{"slug":"rtw","name":"RTW Investments","style":"sector_healthcare","grade":"D","book":[{"ticker":"MDGL","issuer":"MADRIGAL PHARMACEUTICALS INC","shares":1993687.0,"value_usd":1043635334.0,"pct_book":10.38,"position_rank":1,"tilt_pp":9.198,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":70.0,"tier":"high","components":{"pct_book":{"value":1.0,"points":35.0},"rank_top10":{"value":1,"points":15.0},"tilt":{"value":9.198,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"INSM","issuer":"INSMED INC","shares":4842880.0,"value_usd":791907738.0,"pct_book":7.88,"position_rank":2,"tilt_pp":6.693,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":69.6,"tier":"moderate","components":{"pct_book":{"value":0.988,"points":34.56},"rank_top10":{"value":2,"points":15.0},"tilt":{"value":6.693,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"PTGX","issuer":"PROTAGONIST THERAPEUTICS INC","shares":5059053.0,"value_usd":533224186.0,"pct_book":5.31,"position_rank":3,"tilt_pp":4.119,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.3045,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":69.1,"tier":"moderate","components":{"pct_book":{"value":0.975,"points":34.12},"rank_top10":{"value":3,"points":15.0},"tilt":{"value":4.119,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"PTCT","issuer":"PTC THERAPEUTICS INC","shares":7746415.0,"value_usd":527763254.0,"pct_book":5.25,"position_rank":4,"tilt_pp":4.065,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.082,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":68.7,"tier":"moderate","components":{"pct_book":{"value":0.963,"points":33.69},"rank_top10":{"value":4,"points":15.0},"tilt":{"value":4.065,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ARGX","issuer":"ARGENX SE","shares":709446.0,"value_usd":518072942.0,"pct_book":5.16,"position_rank":5,"tilt_pp":3.968,"action":"hold","shares_change_pct":5.3,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":68.2,"tier":"moderate","components":{"pct_book":{"value":0.95,"points":33.25},"rank_top10":{"value":5,"points":15.0},"tilt":{"value":3.968,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CGON","issuer":"CG ONCOLOGY INC","shares":6984808.0,"value_usd":472731805.0,"pct_book":4.7,"position_rank":6,"tilt_pp":3.517,"action":"add","shares_change_pct":247.1,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":77.8,"tier":"high","components":{"pct_book":{"value":0.938,"points":32.81},"rank_top10":{"value":6,"points":15.0},"tilt":{"value":3.517,"points":10.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CELC","issuer":"CELCUITY INC","shares":3039621.0,"value_usd":346942341.0,"pct_book":3.45,"position_rank":7,"tilt_pp":2.266,"action":"add","shares_change_pct":452.5,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":77.4,"tier":"high","components":{"pct_book":{"value":0.925,"points":32.38},"rank_top10":{"value":7,"points":15.0},"tilt":{"value":2.266,"points":10.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TNGX","issuer":"TANGO THERAPEUTICS INC","shares":13300620.0,"value_usd":278248970.0,"pct_book":2.77,"position_rank":8,"tilt_pp":1.582,"action":"add","shares_change_pct":791.9,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[{"key":"fv:healthcareoncology","name":"Oncology","name_zh":"Oncology"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":76.9,"tier":"high","components":{"pct_book":{"value":0.912,"points":31.94},"rank_top10":{"value":8,"points":15.0},"tilt":{"value":1.582,"points":10.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ERAS","issuer":"ERASCA INC","shares":16157175.0,"value_usd":261423092.0,"pct_book":2.6,"position_rank":9,"tilt_pp":1.415,"action":"add","shares_change_pct":10917.4,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":76.5,"tier":"high","components":{"pct_book":{"value":0.9,"points":31.5},"rank_top10":{"value":9,"points":15.0},"tilt":{"value":1.415,"points":10.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"NTRA","issuer":"NATERA INC","shares":1250000.0,"value_usd":249987500.0,"pct_book":2.49,"position_rank":10,"tilt_pp":1.301,"action":"trim","shares_change_pct":-16.7,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[{"key":"fv:healthcarediagnostics","name":"Diagnostics","name_zh":"Diagnostics"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":66.1,"tier":"moderate","components":{"pct_book":{"value":0.887,"points":31.06},"rank_top10":{"value":10,"points":15.0},"tilt":{"value":1.301,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RDNT","issuer":"RADNET INC","shares":4285000.0,"value_usd":239488650.0,"pct_book":2.38,"position_rank":11,"tilt_pp":1.196,"action":"hold","shares_change_pct":8.8,"add_streak_q":0,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.151,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":50.6,"tier":"moderate","components":{"pct_book":{"value":0.875,"points":30.62},"rank_top10":{"value":11,"points":0.0},"tilt":{"value":1.196,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TARS","issuer":"TARSUS PHARMACEUTICALS