Every BPIQ Model Portfolio Beat XBI and IBB Through June 2026
- Jul 14
- 3 min read
Summary
Since 2023, BPIQ model portfolios built around biopharma hedge fund consensus holdings have consistently and significantly outperformed the biotech benchmarks XBI and IBB.
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Background
After extensive back-testing to identify effective strategies for using the consensus holdings of leading institutional investors to outperform biotech benchmarks, we launched our first consensus-based portfolio, Top 20s, on April 1, 2023.
By September 30, 2023, we had applied the hedge fund favorites framework across the rest of the model portfolio lineup. Since then, we have continued refining the strategies to offer investors different portfolio sizes, generally about 10, 15, or 20 companies, as well as approaches focused on maximizing either pre-tax or post-tax returns.
Consistent with our back-testing, every BPIQ portfolio shown below outperformed both XBI and IBB across all three measurement periods through June 30, 2026.
Results
Figure 1: Since 9/30/2023
Takeaway: Since September 30, 2023, every BPIQ portfolio outperformed XBI and IBB.
The portfolios generated approximately 1.4×–2.3× the return of XBI and 2.9×–5.0× the return of IBB.
Four of the five portfolios produced more than 200% cumulative returns. Top 50 generated approximately 2.3 times XBI’s return and five times IBB’s return.
Figure 2: Since 12/31/2023
Takeaway: Since December 31, 2023, every BPIQ portfolio outperformed XBI and IBB.
Every portfolio returned at least 127%, delivering approximately 1.6×–2.5× the return of XBI and 3.2×–4.9× the return of IBB.
Top 50 returned 197.12%, nearly 2.5 times XBI’s return and approximately 4.9 times IBB’s return.
Figure 3: Since 12/31/2024
Takeaway: Since December 31, 2024, every BPIQ portfolio outperformed XBI and IBB.
The portfolios generated approximately 1.2×–1.8× the return of XBI and 2.2×–3.2× the return of IBB.
Top 10A led the group with a 138.25% return, representing approximately 178% of XBI’s return and more than three times IBB’s return.
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What this means
Our hedge fund favorites framework has continued to perform across different starting dates and market environments.
The effect has also remained broad-based. Every portfolio outperformed both biotech benchmarks during every measurement period shown, rather than the results depending on a single portfolio or isolated period.
The results further demonstrate that different portfolio constructions can produce distinct return profiles while continuing to benefit from the same underlying hedge fund consensus approach. Investors can therefore select among different portfolio sizes and strategy objectives without abandoning the core framework.
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)
If you believe you may be an accredited investor and/or qualified purchaser under SEC rules, and would like to receive future updates if we continue exploring a potential private fund structure based on biopharma hedge-fund favorite companies that may become available to outside investors, CLICK HERE to join our interest list.
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 6/30/2026. Past performance is not a guarantee of future results
7/14/26 Article posted EJV/AV/MD
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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