Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +84.3%
S&P 500 total return (same window) +37.0%
Excess return +47.3%

Annualized: +63.1% · 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: 96.4% · Options excluded: 13.9%

Sector breakdown

04
Healthcare 53.6%
Technology 10.1%
Industrials 5.7%
Retail 5.2%
Financials 2.9%
Communication Services 2.7%
Consumer Discretionary 2.2%
Other/Unmapped 17.5%

Full portfolio 96 positions

05
Type Streak 8Q trend
SPY SPY $709,431,500 12.97% 950,000 Put option $481,812,500 Up ×1
MANE Veradermics, Incorporated Common Stock $512,533,172 9.37% 4,168,970 $249,262,716
ARQT Arcutis Biotherapeutics, Inc. - Common stock $326,098,140 5.96% 12,437,000 $35,674,020 Up ×3
LEGN Legend Biotech Corporation - American Depositary Shares $204,181,600 3.73% 7,070,000 $67,040,785 Down ×1
PVLA Palvella Therapeutics, Inc. - Common Stock $173,512,745 3.17% 1,135,406 $29,729,469 Down ×1
AVBP ArriVent BioPharma, Inc. - Common Stock $156,869,547 2.87% 4,515,531 $55,336,562 Up ×6
BNTC Benitec Biopharma Inc. - Common Stock $154,516,936 2.83% 11,548,351 $31,526,998
BHVN Biohaven Ltd. Common Shares $153,069,623 2.80% 10,286,937 $66,042,136
AMD Advanced Micro Devices, Inc. - Common Stock $149,433,288 2.73% 257,240 $97,102,955
RCUS Arcus Biosciences, Inc. Common Stock $147,257,121 2.69% 4,776,423 $38,587,672 Down ×2
TSM Taiwan Semiconductor Manufacturing Company Ltd. $145,480,716 2.66% 304,627 $44,532,685 Up ×2
NVDA NVIDIA Corporation - Common Stock $144,186,655 2.64% 720,609 $43,966,649 Up ×3
EYPT EyePoint, Inc. - Common Stock $118,638,163 2.17% 8,296,375 $11,697,889
SYY Sysco Corporation Common Stock $117,977,349 2.16% 1,411,550 $35,294,752 Up ×2
GE GE Aerospace Common Stock $115,954,217 2.12% 310,262 $27,911,169
IMTX Immatics N.V. - Ordinary Shares $113,356,007 2.07% 11,190,129 $3,245,138
MGM MGM Resorts International Common Stock $111,175,462 2.03% 2,325,360 $31,278,274 Up ×2
META Meta Platforms, Inc. - Class A Common Stock $99,030,325 1.81% 175,807 $1,935,859 Up ×2
CAPR Capricor Therapeutics, Inc. - Common Stock $98,554,239 1.80% 4,092,784 $-17,531,201 Up ×2
KURA Kura Oncology, Inc. - Common Stock $94,072,379 1.72% 8,575,422 $24,354,198
GLUE Monte Rosa Therapeutics, Inc. - Common Stock $85,898,844 1.57% 3,549,539 $16,367,836 Down ×1
Unknown issuer (CUSIP: 05348Y105) $82,402,348 1.51% 2,503,109 Up ×1
HD Home Depot, Inc. (The) Common Stock $79,724,372 1.46% 226,053 $6,845,637 Up ×1
HUT Hut 8 Corp. - Common Stock $77,348,150 1.41% 670,000 Up ×1
COF Capital One Financial Corporation Common Stock $66,826,121 1.22% 333,098 $11,659,289 Up ×2
VMC Vulcan Materials Company (Holding Company) Common Stock $63,420,660 1.16% 214,978 $13,972,614 Up ×1
FERG Ferguson Enterprises Inc. Common Stock $58,563,076 1.07% 246,758 $9,135,282 Up ×2
ZURA Zura Bio Limited - Class A Ordinary shares $55,713,706 1.02% 9,443,001 $1,765,050 Up ×4
IFRX InflaRx N.V. - Common Stock $51,371,958 0.94% 22,933,910 $44,275,869 Up ×1
AURA Aura Biosciences, Inc. - Common Stock $51,164,141 0.94% 7,206,217 $21,909,547 Up ×1
SNSE Sensei Biotherapeutics, Inc. - Common Stock $50,502,575 0.92% 2,020,103 $49,413,591 Up ×1
MSOS AdvisorShares Trust $49,471,702 0.90% 9,738,524 $17,357,692 Up ×3
