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BPIQ Model Portfolios Continue to Crush Biotech Benchmarks

  • 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.


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?


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).


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Footnotes & methodology

  1. Returns are unaudited and taken from brokerage accounts that mirror the model tickers/targets as of 11/21/25.

  2. 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

  3. 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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