The past two quarters have brought an unusually dense calendar of clinical trial readouts across our coverage universe, and market reactions have often overshot the actual information content of the data.

Our process treats each catalyst as a discrete research exercise — modelling trial design and statistical power well before a result is due, rather than reacting to headlines after the fact.

That discipline led us to add to two positions during the quarter following overreactions to interim data we judged the market had misread.