Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ORKA	ORUKA THERAPEUTICS INC	41,987	$3.996M	2.8%	—	—	COM	687604108
DFTX	DEFINIUM THERAPEUTICS INC	78,310	$3.684M	2.6%	—	—	COM SHS	24477V105
IRTC	IRHYTHM HOLDINGS INC	26,070	$3.101M	2.2%	—	—	COM	450056106
AVTX	AVALO THERAPEUTICS INC	119,923	$2.216M	1.5%	—	—	COM NEW	05338F306
CBIO	CRESCENT BIOPHARMA INC.	121,300	$2.183M	1.5%	—	—	COM	G2545C104
PLSE	PULSE BIOSCIENCES INC	67,895	$1.883M	1.3%	—	—	COM	74587B101
ATEC	ALPHATEC HLDGS INC	185,900	$1.608M	1.1%	—	—	COM NEW	02081G201
TMDX	TRANSMEDICS GROUP INC	21,950	$1.458M	1.0%	—	—	COM	89377M109
CVS	CVS HEALTH CORP	13,000	$1.345M	0.9%	—	—	COM	126650100
CNC	CENTENE CORP DEL	12,000	$770K	0.5%	—	—	COM	15135B101
ASND	ASCENDIS PHARMA A/S	2,570	$685K	0.5%	—	—	ORD SHS	K08588103
HUM	HUMANA INC	1,250	$497K	0.3%	—	—	INC	444859102
TEM	TEMPUS AI INC	3,880	$225K	0.2%	—	—	CL A	88023B103
CRBP	ORBUS PHARMACEUTICALS HLDGS	20,000	$188K	0.1%	—	—	COM NEW	21833P301
ENGN	ENGENE THERAPEUTICS INC	21,700	$37,541	0.0%	—	—	COM	29286X101

Increased Positions (17)