INC","shares":3346025.0,"value_usd":234723654.0,"pct_book":2.34,"position_rank":12,"tilt_pp":1.149,"action":"hold","shares_change_pct":0.3,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":50.2,"tier":"moderate","components":{"pct_book":{"value":0.863,"points":30.19},"rank_top10":{"value":12,"points":0.0},"tilt":{"value":1.149,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"APGE","issuer":"APOGEE THERAPEUTICS INC","shares":2782097.0,"value_usd":234169104.0,"pct_book":2.33,"position_rank":13,"tilt_pp":1.143,"action":"hold","shares_change_pct":2.6,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":49.8,"tier":"moderate","components":{"pct_book":{"value":0.85,"points":29.75},"rank_top10":{"value":13,"points":0.0},"tilt":{"value":1.143,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SYRE","issuer":"SPYRE THERAPEUTICS INC","shares":4171996.0,"value_usd":210435478.0,"pct_book":2.09,"position_rank":14,"tilt_pp":0.907,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":49.3,"tier":"moderate","components":{"pct_book":{"value":0.838,"points":29.31},"rank_top10":{"value":14,"points":0.0},"tilt":{"value":0.907,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"COGT","issuer":"COGENT BIOSCIENCES INC","shares":5458675.0,"value_usd":210104401.0,"pct_book":2.09,"position_rank":15,"tilt_pp":0.904,"action":"trim","shares_change_pct":-28.1,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":49.3,"tier":"moderate","components":{"pct_book":{"value":0.838,"points":29.31},"rank_top10":{"value":15,"points":0.0},"tilt":{"value":0.904,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IRTC","issuer":"IRHYTHM HOLDINGS INC","shares":1668500.0,"value_usd":196916370.0,"pct_book":1.96,"position_rank":16,"tilt_pp":0.773,"action":"add","shares_change_pct":41.2,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[{"key":"fv:wearablesmedical","name":"Medical","name_zh":"Medical"},{"key":"fv:healthcaretelemedicine","name":"Telemedicine","name_zh":"Telemedicine"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":58.4,"tier":"moderate","components":{"pct_book":{"value":0.812,"points":28.44},"rank_top10":{"value":16,"points":0.0},"tilt":{"value":0.773,"points":10.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"STOK","issuer":"STOKE THERAPEUTICS INC","shares":5623525.0,"value_usd":183101974.0,"pct_book":1.82,"position_rank":17,"tilt_pp":0.635,"action":"hold","shares_change_pct":1.4,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":48.0,"tier":"moderate","components":{"pct_book":{"value":0.8,"points":28.0},"rank_top10":{"value":17,"points":0.0},"tilt":{"value":0.635,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CYTK","issuer":"CYTOKINETICS INC","shares":2721158.0,"value_usd":179351524.0,"pct_book":1.78,"position_rank":18,"tilt_pp":0.598,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.0681,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":47.6,"tier":"moderate","components":{"pct_book":{"value":0.787,"points":27.56},"rank_top10":{"value":18,"points":0.0},"tilt":{"value":0.598,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ACAD","issuer":"ACADIA PHARMACEUTICALS INC","shares":7144524.0,"value_usd":159037104.0,"pct_book":1.58,"position_rank":19,"tilt_pp":0.396,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.1901,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":47.1,"tier":"moderate","components":{"pct_book":{"value":0.775,"points":27.12},"rank_top10":{"value":19,"points":0.0},"tilt":{"value":0.396,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"APLSUSD","issuer":"APELLIS PHARMACEUTICALS INC","shares":3685045.0,"value_usd":148249360.0,"pct_book":1.48,"position_rank":20,"tilt_pp":0.289,"action":"trim","shares_change_pct":-51.9,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":46.7,"tier":"moderate","components":{"pct_book":{"value":0.762,"points":26.69},"rank_top10":{"value":20,"points":0.0},"tilt":{"value":0.289,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IMCR","issuer":"IMMUNOCORE HLDGS PLC","shares":4869798.0,"value_usd":146824410.0,"pct_book":1.46,"position_rank":21,"tilt_pp":0.274,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":46.2,"tier":"moderate","components":{"pct_book":{"value":0.75,"points":26.25},"rank_top10":{"value":21,"points":0.0},"tilt":{"value":0.274,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RGEN","issuer":"REPLIGEN CORP","shares":1206000.0,"value_usd":142090920.0,"pct_book":1.41,"position_rank":22,"tilt_pp":0.227,"action":"add","shares_change_pct":13.3,"add_streak_q":2,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.4181,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":55.8,"tier":"moderate","components":{"pct_book":{"value":0.738,"points":25.81},"rank_top10":{"value":22,"points":0.0},"tilt":{"value":0.227,"points":10.