Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TEVA	TEVA PHARM ADR ⚠	450,100	$13.56M	2.3%	$16.83	—	—	881624209
AKTS	AKTIS ONCOLOGY INC	468,566	$8.786M	1.5%	$18.75	—	—	01021M104
PVLA	PALVELLA THERAPEUTICS INC ⚠	70,000	$8.726M	1.5%	$89.70	+1.9%	—	697947109
MDT	MEDTRONIC INC ⚠	100,000	$8.665M	1.5%	$91.27	+9.0%	—	G5960L103
VIR	VIR BIOTECHNOLOGY INC	619,300	$6.326M	1.1%	$7.20	0.0%	—	92764N102
DXCM	DEXCOM INC ⚠	100,000	$5.955M	1.0%	$70.92	0.0%	—	252131107
HUM	HUMANA INC	25,000	$5.911M	1.0%	$223.53	0.0%	—	444859102
DXCM	DEXCOM ⚠	90,000	$5.652M	1.0%	$70.92	0.0%	—	252131107
BSX	BOSTON SCIENTIFIC CORPORATION ⚠	60,000	$3.765M	0.6%	$49.10	+74.8%	—	101137107
TEM	TEMPUS AI INC	65,000	$3.606M	0.6%	$61.24	0.0%	—	88023B103
TENX	TENAX THERAPEUTICS INC	265,934	$3.486M	0.6%	$13.50	0.0%	—	88032L605
MSLE	SATELLOS BIOSCIENCE INC	387,769	$3.083M	0.5%	$7.95	—	—	80401L803
GILD	GILEAD SCIENCES INC	20,000	$2.617M	0.4%	$138.38	0.0%	—	375558103
GPCR	STRUCTURE THERAPEUTICS INC	48,000	$1.99M	0.3%	$41.45	—	—	86366E106
CRVS	CORVUS PHARMACEUTICALS INC	115,000	$1.747M	0.3%	$16.29	0.0%	—	221015100
PODD	INSULET CORP	10,000	$1.721M	0.3%	$264.39	0.0%	—	45784P101
CRL	CHARLES RIV LABS INTL INC	10,000	$1.67M	0.3%	$197.49	0.0%	—	159864107
RVMD	REVOLUTION MEDICINES INC	15,000	$1.459M	0.3%	$103.02	0.0%	—	76155X100
HIMS	HIMS & HERS HEALTH INC	50,000	$1.359M	0.2%	$25.33	0.0%	—	433000106
GMAB	GENMAB A/S -SP ADR ⚠	50,000	$1.341M	0.2%	$20.66	—	—	372303206
CORT	CORCEPT THERA ⚠	30,000	$1.209M	0.2%	$67.95	-42.9%	—	218352102
ABVX	ABIVAX SA-ADR	10,000	$1.113M	0.2%	$111.35	—	—	00370M103
PTON	PELOTON INTERACTIVE INC ⚠	200,000	$1.09M	0.2%	$5.43	0.0%	—	70614W100
UNH	UNITEDHEALTH GRP	3,800	$1.028M	0.2%	$308.69	0.0%	—	91324P102
NTLA	INTELLIA THERAPEUTICS INC	75,000	$1.011M	0.2%	$12.40	0.0%	—	45826J105
ODD	ODDITY TECH LTD ⚠	70,000	$1.002M	0.2%	$32.12	0.0%	—	M7518J104
ODD	ODDITY TECH LTD-CL A ⚠	70,000	$937K	0.2%	$32.12	0.0%	—	M7518J104
AVR	ANTERIS TECHNOLOGIES GLOBAL	150,000	$923K	0.2%	$5.58	0.0%	—	03675P102
ABT	ABBOTT LABORATORIES	10,000	$908K	0.2%	$115.41	0.0%	—	002824100
PTON	PELOTON INTERACTIVE INC-A ⚠	200,000	$858K	0.1%	$5.43	0.0%	—	70614W100
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	50,000	$819K	0.1%	$16.05	0.0%	—	61559X104
BBIO	BRIDGEBIO PHARMA INC	10,000	$711K	0.1%	$74.48	0.0%	—	10806X102
ABUS	ARBUTUS BIOPHARMA CORP	125,000	$525K	0.1%	$4.30	0.0%	—	03879J100
BBOT	BRIDGEBIO ONCOLOGY THERAPEUTIC ⚠	43,853	$392K	0.1%	$8.95	—	—	107924102
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT ⚠	43,853	$369K	0.1%	$8.95	—	—	107924102
LEGN	LEGEND BIOTECH CORP	15,000	$353K	0.1%	$23.52	—	—	52490G102
ACAD	ACADIA PHARM ⚠	12,967	$289K	0.0%	$23.65	+6.6%	—	004225108
SVRA	SAVARA INC	50,000	$262K	0.0%	$5.69	0.0%	—	805111101
TRVI	TREVI THERAPEUTICS INC	6,660	$91,642	0.0%	$10.94	0.0%	—	89532M101