RCUS ARCUS BIOSCIENCES 2.4%

Value $3.418M (+230.1%) Shares 110,870 (+146.0%) Est. Cost — Unrealized —

AVBP ARRIVENT BIOPHARMA 1.9%

Value $2.746M (+281.2%) Shares 79,043 (+163.4%) Est. Cost — Unrealized —

DXCM DEXCOM INC 2.4%

Value $3.418M (+134.3%) Shares 50,756 (+118.5%) Est. Cost — Unrealized —

BNTX BIONTECH SE 2.7%

Value $3.896M (+90.5%) Shares 41,869 (+88.9%) Est. Cost — Unrealized —

TECX TECTONIC THERAPEUTIC 1.7%

Value $2.441M (+288.6%) Shares 71,009 (+272.6%) Est. Cost — Unrealized —

SMMT SUMMIT THERAPEUTICS 2.2%

Value $3.208M (+129.2%) Shares 220,180 (+216.3%) Est. Cost — Unrealized —

IMTX IMMATICS NV 1.6%

Value $2.279M (+228.9%) Shares 224,928 (+236.6%) Est. Cost — Unrealized —

ROIV ROIVANT SCIENCES LTD 1.5%

Value $2.162M (+112.8%) Shares 61,100 (+88.0%) Est. Cost — Unrealized —

INSM INSMED INC 1.7%

Value $2.475M (-26.8%) Shares 23,216 (+18.0%) Est. Cost — Unrealized —

CYTK CYTOKINETICS INC 1.0%

Value $1.391M (+155.4%) Shares 16,330 (+123.7%) Est. Cost — Unrealized —

IQV IQVIA HOLDINGS INC 1.5%

Value $2.096M (+48.0%) Shares 10,848 (+30.6%) Est. Cost — Unrealized —

BSX BOSTON SCIENTIFIC 1.1%

Value $1.551M (-29.0%) Shares 36,330 (+4.5%) Est. Cost — Unrealized —

SYK STRYKER CORP 1.6%

Value $2.249M (+16.5%) Shares 7,129 (+21.4%) Est. Cost — Unrealized —

COGT COGENT BIOSCIENCES 0.7%

Value $1.035M (+14.7%) Shares 26,740 (+20.8%) Est. Cost — Unrealized —

PTCT PTC THERAPEUTICS INC 0.4%

Value $609K (+18.3%) Shares 7,470 (+12.3%) Est. Cost — Unrealized —

ISRG INTUITIVE SURGIC INC 1.6%

Value $2.326M (-3.9%) Shares 5,850 (+11.4%) Est. Cost — Unrealized —

TARS TARSUS PHARMACEUTICALS 0.6%

Value $836K (-1.9%) Shares 13,285 (+17.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RCUS	ARCUS BIOSCIENCES	110,870 (+146.0%)	$3.418M (+230.1%)	2.4%	—	—	COM	03969F109
AVBP	ARRIVENT BIOPHARMA	79,043 (+163.4%)	$2.746M (+281.2%)	1.9%	—	—	COM	04272N102
DXCM	DEXCOM INC	50,756 (+118.5%)	$3.418M (+134.3%)	2.4%	—	—	COM	252131107
BNTX	BIONTECH SE	41,869 (+88.9%)	$3.896M (+90.5%)	2.7%	—	—	SP ADR	09075V102
TECX	TECTONIC THERAPEUTIC	71,009 (+272.6%)	$2.441M (+288.6%)	1.7%	—	—	COM	878972108
SMMT	SUMMIT THERAPEUTICS	220,180 (+216.3%)	$3.208M (+129.2%)	2.2%	—	—	COM	86627T108
IMTX	IMMATICS NV	224,928 (+236.6%)	$2.279M (+228.9%)	1.6%	—	—	SHS	N44445109
ROIV	ROIVANT SCIENCES LTD	61,100 (+88.0%)	$2.162M (+112.8%)	1.5%	—	—	SHS	G76279101
INSM	INSMED INC	23,216 (+18.0%)	$2.475M (-26.8%)	1.7%	—	—	COM PAR $.01	457669307
CYTK	CYTOKINETICS INC	16,330 (+123.7%)	$1.391M (+155.4%)	1.0%	—	—	COM NEW	23282W605
IQV	IQVIA HOLDINGS INC	10,848 (+30.6%)	$2.096M (+48.0%)	1.5%	—	—	COM	46266C105
BSX	BOSTON SCIENTIFIC	36,330 (+4.5%)	$1.551M (-29.0%)	1.1%	—	—	COM	101137107
SYK	STRYKER CORP	7,129 (+21.4%)	$2.249M (+16.5%)	1.6%	—	—	COM	863667101
COGT	COGENT BIOSCIENCES	26,740 (+20.8%)	$1.035M (+14.7%)	0.7%	—	—	COM	19240Q201
PTCT	PTC THERAPEUTICS INC	7,470 (+12.3%)	$609K (+18.3%)	0.4%	—	—	COM	69366J200
ISRG	INTUITIVE SURGIC INC	5,850 (+11.4%)	$2.326M (-3.9%)	1.6%	—	—	COM NEW	46120E602
TARS	TARSUS PHARMACEUTICALS	13,285 (+17.9%)	$836K (-1.9%)	0.6%	—	—	COM	87650L103

Exited Positions (10)

EVMN EVOMMUNE INC 9.4%

Value $13.54M Shares 589,005 Est. Cost — Unrealized —

RAPP RAPPORT THERAPEUTICS 0.6%

Value $835K Shares 25,421 Est. Cost — Unrealized —

BOLD BOUNDLESS BIO 0.5%

Value $746K Shares 678,574 Est. Cost — Unrealized —

ASND ASCENDIS PHARMA A S 0.5%

Value $728K Shares 2,800 Est. Cost — Unrealized —

QURE UNIQURE N.V. 0.3%

Value $499K Shares 29,245 Est. Cost — Unrealized —

ALHC ALIGNMENT HEALTH 0.3%

Value $474K Shares 26,911 Est. Cost — Unrealized —

RDNT RADNET INC 0.3%

Value $447K Shares 7,999 Est. Cost — Unrealized —

INSP INSPIRE MED SYS INC 0.3%

Value $373K Shares 7,225 Est. Cost — Unrealized —

NBIX NEUROCRINE BIOSCIENCES 0.2%

Value $344K Shares 2,300 Est. Cost — Unrealized —

OMDA OMADA HEALTH INC 0.2%

Value $322K Shares 25,620 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EVMN	EVOMMUNE INC	589,005	$13.54M	9.4%	—	—	—	30054Y107
RAPP	RAPPORT THERAPEUTICS	25,421	$835K	0.6%	—	—	—	75383L102
BOLD	BOUNDLESS BIO	678,574	$746K	0.5%	—	—	—	10170A100
ASND	ASCENDIS PHARMA A S	2,800	$728K	0.5%	—	—	—	04351P101
QURE	UNIQURE N.V.	29,245	$499K	0.3%	—	—	—	N90064101
ALHC	ALIGNMENT HEALTH	26,911	$474K	0.3%	—	—	—	01625V104
RDNT	RADNET INC	7,999	$447K	0.3%	—	—	—	750491102
INSP	INSPIRE MED SYS INC	7,225	$373K	0.3%	—	—	—	457730109
NBIX	NEUROCRINE BIOSCIENCES	2,300	$344K	0.2%	—	—	—	64125C109
OMDA	OMADA HEALTH INC	25,620	$322K	0.2%	—	—	—	68170A108