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"NBIX","issuer":"NEUROCRINE BIOSCIENCES INC","shares":1062072.0,"value_usd":139917365.0,"pct_book":1.39,"position_rank":23,"tilt_pp":0.206,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.0649,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":45.4,"tier":"moderate","components":{"pct_book":{"value":0.725,"points":25.38},"rank_top10":{"value":23,"points":0.0},"tilt":{"value":0.206,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"GH","issuer":"GUARDANT HEALTH INC","shares":1481033.0,"value_usd":136803018.0,"pct_book":1.36,"position_rank":24,"tilt_pp":0.175,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[{"key":"fv:healthcareoncology","name":"Oncology","name_zh":"Oncology"},{"key":"fv:healthcarediagnostics","name":"Diagnostics","name_zh":"Diagnostics"},{"key":"fv:healthcaregenomics","name":"Genomics","name_zh":"Genomics"}],"since_excess":0.6173,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":44.9,"tier":"low","components":{"pct_book":{"value":0.713,"points":24.94},"rank_top10":{"value":24,"points":0.0},"tilt":{"value":0.175,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ZLAB","issuer":"ZAI LAB LTD","shares":6574032.0,"value_usd":123657542.0,"pct_book":1.23,"position_rank":25,"tilt_pp":0.044,"action":"hold","shares_change_pct":-5.5,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":44.5,"tier":"low","components":{"pct_book":{"value":0.7,"points":24.5},"rank_top10":{"value":25,"points":0.0},"tilt":{"value":0.044,"points":10.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"BLTE","issuer":"BELITE BIO INC","shares":715332.0,"value_usd":114052534.0,"pct_book":1.13,"position_rank":26,"tilt_pp":-0.052,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":34.1,"tier":"low","components":{"pct_book":{"value":0.688,"points":24.06},"rank_top10":{"value":26,"points":0.0},"tilt":{"value":-0.052,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ISRG","issuer":"INTUITIVE SURGICAL INC","shares":220000.0,"value_usd":101417800.0,"pct_book":1.01,"position_rank":27,"tilt_pp":-0.177,"action":"add","shares_change_pct":117.3,"add_streak_q":1,"persistence":"persisted","sector":"Healthcare","themes":[{"key":"robotics_automation","name":"Robotics & Automation","name_zh":"\u673a\u5668\u4eba\u4e0e\u81ea\u52a8\u5316"},{"key":"us_sector_health","name":"Health Care (Equal-Weight)","name_zh":"\u533b\u7597\u4fdd\u5065\uff08\u7b49\u6743\uff09"}],"since_excess":-0.0602,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":38.6,"tier":"low","components":{"pct_book":{"value":0.675,"points":23.62},"rank_top10":{"value":27,"points":0.0},"tilt":{"value":-0.177,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ORKA","issuer":"ORUKA THERAPEUTICS INC","shares":2058148.0,"value_usd":100952159.0,"pct_book":1.0,"position_rank":28,"tilt_pp":-0.182,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":33.2,"tier":"low","components":{"pct_book":{"value":0.662,"points":23.19},"rank_top10":{"value":28,"points":0.0},"tilt":{"value":-0.182,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"XNCR","issuer":"XENCOR INC","shares":6777461.0,"value_usd":81736180.0,"pct_book":0.81,"position_rank":29,"tilt_pp":-0.373,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.314,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":32.8,"tier":"low","components":{"pct_book":{"value":0.65,"points":22.75},"rank_top10":{"value":29,"points":0.0},"tilt":{"value":-0.373,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"260","issuer":"CENTESSA PHARMACEUTICALS PLC","shares":2054175.0,"value_usd":81591831.0,"pct_book":0.81,"position_rank":30,"tilt_pp":-0.375,"action":"add","shares_change_pct":14.7,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":37.8,"tier":"low","components":{"pct_book":{"value":0.65,"points":22.75},"rank_top10":{"value":30,"points":0.0},"tilt":{"value":-0.375,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IMVT","issuer":"IMMUNOVANT INC","shares":3177849.0,"value_usd":78937769.0,"pct_book":0.79,"position_rank":31,"tilt_pp":-0.401,"action":"hold","shares_change_pct":-0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":31.9,"tier":"low","components":{"pct_book":{"value":0.625,"points":21.88},"rank_top10":{"value":31,"points":0.0},"tilt":{"value":-0.401,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RARE","issuer":"ULTRAGENYX PHARMACEUTICAL IN","shares":3648795.0,"value_usd":76442255.0,"pct_book":0.76,"position_rank":32,"tilt_pp":-0.426,"action":"add","shares_change_pct":21.6,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":36.4,"tier":"low","components":{"pct_book":{"value":0.613,"points":21.44},"rank_top10":{"value":32,"points":0.0},"tilt":{"value":-0.426,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"HNGE","issuer":"HINGE HEALTH INC","shares":1930000.0,"value_usd":74420800.0,"pct_book":0.74,"position_rank":33,"tilt_pp":-0.446,"action":"add","shares_change_pct":446.0,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":41.0,"tier":"low","components":{"pct_book":{"value":0.6,"points":21.0},"rank_top10":{"value":33,"points":0.0},"tilt":{"value":-0.446,"points":0.