Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +56.7%
S&P 500 total return (same window) +37.0%
Excess return +19.7%

Annualized: +43.3% · 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: 98.5% · Options excluded: 12.4%

Sector breakdown

04
Healthcare 88.6%
Real Estate 5.6%
Financials 0.0%
Other/Unmapped 5.7%

Full portfolio 120 positions

05
Type Streak 8Q trend
UTHR United Therapeutics Corporation - Common Stock $155,867,152 8.09% 287,668 $-840,266 Up ×2
ABVX Abivax SA - American Depositary Shares $121,783,649 6.32% 913,880 $17,735,648 Down ×1
EHC Encompass Health Corporation Common Stock $103,800,973 5.38% 1,026,919 $85,025,293 Up ×2
ENSG The Ensign Group, Inc. - Common Stock $96,513,264 5.01% 602,079 $93,538,922 Up ×1
VERA Vera Therapeutics, Inc. - Class A Common Stock $94,949,961 4.93% 2,212,770 $7,518,665 Up ×1
QQQ Invesco QQQ Trust, Series 1 $72,609,040 3.77% 98,600 Put option $-65,163,826 Down ×1
CLDX Celldex Therapeutics, Inc. - Common Stock $66,454,865 3.45% 1,785,941 $9,738,997 Down ×1
SNDX Syndax Pharmaceuticals, Inc. - Common Stock $61,168,871 3.17% 2,798,210 $-6,239,259 Down ×5
BKD Brookdale Senior Living Inc. Common Stock $54,649,202 2.84% 3,396,470 $5,831,370 Down ×1
IONS Ionis Pharmaceuticals, Inc. - Common Stock $52,702,794 2.73% 664,684 $5,238,405 Up ×2
NTRA Natera, Inc. - Common Stock $47,722,810 2.48% 175,807 $-29,215,943 Down ×1
TVTX Travere Therapeutics, Inc. - Common Stock $45,389,656 2.35% 798,973 $29,268,713 Up ×1
CTRE CareTrust REIT, Inc. Common Stock $43,255,805 2.24% 1,072,015 Up ×1
HCA HCA Healthcare, Inc. Common Stock $38,307,472 1.99% 98,252 $813,140 Up ×1
PCVX Vaxcyte, Inc. - Common Stock $36,619,110 1.90% 629,952 $-17,085,745 Down ×3
LQDA Liquidia Corporation - Common Stock $34,176,424 1.77% 428,652 $8,611,650 Down ×1
CYH Community Health Systems, Inc. Common Stock $26,267,680 1.36% 7,864,575 $756,474 Down ×1
GSK GSK plc American Depositary Shares (Each representing two Ordinary Shares) $25,257,686 1.31% 481,833 $-73,266,122 Down ×2
CHE Chemed Corp $24,462,062 1.27% 52,523 $12,730,591 Up ×1
LLY Eli Lilly and Company Common Stock $24,127,734 1.25% 20,116 $6,652,104 Up ×2
GERN Geron Corporation - Common Stock $23,958,300 1.24% 18,717,422 $-4,105,676 Down ×1
VKTX Viking Therapeutics, Inc. - Common Stock $23,519,987 1.22% 602,922 $15,739,348 Up ×1
OHI Omega Healthcare Investors, Inc. Common Stock $23,055,521 1.20% 483,547 $-2,608,977 Down ×1
PODD Insulet Corporation - Common Stock $22,657,236 1.18% 148,816 $-7,464,457 Up ×3
THC Tenet Healthcare Corporation Common Stock $21,364,349 1.11% 114,199 $15,795,139 Up ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $21,257,396 1.10% 51,145
WELL Welltower Inc. Common Stock $19,817,205 1.03% 87,312 $-15,959,013 Down ×1
BBNX Beta Bionics, Inc. - Common Stock $19,578,740 1.02% 1,249,441 $5,402,063 Down ×1
