Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +60.1%
S&P 500 total return (same window) +37.0%
Excess return +23.1%

Annualized: +45.7% · 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: 97.6% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 79.3%
Energy 16.2%
Other/Unmapped 4.5%

Full portfolio 29 positions

05
Type Streak 8Q trend
PAGP Plains GP Holdings, L.P. - Class A Shares representing limited partner interests $30,880,177 16.16% 1,272,360 $699,798
ACHV Achieve Life Sciences, Inc. - Common Shares $26,342,138 13.79% 4,034,018 $14,973,146 Up ×1
CORT Corcept Therapeutics Incorporated - Common Stock $11,868,588 6.21% 136,499 $5,846,577 Down ×1
PHAT Phathom Pharmaceuticals, Inc. - Common Stock $11,396,384 5.96% 1,050,358 $2,041,981 Up ×3
DCTH Delcath Systems, Inc. - Common Stock $10,971,681 5.74% 871,460 $1,812,191 Down ×1
MIST Milestone Pharmaceuticals Inc. - Common Shares $9,955,651 5.21% 7,429,590 $4,874,080 Up ×1
CMPS COMPASS Pathways Plc - American Depository Shares $8,109,167 4.24% 573,086 $3,991,321 Down ×2
KYTX Kyverna Therapeutics, Inc. - Common Stock $7,869,294 4.12% 883,198 $2,283,706 Up ×1
ARTV Artiva Biotherapeutics, Inc. - Common Stock $6,755,429 3.54% 696,436 $5,805,611 Up ×1
ABEO Abeona Therapeutics Inc. - Common Stock $6,075,373 3.18% 983,070 $67,391 Down ×1
AQST Aquestive Therapeutics, Inc. - Common Stock $6,000,372 3.14% 1,442,397 $3,049,772 Up ×1
PALI Palisade Bio, Inc. - Common Stock $5,397,191 2.82% 2,582,388 $3,400,441 Up ×1
Unknown issuer (CUSIP: 4525EP200) $4,995,588 2.61% 325,022 Up ×1
IVA Inventiva S.A. - American Depository Shares $4,842,981 2.53% 1,281,212 $848,369 Up ×1
SABS SAB Biotherapeutics, Inc. - Common Stock $4,198,654 2.20% 1,076,578 $312,179 Up ×2
OBIO Orchestra BioMed Holdings, Inc. - Ordinary Shares $3,869,265 2.02% 896,701 $38,541
CLDX Celldex Therapeutics, Inc. - Common Stock $3,858,491 2.02% 103,695 $-276,638 Down ×3
ZVRA Zevra Therapeutics, Inc. - Common Stock $3,635,821 1.90% 253,544 $995,023 Down ×1
OCUL Ocular Therapeutix, Inc. - Common Stock $3,515,226 1.84% 357,966 $289,110 Down ×1
FDMT 4D Molecular Therapeutics, Inc. - Common Stock $3,360,298 1.76% 252,654 $-220,853 Down ×1
OVID Ovid Therapeutics Inc. - Common Stock $3,000,797 1.57% 1,115,538 $963,011 Up ×1
EYPT EyePoint, Inc. - Common Stock $2,741,954 1.43% 191,745 $-46,989 Down ×1
UPB Upstream Bio, Inc. - Common Stock $2,424,692 1.27% 350,389 $-675,435 Up ×1
Unknown issuer (CUSIP: 811292309) $2,211,955 1.16% 543,478 Up ×1
SLN Silence Therapeutics Plc - American Depository Share $2,105,228 1.10% 191,733 Up ×1
LONA LeonaBio, Inc. - Common Stock $1,371,874 0.72% 149,279 $-123,902
MAZE Maze Therapeutics, Inc. - Common Stock $1,306,932 0.68% 43,798 $-438
CRVS Corvus Pharmaceuticals, Inc. - Common Stock $1,051,477 0.55% 70,380 $-199,597 Down ×1
SGMT Sagimet Biosciences Inc. - Series A Common Stock $973,037 0.51% 125,878 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
PHAT $11,396,384 5.96% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 4525EP200) $4,995,588 325,022 2.61%
Unknown issuer (CUSIP: 811292309) $2,211,955 543,478 1.16%
SLN $2,105,228 191,733 1.10%
SGMT $973,037 125,878 0.51%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ACHV Bought more +248K +$15.0M
CORT Trimmed -11K +$5.8M
MIST Bought more +3.3M +$4.9M
CMPS Trimmed -169K +$4.0M
PALI Bought more +1.5M +$3.4M
AQST Bought more +731K +$3.0M
KYTX Bought more +239K +$2.3M
PHAT Bought more +209K +$2.0M
DCTH Trimmed -108K +$1.8M
ZVRA Trimmed -29K +$995K

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
AKRO Dec. 31, 2025 228,884 $10,867,412 No longer tracked
MDGL June 30, 2025 30,032 $9,947,499 63.3%
APLT Dec. 31, 2025 11,285,420 $6,826,551 No longer tracked
VOR June 30, 2026 314,543 $5,587,368 1.4%
RNA June 30, 2025 178,500 $5,269,320 -72.5%
VRDN June 30, 2026 210,163 $4,087,734 4.5%
TCRX Dec. 31, 2025 1,932,304 $3,516,793 -69.7%
NKTR March 31, 2026 82,822 $3,501,714 -40.9%
OCS June 30, 2026 122,223 $3,279,243 -36.7%
TRVI June 30, 2026 223,802 $2,647,064 -26.1%
IMUX June 30, 2026 2,344,779 $2,620,262 -48.3%
JSPR Dec. 31, 2025 1,028,806 $2,448,558 -70.4%
CHRS June 30, 2026 1,420,550 $2,413,387 -20.0%
SNDX June 30, 2025 183,259 $2,251,337 89.1%
KLRS June 30, 2026 295,771 $1,721,024 -36.6%
QURE June 30, 2026 104,772 $1,713,022 -51.1%
RGNX March 31, 2026 116,896 $1,683,302 -6.0%
NUVB June 30, 2026 329,296 $1,412,680 -11.8%
EVMN June 30, 2026 55,664 $1,279,715 -48.6%
ALDX June 30, 2026 730,606 $1,234,724 -50.2%
LENZ March 31, 2026 59,085 $945,360 -61.1%
CAPR Sept. 30, 2025 70,000 $695,100 16.8%
AARD March 31, 2026 46,408 $609,105 40.8%
CNTB June 30, 2026 209,493 $553,909 -59.5%
ATHA Sept. 30, 2025 1,492,792 $450,823 No longer tracked
CMPX June 30, 2025 228,317 $433,802 -65.0%
EIGRQ Sept. 30, 2025 146,381 $423,000 No longer tracked
MSLE June 30, 2026 10,145 $57,116 7.9%