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CSTL","issuer":"CASTLE BIOSCIENCES INC","shares":2758335.0,"value_usd":67717124.0,"pct_book":0.67,"position_rank":34,"tilt_pp":-0.513,"action":"add","shares_change_pct":30.4,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":40.6,"tier":"low","components":{"pct_book":{"value":0.588,"points":20.56},"rank_top10":{"value":34,"points":0.0},"tilt":{"value":-0.513,"points":0.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RCKT","issuer":"ROCKET PHARMACEUTICALS INC","shares":17687772.0,"value_usd":63322224.0,"pct_book":0.63,"position_rank":35,"tilt_pp":-0.557,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":30.1,"tier":"low","components":{"pct_book":{"value":0.575,"points":20.12},"rank_top10":{"value":35,"points":0.0},"tilt":{"value":-0.557,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TSHA","issuer":"TAYSHA GENE THERAPIES INC","shares":13680248.0,"value_usd":61150709.0,"pct_book":0.61,"position_rank":36,"tilt_pp":-0.578,"action":"trim","shares_change_pct":-16.6,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.7,"tier":"low","components":{"pct_book":{"value":0.562,"points":19.69},"rank_top10":{"value":36,"points":0.0},"tilt":{"value":-0.578,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ALKS","issuer":"ALKERMES PLC","shares":1672356.0,"value_usd":59134508.0,"pct_book":0.59,"position_rank":37,"tilt_pp":-0.598,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":0.3657,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.2,"tier":"low","components":{"pct_book":{"value":0.55,"points":19.25},"rank_top10":{"value":37,"points":0.0},"tilt":{"value":-0.598,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CMPS","issuer":"COMPASS PATHWAYS PLC","shares":10632390.0,"value_usd":58797117.0,"pct_book":0.59,"position_rank":38,"tilt_pp":-0.602,"action":"add","shares_change_pct":21.4,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[{"key":"fv:healthcaretherapeutics","name":"Therapeutics","name_zh":"Therapeutics"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":34.2,"tier":"low","components":{"pct_book":{"value":0.55,"points":19.25},"rank_top10":{"value":38,"points":0.0},"tilt":{"value":-0.602,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"KOD","issuer":"KODIAK SCIENCES INC","shares":1487934.0,"value_usd":56720044.0,"pct_book":0.56,"position_rank":39,"tilt_pp":-0.622,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":28.4,"tier":"low","components":{"pct_book":{"value":0.525,"points":18.38},"rank_top10":{"value":39,"points":0.0},"tilt":{"value":-0.622,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"REPL","issuer":"REPLIMUNE GROUP INC","shares":7356916.0,"value_usd":56280407.0,"pct_book":0.56,"position_rank":40,"tilt_pp":-0.627,"action":"hold","shares_change_pct":3.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":28.4,"tier":"low","components":{"pct_book":{"value":0.525,"points":18.38},"rank_top10":{"value":40,"points":0.0},"tilt":{"value":-0.627,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CRNX","issuer":"CRINETICS PHARMACEUTICALS IN","shares":1451326.0,"value_usd":52712160.0,"pct_book":0.52,"position_rank":41,"tilt_pp":-0.662,"action":"hold","shares_change_pct":7.4,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":27.5,"tier":"low","components":{"pct_book":{"value":0.5,"points":17.5},"rank_top10":{"value":41,"points":0.0},"tilt":{"value":-0.662,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"WAY","issuer":"WAYSTAR HLDG CORP","shares":1630000.0,"value_usd":39299300.0,"pct_book":0.39,"position_rank":42,"tilt_pp":-0.796,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":"Health Care","themes":[{"key":"fv:healthcareitdata","name":"IT & Data","name_zh":"IT & Data"}],"since_excess":0.2443,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":22.1,"tier":"low","components":{"pct_book":{"value":0.487,"points":17.06},"rank_top10":{"value":42,"points":0.0},"tilt":{"value":-0.796,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"ARWR","issuer":"ARROWHEAD PHARMACEUTICALS IN","shares":585682.0,"value_usd":36722261.0,"pct_book":0.37,"position_rank":43,"tilt_pp":-0.821,"action":"hold","shares_change_pct":0.2,"add_streak_q":0,"persistence":"persisted","sector":"Health Care","themes":[],"since_excess":-0.0844,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.6,"tier":"low","components":{"pct_book":{"value":0.475,"points":16.62},"rank_top10":{"value":43,"points":0.0},"tilt":{"value":-0.821,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"OBIO","issuer":"ORCHESTRA BIOMED HLDGS INC","shares":8306063.0,"value_usd":35300768.0,"pct_book":0.35,"position_rank":44,"tilt_pp":-0.835,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.2,"tier":"low","components":{"pct_book":{"value":0.463,"points":16.19},"rank_top10":{"value":44,"points":0.0},"tilt":{"value":-0.835,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"VSTM","issuer":"VERASTEM INC","shares":6576306.0,"value_usd":34854422.0,"pct_book":0.35,"position_rank":45,"tilt_pp":-0.84,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.2,"tier":"low","components":{"pct_book":{"value":0.463,"points":16.19},"rank_top10":{"value":45,"points":0.0},"tilt":{"value":-0.84,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"EVMN","issuer":"EVOMMUNE INC","shares":1502235.0,"value_usd":34536383.0,"pct_book":0.34,"position_rank":46,"tilt_pp":-0.843,"action":"add","shares_change_pct":17.0,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":35.3,"tier":"low","components":{"pct_book":{"value":0.438,"points":15.31},"rank_top10":{"value":46,"points":0.0},"tilt":{"value":-0.843,"points":0.