Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (7 quarters reported)
$457M in Q4 2024 → $532M 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 |
|---|---|---|---|---|
| AP Avalyn Pharmaceuticals Inc | 10.4% | New | 1,675,830 | $55.2M |
| Johnson & Johnson | 6.6% | New | 138,946 | $35.3M |
| Gilead Sciences Inc | 6.4% | Added 64% | 269,309 | $34M |
| Bridgebio Pharma Inc | 6.4% | Added 5.3% | 455,041 | $33.9M |
| Syndax Pharmaceuticals Inc | 5.0% | Added 16% | 1,215,698 | $26.6M |
| Definium Therapeutics Inc | 5.0% | Trimmed 46% | 562,672 | $26.5M |
| Bristol-myers Squibb Co | 4.5% | Trimmed 1.8% | 412,961 | $23.8M |
| PM Parabilis Medicines Inc | 4.2% | New | 824,043 | $22.6M |
| Natera Inc | 4.2% | Added 16% | 82,181 | $22.3M |
| Incyte Corp | 4.1% | Added 5.2% | 191,627 | $21.7M |
| Septerna Inc | 3.4% | Added 82% | 536,152 | $18M |
| Mineralys Therapeutics Inc | 3.3% | Added 48% | 648,722 | $17.5M |
| Heartflow Inc | 3.2% | Added 44% | 583,055 | $17.1M |
| Corvus Pharmaceuticals Inc | 3.0% | Added 21% | 1,080,888 | $16.1M |
| Structure Therapeutics Inc | 2.8% | Added 8.3% | 276,550 | $14.8M |
| Protagonist Therapeutics Inc | 2.5% | New | 106,799 | $13.1M |
| Disc Medicine Inc | 2.2% | Added 30% | 159,384 | $11.7M |
| Edwards Lifesciences Corp | 2.1% | Trimmed 14% | 124,778 | $11.3M |
| Axsome Therapeutics Inc. | 2.0% | New | 43,182 | $10.6M |
| UP Ultragenyx Pharmaceutical In | 2.0% | Trimmed 63% | 316,252 | $10.6M |
| Kailera Therapeutics Inc | 1.9% | New | 468,750 | $10.3M |
| Karyopharm Therapeutics Inc | 1.7% | Added 4.8% | 940,855 | $9.19M |
| Odyssey Therapeutics Inc | 1.6% | New | 457,839 | $8.57M |
| Ascendis Pharma A/s | 1.6% | New | 31,759 | $8.47M |
| K Kardigan Inc | 1.4% | New | 312,500 | $7.45M |
| Eledon Pharmaceuticals Inc | 1.3% | Added 3.4% | 1,695,071 | $6.68M |
| 4M 4d Molecular Therapeutics In | 1.2% | New | 471,254 | $6.27M |
| Veradermics Inc | 1.1% | Trimmed 74% | 45,856 | $5.64M |
| Dyne Therapeutics Inc | 1.0% | Trimmed 13% | 244,929 | $5.44M |
| Fractyl Health Inc | 0.9% | Added 12% | 6,168,749 | $4.9M |
| IH Immunocore Hldgs PLC | 0.9% | Added 76% | 148,045 | $4.7M |
| Dianthus Therapeutics Inc | 0.6% | Trimmed 94% | 32,941 | $3.21M |
| BO Bridgebio Oncology Therapeut | 0.5% | New | 318,407 | $2.43M |
| Protara Therapeutics Inc | 0.4% | Trimmed 10% | 520,148 | $1.99M |
| Hyperfine Inc | 0.3% | Unchanged | 1,320,041 | $1.78M |
| Ataibeckley Inc | 0.2% | Unchanged | 196,858 | $1.04M |
| Metagenomi Therapeutics Inc | 0.1% | Unchanged | 528,993 | $630K |
| OM Outset Med Inc | 0.1% | Unchanged | 118,279 | $511K |
| Faeth Therapeutics Inc | 0.1% | Unchanged | 14,718 | $368K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 6 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AP Avalyn Pharmaceuticals Inc | New | +1,675,830 | +$55.2M | 10.4% |
| Dianthus Therapeutics Inc | Trimmed | −527,367 | −$51.4M | 0.6% |
| Johnson & Johnson | New | +138,946 | +$35.3M | 6.6% |
| Ascendis Pharma A/s | Exited | −129,111 | −$29.5M | — |
| PM Parabilis Medicines Inc | New | +824,043 | +$22.6M | 4.2% |
| Definium Therapeutics Inc | Trimmed | −475,312 | −$22.4M | 5.0% |
| Terns Pharmaceuticals Inc | Exited | −409,031 | −$21.6M | — |
| Soleno Therapeutics Inc | Exited | −577,808 | −$19.3M | — |
| Boston Scientific Corp | Exited | −299,318 | −$18.8M | — |
| UP Ultragenyx Pharmaceutical In | Trimmed | −534,545 | −$17.8M | 2.0% |
Showing the 10 largest of 47 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EL Eli Lilly & Co | Exited | −25,923 | −$27.9M | — |
| Johnson & Johnson | Exited | −120,840 | −$25M | — |
| Regeneron Pharmaceuticals | Exited | −29,797 | −$23M | — |
| Definium Therapeutics Inc | New | +1,037,984 | +$19.6M | 4.1% |
| Gilead Sciences Inc | Trimmed | −125,407 | −$17.5M | 4.8% |
| Incyte Corp | New | +182,101 | +$17.1M | 3.6% |
| Intuitive Surgical Inc | Exited | −27,209 | −$15.4M | — |
| UP Ultragenyx Pharmaceutical In | Added | +688,247 | +$14.4M | 3.7% |
| Terns Pharmaceuticals Inc | Added | +272,073 | +$14.3M | 4.5% |
| Bristol-myers Squibb Co | Trimmed | −227,172 | −$13.8M | 5.3% |
Showing the 10 largest of 48 changes.
