Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +71.7%
S&P 500 total return (same window) +37.0%
Excess return +34.7%

Annualized: +54.2% · 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: 96.5% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 91.7%
Other/Unmapped 8.3%

Full portfolio 104 positions

05
Type Streak 8Q trend
RVMD Revolution Medicines, Inc. - Common Stock $206,983,729 10.10% 1,105,210 $89,363,258 Down ×2
TVTX Travere Therapeutics, Inc. - Common Stock $123,792,910 6.04% 2,179,069 $79,882,897 Up ×1
LLY Eli Lilly and Company Common Stock $118,383,741 5.78% 98,700 $27,602,442
MDGL Madrigal Pharmaceuticals, Inc. - Common Stock $93,965,713 4.59% 174,999 $4,452,866 Up ×3
MIRM Mirum Pharmaceuticals, Inc. - common stock $93,438,835 4.56% 798,145 $18,491,495 Down ×1
RYTM Rhythm Pharmaceuticals, Inc. - Common Stock $76,899,156 3.75% 692,598 $16,911,772 Up ×1
KYMR Kymera Therapeutics, Inc. - Common Stock $51,963,399 2.54% 453,156 $10,579,013 Down ×1
ARGX argenx SE - American Depositary Shares $48,939,868 2.39% 52,750 $-22,989,757 Down ×4
Unknown issuer (CUSIP: K08588103) $45,009,000 2.20% 168,750 Up ×1
XENE Xenon Pharmaceuticals Inc. - Common Shares $41,280,627 2.01% 683,907 $-3,088,986 Down ×4
SRRK Scholar Rock Holding Corporation - Common Stock $39,349,860 1.92% 715,452 $2,980,505 Down ×1
INSM Insmed Incorporated - Common Stock $38,612,433 1.88% 362,150 $-12,781,903 Up ×1
PEN Penumbra, Inc. Common Stock $36,548,063 1.78% 115,750 $-3,020,522 Down ×1
GPCR Structure Therapeutics Inc. - American Depositary Shares $34,365,813 1.68% 640,317 $3,507,354 Up ×1
RARE Ultragenyx Pharmaceutical Inc. - Common Stock $32,316,678 1.58% 967,855 $6,783,384 Down ×2
IRTC iRhythm Holdings, Inc. - Common Stock $32,074,868 1.57% 269,650 $1,183,133 Up ×2
ISRG Intuitive Surgical, Inc. - Common Stock $30,406,613 1.48% 76,460 $-7,394,567 Down ×1
Unknown issuer (CUSIP: 00857U206) $28,145,468 1.37% 262,600 $26,088,868 Up ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $26,496,413 1.29% 63,750 $12,155,143 Up ×2
CLDX Celldex Therapeutics, Inc. - Common Stock $26,015,223 1.27% 699,146 $5,388,659 Up ×1
ERAS Erasca, Inc. - Common Stock $25,687,388 1.25% 1,402,150 $7,833,260 Up ×2
NBIX Neurocrine Biosciences, Inc. - Common Stock $24,395,441 1.19% 144,750 $4,575,158 Down ×1
ELVN Enliven Therapeutics, Inc. - Common Stock $23,579,719 1.15% 464,625 $-8,819,081 Down ×1
THC Tenet Healthcare Corporation Common Stock $23,385,000 1.14% 125,000 $-203,750
DXCM DexCom, Inc. - Common Stock $23,101,050 1.13% 343,000 $769,370 Down ×1
ACRS Aclaris Therapeutics, Inc. - Common Stock $22,908,514 1.12% 4,330,532 $6,136,076 Down ×1
Unknown issuer (CUSIP: 60365F109) $22,724,000 1.11% 1,520,000 $6,983,400 Up ×1
BSX Boston Scientific Corporation Common Stock $22,556,380 1.10% 528,500 $-9,778,695 Up ×5
PHVS Pharvaris N.V. - Ordinary Shares $22,419,355 1.09% 648,333 $4,183,048 Up ×2
Unknown issuer (CUSIP: 05348Y105) $21,823,261 1.07% 662,918 Up ×1
Unknown issuer (CUSIP: 423494103) $21,135,617 1.03% 575,432 Up ×1
DYN Dyne Therapeutics, Inc. - Common Stock $20,925,240 1.02% 942,154 $3,299,290 Down ×1
ALNY Alnylam Pharmaceuticals, Inc. - Common Stock $20,093,753 0.98% 66,750 $-4,390,627 Down ×1