AMZN Amazon.com, Inc. - Common Stock $48,826,332 0.89% 204,860 $-4,076,122 Down ×2
REPL Replimune Group, Inc. - Common Stock $48,595,485 0.89% 4,389,836 $16,298,440 Up ×2
APH Amphenol Corporation Common Stock $47,482,976 0.87% 269,300 Up ×1
SPOT Spotify Technology S.A. Ordinary Shares $46,739,434 0.85% 101,800 $46,206,033 Up ×1
CTNM Contineum Therapeutics, Inc. - Common stock $46,569,464 0.85% 2,841,334 $9,461,642
APO Apollo Global Management, Inc. (New) Common Stock $45,348,223 0.83% 383,300 $2,150,689 Down ×2
BAC Bank of America Corporation Common Stock $44,998,246 0.82% 789,720 $-18,144,948 Down ×2
Unknown issuer (CUSIP: 77926X320) $44,531,550 0.81% 603,000 Up ×1
CRNX Crinetics Pharmaceuticals, Inc. - Common Stock $44,390,560 0.81% 1,186,279 $6,476,875 Up ×1
Unknown issuer (CUSIP: 15675D103) $37,989,900 0.69% 171,900 Up ×1
DKS Dick's Sporting Goods Inc Common Stock $34,320,889 0.63% 151,320
AVGO Broadcom Inc. - Common Stock $31,579,900 0.58% 83,600 Up ×1
CMPX Compass Therapeutics, Inc. - Common Stock $30,881,538 0.56% 14,101,159 $-44,804,497 Down ×1
LXEO Lexeo Therapeutics, Inc. - Common Stock $29,718,451 0.54% 6,384,200 $22,543,451 Up ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $26,654,352 0.49% 64,130 $-575,120 Down ×2
PROK ProKidney Corp. - Class A Ordinary Shares $25,176,183 0.46% 12,341,266 $3,085,317
WHWK Whitehawk Therapeutics, Inc. - Common Stock $19,694,000 0.36% 4,300,000 $6,929,000 Up ×1
Unknown issuer (CUSIP: 84615Q103) $17,291,032 0.32% 101,200 Up ×1
MLM Martin Marietta Materials, Inc. Common Stock $14,994,200 0.27% 26,000 Up ×1
FULC Fulcrum Therapeutics, Inc. - Common Stock $13,472,171 0.25% 3,680,921 $-36,851,550 Down ×1
PLNT Planet Fitness, Inc. Common Stock $11,472,705 0.21% 219,910 Up ×1
BE Bloom Energy Corporation Class A Common Stock $10,231,260 0.19% 33,800 Up ×1
Unknown issuer (CUSIP: 485925101) $9,540,000 0.17% 400,000 Up ×1
CVS CVS Health Corporation Common Stock $8,741,525 0.16% 84,500 Up ×1
MOLN Molecular Partners AG - American Depositary Shares $8,597,182 0.16% 2,221,494 $-219,928
AVR Anteris Technologies Global Corp. - Common Stock $8,372,500 0.15% 850,000 $3,655,000
DXCM DexCom, Inc. - Common Stock $6,868,353 0.13% 101,980 $4,878,849 Up ×1
TMO Thermo Fisher Scientific Inc Common Stock $6,718,224 0.12% 13,400 $131,722
CNC Centene Corporation Common Stock $6,361,229 0.12% 99,100 Up ×1
ABT Abbott Laboratories Common Stock $6,072,321 0.11% 66,920 $-798,355
BSX Boston Scientific Corporation Common Stock $5,978,742 0.11% 140,083 $-1,798,556 Up ×1
ISRG Intuitive Surgical, Inc. - Common Stock $5,408,448 0.10% 13,600 $199,261 Up ×2
DHR Danaher Corporation Common Stock $5,066,768 0.09% 26,600 $-1,830,880 Down ×3
MLYS Mineralys Therapeutics, Inc. - Common Stock $4,691,444 0.09% 173,886 $-36,990,910 Down ×1
CLDX Celldex Therapeutics, Inc. - Common Stock $4,513,461 0.08% 121,297 Up ×1
MSLE Satellos Bioscience Inc. - Common Stock $3,693,125 0.07% 475,000 $1,018,875
COR Cencora, Inc. Common Stock $3,533,854 0.06% 12,488 $-389,126
TCNNF CUSIP: 89788C104 $3,500,463 0.06% 356,100 Up ×1
ABEO Abeona Therapeutics Inc. - Common Stock $3,090,000 0.06% 500,000 $-8,898,480 Down ×1
NTRA Natera, Inc. - Common Stock $2,741,645 0.05% 10,100 $721,746
