Performance vs S&P 500

03
Tracked Q2 2025–Q2 2026 +74.5%
S&P 500 total return (same window) +21.7%
Excess return +52.8%

Annualized: +74.5% · S&P 500: +21.7%

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: 89.7% · Options excluded: 1.1%

Sector breakdown

04
Healthcare 50.9%
Financials 20.1%
Communication Services 17.1%
Technology 1.3%
Energy 0.4%
Real Estate 0.2%
Consumer products 0.2%
Industrials 0.2%
Consumer Staples 0.1%
Materials 0.1%
Retail 0.0%
Consumer Discretionary 0.0%
Other/Unmapped 9.5%

Full portfolio 84 positions

05
Type Streak 8Q trend
GOOG Alphabet Inc. - Class C Capital Stock $32,223,696 17.06% 91,200 $5,995,298 Down ×1
APO Apollo Global Management, Inc. (New) Common Stock $26,619,750 14.09% 225,000 $1,550,250
SNDX Syndax Pharmaceuticals, Inc. - Common Stock $9,558,176 5.06% 437,245 $-299,744 Up ×2
XERS Xeris Biopharma Holdings, Inc. - Common Stock $8,395,200 4.45% 1,060,000 $2,247,200
TVTX Travere Therapeutics, Inc. - Common Stock $8,367,090 4.43% 147,282 $4,188,884 Up ×1
PTGX Protagonist Therapeutics, Inc. - Common Stock $7,722,540 4.09% 63,000 $1,082,340
BBIO BridgeBio Pharma, Inc. - Common Stock $6,915,468 3.66% 92,850 $232,068 Up ×2
IOVA Iovance Biotherapeutics, Inc. - Common Stock $6,656,000 3.52% 1,600,000 $1,040,000
ALKS Alkermes plc - Ordinary Shares $6,379,563 3.38% 121,759 $2,136,363 Up ×3
JPM JP Morgan Chase & Co. Common Stock $5,924,018 3.14% 18,098 $194,664 Down ×1
JAAA Janus Detroit Street Trust $4,722,229 2.50% 93,528 $11,224
Unknown issuer (CUSIP: 52012V100) $4,647,720 2.46% 16,500 $-315,975
COGT Cogent Biosciences, Inc. - Common Stock $4,298,835 2.28% 111,081 $295,875 Up ×2
TGTX TG Therapeutics, Inc. - Common Stock $3,672,135 1.94% 66,839 $682,302 Down ×1
CLST Catalyst Bancorp, Inc. - common stock $3,583,020 1.90% 114,000 Up ×1
AGIO Agios Pharmaceuticals, Inc. - Common Stock $3,527,602 1.87% 95,058 $379,450 Up ×2
VRDN Viridian Therapeutics, Inc. - Common Stock $3,324,970 1.76% 181,000 $-215,390
RLMD Relmada Therapeutics, Inc. - Common Stock $3,120,920 1.65% 451,000 $63,392 Up ×1
RCUS Arcus Biosciences, Inc. Common Stock $2,504,660 1.33% 81,241 $749,854
HELP Cybin Inc. - Common Stock $2,445,700 1.29% 370,000 $765,700 Up ×4
XBI SPDR SERIES TRUST $2,373,750 1.26% 15,000 $457,650
RZLT Rezolute, Inc. - Common Stock (NV) $1,924,000 1.02% 370,000 $795,500
AB AllianceBernstein Holding L.P. Units $1,690,560 0.90% 48,000 $-106,560
MDGL Madrigal Pharmaceuticals, Inc. - Common Stock $1,610,850 0.85% 3,000 $563,910 Up ×1
ATRC AtriCure, Inc. - Common Stock $1,438,172 0.76% 51,400 $-28,270
DCGO DocGo Inc. - Common Stock $1,378,426 0.73% 2,670,850 $-301,806
ARDX Ardelyx, Inc. - Common Stock $1,342,157 0.71% 263,168 $102,227 Up ×1
RARE Ultragenyx Pharmaceutical Inc. - Common Stock $1,271,124 0.67% 38,069 $578,328 Up ×2
CLOZ Series Portfolios Trust $1,263,061 0.67% 47,807 $36,811
CGEM Cullinan Therapeutics, Inc. - Common Stock $1,259,804 0.67% 69,182 $915,922 Up ×1
VERA Vera Therapeutics, Inc. - Class A Common Stock $1,115,660 0.59% 26,000 $69,680
OBIO Orchestra BioMed Holdings, Inc. - Ordinary Shares $1,094,504 0.58% 253,651 $16,487
SPRB Spruce Biosciences, Inc. - Common Stock $1,080,000 0.57% 20,000 Up ×1
CNTB Connect Biopharma Holdings Limited - Ordinary Shares $1,058,772 0.56% 444,862 $42,644 Up ×2
IBB iShares Trust $1,046,045 0.55% 5,500 $117,370
JNJ Johnson & Johnson Common Stock $1,015,880 0.54% 4,000 $-187,254 Down ×3