COGT Cogent Biosciences, Inc. - Common Stock $19,965,988 0.97% 515,917 $-4,057,738 Down ×3
AGIO Agios Pharmaceuticals, Inc. - Common Stock $19,763,413 0.96% 532,563 $-7,272,271 Down ×1
NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares $19,749,194 0.96% 582,744 $901,898 Down ×1
VERA Vera Therapeutics, Inc. - Class A Common Stock $18,347,629 0.90% 427,584 $-1,911,596 Down ×3
TARS Tarsus Pharmaceuticals, Inc. - Common Stock $17,439,856 0.85% 277,087 $1,643,549 Up ×1
HTFL Heartflow, Inc. - Common Stock $16,826,490 0.82% 573,500 $2,897,565 Up ×3
MBX MBX Biosciences, Inc. - Common Stock $16,461,634 0.80% 298,218 $7,865,819 Up ×2
CYTK Cytokinetics, Incorporated - Common Stock $16,014,016 0.78% 187,980 $13,024,075 Up ×2
BCAX Bicara Therapeutics Inc. - Common Stock $15,892,641 0.78% 535,286 $6,164,541 Up ×4
Unknown issuer (CUSIP: 698955101) $15,820,626 0.77% 578,028 Up ×1
ZLAB Zai Lab Limited - American Depositary Shares $15,479,433 0.76% 814,707 $154,794
DHR Danaher Corporation Common Stock $14,533,624 0.71% 76,300 $2,873,224 Up ×1
TNGX Tango Therapeutics, Inc. - Common Stock $14,271,784 0.70% 456,551 $6,177,522 Up ×1
EVH Evolent Health, Inc Class A Common Stock $13,550,000 0.66% 2,500,000 $7,451,000 Down ×1
PTCT PTC Therapeutics, Inc. - Common Stock $13,238,648 0.65% 162,298 $2,215,350 Up ×2
MLYS Mineralys Therapeutics, Inc. - Common Stock $13,083,978 0.64% 484,951 $1,171,123 Up ×5
ZBIO Zenas BioPharma, Inc. - Common Stock $12,742,714 0.62% 502,077 $2,927,109
ARDX Ardelyx, Inc. - Common Stock $11,433,022 0.56% 2,241,769 $-2,340,821 Down ×1
INSP Inspire Medical Systems, Inc. Common Stock $10,884,840 0.53% 244,000 $4,086,596 Up ×5
BBIO BridgeBio Pharma, Inc. - Common Stock $10,780,980 0.53% 144,750 $1,257,135 Up ×3
ALKS Alkermes plc - Ordinary Shares $10,469,097 0.51% 199,811 $3,963,352 Up ×3
SMMT Summit Therapeutics Inc. - Common Stock $10,417,550 0.51% 715,000 $-3,044,050 Up ×1
AZTA Azenta, Inc. - Common Stock $10,284,560 0.50% 403,000 $-1,740,523 Down ×1
INDV Indivior Pharmaceuticals, Inc. - Common Stock $10,072,865 0.49% 245,500 $3,976,865 Up ×1
SYK Stryker Corporation Common Stock $9,130,360 0.45% 29,000 $4,267,228 Up ×1
AMLX Amylyx Pharmaceuticals, Inc. - Common Stock $8,975,761 0.44% 499,764 $2,029,041
CAI Caris Life Sciences, Inc. - Common Stock $8,687,250 0.42% 487,500 $-1,379,190 Down ×3
OMDA Omada Health, Inc. - Common Stock $8,187,350 0.40% 373,000 $1,386,980 Down ×4
CMPX Compass Therapeutics, Inc. - Common Stock $7,719,595 0.38% 3,524,929 $-9,765,484 Up ×1
IMNM Immunome, Inc. - Common Stock $7,367,043 0.36% 347,666 $-236,412
EDAP EDAP TMS S.A. - American Depositary Shares, each representing One Ordinary Share $7,179,480 0.35% 1,386,000 $2,053,320 Up ×3
PHR Phreesia, Inc. Common Stock $7,171,101 0.35% 696,900 $2,139,749 Up ×1
OMER Omeros Corporation - Common Stock $6,832,925 0.33% 718,499 Up ×1
DFTX Definium Therapeutics, Inc. - Common Shares $6,735,516 0.33% 143,187 Up ×1
CORT Corcept Therapeutics Incorporated - Common Stock $6,260,400 0.31% 72,000 $4,234,822 Up ×1
JANX Janux Therapeutics, Inc. - Common Stock $5,637,258 0.28% 367,009 $535,833
Unknown issuer (CUSIP: 60705V103) $5,603,880 0.27% 418,200 Up ×1