JNJ Johnson & Johnson Common Stock $1,955,569 0.04% 7,700 $-3,764,327 Down ×3
LRCX Lam Research Corporation - Common Stock $1,864,186 0.03% 4,302 Up ×1
MSFT Microsoft Corporation - Common Stock $1,853,909 0.03% 4,970 $14,164
SYK Stryker Corporation Common Stock $1,844,962 0.03% 5,860 $-80,575
EW Edwards Lifesciences Corporation Common Stock $1,691,602 0.03% 18,700 $194,106
MDLN Medline Inc. - Class A common stock $1,676,200 0.03% 42,500 $-215,050
PFGC Performance Food Group Company Common Stock $1,644,431 0.03% 14,710 $-31,496,138 Down ×1
SNOW Snowflake Inc. Common Stock $1,425,200 0.03% 5,600
IQV IQVIA Holdings, Inc. Common Stock $1,386,354 0.03% 7,175 $162,729
MCK McKesson Corporation Common Stock $1,382,748 0.03% 1,830 $-200,861
HCA HCA Healthcare, Inc. Common Stock $1,243,749 0.02% 3,190 $-265,887
WAT Waters Corporation Common Stock $1,209,504 0.02% 3,225 $249,099
GOOG Alphabet Inc. - Class C Capital Stock $1,201,322 0.02% 3,400 Up ×1
GWW W.W. Grainger, Inc. Common Stock $1,047,508 0.02% 770 $-43,302 Down ×1
IONS Ionis Pharmaceuticals, Inc. - Common Stock $856,332 0.02% 10,800 $45,360
USFD US Foods Holding Corp. Common Stock $707,570 0.01% 6,920 $-35,804,824 Down ×1
A Agilent Technologies, Inc. Common Stock $662,822 0.01% 4,990 $94,062
VLTO Veralto Corp Common Stock $485,523 0.01% 5,475 $1,423
RMD ResMed Inc. Common Stock $465,763 0.01% 2,390 $-70,744
STE STERIS plc (Ireland) Ordinary Shares $322,172 0.01% 1,530 $-16,157
SRPT Sarepta Therapeutics, Inc. - Common Stock $321,447 0.01% 17,888 $-67,796
ZBH Zimmer Biomet Holdings, Inc. Common Stock $280,653 0.01% 3,260 $-14,116
CRL Charles River Laboratories International, Inc. Common Stock $229,058 0.00% 1,010
INM InMed Pharmaceuticals Inc. - Common Shares $155,000 0.00% 100,000 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
ARQT $326,098,140 5.96% up ×3
AVBP $156,869,547 2.87% up ×6
NVDA $144,186,655 2.64% up ×3
ZURA $55,713,706 1.02% up ×4
MSOS $49,471,702 0.90% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 05348Y105) $82,402,348 2,503,109 1.51%
HUT $77,348,150 670,000 1.41%
APH $47,482,976 269,300 0.87%
Unknown issuer (CUSIP: 77926X320) $44,531,550 603,000 0.81%
Unknown issuer (CUSIP: 15675D103) $37,989,900 171,900 0.69%
DKS $34,320,889 151,320 0.63%
AVGO $31,579,900 83,600 0.58%
Unknown issuer (CUSIP: 84615Q103) $17,291,032 101,200 0.32%
MLM $14,994,200 26,000 0.27%
PLNT $11,472,705 219,910 0.21%
BE $10,231,260 33,800 0.19%
Unknown issuer (CUSIP: 485925101) $9,540,000 400,000 0.17%
CVS $8,741,525 84,500 0.16%
CNC $6,361,229 99,100 0.12%
CLDX $4,513,461 121,297 0.08%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
SPY Bought more +600K +$481.8M
MANE Price move only +0 +$249.3M
AMD Price move only +0 +$97.1M
LEGN Trimmed -511K +$67.0M
BHVN Price move only +0 +$66.0M
AVBP Bought more +114K +$55.3M
CMPX Trimmed -206K -$44.8M
TSM Bought more +6K +$44.5M
NVDA Bought more +146K +$44.0M
RCUS Trimmed -255K +$38.6M

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
ARKG March 31, 2026 8,342,300 $241,676,431
IWM Sept. 30, 2025 702,500 $151,592,475 17.1%
APLS June 30, 2026 3,518,471 $141,548,088 No longer tracked
ETNB Dec. 31, 2025 8,280,000 $121,716,000 No longer tracked
KO March 31, 2026 1,382,750 $96,668,053 13.8%
