Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +49.2%
S&P 500 total return (same window) +37.0%
Excess return +12.2%

Annualized: +37.8% · 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: 97.2% · Options excluded: 0.5%

Sector breakdown

04
Healthcare 99.8%
Technology 0.2%

Full portfolio 36 positions

05
Type Streak 8Q trend
GLPG Galapagos NV - American Depositary Shares $61,259,453 10.56% 2,043,344 $14,759,453 Up ×2
JANX Janux Therapeutics, Inc. - Common Stock $58,436,828 10.07% 3,804,481 $9,091,828 Up ×6
NKTR Nektar Therapeutics - Common Stock $56,546,100 9.74% 810,000 $3,662,850 Up ×2
BSX Boston Scientific Corporation Common Stock $54,215,252 9.34% 1,270,273 $4,294,678 Up ×3
STTK Shattuck Labs, Inc. - Common Stock $41,347,666 7.12% 5,957,877 $9,169,123 Up ×2
INSM Insmed Incorporated - Common Stock $40,047,432 6.90% 375,609 Up ×1
ALNY Alnylam Pharmaceuticals, Inc. - Common Stock $29,525,022 5.09% 98,080 $4,378,902 Up ×2
SNDX Syndax Pharmaceuticals, Inc. - Common Stock $26,232,000 4.52% 1,200,000 $8,244,800 Up ×2
KURA Kura Oncology, Inc. - Common Stock $22,180,945 3.82% 2,021,964 $-5,109,026 Down ×1
ALKS Alkermes plc - Ordinary Shares $20,664,012 3.56% 394,389 $2,501,984 Down ×1
IRTC iRhythm Holdings, Inc. - Common Stock $19,686,225 3.39% 165,500 $18,506,025 Up ×1
VEEV Veeva Systems Inc. Class A Common Stock $18,847,314 3.25% 106,200 $3,656,237 Up ×1
ZYME Zymeworks Inc. - Common Stock $17,629,705 3.04% 674,434 $4,131,918 Up ×2
ABVX Abivax SA - American Depositary Shares $14,311,324 2.47% 107,394 $2,619,574 Up ×2
CRNX Crinetics Pharmaceuticals, Inc. - Common Stock $14,020,002 2.42% 374,666 $1,308,002 Up ×2
MLYS Mineralys Therapeutics, Inc. - Common Stock $12,135,469 2.09% 449,795 Up ×1
ADCT ADC Therapeutics SA Common Shares $8,372,481 1.44% 7,824,749 $-22,752,519 Down ×2
ICUI ICU Medical, Inc. - Common Stock $7,476,600 1.29% 51,000 $3,931,432 Up ×1
ISRG Intuitive Surgical, Inc. - Common Stock $6,760,560 1.16% 17,000 $4,916,600 Up ×1
CRBP Corbus Pharmaceuticals Holdings, Inc. - Common Stock $6,097,000 1.05% 650,000 $-448,844 Down ×1
PRCT PROCEPT BioRobotics Corporation - Common Stock $6,057,514 1.04% 268,269 $-42,586,936 Down ×1
WGS GeneDx Holdings Corp. - Class A Common Stock $5,869,575 1.01% 85,500 $-27,747,219 Down ×1
OPCH Option Care Health, Inc. - Common Stock $5,676,915 0.98% 270,716 Up ×1
OKUR OnKure Therapeutics, Inc. - Class A Common Stock $4,464,204 0.77% 978,992 $-4,454,933 Down ×1
EBS Emergent BioSolutions Inc. Common Stock $3,854,398 0.66% 459,952 $-1,450,281 Down ×1
PFE Pfizer, Inc. Common Stock $3,259,613 0.56% 135,366 Up ×1
KIDS OrthoPediatrics Corp. - Common Stock $3,012,975 0.52% 157,500 $-1,786,097 Down ×1
RCKT Rocket Pharmaceuticals, Inc. - Common Stock $2,394,000 0.41% 700,000 $-54,204 Up ×1
ANTX AN2 Therapeutics, Inc. - Common Stock $2,297,248 0.40% 474,638 $533,369 Down ×1
PLRX Pliant Therapeutics, Inc. - Common Stock $1,562,066 0.27% 1,370,233 $-539,110 Down ×1
TECX Tectonic Therapeutic, Inc. - Common Stock $1,365,753 0.24% 39,731 $-1,103,091 Down ×4
MGTX MeiraGTx Holdings plc - Ordinary Shares $1,215,900 0.21% 90,000 $-21,559,649 Down ×4
ASGN ASGN Incorporated Common Stock $1,206,225 0.21% 67,500 Up ×1
RNTX Rein Therapeutics, Inc. - Common Stock $1,144,000 0.20% 1,100,000 $608,920 Up ×1
COYA Coya Therapeutics, Inc. - Common Stock $994,500 0.17% 170,000 $-661,718 Down ×1
IMRX Immuneering Corporation - Class A Common Stock $183,936 0.03% 36,861 $-466,429 Down ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
JANX $58,436,828 10.07% up ×6
BSX $54,215,252 9.34% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
INSM $40,047,432 375,609 6.90%
MLYS $12,135,469 449,795 2.09%
OPCH $5,676,915 270,716 0.98%
PFE $3,259,613 135,366 0.56%
ASGN $1,206,225 67,500 0.21%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
ADCT Trimmed -475K -$22.8M
GLPG Bought more +493K +$14.8M
STTK Bought more +953K +$9.2M
JANX Bought more +254K +$9.1M
SNDX Bought more +430K +$8.2M
KURA Trimmed -1.3M -$5.1M
ISRG Bought more +13K +$4.9M
OKUR Trimmed -1.2M -$4.5M
ALNY Bought more +22K +$4.4M
BSX Bought more +475K +$4.3M

