Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (47 quarters reported)
$148M in Q4 2014 → $11.1B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| United Therapeutics Corp | 13.5% | Added 5.6% | 2,777,777 | $1.51B |
| AP Ascendis Pharma | 12.2% | New | 5,111,111 | $1.36B |
| Krystal Biotech Inc | 9.6% | Unchanged | 2,888,888 | $1.07B |
| Madrigal Pharmaceuticals Inc | 8.8% | Added 0.8% | 1,833,333 | $984M |
| Argenx Se | 8.3% | Unchanged | 1,000,000 | $928M |
| Arrowhead Pharmaceuticals Inc | 8.3% | Added 6.1% | 11,355,555 | $926M |
| Kymera Therapeutics Inc | 7.7% | Unchanged | 7,474,747 | $857M |
| Revolution Medicines Inc | 3.9% | Trimmed 2.0% | 2,297,000 | $430M |
| Cytokinetics Inc | 3.8% | Added 50% | 4,999,999 | $426M |
| Celcuity Inc | 3.2% | Added 0.7% | 3,400,000 | $356M |
| Structure Therapeutics Inc | 3.2% | Unchanged | 6,555,555 | $352M |
| Xenon Pharmaceuticals Inc | 3.1% | Unchanged | 5,777,777 | $349M |
| Definium Therapeutics Inc | 3.0% | Added 44% | 7,188,888 | $338M |
| Uniqure Nv | 2.8% | Added 13% | 6,727,777 | $310M |
| Vera Therapeutics Inc | 2.2% | Trimmed 2.8% | 5,723,888 | $246M |
| Taysha Gene Therapies Inc | 1.5% | Added 10% | 23,888,888 | $163M |
| Ocular Therapeutix Inc | 1.1% | Added 1.8% | 12,540,000 | $123M |
| Damora Therapeutics Inc | 0.9% | Unchanged | 3,783,000 | $98.4M |
| HT Hemab Therapeutics Hldgs Inc | 0.6% | New | 1,925,150 | $70.7M |
| Gh Research PLC | 0.4% | Unchanged | 1,800,000 | $48.4M |
| VT Viridian Therapeutics Inc | 0.4% | Added 67% | 2,500,000 | $45.9M |
| Septerna Inc | 0.4% | Unchanged | 1,337,500 | $44.8M |
| Avalo Therapeutics | 0.4% | Added 65% | 2,333,333 | $43.1M |
| Faeth Therapeutics Inc | 0.3% | New | 1,444,039 | $36.1M |
| Whitehawk Therapeutics Inc | 0.1% | Unchanged | 2,849,402 | $13.1M |
| Lexeo Therapeutics Inc | 0.1% | Trimmed 21% | 1,489,189 | $6.93M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AP Ascendis Pharma | New | +5,111,111 | +$1.36B | 12.2% |
| AP Ascendis Pharma | Exited | −5,062,500 | −$1.16B | — |
| Apellis Pharmaceuticals Inc | Exited | −12,222,222 | −$492M | — |
| Centessa Pharmaceuticals PLC | Exited | −11,430,455 | −$454M | — |
| Terns Pharmaceuticals Inc | Exited | −5,695,000 | −$300M | — |
| Cytokinetics Inc | Added | +1,666,666 | +$142M | 3.8% |
| Definium Therapeutics Inc | Added | +2,188,888 | +$103M | 3.0% |
| United Therapeutics Corp | Added | +147,777 | +$80.1M | 13.5% |
| Soleno Therapeutics Inc | Exited | −2,300,000 | −$77M | — |
| HT Hemab Therapeutics Hldgs Inc | New | +1,925,150 | +$70.7M | 0.6% |
Showing the 10 largest of 26 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Avidity Biosciences Inc | Exited | −5,455,000 | −$393M | — |
| SS SPDR Series Trust - S&P Biotech | Exited | −2,100,000 | −$256M | — |
| Cytokinetics Inc | New | +3,333,333 | +$220M | 2.2% |
| Centessa Pharmaceuticals PLC | Trimmed | −3,125,100 | −$124M | 4.5% |
| Damora Therapeutics Inc | New | +3,783,000 | +$98M | 1.0% |
| Definium Therapeutics Inc | New | +5,000,000 | +$94.5M | 0.9% |
| Terns Pharmaceuticals Inc | Added | +1,345,000 | +$70.9M | 3.0% |
| MM Mind Medicine (mindmed) Inc | Exited | −5,000,000 | −$67M | — |
| Ptc Therapeutics Inc | Exited | −685,000 | −$52M | — |
| Oruka Therapeutics Inc | Exited | −1,333,340 | −$40.4M | — |
Showing the 10 largest of 30 changes.
