Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +89.2%
S&P 500 total return (same window) +37.0%
Excess return +52.2%

Annualized: +66.6% · 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: 98.3% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 97.0%
Other/Unmapped 3.0%

Full portfolio 31 positions

05
Type Streak 8Q trend
RVMD Revolution Medicines, Inc. - Common Stock $77,778,695 8.32% 415,307 $32,229,129 Down ×3
ABVX Abivax SA - American Depositary Shares $65,282,608 6.98% 489,889 $13,408,095 Up ×3
AXSM Axsome Therapeutics, Inc. - Common Stock $53,461,440 5.72% 218,415 $21,555,197 Up ×1
ELVN Enliven Therapeutics, Inc. - Common Stock $48,433,770 5.18% 954,360 $23,979,281 Up ×1
BBIO BridgeBio Pharma, Inc. - Common Stock $47,172,951 5.05% 633,364 $-4,491,068 Down ×1
ROIV Roivant Sciences Ltd. - Common Shares $47,106,426 5.04% 1,331,066 $14,140,157 Up ×3
UTHR United Therapeutics Corporation - Common Stock $46,018,706 4.92% 84,932 $-16,081,717 Down ×1
CYTK Cytokinetics, Incorporated - Common Stock $44,930,228 4.81% 527,412 $26,231,561 Up ×1
XENE Xenon Pharmaceuticals Inc. - Common Shares $36,228,072 3.88% 600,200 $-9,526,907 Down ×2
CELC Celcuity Inc. - Common Stock $34,430,547 3.68% 329,101 $10,395,174 Up ×1
VRDN Viridian Therapeutics, Inc. - Common Stock $30,677,900 3.28% 1,670,000 $12,852,148 Up ×2
INSM Insmed Incorporated - Common Stock $28,131,794 3.01% 263,851 $-12,498,838 Up ×1
QURE uniQure N.V. - Ordinary Shares $28,047,086 3.00% 608,925 $17,983,841 Down ×1
Unknown issuer (CUSIP: K08588103) $27,972,793 2.99% 104,877 Up ×1
PRAX Praxis Precision Medicines, Inc. - Common Stock $27,964,339 2.99% 83,528 $14,290,273 Up ×2
DNTH Dianthus Therapeutics, Inc. - Common Stock $27,856,957 2.98% 285,771 $9,317,267 Up ×1
PCVX Vaxcyte, Inc. - Common Stock $25,800,187 2.76% 443,836
MIRM Mirum Pharmaceuticals, Inc. - common stock $25,527,231 2.73% 218,051 $-11,467,633 Down ×3
PVLA Palvella Therapeutics, Inc. - Common Stock $23,908,689 2.56% 156,450 $5,448,897 Up ×1
COGT Cogent Biosciences, Inc. - Common Stock $23,308,275 2.49% 602,281 $-13,154,803 Down ×1
ERAS Erasca, Inc. - Common Stock $22,381,929 2.39% 1,221,721 $8,343,530 Up ×1
ORIC Oric Pharmaceuticals, Inc. - Common Stock $21,847,186 2.34% 2,017,284 $-3,711,802
NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares $19,740,823 2.11% 582,497 $1,868,488 Up ×1
APGE Apogee Therapeutics, Inc. - Common Stock $18,425,844 1.97% 138,822 $-24,818,177 Down ×1
RYTM Rhythm Pharmaceuticals, Inc. - Common Stock $17,100,619 1.83% 154,018
INBX Inhibrx Biosciences, Inc. - Common Stock $15,613,189 1.67% 164,783 Up ×1
SRRK Scholar Rock Holding Corporation - Common Stock $14,917,485 1.60% 271,227 $-7,027,047 Down ×2
ORKA Oruka Therapeutics, Inc. - Common Stock $14,783,993 1.58% 155,343 Up ×1
KYMR Kymera Therapeutics, Inc. - Common Stock $11,757,459 1.26% 102,533 $-9,454,172 Down ×1
SION Sionna Therapeutics, Inc. - Common Stock $4,860,587 0.52% 110,493 Up ×1
NUVL Nuvalent, Inc. - Class A Common Stock $3,247,803 0.35% 26,298 $-34,693,940 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
ABVX $65,282,608 6.98% up ×3
ROIV $47,106,426 5.04% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: K08588103) $27,972,793 104,877 2.99%
PCVX $25,800,187 443,836 2.76%
RYTM $17,100,619 154,018 1.83%
INBX $15,613,189 164,783 1.67%
ORKA $14,783,993 155,343 1.58%
SION $4,860,587 110,493 0.52%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
RVMD Trimmed -53K +$32.2M
CYTK Bought more +244K +$26.2M
APGE Trimmed -375K -$24.8M
ELVN Bought more +331K +$24.0M
AXSM Bought more +30K +$21.6M
QURE Trimmed -7K +$18.0M
UTHR Trimmed -20K -$16.1M
PRAX Bought more +41K +$14.3M
ROIV Bought more +141K +$14.1M
ABVX Bought more +24K +$13.4M

