Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 +13.6%
S&P 500 total return (same window) +8.7%
Excess return +4.9%

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: 99.7% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 14.0%
Other/Unmapped 86.0%

Full portfolio 75 positions

05
Type Streak 8Q trend
XBI SPDR SERIES TRUST $90,202,500 48.01% 570,000 $53,812,223 Up ×1
SGOV iShares Trust $70,469,000 37.51% 700,000 $7,000
RPRX Royalty Pharma plc - Class A Ordinary Shares $616,770 0.33% 11,000 $89,100
NRIX Nurix Therapeutics, Inc. - Common stock $606,500 0.32% 25,000 $161,650 Down ×2
INCY Incyte Corporation - Common Stock $600,808 0.32% 5,300 $101,972
ARGX argenx SE - American Depositary Shares $594,701 0.32% 641 $126,611
IRON Disc Medicine, Inc. - Common Stock $585,120 0.31% 8,000 $73,600
RAPP Rapport Therapeutics, Inc. - Common Stock $583,380 0.31% 14,000 $145,320
RARE Ultragenyx Pharmaceutical Inc. - Common Stock $567,630 0.30% 17,000 $104,635 Down ×1
TRVI Trevi Therapeutics, Inc. - Common Stock $559,500 0.30% 30,000 $201,600
GLUE Monte Rosa Therapeutics, Inc. - Common Stock $556,600 0.30% 23,000 $96,000 Down ×1
TGTX TG Therapeutics, Inc. - Common Stock $549,400 0.29% 10,000 $117,540 Down ×2
HALO Halozyme Therapeutics, Inc. - Common Stock $547,890 0.29% 7,000 $29,170 Down ×1
IONS Ionis Pharmaceuticals, Inc. - Common Stock $539,172 0.29% 6,800 $28,560
PHVS Pharvaris N.V. - Ordinary Shares $518,700 0.28% 15,000 $-46,300 Down ×2
ARQT Arcutis Biotherapeutics, Inc. - Common stock $516,534 0.27% 19,700 $52,402
AUPH Aurinia Pharmaceuticals Inc - Common Shares $509,100 0.27% 30,000 $64,500
NBIX Neurocrine Biosciences, Inc. - Common Stock $505,605 0.27% 3,000 $-1,331 Down ×1
IMVT Immunovant, Inc. - Common Stock $500,890 0.27% 13,000 $23,962 Down ×2
ACAD ACADIA Pharmaceuticals Inc. - Common Stock $500,080 0.27% 19,766 $60,089
PTCT PTC Therapeutics, Inc. - Common Stock $489,420 0.26% 6,000 $80,640
CLDX Celldex Therapeutics, Inc. - Common Stock $483,730 0.26% 13,000 $71,370
IMCR Immunocore Holdings plc - American Depositary Shares $480,727 0.26% 15,141 $24,226
DFTX Definium Therapeutics, Inc. - Common Shares $470,400 0.25% 10,000 $-187,320 Down ×1
COGT Cogent Biosciences, Inc. - Common Stock $464,400 0.25% 12,000 $2,520
KYMR Kymera Therapeutics, Inc. - Common Stock $458,680 0.24% 4,000 $-66,047 Down ×2
DYN Dyne Therapeutics, Inc. - Common Stock $444,200 0.24% 20,000 $81,600
ALNY Alnylam Pharmaceuticals, Inc. - Common Stock $441,009 0.23% 1,465 $-43,716
TARS Tarsus Pharmaceuticals, Inc. - Common Stock $440,580 0.23% 7,000 $-50,470
SNDX Syndax Pharmaceuticals, Inc. - Common Stock $437,200 0.23% 20,000 $-30,000
EXEL Exelixis, Inc. - Common Stock $435,280 0.23% 8,000 $-77,170 Down ×1
CRNX Crinetics Pharmaceuticals, Inc. - Common Stock $411,620 0.22% 11,000 $12,100
NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares $406,680 0.22% 12,000 $-73,470 Down ×1
Unknown issuer (CUSIP: K08588103) $400,080 0.21% 1,500 Up ×1
LQDA Liquidia Corporation - Common Stock $398,650 0.21% 5,000
STOK Stoke Therapeutics, Inc. - Common Stock $392,640 0.21% 12,000 $1,920