quarter ended December 31, 2025 · filed March 16, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Merus N V | Exited | −3,542,500 | −$334M | — |
| Celcuity Inc | New | +3,111,111 | +$310M | 3.0% |
| United Therapeutics Corp | Added | +583,838 | +$284M | 12.5% |
| SS SPDR Series Trust - S&P Biotech | New | +2,100,000 | +$256M | 2.5% |
| Akero Therapeutics Inc | Exited | −3,955,555 | −$188M | — |
| Terns Pharmaceuticals Inc | New | +4,350,000 | +$176M | 1.7% |
| Revolution Medicines Inc | New | +2,170,000 | +$173M | 1.7% |
| Avidity Biosciences Inc | Trimmed | −2,190,000 | −$158M | 3.9% |
| Tourmaline Bio Inc | Exited | −2,555,555 | −$122M | — |
| Amicus Therapeutics Inc. | Exited | −15,025,000 | −$118M | — |
Showing the 10 largest of 38 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| United Therapeutics Corp | Trimmed | −347,778 | −$146M | 11.0% |
| Structure Therapeutics Inc. | New | +5,155,555 | +$144M | 1.9% |
| Centessa Pharmaceuticals PLC | Added | +5,808,080 | +$141M | 3.4% |
| Argenx Se | Trimmed | −185,000 | −$136M | 9.4% |
| Blueprint Medicines Corp | Exited | −375,000 | −$48.1M | — |
| Uniqure Nv | Added | +819,444 | +$47.8M | 3.4% |
| Merus N V | Added | +386,945 | +$36.4M | 4.3% |
| Soleno Therapeutics Inc | Added | +527,777 | +$35.7M | 2.3% |
| Ocular Therapeutix Inc | Added | +2,850,000 | +$33.3M | 1.5% |
| Avidity Biosciences Inc | Added | +595,000 | +$25.9M | 4.3% |
Showing the 10 largest of 30 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Blueprint Medicines Corp | Trimmed | −3,475,000 | −$445M | 0.8% |
| Akero Therapeutics Inc | New | +3,500,000 | +$187M | 3.3% |
| Sarepta Therapeutics Inc | Exited | −2,674,835 | −$171M | — |
| United Therapeutics Corp | Trimmed | −305,000 | −$87.6M | 11.9% |
| IT Intra-cellular Therapies Inc | Exited | −625,000 | −$82.5M | — |
| Moonlake Immunotherapeutics | Added | +1,379,900 | +$65.1M | 3.4% |
| Madrigal Pharmaceuticals Inc | Trimmed | −147,222 | −$44.6M | 9.9% |
| AP Ascendis Pharma | Trimmed | −238,000 | −$41.1M | 15.1% |
| Soleno Therapeutics Inc | Trimmed | −475,000 | −$39.8M | 3.0% |
| Vaxcyte Inc | Exited | −1,000,000 | −$37.8M | — |
Showing the 10 largest of 32 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Intra-cellular Therapies Inc | Trimmed | −2,425,000 | −$320M | 1.3% |
| Blueprint Medicines Corp | Added | +2,665,000 | +$236M | 5.3% |
| Biomarin Pharmaceutical Inc | Exited | −1,462,500 | −$96.1M | — |
| Centessa Pharmaceuticals PLC | New | +4,050,000 | +$58.2M | 0.9% |
| Merus N V | Added | +875,000 | +$36.8M | 2.0% |
| Kymera Therapeutics Inc | Added | +1,310,000 | +$35.9M | 2.8% |
| Syndax Pharmaceuticals Inc | Exited | −2,275,000 | −$30.1M | — |
| United Therapeutics Corp | Trimmed | −85,300 | −$26.3M | 12.9% |
| Iovance Biotherapeutics Inc | Exited | −3,500,000 | −$25.9M | — |
| Biocryst Pharmaceuticals Inc | Trimmed | −3,165,000 | −$23.7M | 1.0% |
Showing the 10 largest of 28 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Blueprint Medicines Corp | New | +1,185,000 | +$103M | 1.5% |
| Alkermes PLC | New | +2,450,000 | +$70.5M | 1.0% |
| Vera Therapeutics Inc | Added | +1,300,410 | +$55M | 3.4% |
| Arrowhead Pharmaceuticals Inc. | Added | +2,222,223 | +$41.8M | 3.0% |
| Uniqure Nv | New | +2,175,000 | +$38.4M | 0.5% |
| Biomarin Pharmaceutical Inc | Trimmed | −575,515 | −$37.8M | 1.4% |
| Apellis Pharmaceuticals Inc. | Added | +1,111,111 | +$35.5M | 5.5% |
| United Therapeutics Corp | Trimmed | −98,588 | −$34.8M | 13.8% |
| Merus N V | Added | +770,000 | +$32.4M | 1.3% |
| 89bio Inc | New | +4,100,000 | +$32.1M | 0.5% |
Showing the 10 largest of 28 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CT Cerevel Therapeutics Hldng | Exited | −7,539,547 | −$308M | — |
| SS SPDR Series Trust - S&P Biotech | Exited | −3,035,000 | −$281M | — |
| Biomarin Pharmaceutical Inc | Trimmed | −2,519,401 | −$177M | 2.1% |
| AP Ascendis Pharma | Added | +792,227 | +$118M | 10.9% |
| AP Alnylam Pharmceuticals Inc. | Exited | −400,000 | −$97.2M | — |
| Iovance Biotherapeutics Inc | Trimmed | −7,460,000 | −$70M | 0.6% |
| Vaxcyte Inc | Added | +600,000 | +$68.6M | 2.0% |
| Sarepta Therapeutics Inc | Trimmed | −444,445 | −$55.5M | 4.7% |
| Amicus Therapeutics Inc. | Trimmed | −4,225,000 | −$45.1M | 3.6% |
| Spyre Therapeutics Inc | Trimmed | −1,240,538 | −$36.5M | 0.3% |
Showing the 10 largest of 25 changes.
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