Performance vs S&P 500

03
Tracked Q4 2025–Q2 2026 -16.2%
S&P 500 total return (same window) +8.7%
Excess return -24.9%

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: 99.1% · Options excluded: 0.6%

Sector breakdown

04
Technology 58.8%
Healthcare 29.9%
Energy 5.3%
Industrials 2.3%
Communication Services 1.0%
Other/Unmapped 2.6%

Full portfolio 39 positions

05
Type Streak 8Q trend
PATH UiPath, Inc. Class A Common Stock $336,426,500 52.98% 30,950,000 $56,621,829 Up ×6
KGEI Kolibri Global Energy Inc. - Common stock $33,845,142 5.33% 6,834,504 $-3,676,285
AUTL Autolus Therapeutics plc - American Depositary Shares $15,200,000 2.39% 9,500,000 $2,090,000
LYFT Lyft, Inc. - Class A Common Stock $14,610,000 2.30% 1,000,000 $1,310,000
DFTX Definium Therapeutics, Inc. - Common Shares $13,500,010 2.13% 286,990 $9,720,123 Up ×1
WK Workiva Inc. Class A Common Stock $12,127,500 1.91% 250,000 $-2,780,000
CXM Sprinklr, Inc. Class A Common Stock $11,352,000 1.79% 2,200,000 $-1,848,000
MBX MBX Biosciences, Inc. - Common Stock $11,235,574 1.77% 203,543 $6,892,996 Up ×2
ALKT Alkami Technology, Inc. - Common Stock $10,877,146 1.71% 600,284 Up ×1
CLDX Celldex Therapeutics, Inc. - Common Stock $10,807,310 1.70% 290,441 $900,646 Down ×1
RLAY Relay Therapeutics, Inc. - Common Stock $10,670,519 1.68% 570,311 $8,864,166 Up ×1
ARWR Arrowhead Pharmaceuticals, Inc. - Common Stock $10,635,751 1.67% 130,484 $2,660,436 Up ×3
PHVS Pharvaris N.V. - Ordinary Shares $10,222,782 1.61% 295,627 $3,962,271 Up ×2
ALKS Alkermes plc - Ordinary Shares $9,953,950 1.57% 189,979 $4,303,740 Up ×4
IMVT Immunovant, Inc. - Common Stock $9,861,137 1.55% 255,934 $4,433,423 Up ×2
AXSM Axsome Therapeutics, Inc. - Common Stock $8,566,950 1.35% 35,000 Call option $2,651,250
SLN Silence Therapeutics Plc - American Depository Share $8,391,531 1.32% 764,256 $5,070,583 Up ×2
DYN Dyne Therapeutics, Inc. - Common Stock $7,921,352 1.25% 356,657 $3,241,419 Up ×4
IONS Ionis Pharmaceuticals, Inc. - Common Stock $7,704,847 1.21% 97,173 $4,568,788 Up ×1
AGIO Agios Pharmaceuticals, Inc. - Common Stock $7,629,037 1.20% 205,579 $2,052,534 Up ×2
HRMY Harmony Biosciences Holdings, Inc. - Common Stock $7,319,721 1.15% 201,036 $3,977,008 Up ×2
KRYS Krystal Biotech, Inc. - Common Stock $7,310,006 1.15% 19,668 $2,229,368
ANNX Annexon, Inc. - common stock $7,094,418 1.12% 1,242,455 $-65,783 Down ×4
CELC Celcuity Inc. - Common Stock $6,707,188 1.06% 64,110 Up ×1
WBD Warner Bros. Discovery, Inc. - Series A Common Stock $6,665,000 1.05% 250,000 $-18,700,489 Down ×1
NKTR Nektar Therapeutics - Common Stock $6,073,191 0.96% 86,996 $-1,340,321 Down ×1
AMLX Amylyx Pharmaceuticals, Inc. - Common Stock $5,350,751 0.84% 297,926 $932,261 Down ×1
ACAD ACADIA Pharmaceuticals Inc. - Common Stock $4,247,238 0.67% 167,875 $1,027,997 Up ×1
RARE Ultragenyx Pharmaceutical Inc. - Common Stock $3,339,000 0.53% 100,000 Call option Up ×1
SLN Silence Therapeutics Plc - American Depository Share $3,294,000 0.52% 300,000 Call option Up ×1
Unknown issuer (CUSIP: 22978P205) $2,960,928 0.47% 93,819 Up ×1
SNOW Snowflake Inc. Common Stock $2,545,000 0.40% 10,000 $1,036,800
KPTI Karyopharm Therapeutics Inc. - Common Stock $2,445,431 0.39% 250,300 Call option $2,166,931 Up ×1
ACRS Aclaris Therapeutics, Inc. - Common Stock $2,116,000 0.33% 400,000 Up ×1
AGIO Agios Pharmaceuticals, Inc. - Common Stock $1,855,500 0.29% 50,000 Call option Up ×1
TECX Tectonic Therapeutic, Inc. - Common Stock $1,598,988 0.25% 46,516 $437,143 Up ×1
GLUE Monte Rosa Therapeutics, Inc. - Common Stock $1,356,458 0.21% 56,052 Up ×1
TENX Tenax Therapeutics, Inc. - Common Stock $1,092,705 0.17% 75,100 Call option Up ×1
AMLX Amylyx Pharmaceuticals, Inc. - Common Stock $152,660 0.02% 8,500 Call option Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