VKTX Viking Therapeutics, Inc. - Common Stock $390,100 0.21% 10,000 $-98,000 Down ×1
IMNM Immunome, Inc. - Common Stock $381,420 0.20% 18,000 $-55,980 Down ×2
PTGX Protagonist Therapeutics, Inc. - Common Stock $367,740 0.20% 3,000 $51,540
HRMY Harmony Biosciences Holdings, Inc. - Common Stock $364,100 0.19% 10,000 $-35,967 Down ×1
ELVN Enliven Therapeutics, Inc. - Common Stock $355,250 0.19% 7,000 $80,850
SYRE Spyre Therapeutics, Inc. - Common Stock $355,120 0.19% 4,000 $94,900 Down ×2
NTLA Intellia Therapeutics, Inc. - Common Stock $338,400 0.18% 20,000 $-6,458 Down ×1
MDGL Madrigal Pharmaceuticals, Inc. - Common Stock $322,170 0.17% 600 $8,088
KNSA Kiniksa Pharmaceuticals International, plc - Class A Ordinary Shares $319,750 0.17% 5,000 $-113,600 Down ×2
ALKS Alkermes plc - Ordinary Shares $314,370 0.17% 6,000 $102,210
TNGX Tango Therapeutics, Inc. - Common Stock $312,600 0.17% 10,000 $11,352 Down ×1
ARDX Ardelyx, Inc. - Common Stock $306,000 0.16% 60,000 $-173,200 Down ×1
VERA Vera Therapeutics, Inc. - Class A Common Stock $300,370 0.16% 7,000 $-101,930 Down ×1
MIRM Mirum Pharmaceuticals, Inc. - common stock $292,675 0.16% 2,500 $-169,225 Down ×2
ORKA Oruka Therapeutics, Inc. - Common Stock $285,510 0.15% 3,000 $41,830 Down ×1
SUPN Supernus Pharmaceuticals, Inc. - Common Stock $279,060 0.15% 6,000 $-31,080
CRSP CRISPR Therapeutics AG - Common Shares $272,700 0.15% 5,000 $-179,215 Down ×2
ZYME Zymeworks Inc. - Common Stock $261,400 0.14% 10,000 $11,000
KRYS Krystal Biotech, Inc. - Common Stock $257,196 0.14% 692 Up ×1
CMPS COMPASS Pathways Plc - American Depository Shares $254,700 0.14% 18,000 $-137,930 Down ×1
XENE Xenon Pharmaceuticals Inc. - Common Shares $253,512 0.13% 4,200 $9,282
AXSM Axsome Therapeutics, Inc. - Common Stock $244,770 0.13% 1,000 $-236,092 Down ×1
AVBP ArriVent BioPharma, Inc. - Common Stock $244,604 0.13% 7,041 Up ×1
DNTH Dianthus Therapeutics, Inc. - Common Stock $243,700 0.13% 2,500 $-175,900 Down ×2
JAZZ Jazz Pharmaceuticals plc - Ordinary Shares $233,982 0.12% 971
KOD Kodiak Sciences Inc - Common Stock $233,760 0.12% 6,000 $-147,440 Down ×2
RVMD Revolution Medicines, Inc. - Common Stock $224,736 0.12% 1,200
BBIO BridgeBio Pharma, Inc. - Common Stock $223,440 0.12% 3,000 $-222,120 Down ×2
RYTM Rhythm Pharmaceuticals, Inc. - Common Stock $222,060 0.12% 2,000
DNLI Denali Therapeutics Inc. - Common Stock $217,668 0.12% 8,463
ARWR Arrowhead Pharmaceuticals, Inc. - Common Stock $211,926 0.11% 2,600
SRRK Scholar Rock Holding Corporation - Common Stock $210,485 0.11% 3,827 Up ×1
EWTX Edgewise Therapeutics, Inc. - Common Stock $203,150 0.11% 5,000 $-1,600 Down ×1
AMLX Amylyx Pharmaceuticals, Inc. - Common Stock $194,650 0.10% 10,838 $44,002
CTMX CytomX Therapeutics, Inc. - Common Stock $147,750 0.08% 39,400 Up ×1
OCUL Ocular Therapeutix, Inc. - Common Stock $147,300 0.08% 15,000 $20,250
EYPT EyePoint, Inc. - Common Stock $143,000 0.08% 10,000 $14,100
ORIC Oric Pharmaceuticals, Inc. - Common Stock $140,790 0.07% 13,000 $-23,920
OLMA Olema Pharmaceuticals, Inc. - Common Stock $125,100 0.07% 10,000 $-24,000