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
MRUS Dec. 31, 2025 372,022 $35,025,871 No longer tracked
VRNA Sept. 30, 2025 309,988 $29,318,665 No longer tracked
IDYA June 30, 2026 873,838 $29,116,282 0.2%
GH March 31, 2026 271,685 $27,749,906 92.5%
ACLX Dec. 31, 2025 313,733 $25,757,479 No longer tracked
NBIX Dec. 31, 2025 181,897 $25,534,701 1.0%
ARGX March 31, 2026 23,256 $19,557,133 25.9%
AKRO Dec. 31, 2025 397,010 $18,850,035 No longer tracked
ISRG Sept. 30, 2025 32,305 $17,554,860 -12.4%
ASND June 30, 2026 76,300 $17,452,099 -14.6%
FULC June 30, 2026 2,256,109 $17,304,356 0.8%
TERN June 30, 2026 326,694 $17,223,308 No longer tracked
VERA June 30, 2026 422,023 $16,977,985 -29.1%
NTRA June 30, 2026 81,077 $16,214,589 51.2%
PODD Sept. 30, 2025 51,408 $16,151,365 -57.3%
TGTX Sept. 30, 2025 447,884 $16,119,345 50.3%
ELVN Dec. 31, 2025 783,411 $16,036,423 205.0%
GH Sept. 30, 2025 302,307 $15,732,056 184.6%
RYTM March 31, 2026 146,303 $15,660,273 6.7%
JANX Dec. 31, 2025 639,699 $15,634,244 22.7%
BSX Sept. 30, 2025 138,834 $14,912,160 -56.4%
RCUS March 31, 2026 565,142 $13,467,334 13.1%
SWTX June 30, 2025 304,076 $13,418,874 No longer tracked
GKOS June 30, 2025 136,241 $13,408,839 58.5%
EXAS June 30, 2025 300,909 $13,026,351 No longer tracked
IRON March 31, 2026 153,206 $12,166,088 0.9%
ADMA Dec. 31, 2025 808,673 $11,855,146 -46.7%
OLMA June 30, 2026 768,662 $11,460,750 -34.3%
RDNT Sept. 30, 2025 197,759 $11,254,465 -8.2%
PCVX June 30, 2025 276,905 $10,455,933 73.7%
HQY Sept. 30, 2025 80,880 $8,472,989 -5.0%
BPMC June 30, 2025 92,033 $8,145,841 No longer tracked
SPRY Sept. 30, 2025 455,953 $7,956,380 -59.5%
HROW Dec. 31, 2025 160,234 $7,720,074 -37.8%
SLNO Sept. 30, 2025 86,332 $7,232,895 No longer tracked
MLTX June 30, 2025 179,196 $7,001,188 -75.8%
MLTX June 30, 2026 315,563 $5,882,094 -41.4%
ALNY Sept. 30, 2025 17,879 $5,830,163 -51.8%
PRAX June 30, 2025 71,775 $2,718,119 602.8%
KALV Sept. 30, 2025 214,138 $2,420,830 No longer tracked
BBNX Sept. 30, 2025 157,194 $2,288,745 -4.6%