COGT Cogent Biosciences, Inc. - Common Stock $18,972,094 0.98% 490,235 Up ×1
BCRX BioCryst Pharmaceuticals, Inc. - Common Stock $18,656,530 0.97% 1,865,653 $-10,282,556 Down ×1
MOH Molina Healthcare Inc Common Stock $18,431,848 0.96% 80,594 $14,058,142 Up ×1
PNTG The Pennant Group, Inc. - Common Stock $17,007,050 0.88% 460,272 $7,491,865 Up ×3
LTC LTC Properties, Inc. Common Stock $16,173,608 0.84% 420,640 $4,243,539 Up ×1
INSM Insmed Incorporated - Common Stock $15,908,664 0.83% 149,209 Up ×1
VRDN Viridian Therapeutics, Inc. - Common Stock $15,268,079 0.79% 831,142 $1,316,537 Up ×1
BMRN BioMarin Pharmaceutical Inc. - Common Stock $14,282,513 0.74% 249,607 $2,545,699 Up ×2
AMN AMN Healthcare Services Inc $13,871,548 0.72% 428,531 Up ×1
CELC Celcuity Inc. - Common Stock $13,384,141 0.69% 127,931 Up ×1
PHVS Pharvaris N.V. - Ordinary Shares $13,361,124 0.69% 386,383 $1,864,504 Down ×2
CTMX CytomX Therapeutics, Inc. - Common Stock $13,344,364 0.69% 3,558,497 $-1,641,652 Up ×2
HUM Humana Inc. Common Stock $12,381,745 0.64% 31,171
XENE Xenon Pharmaceuticals Inc. - Common Shares $11,862,672 0.62% 196,532 $4,327,944 Up ×1
CRVS Corvus Pharmaceuticals, Inc. - Common Stock $11,175,030 0.58% 747,994 Up ×1
Unknown issuer (CUSIP: K08588103) $11,101,153 0.58% 41,621 Up ×1
BRKR Bruker Corporation - Common Stock $11,006,561 0.57% 182,894 $6,780,051 Up ×1
MRNA Moderna, Inc. - Common Stock $10,653,104 0.55% 152,122 $2,539,938 Down ×2
GPCR Structure Therapeutics Inc. - American Depositary Shares $10,535,528 0.55% 196,302 $3,882,193 Up ×2
INSM Insmed Incorporated - Common Stock $10,299,492 0.53% 96,600 Call option $-5,071,388 Up ×1
DFTX Definium Therapeutics, Inc. - Common Shares $10,216,382 0.53% 217,185 $7,178,717 Up ×1
CMPS COMPASS Pathways Plc - American Depository Shares $9,520,474 0.49% 672,825 $5,771,554 Down ×1
NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares $9,335,712 0.48% 275,471 $188,406 Down ×3
RVTY Revvity, Inc. Common Stock $9,304,006 0.48% 83,624 $1,869,947 Down ×4
PALI Palisade Bio, Inc. - Common Stock $8,742,021 0.45% 4,182,785 $13,898 Down ×2
ARDX Ardelyx, Inc. - Common Stock $8,559,560 0.44% 1,678,345 $-4,794,822 Down ×1
MLYS Mineralys Therapeutics, Inc. - Common Stock $8,355,409 0.43% 309,689 Up ×1
RLAY Relay Therapeutics, Inc. - Common Stock $8,126,015 0.42% 434,314 $5,432,500 Up ×1
NVO Novo Nordisk A/S Common Stock $8,112,742 0.42% 169,227
BHVN Biohaven Ltd. Common Shares $7,675,164 0.40% 515,804
PTGX Protagonist Therapeutics, Inc. - Common Stock $7,171,420 0.37% 58,504
ELVN Enliven Therapeutics, Inc. - Common Stock $6,934,023 0.36% 136,631 Up ×1
REPL Replimune Group, Inc. - Common Stock $6,534,090 0.34% 590,252 $3,972,403 Up ×1
LBRX LB Pharmaceuticals Inc - Common Stock $5,960,783 0.31% 183,663 $3,489,900 Up ×1