KALV June 30, 2026 4,768,712 $95,994,173 No longer tracked
ITCI June 30, 2025 700,904 $92,463,256 No longer tracked
HIMS March 31, 2026 2,559,400 $83,103,718 42.9%
KDP Dec. 31, 2025 2,570,000 $65,560,700 10.3%
NOW March 31, 2026 389,445 $59,659,080 30.2%
ERAS June 30, 2026 3,434,967 $55,577,766 -19.7%
CRM March 31, 2026 199,900 $52,955,509 23.1%
XBI Dec. 31, 2025 500,000 $50,100,000 28.1%
RARE March 31, 2026 2,019,000 $46,437,000 -30.8%
ORCL March 31, 2026 226,318 $44,111,641 -3.1%
GEHC Sept. 30, 2025 532,280 $39,425,980 -12.5%
RNA Dec. 31, 2025 750,000 $32,677,500 -89.0%
QURE March 31, 2026 1,216,734 $29,116,445 39.4%
CMG June 30, 2025 539,540 $27,090,303 -45.1%
CMG March 31, 2026 686,300 $25,393,100 -3.6%
DDOG Sept. 30, 2025 178,832 $24,022,503 94.1%
TNGX March 31, 2026 2,662,227 $23,587,331 10.3%
BIIB March 31, 2026 132,290 $23,281,717 22.0%
MRVL Dec. 31, 2025 272,300 $22,892,261 219.2%
DKS March 31, 2026 114,300 $22,627,971 -30.8%
GS March 31, 2026 24,108 $21,190,932 5.6%
SNOW June 30, 2025 137,886 $20,153,418 51.5%
SNOW Dec. 31, 2025 89,200 $20,119,060 54.5%
INSM March 31, 2026 109,313 $19,024,835 -36.5%
MRK Dec. 31, 2025 219,178 $18,395,610 32.6%
PINS Dec. 31, 2025 497,185 $15,994,441 -22.5%
TTWO June 30, 2025 72,400 $15,004,900 -16.2%
MRNA Sept. 30, 2025 517,163 $14,268,527 686.7%
LTH June 30, 2026 510,349 $13,748,802 -1.9%
RBLX June 30, 2025 227,710 $13,273,216 -57.6%
KYMR Sept. 30, 2025 275,000 $12,001,000 94.1%
RCKT March 31, 2026 2,992,735 $10,504,500 -27.1%
REGN Dec. 31, 2025 17,730 $9,969,047 -5.9%
EXAS March 31, 2026 94,100 $9,556,796 No longer tracked
WING June 30, 2026 59,500 $9,220,715 -38.4%
TSHA Sept. 30, 2025 3,217,449 $7,432,307 37.3%
PROK (filed as PROKXXXX) Sept. 30, 2025 12,341,266 $7,307,264 -34.7%
COHR June 30, 2026 30,000 $7,146,300 -15.4%
U June 30, 2025 339,560 $6,651,980 88.8%
MDT June 30, 2026 72,260 $6,261,329 12.5%
MRNA March 31, 2026 205,593 $6,062,938 300.0%
STRO Dec. 31, 2025 6,488,324 $5,634,461 30.8%
BIOA June 30, 2025 1,452,336 $5,460,783 54.0%
KZR June 30, 2026 716,759 $5,318,352 No longer tracked
ELAN Dec. 31, 2025 253,600 $5,107,504 -0.5%
SNY June 30, 2025 83,701 $4,642,057 -18.2%
IRON June 30, 2025 80,000 $3,971,200 19.6%
UTHR March 31, 2026 7,500 $3,654,375 -9.5%
ALNY June 30, 2025 9,370 $2,530,087 -32.6%
MTD June 30, 2026 1,964 $2,476,997 20.7%
AARD June 30, 2025 312,500 $2,346,875 -61.4%
TRVI June 30, 2025 340,164 $2,139,632 150.8%
TSLA June 30, 2026 5,177 $1,924,550 -10.0%
TLN June 30, 2026 5,970 $1,905,803 -13.6%
ORIC June 30, 2025 255,000 $1,422,900 23.1%
WING Sept. 30, 2025 3,961 $1,333,827 -57.5%
GLPG Dec. 31, 2025 37,111 $1,285,525 No longer tracked
ELV June 30, 2025 2,740 $1,191,790 1.4%
OS Sept. 30, 2025 33,080 $936,164 No longer tracked
VST June 30, 2026 6,000 $901,980 -8.7%
AVTR Dec. 31, 2025 71,850 $896,688 38.0%
UAL Sept. 30, 2025 10,401 $828,232 14.0%
CRH Sept. 30, 2025 8,460 $776,628 -31.1%
CZR Sept. 30, 2025 18,875 $535,861 9.7%
RBLX June 30, 2026 8,420 $476,235 -18.0%
PEPG Sept. 30, 2025 300,000 $333,000 -48.9%
VRDN June 30, 2026 16,700 $326,652 3.4%
PACS Dec. 31, 2025 20,000 $274,600 11.3%
BAX Sept. 30, 2025 7,970 $241,332 6.4%
ALGN Sept. 30, 2025 1,100 $208,263 12.3%
CRL March 31, 2026 1,010 $201,475 80.2%