BIIB Biogen Inc. - Common Stock $864,240 0.46% 4,000 $130,920
PFE Pfizer, Inc. Common Stock $778,675 0.41% 32,337 $-129,348
AAPL Apple Inc. - Common Stock $721,664 0.38% 2,494 $88,712
CNQ Canadian Natural Resources Limited Common Stock $663,600 0.35% 16,800 $-155,064
PTHS CUSIP: 171126204 $623,783 0.33% 22,073 $181,039 Up ×3
IBM International Business Machines Corporation Common Stock $602,352 0.32% 2,142 $83,067
MSFT Microsoft Corporation - Common Stock $596,832 0.32% 1,600 $4,560
VSTM Verastem, Inc. - Common Stock $592,100 0.31% 155,000 $40,900 Up ×1
KURA Kura Oncology, Inc. - Common Stock $578,854 0.31% 52,767 $149,858
SLDB Solid Biosciences Inc. - Common Stock $561,518 0.30% 56,208 $222,088 Up ×1
Unknown issuer (CUSIP: 36614N201) $510,956 0.27% 3,767 Up ×1
INSM Insmed Incorporated - Common Stock $453,455 0.24% 4,253 Up ×1
LBRX LB Pharmaceuticals Inc - Common Stock $420,779 0.22% 12,965 Up ×1
CDNA CareDx, Inc. - Common Stock $388,455 0.21% 13,630 Up ×1
QTTB Q32 Bio Inc. - Common Stock $387,449 0.21% 30,412 Up ×1
ELVN Enliven Therapeutics, Inc. - Common Stock $313,787 0.17% 6,183 Up ×1
RHP Ryman Hospitality Properties, Inc. (REIT) $308,520 0.16% 2,400 $87,072
AVGO Broadcom Inc. - Common Stock $268,202 0.14% 710 $48,343
KMB Kimberly-Clark Corporation - Common Stock $263,448 0.14% 2,400 $31,920
NVDA NVIDIA Corporation - Common Stock $256,115 0.14% 1,280 $32,825
BSX Boston Scientific Corporation Common Stock $256,080 0.14% 6,000 Up ×1
WVE Wave Life Sciences Ltd. - Ordinary Shares $232,400 0.12% 40,000 $-57,600
RAIN Rain Enhancement Technologies Holdco, Inc. - Class A Common Stock $210,490 0.11% 101,686 $-47,792
MDLZ Mondelez International, Inc. - Class A Common Stock $173,520 0.09% 3,000 $600
PWR Quanta Services, Inc. Common Stock $126,727 0.07% 176 $30,099
BMY Bristol-Myers Squibb Company Common Stock $115,240 0.06% 2,000 $-710,934 Down ×3
EBC Eastern Bankshares, Inc. - Common Stock $111,200 0.06% 5,000 $13,400
Unknown issuer (CUSIP: 02079k305) $107,211 0.06% 300 $20,943
LEGH Legacy Housing Corporation - Common Stock $105,080 0.06% 4,000 $23,360
CTVA Corteva, Inc. Common Stock $102,136 0.05% 1,206 $1,182
IWP iShares Trust $101,755 0.05% 695 $12,712
URI United Rentals, Inc. Common Stock $88,365 0.05% 78 $31,537
IVVD Invivyd, Inc. - Common Stock $87,240 0.05% 100,000 $-42,760
AMZN Amazon.com, Inc. - Common Stock $71,502 0.04% 300 $9,009
DHR Danaher Corporation Common Stock $34,286 0.02% 180 $158
DOW Dow Inc. Common Stock $32,996 0.02% 1,206 $-17,234
FSK FS KKR Capital Corp. Common Stock $30,187 0.02% 2,875
BRSL Brightstar Lottery PLC Trading under the Legal Name to begin at the market open on July 21, 2025. Ordinary Shares $26,800 0.01% 2,500 $-5,050
Unknown issuer (CUSIP: 09260d107) $24,711 0.01% 210 $563
Unknown issuer (CUSIP: 91324p102) $23,691 0.01% 57 $8,267
OXY Occidental Petroleum Corporation Common Stock $22,779 0.01% 469 $-11,951 Down ×1
TMO Thermo Fisher Scientific Inc Common Stock $22,561 0.01% 45 $442
CRM Salesforce, Inc. Common Stock $12,063 0.01% 77 $-2,311
STWD STARWOOD PROPERTY TRUST, INC. Starwood Property Trust Inc. $6,552 0.00% 400 $-336
KD Kyndryl Holdings, Inc. Common Stock $4,841 0.00% 428 $-774
OXYWS CUSIP: 674599162 $4,268 0.00% 194 Up ×1
GEHC GE HealthCare Technologies Inc. - Common Stock $3,200 0.00% 50 $-359
WAB Westinghouse Air Brake Technologies Corporation Common Stock $1,618 0.00% 6 $119