BEAM Beam Therapeutics Inc. - Common Stock $5,707,038 0.30% 166,289 Up ×1
NHI National Health Investors, Inc. Common Stock $5,389,523 0.28% 70,673 Up ×1
RARE Ultragenyx Pharmaceutical Inc. - Common Stock $5,146,401 0.27% 154,130 $3,835,455 Up ×1
PACS PACS Group, Inc. Common Stock $5,007,684 0.26% 117,441 Up ×1
XBI SPDR SERIES TRUST $4,905,750 0.25% 31,000 Put option $1,073,850 Up ×1
EQ Equillium, Inc. - Common Stock $4,866,637 0.25% 1,520,824 $1,868,651 Up ×1
ANAB AnaptysBio, Inc. - Common Stock $4,723,852 0.25% 69,983 $3,221,496 Up ×1
NHC CUSIP: 635906100 $4,674,438 0.24% 22,116
EYPT EyePoint, Inc. - Common Stock $4,257,610 0.22% 297,735 Up ×1
SNDA Sonida Senior Living, Inc. Common Stock $4,187,059 0.22% 102,624 $3,269,966 Up ×1
GKOS Glaukos Corporation Common Stock $4,100,978 0.21% 29,343 $-2,381,661 Down ×2
Unknown issuer (CUSIP: 00857U206) $4,050,547 0.21% 37,792 $2,653,736 Down ×1
ARQT Arcutis Biotherapeutics, Inc. - Common stock $3,549,008 0.18% 135,355 $-10,035,217 Down ×1
TARS Tarsus Pharmaceuticals, Inc. - Common Stock $3,506,387 0.18% 55,710 Up ×1
ANRO Alto Neuroscience, Inc. Common Stock $3,385,468 0.18% 128,286 $571,691 Up ×1
SPRY ARS Pharmaceuticals, Inc. - Common Stock $3,019,826 0.16% 377,007 $1,925,859 Up ×1
IFRX InflaRx N.V. - Common Stock $2,921,115 0.15% 1,304,069 $1,348,247 Down ×1
ISRG Intuitive Surgical, Inc. - Common Stock $2,879,601 0.15% 7,241 $-2,246,147 Down ×2
ALEC Alector, Inc. - Common Stock $2,861,985 0.15% 1,423,873 $-42,893 Up ×2
UHS Universal Health Services, Inc. Common Stock $2,795,372 0.15% 18,800 Put option $-461,882 Up ×1
VOR Vor Biopharma Inc. - Common Stock $2,755,627 0.14% 149,681 Up ×1
DSGN Design Therapeutics, Inc. - Common Stock $2,749,300 0.14% 190,000 Up ×1
KPTI Karyopharm Therapeutics Inc. - Common Stock $2,698,220 0.14% 276,174 $1,159,931
QGEN Qiagen N.V. Common Shares $2,662,710 0.14% 68,100 Call option $-16,408,342 Down ×1
PMVP PMV Pharmaceuticals, Inc. - Common Stock $2,533,811 0.13% 1,890,904 $-378,155 Down ×1
CTNM Contineum Therapeutics, Inc. - Common stock $2,425,999 0.13% 148,017 $513,871 Up ×3
EVMN Evommune, Inc. Common Stock $2,318,573 0.12% 174,460 $1,061,480 Up ×1
AMRN Amarin Corporation plc - American Depositary Shares $2,316,018 0.12% 145,296 $180,059 Down ×2
SPRB Spruce Biosciences, Inc. - Common Stock $2,160,000 0.11% 40,000 Up ×1
RGEN Repligen Corporation - Common Stock $1,964,872 0.10% 14,401 $-12,266,017 Down ×1
IVVD Invivyd, Inc. - Common Stock $1,951,572 0.10% 2,237,015 $-1,007,682 Down ×1
PRQR ProQR Therapeutics N.V. - Ordinary Shares $1,901,413 0.10% 1,022,265 Up ×1
GRCE Grace Therapeutics, Inc. - Common Stock $1,754,483 0.09% 772,900 $-1,748,575 Up ×1
AVR Anteris Technologies Global Corp. - Common Stock $1,637,356 0.08% 166,229 $-589,232 Down ×2
VIR Vir Biotechnology, Inc. - Common Stock $1,596,121 0.08% 156,636 $-643,879 Down ×1
