Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +139.6%
S&P 500 total return (same window) +37.0%
Excess return +102.6%

Annualized: +101.2% · 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: 98.7% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 86.0%
Technology 3.4%
Communication Services 1.6%
Financials 1.4%
Retail 0.4%
Industrials 0.2%
Consumer Discretionary 0.0%
Real Estate 0.0%
Other/Unmapped 7.0%

Full portfolio 117 positions

05
Type Streak 8Q trend
SRRK Scholar Rock Holding Corporation - Common Stock $526,625,715 10.66% 9,575,013 $-5,531,924 Down ×1
KYMR Kymera Therapeutics, Inc. - Common Stock $336,651,626 6.81% 2,935,830 $71,220,555 Down ×3
ERAS Erasca, Inc. - Common Stock $208,807,348 4.23% 11,397,781 $26,875,448 Up ×2
MANE Veradermics, Incorporated Common Stock $203,511,680 4.12% 1,655,374 $108,447,312 Up ×1
TNGX Tango Therapeutics, Inc. - Common Stock $193,166,919 3.91% 6,179,364 $74,820,282 Up ×1
RVMD Revolution Medicines, Inc. - Common Stock $168,552,000 3.41% 900,000 $60,509,195 Down ×2
BCAX Bicara Therapeutics Inc. - Common Stock $166,352,179 3.37% 5,602,970 $50,931,106 Down ×1
ARWR Arrowhead Pharmaceuticals, Inc. - Common Stock $139,828,449 2.83% 1,715,476 $38,538,104 Up ×2
ONC BeOne Medicines Ltd. - American Depositary Shares $132,511,050 2.68% 465,000 $-5,580,000
EWTX Edgewise Therapeutics, Inc. - Common Stock $129,391,476 2.62% 3,184,629 $-10,161,809 Down ×2
RYTM Rhythm Pharmaceuticals, Inc. - Common Stock $126,160,613 2.55% 1,136,275 $63,062,921 Up ×2
LXRX Lexicon Pharmaceuticals, Inc. - Common Stock $106,328,443 2.15% 44,303,518 $37,214,955
ELVN Enliven Therapeutics, Inc. - Common Stock $90,051,358 1.82% 1,774,411 $60,799,299 Up ×1
SYRE Spyre Therapeutics, Inc. - Common Stock $85,992,130 1.74% 968,598 $44,702,047 Up ×1
Unknown issuer (CUSIP: 698955101) $81,898,129 1.66% 2,992,259 Up ×1
XENE Xenon Pharmaceuticals Inc. - Common Shares $79,588,523 1.61% 1,318,564 $2,914,026
SLDB Solid Biosciences Inc. - Common Stock $76,827,146 1.55% 7,690,405 $21,456,230
ABVX Abivax SA - American Depositary Shares $76,757,760 1.55% 576,000 Up ×1
Unknown issuer (CUSIP: 423494103) $76,649,413 1.55% 2,086,834 Up ×1
RCUS Arcus Biosciences, Inc. Common Stock $74,621,857 1.51% 2,420,430 $9,668,994 Down ×1
COGT Cogent Biosciences, Inc. - Common Stock $71,954,097 1.46% 1,859,279 $6,163,948 Up ×2
RLAY Relay Therapeutics, Inc. - Common Stock $68,291,500 1.38% 3,650,000 Up ×1
TSHA Taysha Gene Therapies, Inc. - Common Stock $67,055,203 1.36% 9,846,579 $27,585,492 Up ×1
DFTX Definium Therapeutics, Inc. - Common Shares $66,772,951 1.35% 1,419,493 $49,394,533 Up ×1
STOK Stoke Therapeutics, Inc. - Common Stock $65,287,754 1.32% 1,995,347 $319,256
IRON Disc Medicine, Inc. - Common Stock $64,977,649 1.31% 888,401 $1,779,289 Down ×1
CYTK Cytokinetics, Incorporated - Common Stock $64,655,121 1.31% 758,952 $24,189,545 Up ×1
SEPN Septerna, Inc. - Common Stock $63,631,000 1.29% 1,900,000 $15,571,000 Down ×1
OLMA Olema Pharmaceuticals, Inc. - Common Stock $60,760,432 1.23% 4,856,949 $-10,165,678 Up ×2