4 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
UNH Sept. 30, 2025 110,000 $34,316,700 7.7%
ISRG Dec. 31, 2025 48,711 $21,785,021 -30.8%
ICLR March 31, 2026 110,000 $20,044,200 46.4%
FOLD March 31, 2026 1,150,000 $16,376,000 No longer tracked
SEM March 31, 2026 1,035,086 $15,371,027 No longer tracked
DXCM Dec. 31, 2025 195,217 $13,136,152 28.6%
CON June 30, 2026 505,822 $10,849,882 19.8%
TERN June 30, 2026 202,300 $10,665,256 No longer tracked
AVTR March 31, 2026 898,499 $10,296,799 95.7%
MIRM Sept. 30, 2025 200,000 $10,178,000 13.1%
PHR June 30, 2026 1,100,000 $9,218,000 -2.1%
BHVN Dec. 31, 2025 600,000 $9,006,000 14.0%
LH March 31, 2026 34,532 $8,663,388 15.6%
VRTX Dec. 31, 2025 20,500 $8,028,620 11.3%
SDGR June 30, 2025 385,000 $7,599,900 50.6%
ISRG June 30, 2025 14,000 $6,933,780 -27.9%
LIVN Sept. 30, 2025 140,000 $6,302,800 43.3%
ABCL June 30, 2025 2,815,652 $6,278,904 300.6%
ACHC Dec. 31, 2025 250,000 $6,190,000 97.7%
SDGR June 30, 2026 510,578 $5,800,166 86.5%
ROIV June 30, 2026 180,000 $4,986,000 0.9%
CDNA March 31, 2026 250,000 $4,710,000 286.8%
IMVT June 30, 2026 175,825 $4,367,493 -12.7%
HAE June 30, 2025 65,400 $4,156,170 40.3%
BPMC June 30, 2025 36,512 $3,231,677 No longer tracked
AXGN Sept. 30, 2025 282,809 $3,068,478 109.6%
LNTH Sept. 30, 2025 34,576 $2,830,391 94.9%
ALGN Dec. 31, 2025 19,442 $2,434,527 -7.9%
ARGX Dec. 31, 2025 3,300 $2,433,948 9.3%
ADUS June 30, 2025 24,045 $2,377,810 -3.4%
BBIO March 31, 2026 30,000 $2,294,700 -9.4%
MURA Sept. 30, 2025 900,000 $2,223,000 No longer tracked
UPB June 30, 2026 241,123 $2,170,107 -27.2%
TWST Dec. 31, 2025 75,000 $2,110,500 494.8%
TEM March 31, 2026 35,000 $2,066,750 69.5%
AKRO Dec. 31, 2025 39,072 $1,855,139 No longer tracked
OMER June 30, 2026 174,800 $1,845,888 95.7%
CTMX Dec. 31, 2025 564,800 $1,801,712 -39.9%
ACET June 30, 2026 250,244 $1,704,162 -24.8%
RGNX June 30, 2026 200,000 $1,676,000 -38.0%
SGHT Dec. 31, 2025 439,941 $1,513,397 7.6%
VKTX June 30, 2026 45,000 $1,464,300 -23.3%
SYRE June 30, 2025 74,921 $1,208,850 522.5%
TBI June 30, 2026 249,107 $974,008 31.7%
SDGR Dec. 31, 2025 34,830 $698,690 69.5%
PVLA June 30, 2026 5,000 $623,250 -13.3%
NVCR June 30, 2026 50,400 $549,360 -1.4%
TMDX June 30, 2026 5,000 $497,050 20.1%
ERAS Sept. 30, 2025 240,295 $305,175 576.1%
PEPG Sept. 30, 2025 243,980 $270,818 -50.6%
PRTA Dec. 31, 2025 20,000 $195,200 -12.5%
IMNM June 30, 2025 23,618 $158,949 124.7%
ACTU Dec. 31, 2025 885 $5,921 -86.6%