Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (27 quarters reported)
$104M in Q4 2019 → $2.9B 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 |
|---|---|---|---|---|
| Krystal Biotech Inc | 12.0% | Trimmed 19% | 939,254 | $349M |
| Celcuity Inc | 6.1% | Added 33% | 1,704,318 | $178M |
| Tg Therapeutics Inc | 5.5% | Trimmed 27% | 2,927,895 | $161M |
| Insulet Corp | 5.5% | Added 86% | 1,049,000 | $160M |
| Novocure Ltd | 5.2% | Trimmed 5.5% | 9,913,401 | $150M |
| UT United Therapeutics Corp Del | 4.2% | Added 21% | 225,587 | $122M |
| IM Inspire Med Sys Inc | 3.0% | Added 235% | 1,931,436 | $86.2M |
| Rigel Pharmaceuticals Inc | 2.5% | Added 18335% | 1,843,504 | $72.1M |
| Ani Pharmaceuticals Inc | 2.5% | Added 5.8% | 867,760 | $71.8M |
| Beta Bionics Inc | 2.4% | Added 0.9% | 4,393,714 | $68.8M |
| Vericel Corp | 2.2% | Trimmed 43% | 1,459,152 | $64.9M |
| PP Praxis Precision Medicines I | 2.0% | Trimmed 46% | 177,517 | $59.4M |
| Geron Corp | 1.9% | Added 3.1% | 42,808,659 | $54.8M |
| Alkermes PLC | 1.9% | Trimmed 48% | 1,029,252 | $53.9M |
| Erasca Inc | 1.7% | New | 2,700,000 | $49.5M |
| Neuropace Inc | 1.6% | Trimmed 0.7% | 2,911,122 | $46.3M |
| Progyny Inc | 1.6% | Trimmed 22% | 1,602,000 | $46.2M |
| Indivior Pharmaceuticals Inc | 1.5% | Trimmed 16% | 1,064,000 | $43.7M |
| PM Parabilis Medicines Inc | 1.4% | New | 1,465,070 | $40.1M |
| ET Edap Tms S A | 1.3% | Unchanged | 7,309,254 | $37.9M |
| GM Globus Med Inc | 1.3% | Trimmed 36% | 468,922 | $37M |
| Arcus Biosciences Inc | 1.2% | Added 159% | 1,168,738 | $36M |
| Syndax Pharmaceuticals Inc | 1.2% | Trimmed 5.7% | 1,628,039 | $35.6M |
| Nurix Therapeutics Inc | 1.2% | Added 56% | 1,465,163 | $35.5M |
| Legend Biotech Corp | 1.2% | New | 1,205,000 | $34.8M |
| Jade Biosciences Inc | 1.2% | Added 95% | 1,550,690 | $34.5M |
| Unitedhealth Group Inc | 1.1% | New | 80,000 | $33.3M |
| Avalo Therapeutics Inc | 1.1% | Added 274% | 1,654,978 | $30.6M |
| Urogen Pharma Ltd | 1.1% | Added 14% | 829,810 | $30.5M |
| Mbx Biosciences Inc | 1.0% | Added 188% | 515,279 | $28.4M |
| Palisade Bio Inc | 0.9% | New | 13,063,687 | $27.3M |
| Pharvaris N V | 0.9% | Added 4.1% | 730,907 | $25.3M |
| OH Organogenesis Hldgs Inc | 0.8% | Added 0.5% | 10,140,951 | $24.6M |
| Supernus Pharmaceuticals | 0.8% | New | 520,000 | $24.2M |
| Procept Biorobotics Corp | 0.8% | Added 527% | 1,003,000 | $22.6M |
| Tango Therapeutics Inc | 0.8% | Added 58% | 709,000 | $22.2M |
| Inhibikase Therapeutics Inc | 0.8% | Unchanged | 10,875,000 | $22.1M |
| Trevi Therapeutics Inc | 0.8% | Trimmed 27% | 1,179,618 | $22M |
| Biomarin Pharmaceutical Inc | 0.7% | Trimmed 42% | 375,572 | $21.5M |
| Livanova PLC | 0.7% | Trimmed 56% | 254,957 | $21M |
| Argenx Se | 0.6% | Added 470% | 19,955 | $18.5M |
| Nuvectis Pharma Inc | 0.6% | New | 1,000,000 | $18.4M |
| Capricor Therapeutics Inc | 0.6% | New | 761,737 | $18.3M |
| Edgewise Therapeutics Inc | 0.6% | Trimmed 69% | 450,889 | $18.3M |
| Prelude Therapeutics Inc | 0.6% | New | 3,378,378 | $18M |
| Xenon Pharmaceuticals Inc | 0.6% | Trimmed 8.6% | 267,000 | $16.1M |
| C4 Therapeutics Inc | 0.5% | Trimmed 11% | 3,377,981 | $15.8M |
| KP Kiniksa Pharmaceuticals Intl | 0.5% | Trimmed 53% | 246,353 | $15.8M |
| Orthopediatrics Corp | 0.5% | Added 19% | 732,144 | $14M |
