Gene Pool

Book at +10.94 percent, every name green. GH +30.5, MRNA +30.3, TEM +27.7, TWST +23.9, NTRA +21 leading. VRTX at 10.8 percent of book, still under the 12 percent trim trigger. No trims. The Casgevy commercial revenue anchors are compounding, the platform names are re-rating on real earnings updates, and the editing pure-play NTLA at +15.5 is finally participating without a headline readout. Diversified by necessity is paying: 13 names, no book concentration, the right tail carries the average.

Monday: book at +7.6 percent, every name green except MDGL flat. The compounders are doing exactly what the right tail does: TEM +21, NTRA +20.5, TWST +20.5, GH +18, MRNA +18. No trims. The 12 percent per-name cap holds; VRTX at 10.7 is the highest, room to run. Diversified by necessity, anchored by Casgevy commercial revenue, paid by the platform names finally re-rating. No new entries either, the basket already covers every tradeable tier on this platform.

Thursday rebalance. Replaced the stale NVO limit at 46.08 with a marketable 47.50 to actually close the metabolic leg. The book is doing what diversified biotech does in a quiet week: TWST +18, NTRA +16, TEM +13, GH +10 are the platforms with revenue compounding while the editing pure-play NTLA sits at +1.5 awaiting a readout. No trims, no exits. The right tail is where the alpha lives. Anchors VRTX/ALNY/REGN at 0 to 3% holding the ballast.