quarter ended December 31, 2025 · filed September 02, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Abbvie Inc | Exited | −154,834 | −$35.9M | — |
| Gilead Sciences Inc | New | +289,312 | +$35.5M | 6.3% |
| Bristol-myers Squibb Co | New | +647,899 | +$34.9M | 6.2% |
| EL Eli Lilly & Co | Trimmed | −31,453 | −$33.8M | 4.9% |
| Structure Therapeutics Inc | Trimmed | −398,909 | −$27.7M | 3.1% |
| Johnson & Johnson | New | +120,840 | +$25M | 4.4% |
| Intuitive Surgical Inc | Trimmed | −44,134 | −$25M | 2.7% |
| Natera Inc | Trimmed | −86,096 | −$19.7M | 2.5% |
| Bridgebio Pharma Inc | Trimmed | −212,029 | −$16.2M | 5.6% |
| Edwards Lifesciences Corp | New | +187,048 | +$15.9M | 2.8% |
Showing the 10 largest of 45 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Abbvie Inc | New | +154,834 | +$35.9M | 6.6% |
| Edwards Lifesciences Corp | Exited | −390,932 | −$30.6M | — |
| Gilead Sciences Inc | Exited | −226,875 | −$25.2M | — |
| Regeneron Pharmaceuticals | New | +35,344 | +$19.9M | 3.7% |
| TP Teva Pharmaceutical Inds Ltd | Exited | −1,170,372 | −$19.6M | — |
| Corcept Therapeutics Inc | Exited | −239,125 | −$17.6M | — |
| Bridgebio Pharma Inc | Trimmed | −304,982 | −$15.8M | 6.0% |
| Abivax Sa | New | +162,141 | +$13.8M | 2.5% |
| Supernus Pharmaceuticals Inc | New | +287,090 | +$13.7M | 2.5% |
| Exact Sciences Corp | New | +248,987 | +$13.6M | 2.5% |
Showing the 10 largest of 45 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BD Becton Dickinson & Co | Exited | −203,965 | −$46.7M | — |
| Springworks Therapeutics Inc | Exited | −758,533 | −$33.5M | — |
| Gilead Sciences Inc | New | +226,875 | +$25.2M | 5.3% |
| Boston Scientific Corp | New | +229,046 | +$24.6M | 5.2% |
| EL Eli Lilly & Co | Added | +30,234 | +$23.6M | 8.8% |
| Veracyte Inc | Exited | −762,225 | −$22.6M | — |
| Soleno Therapeutics Inc | Added | +248,982 | +$20.9M | 7.2% |
| TP Teva Pharmaceutical Inds Ltd | New | +1,170,372 | +$19.6M | 4.1% |
| Corcept Therapeutics Inc | New | +239,125 | +$17.6M | 3.7% |
| Natera Inc | New | +97,297 | +$16.4M | 3.4% |
Showing the 10 largest of 44 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bristol-myers Squibb Co | Exited | −499,151 | −$28.2M | — |
| Blueprint Medicines Corp | Exited | −284,654 | −$24.8M | — |
| Syndax Pharmaceuticals Inc | New | +1,733,701 | +$21.3M | 5.2% |
| Envista Holdings Corporation | Exited | −1,019,529 | −$19.7M | — |
| EL Eli Lilly & Co | New | +23,682 | +$19.6M | 4.8% |
| Exact Sciences Corp | Exited | −309,103 | −$17.4M | — |
| Masimo Corp | Exited | −87,377 | −$14.4M | — |
| IM Inspire Med Sys Inc | New | +85,877 | +$13.7M | 3.3% |
| BD Becton Dickinson & Co | Added | +55,350 | +$12.7M | 11.4% |
| Soleno Therapeutics Inc | New | +160,962 | +$11.5M | 2.8% |
Showing the 10 largest of 37 changes.
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