CRNX Crinetics Pharmaceuticals, Inc. - Common Stock $53,165,887 1.08% 1,420,788 $-15,974,173 Down ×1
Unknown issuer (CUSIP: 482931102) $48,780,721 0.99% 2,214,286 Up ×1
DYN Dyne Therapeutics, Inc. - Common Stock $47,287,866 0.96% 2,129,125 $6,873,830 Down ×4
GPCR Structure Therapeutics Inc. - American Depositary Shares $46,852,139 0.95% 872,967 $-17,191,105 Down ×1
TBLA Taboola.com Ltd. - Ordinary Shares $42,117,050 0.85% 8,423,410 $11,211,615 Down ×1
PVLA Palvella Therapeutics, Inc. - Common Stock $39,348,858 0.80% 257,485 $7,253,353
SLN Silence Therapeutics Plc - American Depository Share $36,359,589 0.74% 3,311,438 $21,016,311 Up ×1
DNLI Denali Therapeutics Inc. - Common Stock $35,918,314 0.73% 1,396,513 $9,105,264
RELY Remitly Global, Inc. - Common stock $34,584,703 0.70% 1,543,271 $10,401,646
CGEM Cullinan Therapeutics, Inc. - Common Stock $34,478,996 0.70% 1,893,410 $17,520,640 Up ×1
COF Capital One Financial Corporation Common Stock $34,429,401 0.70% 171,615 Up ×1
TRVI Trevi Therapeutics, Inc. - Common Stock $33,325,070 0.67% 1,786,867 $12,007,747
ORIC Oric Pharmaceuticals, Inc. - Common Stock $32,470,419 0.66% 2,998,192 $-5,516,673
GOOGL Alphabet Inc. - Class A Common Stock $32,163,300 0.65% 90,000 $13,269,745 Up ×2
DBVT DBV Technologies S.A. - American Depositary Shares $30,460,737 0.62% 1,857,362 $-8,339,555
ABSI Absci Corporation - Common Stock $28,682,515 0.58% 2,474,764 $23,282,515 Up ×1
SION Sionna Therapeutics, Inc. - Common Stock $26,856,555 0.54% 610,515 $14,829,555 Up ×1
RAPP Rapport Therapeutics, Inc. - Common Stock $26,730,013 0.54% 641,469 $6,658,448
AMLX Amylyx Pharmaceuticals, Inc. - Common Stock $26,591,325 0.54% 1,480,586 $9,494,325 Up ×1
ANNX Annexon, Inc. - common stock $25,458,869 0.52% 4,458,646 $3,527,970 Up ×1
MNPR Monopar Therapeutics Inc. - Common Stock $25,010,226 0.51% 270,118 $10,210,461
ORKA Oruka Therapeutics, Inc. - Common Stock $23,792,500 0.48% 250,000 Up ×1
Unknown issuer (CUSIP: 81221K108) $23,790,264 0.48% 1,095,316 Up ×1
GLTO Galecto, Inc. - Common Stock $23,409,000 0.47% 900,000 $99,000
TYRA Tyra Biosciences, Inc. - Common Stock $23,156,500 0.47% 725,000 Up ×1
ZURA Zura Bio Limited - Class A Ordinary shares $22,035,709 0.45% 3,734,866 $-186,744
TSM Taiwan Semiconductor Manufacturing Company Ltd. $21,347,379 0.43% 44,700 $7,085,889 Up ×2
NVDA NVIDIA Corporation - Common Stock $19,008,550 0.38% 95,000 $3,472,126 Up ×2
RZLT Rezolute, Inc. - Common Stock (NV) $17,307,092 0.35% 3,328,287 $7,155,817
MPLT MapLight Therapeutics, Inc. - Common Stock $16,128,000 0.33% 450,000 $6,979,500
NMRA Neumora Therapeutics, Inc. - Common Stock $14,446,297 0.29% 8,497,822 $-2,124,456
NBIS Nebius Group N.V. - Class A Ordinary Shares $14,360,840 0.29% 52,000 $2,572,251 Down ×1
MSFT Microsoft Corporation - Common Stock $13,988,250 0.28% 37,500 $-1,329,385 Down ×1
CTMX CytomX Therapeutics, Inc. - Common Stock $12,966,416 0.26% 3,457,711 $-3,284,826
Unknown issuer (CUSIP: 370920100) $12,418,075 0.25% 736,104 $3,216,775
