Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +63.2%
S&P 500 total return (same window) +37.0%
Excess return +26.2%

Annualized: +48.0% · 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: 99.1% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 98.0%
Financials 0.3%
Other/Unmapped 1.7%

Full portfolio 52 positions

05
Type Streak 8Q trend
PTCT PTC Therapeutics, Inc. - Common Stock $74,950,268 10.36% 918,846 $12,161,183 Down ×1
ACAD ACADIA Pharmaceuticals Inc. - Common Stock $72,461,629 10.01% 2,864,096 $8,515,438 Down ×1
INSM Insmed Incorporated - Common Stock $44,138,548 6.10% 413,980 $-23,766,239 Down ×6
MIRM Mirum Pharmaceuticals, Inc. - common stock $40,834,953 5.64% 348,808 $10,795,286 Up ×3
ANAB AnaptysBio, Inc. - Common Stock $40,735,508 5.63% 603,489 $5,343,099 Down ×2
BMRN BioMarin Pharmaceutical Inc. - Common Stock $39,068,500 5.40% 682,777 $362,569 Down ×6
DYN Dyne Therapeutics, Inc. - Common Stock $36,591,441 5.06% 1,647,521 $6,623,059 Down ×1
UTHR United Therapeutics Corporation - Common Stock $33,911,514 4.69% 62,587 $-3,332,967 Down ×1
IRON Disc Medicine, Inc. - Common Stock $30,473,488 4.21% 416,646 $4,787,575 Up ×4
BIIB Biogen Inc. - Common Stock $30,308,681 4.19% 140,279 $4,510,667 Down ×4
IOVA Iovance Biotherapeutics, Inc. - Common Stock $22,032,229 3.04% 5,296,209 $-254,737 Down ×3
RARE Ultragenyx Pharmaceutical Inc. - Common Stock $19,916,968 2.75% 596,495 $7,420,398
NVCR NovoCure Limited - Ordinary Shares $19,398,651 2.68% 1,280,439 $5,441,866
SNDX Syndax Pharmaceuticals, Inc. - Common Stock $18,908,594 2.61% 864,986 $-1,297,479
ANNX Annexon, Inc. - common stock $16,833,594 2.33% 2,948,090 $501,175
BCAX Bicara Therapeutics Inc. - Common Stock $16,341,614 2.26% 550,408 $5,393,999
CDNA CareDx, Inc. - Common Stock $15,158,295 2.09% 531,870 $5,925,032
CLDX Celldex Therapeutics, Inc. - Common Stock $14,878,642 2.06% 399,856 $5,476,580 Up ×1
CMPX Compass Therapeutics, Inc. - Common Stock $12,771,670 1.76% 5,831,813 $4,759,944 Up ×1
ALKS Alkermes plc - Ordinary Shares $12,708,931 1.76% 242,560 $4,132,009
Unknown issuer (CUSIP: 337185102) $12,142,199 1.68% 603,489 Up ×1
PRTA Prothena Corporation plc - Ordinary Shares $11,191,487 1.55% 1,143,155 $-555,794 Down ×3
TVTX Travere Therapeutics, Inc. - Common Stock $9,517,095 1.32% 167,525 $2,670,336 Down ×1
TSHA Taysha Gene Therapies, Inc. - Common Stock $9,475,311 1.31% 1,391,382 $3,255,833
ACRS Aclaris Therapeutics, Inc. - Common Stock $8,535,045 1.18% 1,613,430 $2,484,682
AGIO Agios Pharmaceuticals, Inc. - Common Stock $7,926,733 1.10% 213,601 $700,611
CAPR Capricor Therapeutics, Inc. - Common Stock $5,532,693 0.76% 229,763 $-1,452,102
ALGN Align Technology, Inc. - Common Stock $5,294,069 0.73% 31,389 $-1,823,705 Down ×1
ORKA Oruka Therapeutics, Inc. - Common Stock $3,192,573 0.44% 33,546 $250,309 Down ×1
XENE Xenon Pharmaceuticals Inc. - Common Shares $3,099,184 0.43% 51,345 $113,472
NBIX Neurocrine Biosciences, Inc. - Common Stock $3,053,349 0.42% 18,117 $666,615
EW Edwards Lifesciences Corporation Common Stock $3,043,074 0.42% 33,640 $349,183
STOK Stoke Therapeutics, Inc. - Common Stock $2,769,126 0.38% 84,631 $13,541
CYTK Cytokinetics, Incorporated - Common Stock $2,742,692 0.38% 32,195 $620,720
PYXS Pyxis Oncology, Inc. - Common Stock $2,601,474 0.36% 864,277 $1,126,129 Down ×2
EHTH eHealth, Inc. - Common Stock $2,209,368 0.31% 1,482,797 $296,560
CRSP CRISPR Therapeutics AG - Common Shares $2,160,057 0.30% 39,605 $276,047
SGMT Sagimet Biosciences Inc. - Series A Common Stock $1,932,500 0.27% 250,000 Up ×1
NUVB Nuvation Bio Inc. Class A Common Stock $1,855,139 0.26% 326,609 $-327,810 Down ×3
BNTX BioNTech SE - American Depositary Shares $1,825,083 0.25% 19,614 $81,791
CMPS COMPASS Pathways Plc - American Depository Shares $1,635,966 0.23% 115,616 $996,610
HUM Humana Inc. Common Stock $1,582,922 0.22% 3,985 $891,963
NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares $1,503,327 0.21% 44,359 Up ×1
VSTM Verastem, Inc. - Common Stock $1,182,997 0.16% 309,685 $-121,296 Up ×1
MDGL Madrigal Pharmaceuticals, Inc. - Common Stock $959,530 0.13% 1,787 $24,089
URGN UroGen Pharma Ltd. - Ordinary Shares $901,600 0.12% 24,500 $461,090
BCYC Bicycle Therapeutics plc - American Depositary Shares $856,014 0.12% 201,890 $-80,756
XERS Xeris Biopharma Holdings, Inc. - Common Stock $826,927 0.11% 104,410 $221,349
ABEO Abeona Therapeutics Inc. - Common Stock $672,786 0.09% 108,865 $185,071
INSP Inspire Medical Systems, Inc. Common Stock $391,319 0.05% 8,772 $-61,141
PRQR ProQR Therapeutics N.V. - Ordinary Shares $351,181 0.05% 188,807 $45,314
ALDX Aldeyra Therapeutics, Inc. - Common Stock $331,660 0.05% 155,709 $68,512

