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Per the SEC’s paperwork, Saturn V acquired 1.3 million additional shares during Q3, a move elevating Amylyx to 13.7% of its 13F reportable AUM. The stock, trading at $13.67 as of Monday, has pirouetted upward 166% year-over-year-a performance that makes the S&P 500’s modest 12% gains seem positively lackadaisical.

The SEC filing read like a treasure map, marking Pharvaris N.V. (PHVS) as the X that marks the spot. Saturn V, with its $456 million under management, now holds 17 U.S. equities, and PHVS claims 4.9% of their assets like a barn cat claiming the porch. The fund’s top holdings-ABVX, AMLX, JAZZ-read like a list of names from a saloon’s ledger, each with a hefty chunk of the pie. But PHVS? That’s the new kid with a grin and a stack of papers that smell of hope and bradykinin B2-receptors.

According to the sacred scrolls of the SEC, filed for the period ending September 30, Saturn V Capital Management LP augmented its stake in Dyne Therapeutics by approximately 1.2 million shares. The fund’s position now commands a value of $33.8 million, a sum that, in the realm of 13F reportable assets, ranks as the fourth-largest in its portfolio. One might imagine the fund’s managers, like scribes in a cathedral of commerce, meticulously inscribing this act into the annals of fiscal history.

Calculations based on SEC-reported weighted average price ($8.54) and Dec. 2 market close ($8.54).

Argosy-Lionbridge, once holding a sizeable fortune in Veris Residential, saw fit to trim its portfolio. As of September 30, their remaining shares now stood at a paltry 265,413 – valued at just $4 million. A far cry from the $5.5 million they once hoarded with fervor. It’s like a child reluctantly giving up their favorite, but now quite tattered, teddy bear. Only this bear was worth a great deal more than a few lost naps.

There is a rhythm to the market, a pulse that beats in cycles of greed and fear. This year, the Federal Reserve’s whispered promises of rate cuts and the birth of technologies like artificial intelligence had stirred hope. But hope, like the rain in a drought, can be a cruel illusion. For the S&P 500, now teetering near 6,900, history casts a long shadow. A single number-a ghost of past excesses-whispers of a reckoning in 2026.

The Vanguard Information Technology ETF, tracking 314 U.S. companies, leans heavily on semiconductors, software, and electronics hardware. Its expense ratio of 0.09% is a quiet tax on ambition. The five largest holdings-Nvidia (18.1%), Apple (14.2%), Microsoft (12.9%), Broadcom (4.4%), and Palantir (2.1%)-are not merely stocks but totems of an era. The sector trades at 28.6 times forward earnings, a modest premium to its five-year average of 27.2 and a more significant one to the 10-year average of 24.7. Yet, Wall Street’s estimate of 26% earnings growth next year tempers the gloom.