IKT Inhibikase Therapeutics, Inc. - Common Stock $11,875,500 0.24% 5,850,000 $2,047,500
ADAG Adagene Inc. - ADS, each representing 1.25 ordinary shares $11,199,997 0.23% 2,666,666 Up ×1
Unknown issuer (CUSIP: 29286X101) $10,824,025 0.22% 6,256,662 Up ×1
WHWK Whitehawk Therapeutics, Inc. - Common Stock $10,703,927 0.22% 2,337,102 $3,521,027 Up ×1
DDOG Datadog, Inc. - Class A Common Stock $10,414,400 0.21% 40,000 $4,004,285 Down ×1
NOW ServiceNow, Inc. Common Stock $9,928,000 0.20% 100,000 $822,740 Up ×4
AVGO Broadcom Inc. - Common Stock $9,443,750 0.19% 25,000 $4,801,100 Up ×2
IONQ IonQ, Inc. Common Stock $9,054,200 0.18% 170,000 $4,153,100
MSFT Microsoft Corporation - Common Stock $8,952,480 0.18% 24,000 Call option Up ×1
FROG JFrog Ltd. - Ordinary shares $8,679,040 0.18% 95,500 $2,633,705 Down ×1
OCS Oculis Holding AG - Ordinary shares $8,668,750 0.18% 625,000 Up ×1
IREN IREN Limited - Ordinary Shares $8,002,750 0.16% 175,000 $6,525,282 Up ×1
AMZN Amazon.com, Inc. - Common Stock $7,746,050 0.16% 32,500 $-1,967,871 Down ×3
CRWD CrowdStrike Holdings, Inc. - Class A Common Stock $7,631,400 0.15% 10,000 $-1,375,359 Down ×1
DSGN Design Therapeutics, Inc. - Common Stock $7,570,878 0.15% 523,212 Up ×1
PDD PDD Holdings Inc. - American Depositary Shares $7,246,600 0.15% 95,000 $-1,275,314 Up ×3
MSLE Satellos Bioscience Inc. - Common Stock $6,935,875 0.14% 892,074 $1,913,498
DT Dynatrace, Inc. Common Stock $6,806,050 0.14% 155,000 $1,259,050 Up ×4
AAPL Apple Inc. - Common Stock $6,655,280 0.13% 23,000 Call option Up ×1
TENX Tenax Therapeutics, Inc. - Common Stock $6,214,902 0.13% 427,141 $-615,083
VTVT vTv Therapeutics Inc. - Class A Common Stock $6,136,950 0.12% 163,000 $-327,630
Unknown issuer (CUSIP: 29014R301) $5,552,000 0.11% 400,000 Up ×1
AGMB AgomAb Therapeutics NV - ADRs representing one common share. $5,338,025 0.11% 411,250 $1,024,012
BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share $4,799,000 0.10% 50,000 Up ×1
KRRO Korro Bio, Inc. - Common Stock $4,582,923 0.09% 347,718 $646,755
CLBT Cellebrite DI Ltd. - Ordinary Shares $4,548,542 0.09% 311,544 $255,466
IVVD Invivyd, Inc. - Common Stock $4,362,000 0.09% 5,000,000 $-838,000 Up ×1
OUST Ouster, Inc. - Common Stock $4,220,100 0.09% 67,500 Up ×1
PALI Palisade Bio, Inc. - Common Stock $4,180,000 0.08% 2,000,000 Up ×1
AEVA Aeva Technologies, Inc. - Common Stock $4,177,582 0.08% 145,459 $2,729,982 Up ×1
SEER Seer, Inc. - Class A Common Stock $4,081,397 0.08% 2,458,673 $-49,174
NBP NovaBridge Biosciences - American Depositary Shares $3,909,241 0.08% 2,004,739 $-3,470,759 Down ×1
GTLB GitLab Inc. - Class A Common Stock $3,816,250 0.08% 125,000 $1,652,250 Up ×4
Unknown issuer (CUSIP: 67613T104) $3,742,000 0.08% 200,000 Up ×1
FHTX Foghorn Therapeutics Inc. - Common Stock $3,517,114 0.07% 720,720 $72,072
AGEN Agenus Inc. - Common Stock $3,256,605 0.07% 1,064,250 $-297,990

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
NOW $9,928,000 0.20% up ×4
PDD $7,246,600 0.15% up ×3
DT $6,806,050 0.14% up ×4
GTLB $3,816,250 0.08% up ×4
