27,985 $183,022 -89.1%
KROS June 30, 2025 15,000 $152,850 -14.9%
LQDA June 30, 2025 10,013 $147,687 129.9%
TECL June 30, 2025 20,000 $144,400
APLT Dec. 31, 2025 225,000 $136,103 No longer tracked
ATRA June 30, 2025 22,000 $130,680 22.8%
PHR June 30, 2026 14,300 $119,834 -2.1%
ALMS March 31, 2026 10,000 $97,600 -68.9%
TSVT June 30, 2025 15,500 $76,570 No longer tracked
IFRX Dec. 31, 2025 50,000 $67,000 70.3%
CMPX June 30, 2025 24,000 $45,600 -67.1%
ZNTL June 30, 2026 17,503 $40,957 -48.0%
APVO Sept. 30, 2025 10,000 $30,500 21.4%
AXDXXXXX Sept. 30, 2025 325,239 $2,082 No longer tracked