BPIQ Model Portfolios Continue to Crush Biotech Benchmarks
- BPIQ
- Dec 2, 2025
- 2 min read
Summary
Since 2023, BPIQ model portfolios built around biopharma hedge-fund consensus holdings have consistently outperformed the biotech benchmarks XBI and IBB.
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Background
We launched our first consensus-based portfolio (Top 20s) on 4/1/2023 and, by 9/30/2023, applied the hedge-fund favorites framework across the rest of the lineup (Top 50, Top 15, Run-Up, and Top 10 as well). Top 10 received further refinements at the end of November 2024.
Results
Figure 1: Since 9/30/2023
Takeaway: Since 9/30/23 every portfolio outperformed XBI and IBB.
~1.5×–3.1× XBI and ~2.5×–5.0× IBB.
Figure 2: Since 12/31/2023
Takeaway: Since 12/31/23 every portfolio outperformed XBI and IBB.
>2× XBI and >2.25× IBB
Figure 3: Since 12/31/2024 (2025 YTD)
Takeaway: Since 12/31/23 every portfolio outperformed XBI and IBB.
~1.45×–1.80× XBI and ~1.6×–3.4× IBB; Top 10 is >200% of both
Want access to our portfolio holdings and other portfolios info/tools to help you make better biopharma investment decisions? Sign up for Elite or APEX today?
What this means
Our hedge-fund favorites framework has worked across start dates and market regimes, and the effect is broad-based (multiple portfolios beating both benchmarks across all three windows).
See more:
Portfolio FAQs (What they are and how you can use them)
BPIQ Model Portfolios landing page (holdings, current targets, and more (requires Elite or Apex subscription)
Back-testing & strategy updates
Footnotes & methodology
Returns are unaudited and taken from brokerage accounts that mirror the model tickers/targets as of 11/21/25.
Returns shown are Time-Weighted Returns (TWR) using chain-linked Modified Dietz, which adjusts for both the magnitude and timing of external cash flows (e.g., 4/1/2024 withdrawals) and is consistent with the GIPS® principle of time-weighted reporting. GIPS+2Wikipedia+2
Results as of 11/21/2025. Past performance is not a guarantee of future results.
12/2/25 Article posted (EJV)
This article is not investment, legal or tax advice. Investing in smid-cap biopharma stocks is risky. Past stock performance does not guarantee future performance. This post is not investment advice. Please do your own diligence and consult a financial professional before making any stock investment decisions.
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