MNDY $3,076,575 0.06% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 698955101) $81,898,129 2,992,259 1.66%
ABVX $76,757,760 576,000 1.55%
Unknown issuer (CUSIP: 423494103) $76,649,413 2,086,834 1.55%
RLAY $68,291,500 3,650,000 1.38%
Unknown issuer (CUSIP: 482931102) $48,780,721 2,214,286 0.99%
COF $34,429,401 171,615 0.70%
ORKA $23,792,500 250,000 0.48%
Unknown issuer (CUSIP: 81221K108) $23,790,264 1,095,316 0.48%
TYRA $23,156,500 725,000 0.47%
ADAG $11,199,997 2,666,666 0.23%
Unknown issuer (CUSIP: 29286X101) $10,824,025 6,256,662 0.22%
MSFT $8,952,480 24,000 0.18%
OCS $8,668,750 625,000 0.18%
DSGN $7,570,878 523,212 0.15%
AAPL $6,655,280 23,000 0.13%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
MANE Bought more +150K +$108.4M
TNGX Bought more +522K +$74.8M
KYMR Trimmed -251K +$71.2M
RYTM Bought more +411K +$63.1M
ELVN Bought more +1.0M +$60.8M
RVMD Trimmed -211K +$60.5M
BCAX Trimmed -200K +$50.9M
DFTX Bought more +500K +$49.4M
SYRE Bought more +150K +$44.7M
ARWR Bought more +100K +$38.5M

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
APLS March 31, 2026 2,578,396 $64,769,308 No longer tracked
BPMC June 30, 2025 726,167 $64,273,041 No longer tracked
RNA Dec. 31, 2025 1,285,610 $56,014,028 -89.2%
ASND March 31, 2026 235,862 $50,295,213 -0.3%
RAPT March 31, 2026 1,375,000 $46,571,250 No longer tracked
RZLT Dec. 31, 2025 4,870,000 $45,778,000 66.5%
MRUS Sept. 30, 2025 853,467 $44,892,364 No longer tracked
ZYME March 31, 2026 1,680,121 $44,237,586 4.7%
CNTA June 30, 2026 1,053,464 $41,843,590 No longer tracked
ENGN June 30, 2026 5,253,159 $35,774,013 8.2%
SLNO Dec. 31, 2025 467,342 $31,592,319 No longer tracked
APGE Sept. 30, 2025 594,994 $25,840,589 No longer tracked
MLYS March 31, 2026 699,999 $25,402,964 -14.0%
MLTX Sept. 30, 2025 508,267 $23,990,202 58.7%
NAMS Dec. 31, 2025 765,705 $21,776,650 -35.0%
FULC June 30, 2026 2,350,000 $18,024,500 1.4%
WVE June 30, 2026 2,450,000 $17,762,500 -35.5%
IHS March 31, 2026 2,357,520 $17,587,099 2.7%
AKRO Sept. 30, 2025 318,647 $17,003,004 No longer tracked
QURE June 30, 2026 1,000,000 $16,350,000 -50.5%
QURE Dec. 31, 2025 275,200 $16,063,424 -4.7%
UPB March 31, 2026 588,450 $15,976,418 -48.0%
PRTA June 30, 2025 1,283,555 $15,883,993 32.5%
SMMT June 30, 2025 695,000 $13,406,550 -18.8%
AVBP Dec. 31, 2025 700,000 $12,915,000 36.2%
MNMD March 31, 2026 800,000 $10,712,000 No longer tracked
BNTC March 31, 2026 775,000 $10,439,250 -16.9%
PCVX Sept. 30, 2025 295,543 $9,608,103 104.9%
BCYC June 30, 2026 1,560,882 $7,242,492 -9.7%
LXEO March 31, 2026 720,622 $7,155,776 -37.6%
CRM March 31, 2026 26,100 $6,914,151 24.0%
CMPS March 31, 2026 1,000,000 $6,900,000 109.8%
BLLN March 31, 2026 83,833 $6,860,893 38.2%
SVRA March 31, 2026 1,000,000 $6,030,000 -12.5%
XFOR March 31, 2026 1,500,000 $6,000,000 -32.7%
VERA Sept. 30, 2025 247,216 $5,824,409 2.6%
RNAC Dec. 31, 2025 563,272 $5,756,640 0.4%
PCRX Sept. 30, 2025 225,000 $5,377,500 -2.8%
ELDN Dec. 31, 2025 2,072,767 $5,368,467 64.9%
ALMS March 31, 2026 500,000 $4,880,000 -69.0%
META March 31, 2026 7,169 $4,732,185 29.7%
