Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +130.3%
S&P 500 total return (same window) +37.0%
Excess return +93.3%

Annualized: +95.0% · 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: 98.8% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 90.5%
Other/Unmapped 9.5%

Full portfolio 37 positions

05
Type Streak 8Q trend
CGEM Cullinan Therapeutics, Inc. - Common Stock $177,207,720 10.81% 9,731,341 $68,525,832 Up ×1
AKTS Aktis Oncology, Inc. - Common stock $155,860,155 9.50% 4,835,872 $69,346,405
LQDA Liquidia Corporation - Common Stock $110,519,653 6.74% 1,386,174 $57,488,990 Down ×1
RVMD Revolution Medicines, Inc. - Common Stock $92,232,216 5.62% 492,483 $42,948,250 Down ×1
CORT Corcept Therapeutics Incorporated - Common Stock $67,040,885 4.09% 771,028 $27,307,318 Down ×1
EWTX Edgewise Therapeutics, Inc. - Common Stock $65,852,291 4.02% 1,620,780 $13,540,367 Down ×1
TVTX Travere Therapeutics, Inc. - Common Stock $63,782,348 3.89% 1,122,731 $30,110,074 Down ×1
DBVT DBV Technologies S.A. - American Depositary Shares $60,127,058 3.67% 3,666,284 $-48,780,053 Down ×1
TRVI Trevi Therapeutics, Inc. - Common Stock $57,322,211 3.50% 3,073,577 $17,971,941 Down ×1
ALMS Alumis Inc. - Common Stock $56,815,223 3.46% 2,019,020 $4,239,989 Down ×2
QURE uniQure N.V. - Ordinary Shares $56,462,881 3.44% 1,225,855 $34,075,954 Down ×2
RARE Ultragenyx Pharmaceutical Inc. - Common Stock $47,354,199 2.89% 1,418,215
RLAY Relay Therapeutics, Inc. - Common Stock $45,197,223 2.76% 2,415,672 $21,719,342 Up ×2
ABVX Abivax SA - American Depositary Shares $44,821,601 2.73% 336,347 $32,877,309 Up ×2
DYN Dyne Therapeutics, Inc. - Common Stock $42,689,686 2.60% 1,922,093 $17,159,890 Up ×2
DNTH Dianthus Therapeutics, Inc. - Common Stock $40,941,795 2.50% 420,002 $5,361,226 Down ×1
BIOA BioAge Labs, Inc. - Common Stock $40,874,371 2.49% 1,667,661 Up ×1
URGN UroGen Pharma Ltd. - Ordinary Shares $34,349,672 2.09% 933,415 $17,380,094 Down ×1
MLTX MoonLake Immunotherapeutics - Class A Ordinary Shares $31,287,647 1.91% 1,606,967 $-2,470,921 Down ×1
PVLA Palvella Therapeutics, Inc. - Common Stock $31,179,406 1.90% 204,027 $5,451,147 Down ×1
TSHA Taysha Gene Therapies, Inc. - Common Stock $30,645,000 1.87% 4,500,000
SNDX Syndax Pharmaceuticals, Inc. - Common Stock $29,150,813 1.78% 1,333,523 $-2,168,710 Down ×1
GLUE Monte Rosa Therapeutics, Inc. - Common Stock $28,098,160 1.71% 1,161,081 $8,737,694 Down ×1
ZURA Zura Bio Limited - Class A Ordinary shares $26,389,774 1.61% 4,472,843 Up ×1
NTRA Natera, Inc. - Common Stock $25,146,585 1.53% 92,638 $6,532,716 Down ×3
STOK Stoke Therapeutics, Inc. - Common Stock $23,666,834 1.44% 723,314 $-1,307,923 Down ×3
ANL Adlai Nortye Ltd. - American Depositary Shares $22,267,347 1.36% 1,936,291 Up ×1
BLTE Belite Bio, Inc - American Depositary Shares $21,127,974 1.29% 137,208 $7,090,079 Up ×2
FBRX Forte Biosciences, Inc. - Common Stock $20,983,270 1.28% 987,448 $-4,934,394 Down ×1
ORIC Oric Pharmaceuticals, Inc. - Common Stock $20,383,814 1.24% 1,882,162 $-2,472,169 Up ×3
TARS Tarsus Pharmaceuticals, Inc. - Common Stock $20,267,121 1.24% 322,007 $-2,864,842 Down ×1
ANNX Annexon, Inc. - common stock $20,238,261 1.23% 3,544,354 Up ×1
DRUG Bright Minds Biosciences Inc. - common stock $14,188,403 0.87% 202,114 $-1,294,007 Down ×2
TRDA Entrada Therapeutics, Inc. - Common Stock $9,222,470 0.56% 1,253,053 Up ×1
ACRS Aclaris Therapeutics, Inc. - Common Stock $5,514,650 0.34% 1,042,467 $4,044,957 Up ×1
CNTX Context Therapeutics Inc. - Common Stock $719,542 0.04% 1,299,046 $-27,260,462 Down ×1
HOWL Werewolf Therapeutics, Inc. - Common Stock $28,851 0.00% 80,142 $-977,604 Down ×3