Decreased Positions (17)

GILD GILEAD SCIENCES INC 1.8%

Value $2.605M (-36.9%) Shares 20,620 (-25.0%) Est. Cost — Unrealized —

UNH UNITEDHEALTH GRP INC 3.8%

Value $5.501M (+35.9%) Shares 13,235 (-11.5%) Est. Cost — Unrealized —

REGN REGENERON PHARMCTCLS 0.9%

Value $1.352M (-45.5%) Shares 2,169 (-25.7%) Est. Cost — Unrealized —

ABT ABBOTT LABS 1.1%

Value $1.641M (-37.5%) Shares 18,080 (-29.3%) Est. Cost — Unrealized —

VRTX VERTEX PHARMA 1.9%

Value $2.698M (-22.0%) Shares 5,432 (-22.5%) Est. Cost — Unrealized —

MLYS MINERALYS THERAPEUTICS 0.3%

Value $393K (-56.1%) Shares 14,565 (-53.9%) Est. Cost — Unrealized —

GPCR STRUCTURE THERAPEUTICS 0.2%

Value $232K (-67.3%) Shares 4,325 (-69.3%) Est. Cost — Unrealized —

SNDX SYNDAX PHARMACEUTICS 0.2%

Value $343K (-56.5%) Shares 15,680 (-50.5%) Est. Cost — Unrealized —

SPRY ARS PHARMACEUTICALS 0.2%

Value $239K (-64.6%) Shares 29,900 (-62.2%) Est. Cost — Unrealized —

UTHR UNITED THERAPEUTICS 0.5%

Value $742K (-35.2%) Shares 1,370 (-19.9%) Est. Cost — Unrealized —

BBIO BRIDGEBIO PHARMA 0.2%

Value $305K (-55.6%) Shares 4,100 (-49.4%) Est. Cost — Unrealized —

TRVI TREVI THERAPEUTICS 0.9%

Value $1.223M (+30.2%) Shares 65,596 (-11.9%) Est. Cost — Unrealized —

HNGE HINGE HEALTH INC 0.5%

Value $726K (+53.7%) Shares 8,744 (-28.6%) Est. Cost — Unrealized —

NKTR NEKTAR THERAPEUTICS 0.5%

Value $706K (-14.0%) Shares 10,111 (-6.8%) Est. Cost — Unrealized —

ARGX ARGENX SE 1.8%

Value $2.627M (-4.0%) Shares 2,831 (-20.6%) Est. Cost — Unrealized —

PRVA PRIVIA HEALTH GROUP 0.4%

Value $621K (+11.3%) Shares 24,136 (-11.1%) Est. Cost — Unrealized —

EW EDWARDS LIFESCIENCES 0.9%

Value $1.341M (-3.4%) Shares 14,826 (-14.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GILD	GILEAD SCIENCES INC	20,620 (-25.0%)	$2.605M (-36.9%)	1.8%	—	—	COM	375558103
UNH	UNITEDHEALTH GRP INC	13,235 (-11.5%)	$5.501M (+35.9%)	3.8%	—	—	COM	91324P102
REGN	REGENERON PHARMCTCLS	2,169 (-25.7%)	$1.352M (-45.5%)	0.9%	—	—	COM	75886F107
ABT	ABBOTT LABS	18,080 (-29.3%)	$1.641M (-37.5%)	1.1%	—	—	COM	002824100
VRTX	VERTEX PHARMA	5,432 (-22.5%)	$2.698M (-22.0%)	1.9%	—	—	COM	92532F100
MLYS	MINERALYS THERAPEUTICS	14,565 (-53.9%)	$393K (-56.1%)	0.3%	—	—	COM	603170101
GPCR	STRUCTURE THERAPEUTICS	4,325 (-69.3%)	$232K (-67.3%)	0.2%	—	—	SP ADR	86366E106
SNDX	SYNDAX PHARMACEUTICS	15,680 (-50.5%)	$343K (-56.5%)	0.2%	—	—	COM	87164F105
SPRY	ARS PHARMACEUTICALS	29,900 (-62.2%)	$239K (-64.6%)	0.2%	—	—	COM	82835W108
UTHR	UNITED THERAPEUTICS	1,370 (-19.9%)	$742K (-35.2%)	0.5%	—	—	COM	91307C102
BBIO	BRIDGEBIO PHARMA	4,100 (-49.4%)	$305K (-55.6%)	0.2%	—	—	COM	10806X102
TRVI	TREVI THERAPEUTICS	65,596 (-11.9%)	$1.223M (+30.2%)	0.9%	—	—	COM	89532M101
HNGE	HINGE HEALTH INC	8,744 (-28.6%)	$726K (+53.7%)	0.5%	—	—	CL A	433313103
NKTR	NEKTAR THERAPEUTICS	10,111 (-6.8%)	$706K (-14.0%)	0.5%	—	—	COM NEW	640268306
ARGX	ARGENX SE	2,831 (-20.6%)	$2.627M (-4.0%)	1.8%	—	—	SP ADR	04016X101
PRVA	PRIVIA HEALTH GROUP	24,136 (-11.1%)	$621K (+11.3%)	0.4%	—	—	COM	74276R102
EW	EDWARDS LIFESCIENCES	14,826 (-14.5%)	$1.341M (-3.4%)	0.9%	—	—	COM	28176E108