| AP Avalyn Pharmaceuticals Inc | 0.5% | New | 419,000 | $13.8M |
| Biodesix Inc | 0.5% | Added 41% | 585,958 | $13.2M |
| Spyre Therapeutics Inc | 0.4% | New | 147,000 | $13.1M |
| Twist Bioscience Corp | 0.4% | Trimmed 91% | 104,629 | $10.8M |
| Vir Biotechnology Inc | 0.4% | Trimmed 50% | 1,000,000 | $10.2M |
| Alnylam Pharmaceuticals Inc | 0.3% | Trimmed 75% | 33,050 | $9.95M |
| Immunovant Inc | 0.3% | Added 9.6% | 252,000 | $9.71M |
| Insmed Inc | 0.3% | Added 780% | 90,250 | $9.62M |
| Septerna Inc | 0.3% | Unchanged | 275,000 | $9.21M |
| Sophia Genetics Sa | 0.3% | Trimmed 15% | 1,565,000 | $9.03M |
| Nektar Therapeutics | 0.3% | New | 128,362 | $8.96M |
Showing top 60 of 97 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Twist Bioscience Corp | Trimmed | −1,122,000 | −$115M | 0.4% |
| Krystal Biotech Inc | Trimmed | −213,833 | −$79.5M | 12.0% |
| Insulet Corp | Added | +486,500 | +$74.1M | 5.5% |
| Rigel Pharmaceuticals Inc | Added | +1,833,504 | +$71.7M | 2.5% |
| Tg Therapeutics Inc | Trimmed | −1,101,424 | −$60.5M | 5.5% |
| IM Inspire Med Sys Inc | Added | +1,355,137 | +$60.5M | 3.0% |
| PP Praxis Precision Medicines I | Trimmed | −153,000 | −$51.2M | 2.0% |
| Erasca Inc | New | +2,700,000 | +$49.5M | 1.7% |
| Alkermes PLC | Trimmed | −941,612 | −$49.3M | 1.9% |
| Vericel Corp | Trimmed | −1,089,927 | −$48.5M | 2.2% |
Showing the 10 largest of 106 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Series Trust | Exited | −2,900,000 | −$354M | — |
| Insulet Corp | Added | +412,500 | +$86.6M | 4.8% |
| UT United Therapeutics Corp Del | Added | +127,187 | +$75.4M | 4.5% |
| Amicus Therapeutics Inc | Exited | −5,207,284 | −$74.2M | — |
| Dexcom Inc | Trimmed | −1,157,094 | −$72.7M | 0.4% |
| Celcuity Inc | Trimmed | −523,880 | −$59.8M | 5.9% |
| Vericel Corp | Added | +1,785,079 | +$57.4M | 3.3% |
| Krystal Biotech Inc | Added | +212,028 | +$54.8M | 12.1% |
| Indivior Pharmaceuticals Inc | New | +1,274,000 | +$38.8M | 1.6% |
| Biomarin Pharmaceutical Inc | Trimmed | −669,428 | −$37.8M | 1.5% |
Showing the 10 largest of 111 changes.
quarter ended December 31, 2025 · filed February 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Terns Pharmaceuticals Inc | Trimmed | −7,914,390 | −$320M | 0.3% |
| SS SPDR Series Trust | Added | +1,750,000 | +$213M | 13.0% |
| PP Praxis Precision Medicines I | Trimmed | −496,200 | −$146M | 3.9% |
| Cidara Therapeutics Inc | Trimmed | −455,000 | −$101M | 0.3% |
| Dexcom Inc | New | +1,297,094 | +$86.1M | 3.2% |
| EH Elevance Health Inc Formerly | Exited | −259,650 | −$83.9M | — |
| Celcuity Inc | Added | +629,398 | +$62.8M | 6.7% |
| GM Globus Med Inc | Added | +711,000 | +$62.1M | 2.9% |
| IP Indivior PLC | Trimmed | −1,366,000 | −$49M | 0.1% |
| UT United Therapeutics Corp Del | Trimmed | −90,000 | −$43.9M | 1.1% |
Showing the 10 largest of 115 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Celcuity Inc | Trimmed | −1,832,958 | −$90.5M | 2.9% |
| Staar Surgical Co | Trimmed | −2,484,733 | −$66.8M | 0.7% |
| EH Elevance Health Inc Formerly | Added | +189,650 | +$61.3M | 4.2% |
| Tg Therapeutics Inc | Added | +1,600,796 | +$57.8M | 7.0% |
| IM Inspire Med Sys Inc | Added | +619,188 | +$45.9M | 2.7% |
| Twist Bioscience Corp | Added | +1,511,833 | +$42.5M | 2.6% |
| