Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 +23.8%
S&P 500 total return (same window) +8.7%
Excess return +15.1%

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: 94.0% · Options excluded: 4.2%

Sector breakdown

04
Healthcare 100.0%

Full portfolio 41 positions

05
Type Streak 8Q trend
ACAD ACADIA Pharmaceuticals Inc. - Common Stock $10,373,000 7.62% 410,000 $7,635,020 Up ×1
XERS Xeris Biopharma Holdings, Inc. - Common Stock $9,741,600 7.16% 1,230,000 $3,796,600 Up ×2
BMRN BioMarin Pharmaceutical Inc. - Common Stock $8,211,070 6.03% 143,500 $3,578,890 Up ×1
PRAX Praxis Precision Medicines, Inc. - Common Stock $7,549,515 5.55% 22,550 $284,130
RARE Ultragenyx Pharmaceutical Inc. - Common Stock $6,844,950 5.03% 205,000 $3,194,412 Up ×2
AGIO Agios Pharmaceuticals, Inc. - Common Stock $6,086,040 4.47% 164,000
INSM Insmed Incorporated - Common Stock $5,464,275 4.01% 51,250
CRNX Crinetics Pharmaceuticals, Inc. - Common Stock $5,369,770 3.95% 143,500 Up ×1
ZNTL Zentalis Pharmaceuticals, Inc. - common stock $4,971,250 3.65% 1,025,000 $2,093,050 Down ×2
PCVX Vaxcyte, Inc. - Common Stock $4,766,660 3.50% 82,000 $1,431,146 Up ×2
ANNX Annexon, Inc. - common stock $4,682,200 3.44% 820,000 $3,716,855 Up ×1
TVTX Travere Therapeutics, Inc. - Common Stock $4,658,420 3.42% 82,000 $1,369,523 Down ×1
TNXP Tonix Pharmaceuticals Holding Corp. - Common Stock $4,316,070 3.17% 338,250 Up ×1
BBIO BridgeBio Pharma, Inc. - Common Stock $4,275,152 3.14% 57,400
AXSM Axsome Therapeutics, Inc. - Common Stock $4,014,228 2.95% 16,400 $-2,915,592 Down ×1
CTNM Contineum Therapeutics, Inc. - Common stock $3,359,950 2.47% 205,000 $1,505,430 Up ×1
LXRX Lexicon Pharmaceuticals, Inc. - Common Stock $3,050,400 2.24% 1,271,000 $1,643,280 Up ×2
KURA Kura Oncology, Inc. - Common Stock $3,035,948 2.23% 276,750 Up ×1
DBVT DBV Technologies S.A. - American Depositary Shares $3,025,800 2.22% 184,500 $884,575 Up ×1
GMAB Genmab A/S - American Depositary Shares $2,815,675 2.07% 102,500 $615,615 Up ×2
CYTK Cytokinetics, Incorporated - Common Stock $2,794,232 2.05% 32,800 Up ×1
MLYS Mineralys Therapeutics, Inc. - Common Stock $2,765,450 2.03% 102,500 $544,070 Up ×1
SLN Silence Therapeutics Plc - American Depository Share $2,434,847 1.79% 55,350 $1,694,412 Down ×2
NUVB Nuvation Bio Inc. Class A Common Stock $2,095,920 1.54% 369,000
WVE Wave Life Sciences Ltd. - Ordinary Shares $1,905,680 1.40% 328,000 Up ×1
NKTR Nektar Therapeutics - Common Stock $1,860,437 1.37% 26,650
SRRK Scholar Rock Holding Corporation - Common Stock $1,691,250 1.24% 30,750 $-1,130,534 Down ×1
ELVN Enliven Therapeutics, Inc. - Common Stock $1,664,600 1.22% 32,800 Up ×1
ALNY Alnylam Pharmaceuticals, Inc. - Common Stock $1,542,779 1.13% 5,125 $-152,930
BEAM Beam Therapeutics Inc. - Common Stock $1,407,120 1.03% 41,000 $39,278 Down ×1
SION Sionna Therapeutics, Inc. - Common Stock $1,350,540 0.99% 123,000 $-621,888 Up ×1
ORIC Oric Pharmaceuticals, Inc. - Common Stock $1,332,090 0.98% 123,000 $33,415 Up ×1
NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares $1,250,541 0.92% 36,900 $69,372
VRTX Vertex Pharmaceuticals Incorporated - Common Stock $1,221,956 0.90% 2,460 Up ×1
SPRY ARS Pharmaceuticals, Inc. - Common Stock $1,149,355 0.84% 143,490 Up ×1
MNPR Monopar Therapeutics Inc. - Common Stock $1,138,857 0.84% 12,300 Up ×1
ERAS Erasca, Inc. - Common Stock $751,120 0.55% 41,000 Up ×1
VERA Vera Therapeutics, Inc. - Class A Common Stock $439,828 0.32% 10,250 $-2,859,032 Down ×1
IMTX Immatics N.V. - Ordinary Shares $311,498 0.23% 30,750 $-1,201,402 Down ×1
MREO Mereo BioPharma Group plc - American Depositary Shares $244,232 0.18% 768,750 Up ×1
GOSS Gossamer Bio, Inc. - Common Stock $134,972 0.10% 820,000 $-134,398