EDIT Editas Medicine, Inc. - Common Stock $1,486,541 0.08% 458,809 $767,971 Up ×1
WHWK Whitehawk Therapeutics, Inc. - Common Stock $1,389,141 0.07% 303,306 $330,681 Down ×1
TECH Bio-Techne Corp - Common Stock $1,364,110 0.07% 19,308 $-5,215,215 Down ×3

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
PODD $22,657,236 1.18% up ×3
PNTG $17,007,050 0.88% up ×3
CTNM $2,425,999 0.13% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CTRE $43,255,805 1,072,015 2.24%
UNH $21,257,396 51,145 1.10%
COGT $18,972,094 490,235 0.98%
INSM $15,908,664 149,209 0.83%
AMN $13,871,548 428,531 0.72%
CELC $13,384,141 127,931 0.69%
HUM $12,381,745 31,171 0.64%
CRVS $11,175,030 747,994 0.58%
Unknown issuer (CUSIP: K08588103) $11,101,153 41,621 0.58%
MLYS $8,355,409 309,689 0.43%
NVO $8,112,742 169,227 0.42%
BHVN $7,675,164 515,804 0.40%
PTGX $7,171,420 58,504 0.37%
ELVN $6,934,023 136,631 0.36%
BEAM $5,707,038 166,289 0.30%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
GSK Trimmed -1.3M -$73.3M
QQQ Trimmed -140K -$65.2M
TVTX Bought more +256K +$29.3M
NTRA Trimmed -209K -$29.2M
ABVX Trimmed -21K +$17.7M
PCVX Trimmed -294K -$17.1M
WELL Trimmed -94K -$16.0M
THC Bought more +85K +$15.8M
VKTX Bought more +364K +$15.7M
MOH Bought more +48K +$14.1M

3 positions 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
SPY June 30, 2026 107,000 $69,586,380 No longer tracked
SPY June 30, 2025 76,900 $43,017,091 No longer tracked
DHR March 31, 2026 186,262 $42,639,097 12.9%
VRTX June 30, 2026 90,000 $40,188,600 1.6%
ZIMV Dec. 31, 2025 2,079,380 $39,383,457 No longer tracked
TLT June 30, 2026 428,800 $37,172,672
DOC June 30, 2026 1,981,070 $32,548,980 -8.9%
EXAS March 31, 2026 241,678 $24,544,818 No longer tracked
AVTR June 30, 2026 2,974,287 $23,318,410 54.9%
CDTX March 31, 2026 98,721 $21,806,482 No longer tracked
INSP Sept. 30, 2025 164,473 $21,343,661 -5.7%
TEVA March 31, 2026 660,177 $20,604,124 31.2%
NBIX June 30, 2025 167,243 $18,497,076 13.9%
IQV Sept. 30, 2025 97,604 $15,381,414 35.9%
PTGX Sept. 30, 2025 277,316 $15,327,255 110.8%
HYG June 30, 2026 180,000 $14,320,800
RGEN Dec. 31, 2025 105,087 $14,046,979 10.9%
BIIB March 31, 2026 77,944 $13,717,365 19.9%
SEM March 31, 2026 906,100 $13,455,585 No longer tracked
RNA Dec. 31, 2025 302,911 $13,197,832 -89.1%
CGON March 31, 2026 308,466 $12,807,508 -0.4%
BMY March 31, 2026 235,293 $12,691,704 0.8%
NVO Dec. 31, 2025 217,708 $12,080,617 -26.7%
ELV March 31, 2026 30,195 $10,584,857 32.0%
MNKD March 31, 2026 1,852,563 $10,504,032 55.1%
ASND March 31, 2026 48,241 $10,286,911 -0.4%
ILMN March 31, 2026 76,721 $10,062,726 121.5%
GMED Sept. 30, 2025 169,643 $10,012,330 32.0%
IWM June 30, 2026 40,000 $9,920,000 -6.2%
DVAX March 31, 2026 605,976 $9,319,911 No longer tracked
XLK June 30, 2026 70,000 $9,303,000 4.9%
EWTX March 31, 2026 337,340 $8,371,092 31.4%