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
ALKS $6,379,563 3.38% up ×3
HELP $2,445,700 1.29% up ×4
PTHS $623,783 0.33% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
CLST $3,583,020 114,000 1.90%
SPRB $1,080,000 20,000 0.57%
Unknown issuer (CUSIP: 36614N201) $510,956 3,767 0.27%
INSM $453,455 4,253 0.24%
LBRX $420,779 12,965 0.22%
CDNA $388,455 13,630 0.21%
QTTB $387,449 30,412 0.21%
ELVN $313,787 6,183 0.17%
BSX $256,080 6,000 0.14%
FSK $30,187 2,875 0.02%
OXYWS $4,268 194 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
GOOG Trimmed -220 +$6.0M
TVTX Bought more +7K +$4.2M
XERS Price move only +0 +$2.2M
ALKS Bought more +2K +$2.1M
APO Price move only +0 +$1.6M
PTGX Price move only +0 +$1.1M
IOVA Price move only +0 +$1.0M
CGEM Bought more +45K +$916K
RZLT Price move only +0 +$796K
HELP Bought more +20K +$766K

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
CLMT March 31, 2026 2,214,969 $44,011,434 54.0%
DAR Dec. 31, 2025 300,000 $9,261,000 74.8%
AVDL Dec. 31, 2025 363,000 $5,543,010 No longer tracked
VRNA Dec. 31, 2025 38,355 $4,092,862 No longer tracked
CPRX June 30, 2026 120,000 $2,971,200 No longer tracked
INZY Sept. 30, 2025 666,204 $2,664,816 No longer tracked
ESGR Sept. 30, 2025 7,500 $2,522,700 No longer tracked
CSX Dec. 31, 2025 70,000 $2,484,650 30.8%
LQDA Dec. 31, 2025 107,783 $2,450,985 -17.0%
ARDX June 30, 2025 493,807 $2,424,592 -14.8%
OABI June 30, 2025 982,336 $2,357,606 179.9%
ICLO June 30, 2025 70,502 $1,797,096
ACLX Sept. 30, 2025 25,700 $1,692,345 No longer tracked
CYTK June 30, 2026 23,644 $1,558,376 -23.0%
CNTA June 30, 2026 39,000 $1,549,080 No longer tracked
TECX March 31, 2026 74,000 $1,543,640 -27.1%
PRAX Dec. 31, 2025 28,000 $1,484,000 0.3%
COGT June 30, 2025 213,302 $1,277,679 332.0%
REGN June 30, 2025 2,000 $1,268,460 40.0%
BHVN March 31, 2026 110,720 $1,250,029 52.1%
ABBV Dec. 31, 2025 5,037 $1,166,267 15.0%
MYGN Sept. 30, 2025 180,000 $955,800 -37.2%
MGTX June 30, 2025 125,010 $847,568 65.5%
COLL Sept. 30, 2025 23,511 $695,220 -37.1%
NKTR March 31, 2026 15,500 $655,340 -39.4%
AXSM Sept. 30, 2025 6,000 $626,340 47.6%
AUTL Sept. 30, 2025 270,000 $615,600 9.2%
SRRK March 31, 2026 13,913 $612,868 -4.8%
MDLZ June 30, 2025 9,000 $610,650 -13.7%
KFT Sept. 30, 2025 9,000 $606,960 No longer tracked
ADMA June 30, 2026 60,200 $542,402 16.1%
XENE March 31, 2026 10,962 $491,317 -34.6%
IMVT June 30, 2025 22,443 $383,551 110.1%
FATE March 31, 2026 365,000 $358,649 93.3%
LENZ June 30, 2026 33,732 $308,648 -37.0%
MRSN March 31, 2026 10,000 $289,300 No longer tracked
ATYR Sept. 30, 2025 50,367 $255,361 -60.2%
BCRX Dec. 31, 2025 32,570 $247,206 4.7%
DAWN March 31, 2026 25,884 $241,239 No longer tracked
LLY Dec. 31, 2025 300 $228,900 6.3%
DD June 30, 2026 3,767 $172,529 -4.2%
CLOX June 30, 2025 5,766 $147,091
KO Sept. 30, 2025 2,000 $141,500 29.1%
JSPR June 30, 2026 160,789 $140,883 34.3%
MREO June 30, 2026 300,337 $99,111 19.4%
IWR Dec. 31, 2025 695 $98,975 12.5%
IWP Sept. 30, 2025 695 $96,383 -2.1%
QURE March 31, 2026 4,000 $95,720 43.5%
TTE Dec. 31, 2025 1,200 $71,628 29.0%
FSK Sept. 30, 2025 2,875 $59,656 -26.5%
FSBW Sept. 30, 2025 1,460 $57,495 11.0%
BRSL Dec. 31, 2025 2,500 $43,125 -36.4%
FSK (filed as FSKXXXX) Dec. 31, 2025 2,875 $42,924 -25.9%
FSK March 31, 2026 2,875 $42,579 7.8%
IGTXXXX March 31, 2026 2,500 $38,700 No longer tracked
FSK (filed as FSKXXXX) June 30, 2026 2,875 $29,267 4.5%
AETUF Dec. 31, 2025 1,110 $20,239 No longer tracked