Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +137.6%
S&P 500 total return (same window) +37.0%
Excess return +100.6%

Annualized: +99.9% · 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: 99.3% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 83.2%
Other/Unmapped 16.8%

Full portfolio 10 positions

05
Type Streak 8Q trend
MGTX MeiraGTx Holdings plc - Ordinary Shares $164,791,427 30.86% 12,197,737 $59,159,025
INBX Inhibrx Biosciences, Inc. - Common Stock $109,713,489 20.54% 1,157,926 $31,866,124
NVAX Novavax, Inc. - Common Stock $64,814,131 12.14% 6,880,481 $8,807,016
ANAB AnaptysBio, Inc. - Common Stock $55,479,398 10.39% 821,917 $25,094,853
Unknown issuer (CUSIP: 67613T104) $37,268,786 6.98% 1,991,918 Up ×1
AGMB AgomAb Therapeutics NV - ADRs representing one common share. $36,124,586 6.76% 2,783,096 $6,929,909
MPLT MapLight Therapeutics, Inc. - Common Stock $32,687,549 6.12% 912,041 $14,145,755
Unknown issuer (CUSIP: 337185102) $16,536,970 3.10% 821,917 Up ×1
IMRX Immuneering Corporation - Class A Common Stock $13,515,709 2.53% 2,708,559 $-758,397
QTTB Q32 Bio Inc. - Common Stock $3,109,617 0.58% 244,083 $1,542,604

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 67613T104) $37,268,786 1,991,918 6.98%
Unknown issuer (CUSIP: 337185102) $16,536,970 821,917 3.10%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
MGTX Price move only +0 +$59.2M
INBX Price move only +0 +$31.9M
ANAB Price move only +0 +$25.1M
MPLT Price move only +0 +$14.1M
NVAX Price move only +0 +$8.8M
AGMB Price move only +0 +$6.9M
QTTB Price move only +0 +$1.5M
IMRX Price move only +0 -$758K

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
OMDA Dec. 31, 2025 524,903 $11,605,605 29.1%
LVTX Dec. 31, 2025 1,919,455 $2,994,350 No longer tracked
ELDN June 30, 2026 814,980 $2,510,138 -36.8%
INZY Sept. 30, 2025 443,255 $1,773,020 No longer tracked
IGMS Sept. 30, 2025 1,438,975 $1,611,652 No longer tracked