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SYK","issuer":"STRYKER CORPORATION","shares":100000.0,"value_usd":32859000.0,"pct_book":0.33,"position_rank":47,"tilt_pp":-0.86,"action":"trim","shares_change_pct":-59.2,"add_streak_q":0,"persistence":"persisted","sector":"Healthcare","themes":[{"key":"us_sector_health","name":"Health Care (Equal-Weight)","name_zh":"\u533b\u7597\u4fdd\u5065\uff08\u7b49\u6743\uff09"}],"since_excess":0.0669,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":24.9,"tier":"low","components":{"pct_book":{"value":0.425,"points":14.88},"rank_top10":{"value":47,"points":0.0},"tilt":{"value":-0.86,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"SVRA","issuer":"SAVARA INC","shares":5952380.0,"value_usd":32499995.0,"pct_book":0.32,"position_rank":48,"tilt_pp":-0.863,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":24.4,"tier":"low","components":{"pct_book":{"value":0.412,"points":14.44},"rank_top10":{"value":48,"points":0.0},"tilt":{"value":-0.863,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CADL","issuer":"CANDEL THERAPEUTICS INC","shares":6422018.0,"value_usd":31467888.0,"pct_book":0.31,"position_rank":49,"tilt_pp":-0.873,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":19.0,"tier":"low","components":{"pct_book":{"value":0.4,"points":14.0},"rank_top10":{"value":49,"points":0.0},"tilt":{"value":-0.873,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"AQST","issuer":"AQUESTIVE THERAPEUTICS INC","shares":7426471.0,"value_usd":30819855.0,"pct_book":0.31,"position_rank":50,"tilt_pp":-0.88,"action":"add","shares_change_pct":18.8,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":29.0,"tier":"low","components":{"pct_book":{"value":0.4,"points":14.0},"rank_top10":{"value":50,"points":0.0},"tilt":{"value":-0.88,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"AKTS","issuer":"AKTIS ONCOLOGY INC","shares":1592043.0,"value_usd":28481649.0,"pct_book":0.28,"position_rank":51,"tilt_pp":-0.903,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.1,"tier":"low","components":{"pct_book":{"value":0.375,"points":13.12},"rank_top10":{"value":51,"points":0.0},"tilt":{"value":-0.903,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"NGNE","issuer":"NEUROGENE INC","shares":1362456.0,"value_usd":27467113.0,"pct_book":0.27,"position_rank":52,"tilt_pp":-0.913,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":22.7,"tier":"low","components":{"pct_book":{"value":0.362,"points":12.69},"rank_top10":{"value":52,"points":0.0},"tilt":{"value":-0.913,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CGEM","issuer":"CULLINAN THERAPEUTICS INC","shares":1705960.0,"value_usd":24241692.0,"pct_book":0.24,"position_rank":53,"tilt_pp":-0.945,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":22.2,"tier":"low","components":{"pct_book":{"value":0.35,"points":12.25},"rank_top10":{"value":53,"points":0.0},"tilt":{"value":-0.945,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CMPX","issuer":"COMPASS THERAPEUTICS INC","shares":4186599.0,"value_usd":22147109.0,"pct_book":0.22,"position_rank":54,"tilt_pp":-0.966,"action":"add","shares_change_pct":67.5,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.8,"tier":"low","components":{"pct_book":{"value":0.338,"points":11.81},"rank_top10":{"value":54,"points":0.0},"tilt":{"value":-0.966,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DNTH","issuer":"DIANTHUS THERAPEUTICS INC","shares":248063.0,"value_usd":20817447.0,"pct_book":0.21,"position_rank":55,"tilt_pp":-0.979,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":26.4,"tier":"low","components":{"pct_book":{"value":0.325,"points":11.38},"rank_top10":{"value":55,"points":0.0},"tilt":{"value":-0.979,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FLGT","issuer":"FULGENT GENETICS INC","shares":1289000.0,"value_usd":20495100.0,"pct_book":0.2,"position_rank":56,"tilt_pp":-0.983,"action":"add","shares_change_pct":82.8,"add_streak_q":2,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":30.9,"tier":"low","components":{"pct_book":{"value":0.312,"points":10.94},"rank_top10":{"value":56,"points":0.0},"tilt":{"value":-0.983,"points":0.0},"add_streak":{"value":2,"points":10.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"BBNX","issuer":"BETA BIONICS INC","shares":2000000.0,"value_usd":20040000.0,"pct_book":0.2,"position_rank":57,"tilt_pp":-0.987,"action":"trim","shares_change_pct":-20.