Increased Positions (9)

ORKA ORUKA THERAPEUTICS INC 8.9%

Value $52.02M (+159.9%) Shares 760,424 (+15.1%) Est. Cost $26.39 Unrealized +23.0%

CATX PERSPECTIVE THERAPEUTICS INC 4.1%

Value $23.59M (+167.2%) Shares 6,049,999 (+88.4%) Est. Cost $6.99 Unrealized -45.0%

ELVN ENLIVEN THERAPEUTICS INC 2.8%

Value $16.49M (+663.3%) Shares 400,000 (+185.1%) Est. Cost $23.73 Unrealized +7.9%

PVLA PALVELLA THERAPEUTICS INC NE ⚠ 1.5%

Value $8.982M (+344.6%) Shares 70,000 (+262.7%) Est. Cost $89.70 Unrealized +1.9%

KPTI KARYOPHARM THERAPEUTICS INC 0.7%

Value $3.854M (+289.1%) Shares 463,741 (+244.6%) Est. Cost $7.89 Unrealized -3.4%

RGEN REPLIGEN CORP 1.6%

Value $9.205M (+11.7%) Shares 77,800 (+54.7%) Est. Cost $146.34 Unrealized +4.1%

EHC ENCOMPASS HEALTH CORP 0.7%

Value $4.2M (+25.2%) Shares 42,000 (+32.9%) Est. Cost $111.02 Unrealized -7.3%

CORT CORCEPT THERAPEUTICS INC ⚠ 0.2%

Value $1.396M (+82.3%) Shares 30,000 (+36.4%) Est. Cost $67.95 Unrealized -42.9%

PHAT PHATHOM PHARMACEUTICALS INC 0.5%

Value $2.793M (-18.3%) Shares 249,390 (+21.0%) Est. Cost $16.37 Unrealized -16.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ORKA	ORUKA THERAPEUTICS INC	760,424 (+15.1%)	$52.02M (+159.9%)	8.9%	$26.39	+23.0%	—	687604108
CATX	PERSPECTIVE THERAPEUTICS INC	6,049,999 (+88.4%)	$23.59M (+167.2%)	4.1%	$6.99	-45.0%	—	46489V302
ELVN	ENLIVEN THERAPEUTICS INC	400,000 (+185.1%)	$16.49M (+663.3%)	2.8%	$23.73	+7.9%	—	29337E102
PVLA	PALVELLA THERAPEUTICS INC NE ⚠	70,000 (+262.7%)	$8.982M (+344.6%)	1.5%	$89.70	+1.9%	—	697947109
KPTI	KARYOPHARM THERAPEUTICS INC	463,741 (+244.6%)	$3.854M (+289.1%)	0.7%	$7.89	-3.4%	—	48576U205
RGEN	REPLIGEN CORP	77,800 (+54.7%)	$9.205M (+11.7%)	1.6%	$146.34	+4.1%	—	759916109
EHC	ENCOMPASS HEALTH CORP	42,000 (+32.9%)	$4.2M (+25.2%)	0.7%	$111.02	-7.3%	—	29261A100
CORT	CORCEPT THERAPEUTICS INC ⚠	30,000 (+36.4%)	$1.396M (+82.3%)	0.2%	$67.95	-42.9%	—	218352102
PHAT	PHATHOM PHARMACEUTICALS INC	249,390 (+21.0%)	$2.793M (-18.3%)	0.5%	$16.37	-16.3%	—	71722W107

Exited Positions (15)