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
MIRM $40,834,953 5.64% up ×3
IRON $30,473,488 4.21% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 337185102) $12,142,199 603,489 1.68%
SGMT $1,932,500 250,000 0.27%
NAMS $1,503,327 44,359 0.21%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
INSM Trimmed -1K -$23.8M
PTCT Trimmed -3K +$12.2M
MIRM Bought more +24K +$10.8M
ACAD Trimmed -9K +$8.5M
RARE Price move only +0 +$7.4M
DYN Trimmed -5K +$6.6M
CDNA Price move only +0 +$5.9M
CLDX Bought more +103K +$5.5M
NVCR Price move only +0 +$5.4M
BCAX Price move only +0 +$5.4M

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
FOLD June 30, 2026 1,113,045 $16,094,631 No longer tracked
ALNY Dec. 31, 2025 32,320 $14,737,920 -43.7%
GOSS March 31, 2026 4,471,592 $13,861,935 -63.5%
SRPT June 30, 2025 210,258 $13,418,666 3.7%
STAA Sept. 30, 2025 791,879 $13,287,730 -15.9%
RNA Dec. 31, 2025 109,831 $4,785,337 -88.6%
DNLI June 30, 2026 234,582 $4,503,974 -28.4%
SLRN June 30, 2025 1,792,895 $4,428,451 No longer tracked
VERV June 30, 2025 575,817 $2,631,484 No longer tracked
KPTI (filed as KPTIXXXX) June 30, 2025 324,032 $1,211,880 -88.0%
KPTI Sept. 30, 2025 187,911 $809,896 -92.1%
VYNE Sept. 30, 2025 445,434 $734,966 No longer tracked
ALMS Sept. 30, 2025 143,437 $430,311 69.9%
TIL June 30, 2025 11,165 $193,824 -72.0%
RLMD June 30, 2025 495,146 $133,689 445.0%
GBIO March 31, 2026 15,047 $85,467 No longer tracked
AKTX March 31, 2026 146,024 $42,201 59.7%