RCUS Arcus Biosciences, Inc. Common Stock $5,549,400 0.27% 180,000 $1,661,400
TMO Thermo Fisher Scientific Inc Common Stock $5,013,600 0.24% 10,000 $98,300
TRVI Trevi Therapeutics, Inc. - Common Stock $4,849,000 0.24% 260,000 Up ×1
SION Sionna Therapeutics, Inc. - Common Stock $4,373,882 0.21% 99,429 $387,773
CVS CVS Health Corporation Common Stock $4,138,000 0.20% 40,000 $1,265,200
EYPT EyePoint, Inc. - Common Stock $3,839,822 0.19% 268,519 $504,676 Up ×1
OCUL Ocular Therapeutix, Inc. - Common Stock $3,768,091 0.18% 383,716 $518,016
SYRE Spyre Therapeutics, Inc. - Common Stock $3,751,310 0.18% 42,254 Up ×1
TLPH Talphera, Inc. - Common Stock $3,696,862 0.18% 3,589,186 $1,016,099
ROIV Roivant Sciences Ltd. - Common Shares $3,574,390 0.17% 101,000 $887,490 Up ×2
PCVX Vaxcyte, Inc. - Common Stock $3,502,333 0.17% 60,250 $1,205
NGNE Neurogene Inc. - Common Stock $3,357,288 0.16% 106,750 $1,253,814 Up ×1
IPSC Century Therapeutics, Inc. - Common Stock $3,195,650 0.16% 1,304,347 $247,826
ATEC Alphatec Holdings, Inc. - Common Stock $3,114,000 0.15% 360,000 $-694,000 Up ×2
NVO Novo Nordisk A/S Common Stock $3,044,190 0.15% 63,500 $-263,310 Down ×1
OLMA Olema Pharmaceuticals, Inc. - Common Stock $2,942,077 0.14% 235,178 $401,741 Up ×2
NGEN NervGen Pharma Corp. - Common stock $2,488,956 0.12% 1,208,231 Up ×1
MDT Medtronic plc. Ordinary Shares $2,417,307 0.12% 30,900 Up ×1
TEVA Teva Pharmaceutical Industries Limited American Depositary Shares $1,998,920 0.10% 59,000 $628,460 Up ×1
DNTH Dianthus Therapeutics, Inc. - Common Stock $1,981,378 0.10% 20,326 $-264,069 Down ×1
SGMT Sagimet Biosciences Inc. - Series A Common Stock $1,932,500 0.09% 250,000
CAPR Capricor Therapeutics, Inc. - Common Stock $1,792,708 0.09% 74,448 Up ×1
LENZ LENZ Therapeutics, Inc. - Common Stock $1,462,373 0.07% 257,460 $-893,386
ALT Altimmune, Inc. - Common Stock $1,433,254 0.07% 471,465 Up ×1
Unknown issuer (CUSIP: 482931102) $1,431,950 0.07% 65,000 Up ×1
SGRY Surgery Partners, Inc. - Common Stock $1,411,200 0.07% 84,000 $-1,068,160 Down ×2
AXSM Axsome Therapeutics, Inc. - Common Stock $1,346,235 0.07% 5,500 Up ×1
ORKA Oruka Therapeutics, Inc. - Common Stock $1,146,894 0.06% 12,051 $944,661 Up ×1
VKTX Viking Therapeutics, Inc. - Common Stock $994,755 0.05% 25,500 $-2,129,085 Down ×1
LEGN Legend Biotech Corporation - American Depositary Shares $967,480 0.05% 33,500 $234,835 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
MDGL $93,965,713 4.59% up ×3
BSX $22,556,380 1.10% up ×5
HTFL $16,826,490 0.82% up ×3
BCAX $15,892,641 0.78% up ×4
MLYS $13,083,978 0.64% up ×5
INSP $10,884,840 0.53% up ×5
BBIO $10,780,980 0.53% up ×3
ALKS $10,469,097 0.51% up ×3
EDAP $7,179,480 0.35% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: K08588103) $45,009,000 168,750 2.20%
Unknown issuer (CUSIP: 05348Y105) $21,823,261 662,918 1.07%
Unknown issuer (CUSIP: 423494103) $21,135,617 575,432 1.03%
Unknown issuer (CUSIP: 698955101) $15,820,626 578,028 0.77%
OMER $6,832,925 718,499 0.33%
DFTX $6,735,516 143,187 0.33%
Unknown issuer (CUSIP: 60705V103) $5,603,880 418,200 0.27%
TRVI $4,849,000 260,000 0.24%
SYRE $3,751,310 42,254 0.18%
NGEN $2,488,956 1,208,231 0.12%