CPRX March 31, 2026 358,168 $8,359,641 No longer tracked
HUM March 31, 2026 32,462 $8,314,492 124.0%
ALGN June 30, 2025 49,277 $7,828,144 -24.1%
TFX June 30, 2025 56,630 $7,825,700 4.9%
REGN March 31, 2026 10,097 $7,793,571 -4.8%
ICLR June 30, 2026 68,688 $7,601,014 -6.7%
AGIO June 30, 2026 200,000 $6,766,000 -14.3%
ETNB Dec. 31, 2025 392,441 $5,768,883 No longer tracked
TMO Sept. 30, 2025 13,685 $5,548,720 35.0%
MDGL June 30, 2026 10,000 $5,234,700 -7.0%
CVS March 31, 2026 63,696 $5,054,915 20.4%
PRAX June 30, 2026 14,800 $4,768,412 -11.7%
ESPR June 30, 2026 1,735,963 $4,756,539 No longer tracked
ACAD March 31, 2026 176,594 $4,716,826 -10.4%
PTGX March 31, 2026 52,961 $4,625,614 32.9%
MRUS Dec. 31, 2025 48,054 $4,524,284 No longer tracked
ZBIO March 31, 2026 121,016 $4,394,091 44.7%
HQY June 30, 2026 51,614 $4,313,382 -0.3%
DAWN June 30, 2026 183,902 $3,942,859 No longer tracked
NHC March 31, 2026 28,577 $3,917,621 No longer tracked
FTRE March 31, 2026 224,139 $3,866,398 112.3%
CNC June 30, 2026 111,652 $3,655,486 -1.9%
MIRM Dec. 31, 2025 49,314 $3,615,209 5.0%
ENGN June 30, 2026 510,543 $3,476,798 12.1%
GKOS Sept. 30, 2025 31,496 $3,253,222 100.8%
EHAB June 30, 2026 227,451 $3,204,785 No longer tracked
XLE June 30, 2026 50,000 $3,063,000 18.3%
NKTR Dec. 31, 2025 49,890 $2,838,741 3.1%
GOSS Dec. 31, 2025 925,233 $2,433,363 -95.7%
NVAX June 30, 2025 365,523 $2,343,002 66.0%
MRVI March 31, 2026 718,582 $2,335,392 179.2%
KURA Dec. 31, 2025 263,628 $2,333,108 2.5%
EOLS March 31, 2026 344,104 $2,288,292 73.7%
STRO June 30, 2026 73,161 $1,822,441 -53.8%
RAPP March 31, 2026 59,233 $1,797,129 2.8%
BHVN March 31, 2026 145,431 $1,641,916 52.1%
AMRN (filed as AMRNXXXX) June 30, 2025 3,399,204 $1,523,183 -23.9%
QURE March 31, 2026 62,820 $1,503,283 43.5%
NVCR June 30, 2026 134,917 $1,470,595 -1.4%
BVS June 30, 2026 159,110 $1,452,674 39.1%
AUTL Sept. 30, 2025 610,231 $1,391,327 9.2%
NVAX March 31, 2026 181,220 $1,217,798 28.5%
IMCR June 30, 2026 39,238 $1,183,026 -6.4%
KPTI Sept. 30, 2025 257,154 $1,108,334 -87.7%
ITOS Sept. 30, 2025 109,324 $1,089,960 No longer tracked
TYRA June 30, 2026 27,055 $1,036,206 -36.0%
PASG June 30, 2026 131,581 $1,032,911 -15.6%
DHC June 30, 2026 151,283 $1,004,519 -16.9%
KRRO Dec. 31, 2025 20,856 $998,794 20.3%
INMD June 30, 2026 67,744 $926,738 -3.6%
XOMA June 30, 2025 45,017 $897,189 No longer tracked
PBYI Sept. 30, 2025 240,688 $825,560 79.1%
PVLA Dec. 31, 2025 11,343 $711,093 26.6%
ARCT Sept. 30, 2025 48,364 $629,216 -29.3%
ATYR Dec. 31, 2025 658,000 $474,681 -63.3%
CBLL March 31, 2026 17,094 $374,871 29.2%
MODVQ Sept. 30, 2025 100,000 $312,000 No longer tracked
REPL Dec. 31, 2025 59,992 $251,366 34.5%
AIRS June 30, 2026 74,139 $209,813 -60.7%
ACIU Sept. 30, 2025 100,752 $204,527 -5.7%
DYN Dec. 31, 2025 10,000 $126,500 -22.3%