ALNY ALNYLAM PHARMACEUTICALS INC 1.4%

Value $8.351M Shares 21,000 Est. Cost $442.56 Unrealized -20.2%

MCK MCKESSON CORP 1.3%

Value $7.809M Shares 9,520 Est. Cost $747.44 Unrealized +17.1%

A AGILENT TECHNOLOGIES INC 1.0%

Value $5.647M Shares 41,500 Est. Cost $143.72 Unrealized -6.2%

PFE PFIZER INC 0.9%

Value $5.07M Shares 203,600 Est. Cost $24.14 Unrealized +8.4%

DHR DANAHER CORPORATION 0.7%

Value $3.892M Shares 17,000 Est. Cost $205.28 Unrealized +9.4%

TMO THERMO FISHER SCIENTIFIC INC 0.7%

Value $3.882M Shares 6,700 Est. Cost $475.70 Unrealized +20.8%

NVO NOVO-NORDISK A S 0.6%

Value $3.424M Shares 67,300 Est. Cost $50.88 Unrealized —

CI THE CIGNA GROUP 0.5%

Value $3.193M Shares 11,600 Est. Cost $293.19 Unrealized -4.3%

COR CENCORA INC 0.5%

Value $3.175M Shares 9,400 Est. Cost $249.56 Unrealized +41.5%

INSM INSMED INC 0.5%

Value $3.081M Shares 17,700 Est. Cost $94.59 Unrealized +68.1%

WAT WATERS CORP 0.5%

Value $3.077M Shares 8,100 Est. Cost $367.96 Unrealized -0.2%

ACHC ACADIA HEALTHCARE COMPANY IN 0.4%

Value $2.398M Shares 169,000 Est. Cost $18.92 Unrealized -23.2%

ITGR INTEGER HLDGS CORP 0.4%

Value $2.337M Shares 29,800 Est. Cost $79.69 Unrealized +6.7%

HQY HEALTHEQUITY INC 0.3%

Value $1.548M Shares 16,900 Est. Cost $101.38 Unrealized -18.0%

IQV IQVIA HLDGS INC 0.2%

Value $992K Shares 4,400 Est. Cost $217.58 Unrealized -3.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALNY	ALNYLAM PHARMACEUTICALS INC	21,000	$8.351M	1.4%	$442.56	-20.2%	—	02043Q107
MCK	MCKESSON CORP	9,520	$7.809M	1.3%	$747.44	+17.1%	—	58155Q103
A	AGILENT TECHNOLOGIES INC	41,500	$5.647M	1.0%	$143.72	-6.2%	—	00846U101
PFE	PFIZER INC	203,600	$5.07M	0.9%	$24.14	+8.4%	—	717081103
DHR	DANAHER CORPORATION	17,000	$3.892M	0.7%	$205.28	+9.4%	—	235851102
TMO	THERMO FISHER SCIENTIFIC INC	6,700	$3.882M	0.7%	$475.70	+20.8%	—	883556102
NVO	NOVO-NORDISK A S	67,300	$3.424M	0.6%	$50.88	—	—	670100205
CI	THE CIGNA GROUP	11,600	$3.193M	0.5%	$293.19	-4.3%	—	125523100
COR	CENCORA INC	9,400	$3.175M	0.5%	$249.56	+41.5%	—	03073E105
INSM	INSMED INC	17,700	$3.081M	0.5%	$94.59	+68.1%	—	457669307
WAT	WATERS CORP	8,100	$3.077M	0.5%	$367.96	-0.2%	—	941848103
ACHC	ACADIA HEALTHCARE COMPANY IN	169,000	$2.398M	0.4%	$18.92	-23.2%	—	00404A109
ITGR	INTEGER HLDGS CORP	29,800	$2.337M	0.4%	$79.69	+6.7%	—	45826H109
HQY	HEALTHEQUITY INC	16,900	$1.548M	0.3%	$101.38	-18.0%	—	42226A107
IQV	IQVIA HLDGS INC	4,400	$992K	0.2%	$217.58	-3.4%	—	46266C105

Decreased Positions (12)

CGON CG ONCOLOGY INC 15.0%

Value $87.24M (+42.7%) Shares 1,288,948 (-12.5%) Est. Cost $33.90 Unrealized +54.6%

BSX BOSTON SCIENTIFIC CORP ⚠ 0.6%

Value $3.457M (-68.3%) Shares 60,000 (-47.6%) Est. Cost $49.10 Unrealized +74.8%

TEVA TEVA PHARMACEUTICAL INDS LTD ⚠ 1.2%

Value $7.014M (-46.1%) Shares 200,000 (-52.1%) Est. Cost $16.83 Unrealized —

ICLR ICON PLC 0.3%

Value $1.893M (-68.6%) Shares 16,000 (-51.7%) Est. Cost $178.08 Unrealized -12.2%