MDT $2,417,307 30,900 0.12%
SGMT $1,932,500 250,000 0.09%
CAPR $1,792,708 74,448 0.09%
ALT $1,433,254 471,465 0.07%
Unknown issuer (CUSIP: 482931102) $1,431,950 65,000 0.07%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
RVMD Trimmed -104K +$89.4M
TVTX Bought more +701K +$79.9M
LLY Price move only +0 +$27.6M
ARGX Trimmed -46K -$23.0M
MIRM Trimmed -13K +$18.5M
RYTM Bought more +3K +$16.9M
INSM Bought more +48K -$12.8M
UNH Bought more +11K +$12.2M
KYMR Trimmed -44K +$10.6M
BSX Bought more +13K -$9.8M

2 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
EXAS March 31, 2026 601,800 $61,118,808 No longer tracked
MRUS Dec. 31, 2025 597,051 $56,212,352 No longer tracked
CDTX March 31, 2026 204,878 $45,255,501 No longer tracked
ASND June 30, 2026 194,000 $44,373,620 -8.8%
AKRO Dec. 31, 2025 626,526 $29,747,454 No longer tracked
BPMC Sept. 30, 2025 185,500 $23,777,390 No longer tracked
ACLX June 30, 2026 169,859 $19,503,210 No longer tracked
LEGN June 30, 2025 512,932 $17,403,783 -45.7%
UNH Sept. 30, 2025 50,500 $15,754,485 21.1%
WRBY June 30, 2025 835,000 $15,222,050 18.1%
OSCR Sept. 30, 2025 700,000 $15,008,000 63.7%
CNTA June 30, 2026 351,828 $13,974,608 No longer tracked
MREO Dec. 31, 2025 4,570,649 $9,415,537 -32.4%
SLNO June 30, 2026 257,253 $8,612,830 No longer tracked
REGN June 30, 2026 10,100 $7,803,664 29.1%
RAPT March 31, 2026 213,731 $7,239,069 No longer tracked
NUVL Sept. 30, 2025 93,328 $7,120,926 No longer tracked
APLS June 30, 2026 162,750 $6,547,433 No longer tracked
TERN June 30, 2026 113,748 $5,996,795 No longer tracked
CGEM Sept. 30, 2025 668,233 $5,031,794 142.3%
NVRO June 30, 2025 800,494 $4,674,885 No longer tracked
AGL March 31, 2026 6,500,000 $4,476,550 1034.1%
MRSN March 31, 2026 152,586 $4,414,313 No longer tracked
TBPH March 31, 2026 208,771 $3,906,105 No longer tracked
XBI June 30, 2026 30,000 $3,831,900 -5.5%
KMTS June 30, 2025 145,000 $3,613,400 73.5%
INZY June 30, 2025 3,445,299 $3,135,222 No longer tracked
BEAM June 30, 2025 150,020 $2,929,891 41.4%
SGMT June 30, 2025 787,808 $2,568,254 25.7%
WST Dec. 31, 2025 9,750 $2,557,718 42.5%
EW June 30, 2026 28,900 $2,314,312 -1.5%
ACHC June 30, 2026 75,500 $1,765,945 6.7%
KRRO Dec. 31, 2025 35,719 $1,710,583 49.6%
LUNG Sept. 30, 2025 651,100 $1,686,349 13.0%
BCRX June 30, 2025 222,011 $1,665,083 -14.6%
CATX Dec. 31, 2025 444,383 $1,524,234 No longer tracked
MGNX June 30, 2025 1,145,214 $1,454,422 86.0%
APLT Dec. 31, 2025 2,075,991 $1,255,767 No longer tracked
IMVT Dec. 31, 2025 72,965 $1,176,196 11.8%
SRPT Sept. 30, 2025 68,600 $1,173,060 -8.0%
JAZZ June 30, 2026 5,750 $1,087,038 -11.2%
VIGL June 30, 2025 471,958 $840,085 No longer tracked
PLRX June 30, 2025 589,996 $796,495 -25.6%
SPRB June 30, 2025 2,609,125 $756,907
ADAPY Sept. 30, 2025 2,483,468 $595,287 No longer tracked
GOSS June 30, 2026 1,609,492 $528,718 -27.2%
CRL Dec. 31, 2025 2,700 $422,442 73.1%
ETNB Sept. 30, 2025 40,000 $392,800 No longer tracked
NVAX Dec. 31, 2025 45,000 $390,150 44.3%
FOLD June 30, 2026 21,062 $304,557 No longer tracked
PRTA Dec. 31, 2025 25,398 $247,884 -14.1%
NUVBWS March 31, 2026 134,028 $44,229 No longer tracked
CGEN Dec. 31, 2025 13,430 $19,742 26.8%