PEPG March 31, 2026 700,000 $4,557,000 29.4%
SGMT March 31, 2026 724,771 $4,290,644 72.8%
ADBE March 31, 2026 12,051 $4,217,729 -1.8%
MTSR June 30, 2025 150,000 $4,083,000 No longer tracked
IGMS Sept. 30, 2025 3,255,826 $3,646,525 No longer tracked
EDU March 31, 2026 62,000 $3,411,860 0.1%
PRQR Dec. 31, 2025 1,552,183 $3,306,150 -19.6%
VIGL Sept. 30, 2025 411,191 $3,268,968 No longer tracked
FPS June 30, 2026 100,000 $2,927,000 -30.2%
ZS March 31, 2026 12,000 $2,699,040 43.8%
BDTX March 31, 2026 1,046,517 $2,543,036 -11.0%
LPLA June 30, 2025 7,500 $2,453,550 -11.5%
QCOM March 31, 2026 14,000 $2,394,700 40.4%
ARM March 31, 2026 21,500 $2,350,165 100.2%
MRVL June 30, 2025 36,808 $2,266,269 250.5%
BIOA Dec. 31, 2025 382,406 $2,248,547 -51.7%
TIL March 31, 2026 203,933 $2,243,263 -12.4%
PANW March 31, 2026 11,450 $2,109,090 153.7%
MU June 30, 2026 6,000 $2,027,040 -7.8%
CRWV March 31, 2026 27,500 $1,969,275 12.8%
KDP Dec. 31, 2025 77,050 $1,965,546 10.3%
HUBS Dec. 31, 2025 4,000 $1,871,200 -45.0%
CMG Dec. 31, 2025 47,500 $1,861,525 -16.7%
AS June 30, 2026 50,000 $1,646,000 -19.4%
UNH Sept. 30, 2025 5,076 $1,583,560 9.6%
SPOT Dec. 31, 2025 2,173 $1,516,754 -16.8%
SARO June 30, 2025 56,855 $1,514,617 -33.5%
NIQ Dec. 31, 2025 95,000 $1,491,500 5.0%
TRML Sept. 30, 2025 91,426 $1,461,902 No longer tracked
RCKT Sept. 30, 2025 591,263 $1,448,594 -22.4%
BILL June 30, 2025 28,500 $1,307,865 -3.8%
PYPL June 30, 2025 20,000 $1,305,000 -26.8%
VRNS March 31, 2026 37,500 $1,230,000 124.3%
BIRK Sept. 30, 2025 25,000 $1,229,500 -25.4%
PEGA June 30, 2025 16,500 $1,147,080 -36.2%
GBIO March 31, 2026 201,419 $1,144,060 No longer tracked
SAIL Dec. 31, 2025 50,000 $1,104,000 0.3%
ESTC Dec. 31, 2025 12,500 $1,056,125 25.8%
MDB June 30, 2025 5,500 $964,700 71.1%
NKE June 30, 2025 15,000 $952,200 -52.2%
PRMB June 30, 2026 50,000 $941,500 -18.7%
INTC June 30, 2025 40,000 $908,400 418.7%
SEMR Dec. 31, 2025 125,000 $885,000 No longer tracked
INFA June 30, 2025 50,000 $872,500 No longer tracked
AS Dec. 31, 2025 25,000 $868,750 -27.0%
BA June 30, 2025 5,000 $852,750 -8.0%
PINS Dec. 31, 2025 25,000 $804,250 -22.5%
BASE June 30, 2025 49,850 $785,138 No longer tracked
CFLT Dec. 31, 2025 37,500 $742,500 No longer tracked
PCOR Dec. 31, 2025 10,000 $729,200 -25.5%
HOOK Sept. 30, 2025 566,640 $711,133 No longer tracked
TEAM Sept. 30, 2025 3,500 $710,815 23.1%
KRON June 30, 2025 842,954 $695,437 No longer tracked
ALAB Dec. 31, 2025 3,500 $685,300 117.8%
RACE June 30, 2025 1,500 $636,364 -21.9%
USB June 30, 2025 12,500 $527,750 26.6%
CHYM Dec. 31, 2025 25,000 $504,250 12.4%
OXY June 30, 2025 10,000 $493,600 38.8%
CCC Dec. 31, 2025 50,000 $455,500 -16.7%
KVUE Dec. 31, 2025 25,000 $405,750 0.8%
PCG Sept. 30, 2025 25,000 $348,500 -18.1%
GDS June 30, 2025 12,500 $316,625 -4.2%
VRT Dec. 31, 2025 2,000 $301,720 56.5%
RDDT Sept. 30, 2025 2,000 $301,140 -34.6%
DECK Sept. 30, 2025 2,000 $206,140 -20.9%
CRBU March 31, 2026 105,347 $167,502 -37.6%
CYCN March 31, 2026 115,603 $146,816 No longer tracked
IRWD Dec. 31, 2025 110,532 $144,797 8.3%