Unchanged Positions (33)

SI SHOULDER INNOVATIONS 6.1%

Value $8.729M Shares 430,407 Est. Cost — Unrealized —

CTNM CONTINEUM THERAPEUTICS 8.3%

Value $11.93M Shares 727,587 Est. Cost — Unrealized —

LLY ELI LILLY & CO 5.3%

Value $7.621M Shares 6,354 Est. Cost — Unrealized —

ABBV ABBVIE INC 2.1%

Value $3.07M Shares 12,200 Est. Cost — Unrealized —

MRK MERCK & CO INC 1.9%

Value $2.773M Shares 21,480 Est. Cost — Unrealized —

AMGN AMGEN INC 2.3%

Value $3.335M Shares 9,210 Est. Cost — Unrealized —

KURA KURA ONCOLOGY INC 0.5%

Value $784K Shares 71,480 Est. Cost — Unrealized —

JNJ JOHNSON & JOHNSON 3.2%

Value $4.627M Shares 18,218 Est. Cost — Unrealized —

ALNY ALNYLAM PHARMACUETCL 0.5%

Value $695K Shares 2,310 Est. Cost — Unrealized —

ARDX ARDELYX INC 0.4%

Value $624K Shares 122,394 Est. Cost — Unrealized —

RVMD REVOLUTION MEDICINES 0.2%

Value $343K Shares 1,830 Est. Cost — Unrealized —

PFE PFIZER INC 0.5%

Value $662K Shares 27,500 Est. Cost — Unrealized —

ONC BEONE MEDICINES LTD 0.4%

Value $533K Shares 1,870 Est. Cost — Unrealized —

GH GUARDANT HEALTH INC 0.2%

Value $297K Shares 1,980 Est. Cost — Unrealized —

AGMB AGOMAB THERAPEUTICS 0.4%

Value $565K Shares 43,500 Est. Cost — Unrealized —

MDT MEDTRONIC PLC 0.6%

Value $876K Shares 11,100 Est. Cost — Unrealized —

ILMN ILLUMINA INC 0.3%

Value $375K Shares 2,132 Est. Cost — Unrealized —

ORIC ORIC PHARMACEUTICALS 0.2%

Value $255K Shares 23,500 Est. Cost — Unrealized —

AXSM AXSOME THERAPEUTIC 0.3%

Value $367K Shares 1,500 Est. Cost — Unrealized —

BMRN BIOMARIN PHARMAC 0.4%

Value $541K Shares 9,450 Est. Cost — Unrealized —

BMY BRISTOL MYERS SQUIBB 0.9%

Value $1.219M Shares 21,150 Est. Cost — Unrealized —

MRNA MODERNA INC 0.2%

Value $305K Shares 4,350 Est. Cost — Unrealized —

JAZZ JAZZ PHARMA PLC 0.3%

Value $422K Shares 1,750 Est. Cost — Unrealized —

IONS IONIS PHARMACEUTICAL 0.4%

Value $571K Shares 7,200 Est. Cost — Unrealized —

TMO THERMO FISHER SCIENTIFIC 1.2%

Value $1.76M Shares 3,508 Est. Cost — Unrealized —

ABVX ABIVAX SA 0.2%

Value $312K Shares 2,340 Est. Cost — Unrealized —

BIIB BIOGEN INC 0.3%

Value $400K Shares 1,850 Est. Cost — Unrealized —

VERA VERA THERAPEUTICS 0.8%

Value $1.097M Shares 25,573 Est. Cost — Unrealized —

INCY INCYTE CORPORATION 0.2%