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":20.9,"tier":"low","components":{"pct_book":{"value":0.312,"points":10.94},"rank_top10":{"value":57,"points":0.0},"tilt":{"value":-0.987,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"KYMR","issuer":"KYMERA THERAPEUTICS INC","shares":240000.0,"value_usd":19989600.0,"pct_book":0.2,"position_rank":58,"tilt_pp":-0.988,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":20.9,"tier":"low","components":{"pct_book":{"value":0.312,"points":10.94},"rank_top10":{"value":58,"points":0.0},"tilt":{"value":-0.988,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IPSC","issuer":"CENTURY THERAPEUTICS INC","shares":8695652.0,"value_usd":19652174.0,"pct_book":0.2,"position_rank":59,"tilt_pp":-0.991,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":15.9,"tier":"low","components":{"pct_book":{"value":0.312,"points":10.94},"rank_top10":{"value":59,"points":0.0},"tilt":{"value":-0.991,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"BEAM","issuer":"BEAM THERAPEUTICS INC","shares":570394.0,"value_usd":13592489.0,"pct_book":0.14,"position_rank":60,"tilt_pp":-1.051,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[{"key":"fv:healthcarenextgen","name":"Next-Gen","name_zh":"Next-Gen"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":19.2,"tier":"low","components":{"pct_book":{"value":0.263,"points":9.19},"rank_top10":{"value":60,"points":0.0},"tilt":{"value":-1.051,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"AVTX","issuer":"AVALO THERAPEUTICS INC","shares":856962.0,"value_usd":12794443.0,"pct_book":0.13,"position_rank":61,"tilt_pp":-1.059,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":13.8,"tier":"low","components":{"pct_book":{"value":0.25,"points":8.75},"rank_top10":{"value":61,"points":0.0},"tilt":{"value":-1.059,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"OCGN","issuer":"OCUGEN INC","shares":6666666.0,"value_usd":12066665.0,"pct_book":0.12,"position_rank":62,"tilt_pp":-1.067,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":13.3,"tier":"low","components":{"pct_book":{"value":0.237,"points":8.31},"rank_top10":{"value":62,"points":0.0},"tilt":{"value":-1.067,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"HTFL","issuer":"HEARTFLOW INC","shares":495000.0,"value_usd":12043350.0,"pct_book":0.12,"position_rank":63,"tilt_pp":-1.067,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":18.3,"tier":"low","components":{"pct_book":{"value":0.237,"points":8.31},"rank_top10":{"value":63,"points":0.0},"tilt":{"value":-1.067,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"JBIO","issuer":"JADE BIOSCIENCES INC","shares":573205.0,"value_usd":8053530.0,"pct_book":0.08,"position_rank":64,"tilt_pp":-1.106,"action":"trim","shares_change_pct":-60.4,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":17.4,"tier":"low","components":{"pct_book":{"value":0.212,"points":7.44},"rank_top10":{"value":64,"points":0.0},"tilt":{"value":-1.106,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"CAPR","issuer":"CAPRICOR THERAPEUTICS INC","shares":250000.0,"value_usd":7600000.0,"pct_book":0.08,"position_rank":65,"tilt_pp":-1.111,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":17.4,"tier":"low","components":{"pct_book":{"value":0.212,"points":7.44},"rank_top10":{"value":65,"points":0.0},"tilt":{"value":-1.111,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MIST","issuer":"MILESTONE PHARMACEUTICALS IN","shares":6331001.0,"value_usd":7533891.0,"pct_book":0.07,"position_rank":66,"tilt_pp":-1.112,"action":"add","shares_change_pct":152.6,"add_streak_q":1,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":21.6,"tier":"low","components":{"pct_book":{"value":0.188,"points":6.56},"rank_top10":{"value":66,"points":0.0},"tilt":{"value":-1.112,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"KLRS","issuer":"KALARIS THERAPEUTICS INC","shares":1300000.0,"value_usd":7501000.0,"pct_book":0.07,"position_rank":67,"tilt_pp":-1.112,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":16.6,"tier":"low","components":{"pct_book":{"value":0.188,"points":6.56},"rank_top10":{"value":67,"points":0.0},"tilt":{"value":-1.112,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IVA","issuer":"INVENTIVA SA","shares":1298702.0,"value_usd":7207796.0,"pct_book":0.07,"position_rank":68,"tilt_pp":-1.115,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":16.6,"tier":"low","components":{"pct_book":{"value":0.188,"points":6.56},"rank_top10":{"value":68,"points":0.0},"tilt":{"value":-1.115,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"ATAI","issuer":"ATAIBECKLEY INC","shares":2000000.0,"value_usd":7080000.0,"pct_book":0.07,"position_rank":69,"tilt_pp":-1.116,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[{"key":"fv:healthcaretherapeutics","name":"Therapeutics","name_zh":"Therapeutics"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":11.6,"tier":"low","components":{"pct_book":{"value":0.188,"points":6.56},"rank_top10":{"value":69,"points":0.0},"tilt":{"value":-1.116,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"LRMR","issuer":"LARIMAR THERAPEUTICS INC","shares":1500000.0,"value_usd":6750000.0,"pct_book":0.07,"position_rank":70,"tilt_pp":-1.119,"action":"trim","shares_change_pct":-52.