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: K08588103) $400,080 1,500 0.21%
LQDA $398,650 5,000 0.21%
KRYS $257,196 692 0.14%
AVBP $244,604 7,041 0.13%
JAZZ $233,982 971 0.12%
RVMD $224,736 1,200 0.12%
RYTM $222,060 2,000 0.12%
DNLI $217,668 8,463 0.12%
ARWR $211,926 2,600 0.11%
SRRK $210,485 3,827 0.11%
CTMX $147,750 39,400 0.08%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
XBI Bought more +285K +$53.8M
AXSM Trimmed -2K -$236K
BBIO Trimmed -3K -$222K
TRVI Price move only +0 +$202K
DFTX Trimmed -25K -$187K
CRSP Trimmed -4K -$179K
DNTH Trimmed -2K -$176K
ARDX Trimmed -20K -$173K
MIRM Trimmed -2K -$169K
NRIX Trimmed -4K +$162K

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
SERA June 30, 2026 2,396,685 $4,865,271 14.8%
TYRA June 30, 2026 16,000 $612,800 -36.0%
TVTX March 31, 2026 15,272 $583,543 91.6%
ASND June 30, 2026 2,500 $571,825 -14.6%
JAZZ March 31, 2026 3,258 $553,860 24.7%
CGON March 31, 2026 13,293 $551,925 -0.4%
BLTE March 31, 2026 3,443 $550,742 0.1%
APLS March 31, 2026 21,866 $549,274 No longer tracked
TERN March 31, 2026 13,560 $547,824 No longer tracked
RVMD March 31, 2026 6,872 $547,355 112.5%
CNTA March 31, 2026 21,879 $547,194 No longer tracked
CYTK June 30, 2026 8,300 $547,053 -23.0%
MLYS March 31, 2026 14,818 $537,745 -12.8%
ACLX March 31, 2026 8,224 $536,205 No longer tracked
ROIV March 31, 2026 24,621 $534,276 29.0%
LQDA March 31, 2026 15,485 $534,078 -24.1%
PVLA March 31, 2026 5,084 $532,142 6.3%
INSM March 31, 2026 3,049 $530,648 -32.0%
NUVL March 31, 2026 5,261 $529,204 No longer tracked
VRDN March 31, 2026 16,967 $528,013 -0.8%
WVE March 31, 2026 31,040 $527,680 -47.9%
MAZE March 31, 2026 12,672 $525,001 -11.5%
DNLI March 31, 2026 31,762 $524,391 4.2%
BMRN March 31, 2026 8,772 $521,320 1.2%
BEAM March 31, 2026 18,334 $508,218 2.8%
AGIO June 30, 2026 15,000 $507,450 -14.3%
RYTM March 31, 2026 4,738 $507,156 6.7%
PRAX June 30, 2026 1,500 $483,285 -11.7%
UPB March 31, 2026 17,634 $478,763 -44.0%
GPCR March 31, 2026 6,719 $467,306 -42.6%
MNMD March 31, 2026 34,841 $466,521 No longer tracked
INBX June 30, 2026 6,927 $465,702 2.4%
ARWR March 31, 2026 6,689 $444,083 2.4%
ALMS March 31, 2026 43,769 $427,185 -68.9%
ERAS June 30, 2026 17,327 $280,351 -19.5%
CELC June 30, 2026 2,000 $228,280 -31.1%
KALV June 30, 2026 10,795 $217,303 No longer tracked
LEGN June 30, 2026 12,000 $217,080 -35.7%
APGE June 30, 2026 2,500 $210,425 No longer tracked
UTHR June 30, 2026 350 $207,543 0.0%
SMMT June 30, 2026 10,223 $193,828 15.0%
CMPX June 30, 2026 30,000 $158,700 -60.9%