Value $266K Shares 2,350 Est. Cost — Unrealized —

PALI PALISADE BIO INC 0.1%

Value $184K Shares 88,000 Est. Cost — Unrealized —

DHR DANAHER CORP 1.3%

Value $1.831M Shares 9,597 Est. Cost — Unrealized —

RPRX ROYALTY PHARMA PLC 0.3%

Value $404K Shares 7,200 Est. Cost — Unrealized —

MEDP MEDPACE HOLDINGS 0.2%

Value $228K Shares 430 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SI	SHOULDER INNOVATIONS	430,407	$8.729M	6.1%	—	—	COMMON STOCK	82537J108
CTNM	CONTINEUM THERAPEUTICS	727,587	$11.93M	8.3%	—	—	CL A	21217B100
LLY	ELI LILLY & CO	6,354	$7.621M	5.3%	—	—	COM	532457108
ABBV	ABBVIE INC	12,200	$3.07M	2.1%	—	—	COM	00287Y109
MRK	MERCK & CO INC	21,480	$2.773M	1.9%	—	—	COM	58933Y105
AMGN	AMGEN INC	9,210	$3.335M	2.3%	—	—	COM	031162100
KURA	KURA ONCOLOGY INC	71,480	$784K	0.5%	—	—	COM	50127T109
JNJ	JOHNSON & JOHNSON	18,218	$4.627M	3.2%	—	—	COM	478160104
ALNY	ALNYLAM PHARMACUETCL	2,310	$695K	0.5%	—	—	COM	02043Q107
ARDX	ARDELYX INC	122,394	$624K	0.4%	—	—	COM	039697107
RVMD	REVOLUTION MEDICINES	1,830	$343K	0.2%	—	—	COM	76155X100
PFE	PFIZER INC	27,500	$662K	0.5%	—	—	COM	717081103
ONC	BEONE MEDICINES LTD	1,870	$533K	0.4%	—	—	SP ADR	07725L102
GH	GUARDANT HEALTH INC	1,980	$297K	0.2%	—	—	COM	40131M109
AGMB	AGOMAB THERAPEUTICS	43,500	$565K	0.4%	—	—	SPONSORED ADS	00860C102
MDT	MEDTRONIC PLC	11,100	$876K	0.6%	—	—	SHS	G5960L103
ILMN	ILLUMINA INC	2,132	$375K	0.3%	—	—	COM	452327109
ORIC	ORIC PHARMACEUTICALS	23,500	$255K	0.2%	—	—	COM	68622P109
AXSM	AXSOME THERAPEUTIC	1,500	$367K	0.3%	—	—	COM	05464T104
BMRN	BIOMARIN PHARMAC	9,450	$541K	0.4%	—	—	COM	09061G101
BMY	BRISTOL MYERS SQUIBB	21,150	$1.219M	0.9%	—	—	COM	110122108
MRNA	MODERNA INC	4,350	$305K	0.2%	—	—	COM	60770K107
JAZZ	JAZZ PHARMA PLC	1,750	$422K	0.3%	—	—	SHS USD	G50871105
IONS	IONIS PHARMACEUTICAL	7,200	$571K	0.4%	—	—	COM	462222100
TMO	THERMO FISHER SCIENTIFIC	3,508	$1.76M	1.2%	—	—	COM	883556102
ABVX	ABIVAX SA	2,340	$312K	0.2%	—	—	SPONSORED ADS	00370M103
BIIB	BIOGEN INC	1,850	$400K	0.3%	—	—	COM	09062X103
VERA	VERA THERAPEUTICS	25,573	$1.097M	0.8%	—	—	CL A	92337R101
INCY	INCYTE CORPORATION	2,350	$266K	0.2%	—	—	COM	45337C102
PALI	PALISADE BIO INC	88,000	$184K	0.1%	—	—	COM	696389402
DHR	DANAHER CORP	9,597	$1.831M	1.3%	—	—	COM	235851102
RPRX	ROYALTY PHARMA PLC	7,200	$404K	0.3%	—	—	SHS CLASS A	G7709Q104
MEDP	MEDPACE HOLDINGS	430	$228K	0.2%	—	—	COM	58506Q109