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":16.6,"tier":"low","components":{"pct_book":{"value":0.188,"points":6.56},"rank_top10":{"value":70,"points":0.0},"tilt":{"value":-1.119,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"TENX","issuer":"TENAX THERAPEUTICS INC","shares":370246.0,"value_usd":5920234.0,"pct_book":0.06,"position_rank":71,"tilt_pp":-1.128,"action":"hold","shares_change_pct":-2.1,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":14.4,"tier":"low","components":{"pct_book":{"value":0.125,"points":4.38},"rank_top10":{"value":71,"points":0.0},"tilt":{"value":-1.128,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"DFTX","issuer":"DEFINIUM THERAPEUTICS INC","shares":300000.0,"value_usd":5670000.0,"pct_book":0.06,"position_rank":72,"tilt_pp":-1.13,"action":"new","shares_change_pct":null,"add_streak_q":1,"persistence":"pending","sector":null,"themes":[{"key":"fv:healthcaretherapeutics","name":"Therapeutics","name_zh":"Therapeutics"}],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":9.4,"tier":"low","components":{"pct_book":{"value":0.125,"points":4.38},"rank_top10":{"value":72,"points":0.0},"tilt":{"value":-1.13,"points":0.0},"add_streak":{"value":1,"points":5.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"pending","points":0.0}}}},{"ticker":"LMRI","issuer":"LUMEXA IMAGING HOLDINGS INC","shares":650000.0,"value_usd":5590000.0,"pct_book":0.06,"position_rank":73,"tilt_pp":-1.131,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":14.4,"tier":"low","components":{"pct_book":{"value":0.125,"points":4.38},"rank_top10":{"value":73,"points":0.0},"tilt":{"value":-1.131,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"FDMT","issuer":"4D MOLECULAR THERAPEUTICS IN","shares":475737.0,"value_usd":4429111.0,"pct_book":0.04,"position_rank":74,"tilt_pp":-1.143,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":13.1,"tier":"low","components":{"pct_book":{"value":0.087,"points":3.06},"rank_top10":{"value":74,"points":0.0},"tilt":{"value":-1.143,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"MDLN","issuer":"MEDLINE INC","shares":70000.0,"value_usd":3115000.0,"pct_book":0.03,"position_rank":75,"tilt_pp":-1.156,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":12.6,"tier":"low","components":{"pct_book":{"value":0.075,"points":2.62},"rank_top10":{"value":75,"points":0.0},"tilt":{"value":-1.156,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"OMDA","issuer":"OMADA HEALTH INC","shares":200000.0,"value_usd":2514000.0,"pct_book":0.03,"position_rank":76,"tilt_pp":-1.162,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":12.6,"tier":"low","components":{"pct_book":{"value":0.075,"points":2.62},"rank_top10":{"value":76,"points":0.0},"tilt":{"value":-1.162,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IRON","issuer":"DISC MEDICINE INC","shares":30000.0,"value_usd":1918200.0,"pct_book":0.02,"position_rank":77,"tilt_pp":-1.168,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":11.8,"tier":"low","components":{"pct_book":{"value":0.05,"points":1.75},"rank_top10":{"value":77,"points":0.0},"tilt":{"value":-1.168,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"IMA","issuer":"IMAGENEBIO INC","shares":334445.0,"value_usd":1672225.0,"pct_book":0.02,"position_rank":78,"tilt_pp":-1.17,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":11.8,"tier":"low","components":{"pct_book":{"value":0.05,"points":1.75},"rank_top10":{"value":78,"points":0.0},"tilt":{"value":-1.17,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"XGN","issuer":"EXAGEN INC","shares":395231.0,"value_usd":1185693.0,"pct_book":0.01,"position_rank":79,"tilt_pp":-1.175,"action":"trim","shares_change_pct":-50.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":10.9,"tier":"low","components":{"pct_book":{"value":0.025,"points":0.88},"rank_top10":{"value":79,"points":0.0},"tilt":{"value":-1.175,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}},{"ticker":"RCKTW","issuer":"ROCKET PHARMACEUTICALS INC","shares":350000.0,"value_usd":7210.0,"pct_book":0.0,"position_rank":80,"tilt_pp":-1.187,"action":"hold","shares_change_pct":0.0,"add_streak_q":0,"persistence":"persisted","sector":null,"themes":[],"since_excess":null,"period_end":"2026-03-31","filing_date":"2026-05-15","conviction":{"score":10.4,"tier":"low","components":{"pct_book":{"value":0.013,"points":0.44},"rank_top10":{"value":80,"points":0.0},"tilt":{"value":-1.187,"points":0.0},"add_streak":{"value":0,"points":0.0},"new_at_size":{"value":false,"points":0.0},"persisted":{"value":"persisted","points":10.0}}}}],"book_meta":{"n_positions":88,"n_resolved":80,"resolution_pct":90.9,"book_value_usd":10049752600.0,"filing_date":"2026-05-15","period_end":"2026-03-31"},"sector_series":[{"period_end":"2023-03-31","filing_date":"2023-05-15","weights":{"Unclassified":72.11,"Health Care":24.4,"Healthcare":3.48},"top_theme_weights":{"US Sectors (EW)":3.48,"Healthcare":0.35}},{"period_end":"2023-06-30","filing_date":"2023-08-14","weights":{"Unclassified":68.93,"Health Care":27.08,"Healthcare":3.99},"top_theme_weights":{"US Sectors (EW)":2.88,"Industrials":1.11,"Healthcare":0.31}},{"period_end":"2023-09-30","filing_date":"2023-11-14","weights":{"Unclassified":73.06,"Health Care":23.68,"Healthcare":3.26},"top_theme_weights":{"US Sectors (EW)":3.26,"Healthcare":0.06}},{"period_end":"2023-12-31","filing_date":"2024-02-14","weights":{"Unclassified":74.72,"Health Care":24.43,"Healthcare":0.84},"top_theme_weights":{"US Sectors (EW)":0.84}},{"period_end":"2024-03-31","filing_date":"2024-05-15","weights":{"Unclassified":72.88,"Health Care":23.89,"Healthcare":3.23},"top_theme_weights":{"US Sectors (EW)":2.64,"Industrials":0.58}},{"period_end":"2024-06-30","filing_date":"2024-08-14","weights":{"Unclassified":75.23,"Health Care":23.38,"Healthcare":1.39},"top_theme_weights":{"Industrials":1.39,"Artificial Intelligence":0.22,"Healthcare":0.08}},{"period_end":"2024-09-30","filing_date":"2024-11-14","weights":{"Unclassified":73.93,"Health Care":24.0,"Healthcare":2.07},"top_theme_weights":{"US Sectors (EW)":2.07,"Artificial Intelligence":0.33,"Healthcare":0.08}},{"period_end":"2024-12-31","filing_date":"2025-02-14","weights":{"Unclassified":71.19,"Health Care":25.59,"Healthcare":3.21},"top_theme_weights":{"US Sectors (EW)":3.21,"Healthcare":0.05}},{"period_end":"2025-03-31","filing_date":"2025-05-15","weights":{"Unclassified":69.6,"Health Care":24.61,"Healthcare":5.79},"top_theme_weights":{"US Sectors (EW)":4.26,"Industrials":1.53,"Artificial Intelligence":0.3}},{"period_end":"2025-06-30","filing_date":"2025-08-14","weights":{"Unclassified":68.93,"Health Care":23.38,"Healthcare":7.69},"top_theme_weights":{"US Sectors (EW)":6.13,"Industrials":1.57,"Artificial Intelligence":0.36}},{"period_end":"2025-09-30","filing_date":"2025-11-14","weights":{"Unclassified":72.71,"Health Care":22.99,"Healthcare":4.3},"top_theme_weights":{"US Sectors (EW)":3.18,"Industrials":1.12,"Artificial Intelligence":0.2}},{"period_end":"2025-12-31","filing_date":"2026-02-17","weights":{"Unclassified":72.91,"Health Care":24.63,"Healthcare":2.46},"top_theme_weights":{"US Sectors (EW)":1.89,"Industrials":0.57,"Artificial Intelligence":0.12,"Healthcare":0.07}},{"period_end":"2026-03-31","filing_date":"2026-05-15","weights":{"Unclassified":77.39,"Health Care":21.27,"Healthcare":1.34},"top_theme_weights":{"Industrials":1.01,"US Sectors (EW)":0.33}}],"sector_rotation":{"into":[],"out_of":[{"sector":"Health Care","delta_pp":-3.36},{"sector":"Healthcare","delta_pp":-1.12}],"deltas":{"Unclassified":4.48,"Healthcare":-1.12,"Health Care":-3.36},"period_end":"2026-03-31","prev_period_end":"2025-12-31","method_note":{"en":"Current sector/theme map applied to history \u2014 historical quarters are classified with today's sector and theme membership (survivorship-lite; past classification changes are not reconstructed).","zh":"\u4ee5\u5f53\u524d\u884c\u4e1a/\u4e3b\u9898\u6620\u5c04\u56de\u6eaf\u5386\u53f2\u2014\u2014\u5386\u53f2\u5b63\u5ea6\u6309\u4eca\u65e5\u7684\u884c\u4e1a\u4e0e\u4e3b\u9898\u6210\u5458\u5206\u7c7b\uff08\u8f7b\u5ea6\u5e78\u5b58\u8005\u53e3\u5f84\uff1b\u4e0d\u91cd\u5efa\u8fc7\u53bb\u7684\u5206\u7c7b\u53d8\u66f4\uff09\u3002"}},"theme_read":{"leans":[{"theme_key":"fv:healthcareoncology","label":"Oncology","label_zh":"Oncology","category":"Healthcare & Biotech","source":"finviz","tickers":["TNGX"],"added_pp":2.77,"held_pp":4.13,"n_names":2},{"theme_key":"fv:wearablesmedical","label":"Medical","label_zh":"Medical","category":"Wearables","source":"finviz","tickers":["IRTC"],"added_pp":1.96,"held_pp":1.96,"n_names":1},{"theme_key":"fv:healthcaretelemedicine","label":"Telemedicine","label_zh":"Telemedicine","category":"Healthcare & Biotech","source":"finviz","tickers":["IRTC"],"added_pp":1.96,"held_pp":1.96,"n_names":1},{"theme_key":"robotics_automation","label":"Robotics & Automation","label_zh":"\u673a\u5668\u4eba\u4e0e\u81ea\u52a8\u5316","category":"Industrials","source":"basket","tickers":["ISRG"],"added_pp":1.01,"held_pp":1.01,"n_names":1},{"theme_key":"us_sector_health","label":"Health Care (Equal-Weight)","label_zh":"\u533b\u7597\u4fdd\u5065\uff08\u7b49\u6743\uff09","category":"US Sectors (EW)","source":"basket","tickers":["ISRG"],"added_pp":1.01,"held_pp":1.34,"n_names":2},{"theme_key":"fv:healthcaretherapeutics","label":"Therapeutics","label_zh":"Therapeutics","category":"Healthcare & Biotech","source":"finviz","tickers":["CMPS","ATAI","DFTX"],"added_pp":0.72,"held_pp":0.72,"n_names":3}],"core":{"theme_key":"fv:healthcareoncology","label":"Oncology","label_zh":"Oncology","category":"Healthcare & Biotech","source":"finviz","tickers":["TNGX"],"added_pp":2.77,"held_pp":4.13,"n_names":2},"narrative_en":"Core lean: Oncology \u2014 added TNGX (+2.8pp of book this quarter)","narrative_zh":"\u6838\u5fc3\u503e\u5411\uff1aOncology \u2014 \u672c\u5b63\u5ea6\u52a0\u4ed3 TNGX\uff08\u5360\u7ec4\u5408 +2.8pp\uff09"}}