IMUX IMMUNIC INC 1.1%

Value $6.445M (+157.0%) Shares 669,941 (-85.7%) Est. Cost $1.22 Unrealized -40.9%

CNTX CONTEXT THERAPEUTICS INC 2.0%

Value $11.8M (+45.8%) Shares 4,998,267 (-9.2%) Est. Cost $1.57 Unrealized +30.4%

CNC CENTENE CORP 0.4%

Value $2.292M (-53.4%) Shares 70,000 (-41.4%) Est. Cost $37.43 Unrealized +15.8%

ACAD ACADIA PHARMACEUTICALS INC ⚠ 0.1%

Value $291K (-89.8%) Shares 12,967 (-87.9%) Est. Cost $23.65 Unrealized +6.6%

KVUE KENVUE INC ORD 0.3%

Value $1.724M (-57.1%) Shares 100,000 (-57.0%) Est. Cost $20.06 Unrealized -12.0%

MDT MEDTRONIC PLC ⚠ 1.4%

Value $8.097M (-21.7%) Shares 100,000 (-7.1%) Est. Cost $91.27 Unrealized +9.0%

GMAB GENMAB A/S ⚠ 0.2%

Value $1.326M (-53.2%) Shares 50,000 (-45.7%) Est. Cost $20.66 Unrealized —

NTRA NATERA INC 0.3%

Value $1.855M (-31.4%) Shares 9,000 (-23.7%) Est. Cost $95.53 Unrealized +136.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CGON	CG ONCOLOGY INC	1,288,948 (-12.5%)	$87.24M (+42.7%)	15.0%	$33.90	+54.6%	—	156944100
BSX	BOSTON SCIENTIFIC CORP ⚠	60,000 (-47.6%)	$3.457M (-68.3%)	0.6%	$49.10	+74.8%	—	101137107
TEVA	TEVA PHARMACEUTICAL INDS LTD ⚠	200,000 (-52.1%)	$7.014M (-46.1%)	1.2%	$16.83	—	—	881624209
ICLR	ICON PLC	16,000 (-51.7%)	$1.893M (-68.6%)	0.3%	$178.08	-12.2%	—	G4705A100
IMUX	IMMUNIC INC	669,941 (-85.7%)	$6.445M (+157.0%)	1.1%	$1.22	-40.9%	—	4525EP101
CNTX	CONTEXT THERAPEUTICS INC	4,998,267 (-9.2%)	$11.8M (+45.8%)	2.0%	$1.57	+30.4%	—	21077P108
CNC	CENTENE CORP	70,000 (-41.4%)	$2.292M (-53.4%)	0.4%	$37.43	+15.8%	—	15135B101
ACAD	ACADIA PHARMACEUTICALS INC ⚠	12,967 (-87.9%)	$291K (-89.8%)	0.1%	$23.65	+6.6%	—	004225108
KVUE	KENVUE INC ORD	100,000 (-57.0%)	$1.724M (-57.1%)	0.3%	$20.06	-12.0%	—	49177J102
MDT	MEDTRONIC PLC ⚠	100,000 (-7.1%)	$8.097M (-21.7%)	1.4%	$91.27	+9.0%	—	G5960L103
GMAB	GENMAB A/S ⚠	50,000 (-45.7%)	$1.326M (-53.2%)	0.2%	$20.66	—	—	372303206
NTRA	NATERA INC	9,000 (-23.7%)	$1.855M (-31.4%)	0.3%	$95.53	+136.4%	—	632307104

Unchanged Positions (3)

DNTH DIANTHUS THERAPEUTICS INC 31.7%

Value $185M Shares 2,104,184 Est. Cost $21.50 Unrealized +121.3%

JBIO JADE BIOSCIENCES INC 5.9%

Value $34.18M Shares 1,400,708 Est. Cost $29.10 Unrealized -49.2%

SCYX SCYNEXIS INC 0.3%

Value $1.936M Shares 2,081,660 Est. Cost $1.57 Unrealized -53.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DNTH	DIANTHUS THERAPEUTICS INC	2,104,184	$185M	31.7%	$21.50	+121.3%	—	252828108
JBIO	JADE BIOSCIENCES INC	1,400,708	$34.18M	5.9%	$29.10	-49.2%	—	008064206
SCYX	SCYNEXIS INC	2,081,660	$1.936M	0.3%	$1.57	-53.8%	—	811292200