Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +295.5%
S&P 500 total return (same window) +37.0%
Excess return +258.5%

Annualized: +200.6% · 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: 95.3% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 98.6%
Other/Unmapped 1.4%

Full portfolio 33 positions

05
Type Streak 8Q trend
APGE Apogee Therapeutics, Inc. - Common Stock $1,127,318,496 34.18% 8,493,321 $412,435,667
ORKA Oruka Therapeutics, Inc. - Common Stock $394,805,893 11.97% 4,148,428 $191,325,500
ERAS Erasca, Inc. - Common Stock $327,777,996 9.94% 17,891,812 $62,704,098 Up ×1
SYRE Spyre Therapeutics, Inc. - Common Stock $265,048,073 8.04% 2,985,448 $79,154,076 Down ×1
DNTH Dianthus Therapeutics, Inc. - Common Stock $115,026,400 3.49% 1,180,000 $16,000,800
OCUL Ocular Therapeutix, Inc. - Common Stock $101,606,813 3.08% 10,346,926 $13,968,350
GLTO Galecto, Inc. - Common Stock $93,729,506 2.84% 3,603,595 $396,395
SVRA Savara, Inc. - Common Stock $90,835,009 2.75% 14,745,943 $15,812,561 Up ×1
JBIO Jade Biosciences, Inc. - Common Stock $71,556,488 2.17% 3,220,364 $26,310,374
COGT Cogent Biosciences, Inc. - Common Stock $63,551,824 1.93% 1,642,166 $-13,428,176 Down ×1
VRDN Viridian Therapeutics, Inc. - Common Stock $59,847,935 1.81% 3,257,917 $-16,097,853 Down ×1
VOR Vor Biopharma Inc. - Common Stock $55,998,047 1.70% 3,041,719 $1,733,780
DYN Dyne Therapeutics, Inc. - Common Stock $48,282,608 1.46% 2,173,913 $8,869,565
MAZE Maze Therapeutics, Inc. - Common Stock $47,804,695 1.45% 1,602,034 $-16,020
RLMD Relmada Therapeutics, Inc. - Common Stock $47,362,591 1.44% 6,844,305 $13,652,666 Up ×1
ORIC Oric Pharmaceuticals, Inc. - Common Stock $46,783,055 1.42% 4,319,765 $-7,948,368
CBIO Crescent Biopharma, Inc. - Common Stock $38,404,368 1.16% 2,133,576 $-789,423
ZURA Zura Bio Limited - Class A Ordinary shares $37,966,441 1.15% 6,434,990 $-321,750
ANL Adlai Nortye Ltd. - American Depositary Shares $36,946,407 1.12% 3,212,731 $14,714,308
ELVN Enliven Therapeutics, Inc. - Common Stock $26,711,298 0.81% 526,331 $-40,960,877 Down ×2
HELP Cybin Inc. - Common Stock $25,459,433 0.77% 3,851,654 $6,971,494
CGEM Cullinan Therapeutics, Inc. - Common Stock $25,129,163 0.76% 1,379,965 $5,519,860
IPSC Century Therapeutics, Inc. - Common Stock $21,304,347 0.65% 8,695,652 $1,652,173
ARTV Artiva Biotherapeutics, Inc. - Common Stock $19,822,881 0.60% 2,043,596 $9,457,257 Up ×1
CTMX CytomX Therapeutics, Inc. - Common Stock $18,682,965 0.57% 4,982,124 $-28,233,018 Down ×2
ACHV Achieve Life Sciences, Inc. - Common Shares $17,964,239 0.54% 2,751,032 Up ×1
Unknown issuer (CUSIP: 698955101) $17,106,250 0.52% 625,000 Up ×1
SRZN Surrozen, Inc. - Common Stock $16,424,559 0.50% 632,931 $-2,012,721
KRRO Korro Bio, Inc. - Common Stock $13,305,210 0.40% 1,009,500 $1,877,670
ANRO Alto Neuroscience, Inc. Common Stock $13,195,000 0.40% 500,000 $1,955,000
XFOR X4 Pharmaceuticals, Inc. - Common Stock $9,032,962 0.27% 1,934,253 $7,667,894 Up ×1
Unknown issuer (CUSIP: G75226103) $3,210,000 0.10% 300,000 Up ×1
INM InMed Pharmaceuticals Inc. - Common Shares $50,662 0.00% 32,685 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ACHV $17,964,239 2,751,032 0.54%
Unknown issuer (CUSIP: 698955101) $17,106,250 625,000 0.52%
Unknown issuer (CUSIP: G75226103) $3,210,000 300,000 0.10%
INM $50,662 32,685 0.00%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
APGE Price move only +0 +$412.4M
ORKA Price move only +0 +$191.3M
SYRE Trimmed -700K +$79.2M
ERAS Bought more +1.5M +$62.7M
ELVN Trimmed -1.2M -$41.0M
CTMX Trimmed -5.0M -$28.2M
JBIO Price move only +0 +$26.3M
VRDN Trimmed -625K -$16.1M
DNTH Price move only +0 +$16.0M
SVRA Bought more +1.0M +$15.8M

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
MTSR Dec. 31, 2025 3,750,662 $196,272,142 No longer tracked
KALV June 30, 2026 6,474,485 $130,331,383 No longer tracked
CDTX Dec. 31, 2025 946,788 $90,664,419 No longer tracked
ABVX Dec. 31, 2025 576,729 $48,964,292 -32.0%
PRAX June 30, 2025 989,985 $37,490,732 574.3%
ENGN June 30, 2026 4,771,414 $32,493,329 8.1%
UPB March 31, 2026 1,169,298 $31,746,441 -46.1%
TENX June 30, 2026 1,675,262 $26,787,439 -86.5%
ATXS Dec. 31, 2025 2,457,348 $17,889,493 No longer tracked
PHVS Dec. 31, 2025 674,599 $16,831,245 9.9%
SEPN June 30, 2026 506,056 $12,160,526 13.1%
SLDB June 30, 2025 2,481,400 $9,181,180 45.0%
PCSC Dec. 31, 2025 750,000 $7,950,000 No longer tracked
TRVI June 30, 2025 615,506 $3,871,533 150.8%
TENX Dec. 31, 2025 437,708 $3,330,958 -83.9%
APLT June 30, 2025 5,567,709 $2,722,053 No longer tracked
FDMT June 30, 2025 677,600 $2,188,648 248.2%
MRSN June 30, 2025 3,574,325 $1,230,283 No longer tracked
IPSC June 30, 2025 2,498,069 $1,189,081 164.8%
TNYA June 30, 2025 1,555,556 $886,822 -7.7%
CASIF March 31, 2026 987,259 $839,170 No longer tracked
GLYC June 30, 2025 3,000,000 $630,000 No longer tracked
TIL June 30, 2025 33,177 $575,953 -66.6%