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
ORIC $20,383,814 1.24% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
RARE $47,354,199 1,418,215 2.89%
BIOA $40,874,371 1,667,661 2.49%
TSHA $30,645,000 4,500,000 1.87%
ZURA $26,389,774 4,472,843 1.61%
ANL $22,267,347 1,936,291 1.36%
ANNX $20,238,261 3,544,354 1.23%
TRDA $9,222,470 1,253,053 0.56%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AKTS Price move only +0 +$69.3M
CGEM Bought more +2.1M +$68.5M
LQDA Trimmed -19K +$57.5M
DBVT Trimmed -1.5M -$48.8M
RVMD Trimmed -14K +$42.9M
QURE Trimmed -143K +$34.1M
ABVX Bought more +229K +$32.9M
TVTX Trimmed -11K +$30.1M
CORT Trimmed -215K +$27.3M
RLAY Bought more +56K +$21.7M

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
MDGL March 31, 2026 96,780 $56,358,865 -4.6%
AGIO June 30, 2026 1,306,261 $44,190,810 -14.3%
XENE June 30, 2026 588,706 $34,233,254 -37.0%
EVMN June 30, 2026 1,455,863 $33,470,290 -47.9%
RNA Dec. 31, 2025 760,022 $33,114,159 -89.1%
CYTK June 30, 2026 500,000 $32,955,000 -23.0%
PTCT March 31, 2026 430,013 $32,663,787 -6.9%
ZLAB Dec. 31, 2025 745,060 $25,250,083 37.9%
CRVS June 30, 2026 1,674,875 $24,503,421 -27.0%
GH Sept. 30, 2025 442,656 $23,035,818 184.6%
LNTH June 30, 2025 232,387 $22,680,971 22.1%
UTHR June 30, 2025 58,907 $18,159,261 88.5%
CMPX Dec. 31, 2025 5,075,970 $17,765,895 -84.0%
CLYM June 30, 2026 2,593,439 $17,765,057 -16.1%
PTGX March 31, 2026 199,471 $17,421,797 32.9%
ARQT June 30, 2026 733,966 $17,292,239 -4.0%
ALKS Dec. 31, 2025 549,262 $16,477,860 49.2%
VERA Dec. 31, 2025 563,075 $16,362,960 -39.9%
JANX Dec. 31, 2025 614,282 $15,013,052 22.7%
VTYX March 31, 2026 1,639,061 $14,800,721 No longer tracked
MLTX Sept. 30, 2025 313,571 $14,800,551 59.1%
MBX Sept. 30, 2025 1,294,416 $14,769,287 234.3%
ZYME June 30, 2026 565,249 $14,153,835 -3.8%
RAPT March 31, 2026 397,906 $13,477,076 No longer tracked
SPRY Dec. 31, 2025 1,303,399 $13,099,160 -65.1%
VRDN June 30, 2026 649,873 $12,711,516 5.6%
ENGN June 30, 2026 1,845,373 $12,566,990 12.1%
CRNX Sept. 30, 2025 428,975 $12,337,321 No longer tracked
RARE Dec. 31, 2025 395,700 $11,902,656 -33.8%
WVE Dec. 31, 2025 1,505,262 $11,018,518 -77.8%
ITOS June 30, 2025 1,745,943 $10,423,280 No longer tracked
TWST June 30, 2025 261,215 $10,255,301 412.8%
SLNO Dec. 31, 2025 150,000 $10,140,000 No longer tracked
OLMA Sept. 30, 2025 2,378,762 $10,133,526 -16.0%
SLDB Dec. 31, 2025 1,634,569 $10,085,291 21.5%
REPL Sept. 30, 2025 983,780 $9,139,316 211.9%
IOVA June 30, 2025 2,708,582 $9,019,578 726.5%
NUVB Sept. 30, 2025 4,622,590 $9,014,051 38.9%
AKBA Dec. 31, 2025 2,889,125 $7,887,311 -46.3%
IDYA June 30, 2025 430,161 $7,046,037 77.7%
TSHA Sept. 30, 2025 2,953,562 $6,822,728 41.6%
RCKT March 31, 2026 1,586,076 $5,567,127 -28.5%
ALLO June 30, 2026 2,242,933 $5,472,757 -27.9%
DSGN Dec. 31, 2025 555,187 $4,180,558 31.6%
RNAC Dec. 31, 2025 380,000 $3,883,600 2.1%
MAZE March 31, 2026 81,145 $3,361,837 -11.5%
VERU (filed as VERUXXXX) Sept. 30, 2025 4,911,948 $2,857,771 -33.9%
RAPP Dec. 31, 2025 71,807 $2,132,668 6.0%
SRPT March 31, 2026 70,000 $1,506,400 -19.6%
RPTX Dec. 31, 2025 819,924 $1,443,066 No longer tracked
ADAPY Sept. 30, 2025 4,411,821 $1,057,513 No longer tracked
ASMB Dec. 31, 2025 39,665 $1,015,424 -33.7%
ALXO June 30, 2025 550,000 $342,650 194.0%
ACLX Sept. 30, 2025 37 $2,436 No longer tracked