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
AGIO $6,086,040 164,000 4.47%
INSM $5,464,275 51,250 4.01%
CRNX $5,369,770 143,500 3.95%
TNXP $4,316,070 338,250 3.17%
BBIO $4,275,152 57,400 3.14%
KURA $3,035,948 276,750 2.23%
CYTK $2,794,232 32,800 2.05%
NUVB $2,095,920 369,000 1.54%
WVE $1,905,680 328,000 1.40%
NKTR $1,860,437 26,650 1.37%
ELVN $1,664,600 32,800 1.22%
VRTX $1,221,956 2,460 0.90%
SPRY $1,149,355 143,490 0.84%
MNPR $1,138,857 12,300 0.84%
ERAS $751,120 41,000 0.55%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ACAD Bought more +287K +$7.6M
XERS Bought more +205K +$3.8M
ANNX Bought more +646K +$3.7M
BMRN Bought more +62K +$3.6M
RARE Bought more +31K +$3.2M
AXSM Trimmed -25K -$2.9M
ZNTL Trimmed -205K +$2.1M
SLN Trimmed -85K +$1.7M
LXRX Bought more +369K +$1.6M
CTNM Bought more +63K +$1.5M

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
KALV June 30, 2026 276,750 $5,570,978 No longer tracked
FOLD June 30, 2026 369,000 $5,335,740 No longer tracked
VSTM June 30, 2026 820,000 $4,346,000 162.8%
NUVB March 31, 2026 400,000 $3,584,000 6.5%
ARWR June 30, 2026 55,350 $3,470,445 -28.8%
MLTX June 30, 2026 174,250 $3,248,020 -39.1%
BBIO March 31, 2026 36,000 $2,753,640 -7.7%
ARDX June 30, 2026 451,000 $2,701,490 -39.6%
UTHR March 31, 2026 5,500 $2,679,875 -0.9%
BCRX March 31, 2026 300,000 $2,340,000 -19.6%
SNDX March 31, 2026 100,000 $2,101,000 -42.6%
CPRX June 30, 2026 82,000 $2,030,320 No longer tracked
TARS March 31, 2026 24,000 $1,965,120 -2.8%
APOG March 31, 2026 25,000 $1,887,000 30.1%
INSM March 31, 2026 10,000 $1,740,400 -42.9%
LGND June 30, 2026 8,200 $1,637,130 -4.0%
EWTX June 30, 2026 49,200 $1,549,800 -3.2%
CORT March 31, 2026 44,000 $1,531,200 113.0%
APLS March 31, 2026 50,000 $1,256,000 No longer tracked
DNLI March 31, 2026 70,000 $1,155,700 -4.1%
ASND March 31, 2026 5,000 $1,066,200 6.4%
BHVN March 31, 2026 88,000 $993,520 64.1%
DNTH March 31, 2026 24,000 $989,040 -8.5%
NKTR March 31, 2026 20,000 $845,600 -48.3%
IDYA June 30, 2026 24,600 $819,672 -6.9%
AGIO March 31, 2026 30,000 $816,600 9.4%
IMVT March 31, 2026 30,000 $762,600 14.4%
OLMA March 31, 2026 30,000 $750,000 -57.0%
PTCT June 30, 2026 10,250 $698,333 -25.7%
ARQT March 31, 2026 12,000 $348,480 32.4%