Top 10A vs Top 10B vs Top 15: Understanding BPIQ's Core Portfolio Strategies

With the latest hedge fund filings incorporated into our portfolio targets, many subscribers ask a similar question:

Why does BPIQ maintain multiple portfolio strategies instead of a single portfolio?

The answer is simple.

While all of our core portfolios are built from the same foundation, top holdings and consensus positions of biotech-focused hedge funds, portfolio construction matters.

As discussed in our recent blog, consensus is the signal, structure is the edge.

Years of backtesting and live portfolio implementation have shown that different portfolio constructions can produce different risk and return characteristics, even when they start from the same hedge fund positioning data.

Portfolio	Holdings	Turnover Profile	Key Characteristic
Top 10A	~10	Higher quarterly turnover	Responds more aggressively to changes in hedge fund positioning
Top 10B	~10	Lower quarterly turnover	Maintains greater continuity in portfolio holdings
Top 15	~15	Lower quarterly turnover	Broader diversification while maintaining hedge fund consensus exposure

Bottom line: All three portfolios are built from the same hedge fund consensus framework. The primary differences are portfolio size and turnover profile.

The Same Foundation

Top 10A, Top 10B, and Top 15 all begin with the same underlying concept:

Identify the companies most favored by leading biotech-focused hedge funds and build systematic portfolios around those positions.

All three portfolios are updated after new hedge fund filings become available and are built using variations of strategies that have shown strong historical and live performance.

The difference is not the signal itself.

The difference is how the signal is structured.

Top 10A

Top 10A is one of our most concentrated portfolio strategies, with approximately 10 holdings.

It also has higher quarterly turnover than our other core portfolios, allowing it to respond more aggressively to changes in hedge fund positioning and portfolio rankings.

This approach seeks to capture the strongest current signals generated by our portfolio construction process.

Top 10B

Top 10B is also a concentrated portfolio with approximately 10 holdings.

However, unlike Top 10A, it is designed to have lower quarterly turnover. This creates a different balance between incorporating new hedge fund positioning signals and maintaining exposure to existing portfolio holdings.

Through our research, backtesting, and live implementation, we found that multiple concentrated portfolio approaches produced attractive results, leading us to continue tracking both strategies.

Top 15

Top 15 expands the portfolio to approximately 15 holdings while maintaining lower quarterly turnover.

The broader portfolio construction provides greater diversification while still focusing on companies favored by biotech-focused hedge funds.

As with the Top 10 portfolios, the objective remains the same: systematically capture signals from leading biotech-focused hedge funds.

Why Maintain Multiple Strategies?

One of the key lessons from our research is that there is no single portfolio structure that performs best in every market environment.

Some periods favor more concentrated portfolios.

Others favor broader diversification.

Similarly, some investors prefer strategies that adapt more quickly to changing hedge fund positioning, while others prefer greater portfolio continuity.

Rather than attempting to predict which structure will perform best in advance, we continue to track multiple portfolio approaches that have demonstrated strong results through both backtesting and live implementation.

Continuous Refinement

The BPIQ portfolio system continues to evolve.

Each quarter brings new hedge fund positioning data, new performance observations, and new opportunities to test refinements.

The current Top 10A, Top 10B, and Top 15 portfolios are the result of years of research, backtesting, and real-money portfolio management.

While the underlying signal remains the same, hedge fund consensus among leading biotech investors, we continue to refine how that signal is translated into portfolio strategies.

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This article is not investment, tax, or legal advice. Please do your own diligence and seek advice from professional advisors representing your interests.

Article history:

First published 5/20/26 EJV, MD