Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +149.1%
S&P 500 total return (same window) +37.0%
Excess return +112.0%

Annualized: +107.6% · 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: 98.2% · Options excluded: 1.5%

Sector breakdown

04
Healthcare 99.6%
Other/Unmapped 0.4%

Full portfolio 32 positions

05
Type Streak 8Q trend
CLDX Celldex Therapeutics, Inc. - Common Stock $198,065,407 10.95% 5,322,908 $12,802,622 Down ×3
SNDX Syndax Pharmaceuticals, Inc. - Common Stock $175,993,964 9.73% 8,050,959 $-12,076,438
PCVX Vaxcyte, Inc. - Common Stock $169,875,334 9.39% 2,922,335 $58,447
COGT Cogent Biosciences, Inc. - Common Stock $141,916,654 7.84% 3,667,097 $-13,480,216 Down ×5
VERA Vera Therapeutics, Inc. - Class A Common Stock $124,012,432 6.85% 2,890,059 $-12,698,120 Down ×3
VRDN Viridian Therapeutics, Inc. - Common Stock $118,557,720 6.55% 6,453,877 $72,755,007 Up ×2
TVTX Travere Therapeutics, Inc. - Common Stock $113,620,000 6.28% 2,000,000 $67,004,475 Up ×2
BEAM Beam Therapeutics Inc. - Common Stock $97,495,981 5.39% 2,840,792 $9,749,512 Down ×1
URGN UroGen Pharma Ltd. - Ordinary Shares $89,578,818 4.95% 2,434,207 $49,170,692 Up ×1
LEGN Legend Biotech Corporation - American Depositary Shares $86,674,800 4.79% 3,001,205 $58,159,623 Up ×1
CTMX CytomX Therapeutics, Inc. - Common Stock $81,386,599 4.50% 21,703,093 $10,825,062 Up ×4
RLAY Relay Therapeutics, Inc. - Common Stock $61,743,000 3.41% 3,300,000 $47,571,623 Up ×1
CGEM Cullinan Therapeutics, Inc. - Common Stock $56,708,344 3.13% 3,114,132 $12,456,528
MBX MBX Biosciences, Inc. - Common Stock $51,600,905 2.85% 934,799 $23,697,155
IMCR Immunocore Holdings plc - American Depositary Shares $43,656,250 2.41% 1,375,000 $16,975,399 Up ×2
NRIX Nurix Therapeutics, Inc. - Common stock $28,984,805 1.60% 1,194,757 $10,466,071
STRO Sutro Biopharma, Inc. - Common Stock $28,968,926 1.60% 872,558 $7,233,506
BCRX BioCryst Pharmaceuticals, Inc. - Common Stock $25,226,600 1.39% 2,522,660 $-28,854,568 Down ×3
PHVS Pharvaris N.V. - Ordinary Shares $22,884,871 1.26% 661,795 $4,793,712 Up ×1
SMMT Summit Therapeutics Inc. - Common Stock $17,484,000 0.97% 1,200,000 Up ×1
PRLD Prelude Therapeutics Incorporated - Common Stock $12,872,414 0.71% 2,415,087 $7,425,890 Up ×2
INSM Insmed Incorporated - Common Stock $10,662,000 0.59% 100,000 Up ×1
BNR Burning Rock Biotech Limited - American Depositary Shares $10,517,747 0.58% 1,238,563 $-9,272,760 Up ×2
GERN Geron Corporation - Common Stock $8,750,487 0.48% 6,836,318 $-1,435,627
AMRN Amarin Corporation plc - American Depositary Shares $8,495,733 0.47% 532,982 $1,665,089 Up ×2
ALEC Alector, Inc. - Common Stock $7,655,073 0.42% 3,808,494 $3,355,073 Up ×1
Unknown issuer (CUSIP: 698955101) $6,842,500 0.38% 250,000 Up ×1
CRBU Caribou Biosciences, Inc. - Common Stock $4,405,812 0.24% 2,503,302 $-350,462
PRQR ProQR Therapeutics N.V. - Ordinary Shares $2,913,350 0.16% 1,566,317 $375,916
CADL Candel Therapeutics, Inc. - Common Stock $996,432 0.06% 96,741 $16,432 Down ×1
Unknown issuer (CUSIP: 29286X101) $792,089 0.04% 457,855 Up ×1
TRAW Traws Pharma, Inc. - Common Stock $71,175 0.00% 84,400 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
CTMX $81,386,599 4.50% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SMMT $17,484,000 1,200,000 0.97%
INSM $10,662,000 100,000 0.59%
Unknown issuer (CUSIP: 698955101) $6,842,500 250,000 0.38%
Unknown issuer (CUSIP: 29286X101) $792,089 457,855 0.04%
TRAW $71,175 84,400 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VRDN Bought more +4.1M +$72.8M
TVTX Bought more +431K +$67.0M
LEGN Bought more +1.4M +$58.2M
URGN Bought more +187K +$49.2M
RLAY Bought more +1.9M +$47.6M
BCRX Trimmed -3.2M -$28.9M
MBX Price move only +0 +$23.7M
IMCR Bought more +490K +$17.0M
COGT Trimmed -370K -$13.5M
CLDX Trimmed -518K +$12.8M

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
NTRA June 30, 2025 1,167,570 $165,106,074 151.9%
TYRA March 31, 2026 1,564,492 $41,130,495 -45.4%
CGON March 31, 2026 945,830 $39,270,862 1.5%
KALV June 30, 2026 1,820,954 $36,655,804 No longer tracked
APLS June 30, 2026 825,000 $33,189,750 No longer tracked
SLNO June 30, 2025 302,500 $21,613,625 No longer tracked
DVAX March 31, 2026 1,375,632 $21,157,220 No longer tracked
LEGN June 30, 2025 610,000 $20,697,300 -47.1%
RVMD June 30, 2026 207,500 $20,179,375 10.9%
UTHR Dec. 31, 2025 67,588 $20,009,793 10.1%
SLNO June 30, 2026 560,000 $18,748,800 No longer tracked
EVMN June 30, 2026 625,496 $14,380,153 -50.0%
ENGN June 30, 2026 1,356,843 $9,240,101 8.1%
DSGN June 30, 2026 784,606 $8,348,208 -14.2%
IRWD Dec. 31, 2025 5,466,825 $7,161,541 8.3%
WVE June 30, 2026 965,193 $6,997,649 -35.5%
URGN Dec. 31, 2025 282,412 $6,935,707 82.7%
CLYM June 30, 2026 1,003,341 $6,872,886 -15.3%
BHVN June 30, 2026 702,884 $5,946,399 -12.8%
AMRN (filed as AMRNXXXX) June 30, 2025 12,414,628 $5,562,995 -25.5%
EWTX Dec. 31, 2025 253,979 $4,119,539 62.4%
OMER March 31, 2026 200,000 $3,436,000 79.0%
LQDA Sept. 30, 2025 200,047 $2,492,586 21.5%