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

SecurityValue% of portfolioStreak
PATH $336,426,500 52.98% up ×6
ARWR $10,635,751 1.67% up ×3
ALKS $9,953,950 1.57% up ×4
DYN $7,921,352 1.25% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ALKT $10,877,146 600,284 1.71%
CELC $6,707,188 64,110 1.06%
RARE $3,339,000 100,000 0.53%
SLN $3,294,000 300,000 0.52%
Unknown issuer (CUSIP: 22978P205) $2,960,928 93,819 0.47%
ACRS $2,116,000 400,000 0.33%
AGIO $1,855,500 50,000 0.29%
GLUE $1,356,458 56,052 0.21%
TENX $1,092,705 75,100 0.17%
AMLX $152,660 8,500 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
PATH Bought more +5.7M +$56.6M
WBD Trimmed -674K -$18.7M
DFTX Bought more +87K +$9.7M
MBX Bought more +58K +$6.9M
SLN Bought more +134K +$5.1M
IONS Bought more +55K +$4.6M
IMVT Bought more +37K +$4.4M
ALKS Bought more +30K +$4.3M
HRMY Bought more +82K +$4.0M
PHVS Bought more +74K +$4.0M

1 position 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
HYG Dec. 31, 2025 799,861 $64,940,715
INFA June 30, 2025 800,000 $13,960,000 No longer tracked
TARS Dec. 31, 2025 125,000 $7,428,750 -9.1%
PRAX June 30, 2026 15,952 $5,139,575 -15.3%
RAPT March 31, 2026 131,770 $4,463,050 No longer tracked
SRRK Dec. 31, 2025 117,882 $4,389,926 -1.5%
TECX Dec. 31, 2025 243,728 $3,824,092 10.8%
FOLD March 31, 2026 260,771 $3,713,379 No longer tracked
SLNO June 30, 2026 102,125 $3,419,145 No longer tracked
ABVX Dec. 31, 2025 30,000 $2,547,000 -32.0%
MPLT June 30, 2026 112,115 $2,279,298 -74.1%
ACAD Dec. 31, 2025 86,071 $1,836,755 -24.7%
HBM Dec. 31, 2025 117,500 $1,780,247 37.3%
ZVRA March 31, 2026 192,518 $1,724,961 14.8%
CCJ Dec. 31, 2025 16,015 $1,343,752 -4.4%
AARD June 30, 2026 316,621 $1,193,661 -9.4%
RLAY Dec. 31, 2025 223,123 $1,164,702 129.2%
AVDL March 31, 2026 43,763 $943,093 No longer tracked
BVN June 30, 2025 55,500 $867,465 92.4%
OTLY June 30, 2025 81,210 $798,294 -11.8%
TECK Dec. 31, 2025 18,068 $793,005 41.7%
KROS Dec. 31, 2025 43,000 $680,260 -43.4%
LAR Dec. 31, 2025 200,000 $668,000 0.4%
RARE Dec. 31, 2025 17,718 $532,957 -37.0%
WBI Dec. 31, 2025 20,000 $504,400 46.1%
NXE Dec. 31, 2025 42,000 $375,900 -1.4%
SQM Sept. 30, 2025 7,700 $271,579 53.2%
VYNE Sept. 30, 2025 115,384 $190,384 No longer tracked
DSXWS Dec. 31, 2025 233,400 $22,757 No longer tracked
SONWQ Dec. 31, 2025 18,898 $204 No longer tracked