The disclosed holdings of managers in OWL’s Japan group performed the best in September. Managers in OWL’s Brazil and China groups produced the only other positive performance in September, while Biotech, Europe, and Energy and Cyclicals declined more than 7%.

As a reminder, the table below is based on our “OWL Groups” – curated lists of over 500 managers focused on public equity markets. All returns shown are estimates based on publicly disclosed holdings.

As mentioned in last month’s recap, we recently refreshed the OWL Groups Homepage to better showcase the variety of managers that can be tracked in OWL, and give users more detailed manager lists across asset classes. As a part of this refresh, we have also added curated Allocator groups, and users can create their own customized Allocator groups as well. 

Examples of some of our new OWL Groups include Small/Mid Buyouts, Crossover (Public/Private), Emerging VC, Big Endowments, OCIOs, Southeast Allocators, and many others. Please let us know if we should add any additional groups or are missing any managers or allocators in these!

Below is a selection of managers whose disclosed positions had the best and worst performance in September:

Blue Water Life Science Advisors

Blue Water Life Science Advisors is a Larkspur, California-based biotech hedge fund with $193 million in regulatory AUM.

Disclosed LPs include the S&G Foundation and the Shelter Hill Foundation. The S&G Foundation is associated with Shelby M. C. Davis, founder of Davis Selected Advisers, a $30 billion investment firm.

Blue Water was founded in 2017 by Nate Cornell, a former analyst at Pacific Growth Equities who went on to serve as director of research at Private Wealth Partners before starting Blue Water.  

The fund currently discloses nine public positions with a total market value of $256 million:

Blue Water’s biggest disclosed winner is Personalis, which has generated an estimated 188% return on invested capital, according to OWL’s Batting Average chart. Based in Fremont, California, Personalis is a cancer genomics and genetic testing company that specializes in advanced tumor profiling and minimal residual disease monitoring.

Blue Water began building its position in Q3 2024 and added at least three more times through Q2 2025 while the share price ranged from $3.50 to $6.50. Shares closed at $16.28 as of 9/30.

Other disclosed owners of Personalis include Deep Track and Casdin Capital.

After a rough start to the year, Blue Water has outperformed since May, despite September’s underperformance by other biotech managers. Positions in 10x Genomics, which rose 51% in September, and Quanterix, which gained 48%, contributed to the performance.

Other Events

• The Australian Retirement Trust’s 2026 Annual Report is now available on OWL.

• Baylor University’s 2026 Annual Report is now available on OWL.

• The Texas Municipal Retirement System’s Q2 Performance Report is now available on OWL.

• Conifer increased its position in Group 1 Automotive by 22% to $464 million on 9/25. Conifer is by far the largest disclosed shareholder of the automotive retailer with a more than 15% ownership stake.

• Oasis increased its position in Vail Resorts by 23% to $439 million on 9/25. Oasis first disclosed its position in the ski resort operator in Q2 2025 and has steadily increased it since.

News

• Hedge fund scorecard: How Millennium and its peers navigated a volatile September

• Diego Megia raised $1.5 billion this spring and bet interest rates would go down. It backfired.

• Former GIC trader targets $300m for new commodity-focused fund launch

• As Fundraising Stalls, Independent Sponsors Fill Gap in Lower-Middle Market

• Illinois SURS Seeks Real Assets Managers

• Jain Global doubles UK profits as London headcount nearly triples

• Three years after SVB's implosion brought down his hedge fund, Adam Levinson's Graticule is back to managing $3 billion

• Interview with Warren Gibbon (Multi-Family Office CIO)

• SpaceX Stake Helps Drives 37.3% Return for Washington University

• HarbourVest buys into Yale’s $1bn portfolio sale

• The head of one of the largest US endowments says OpenAI and Anthropic are in big trouble

• Millennium’s New Cash Raise Draws $30 Billion in Client Demand

• Stanford Reports 31.7% FY Return

Jobs

• Dartmouth College hiring Portfolio Strategy Lead

• Texas Permanent School Fund Corporation hiring Senior Investment Analyst - Private & Public Credit

• NEPC hiring Senior Director of Portfolio Strategy, OCIO

• Spring Bay Companies Family Office hiring Investment Analyst

• Texas Permanent School Fund Corporation hiring Senior Investment Analyst - Co-Investments

• Cambridge Associates hiring Senior Investment Director

• Texas Permanent School Fund Corporation hiring Investment Analyst (Multiple Openings)

• CalSTRS hiring Portfolio Manager, Fixed Income Trading

• Mercer hiring Endowments and Foundations Investment Consultant

• Cincinnati Retirement System hiring Investment Officer

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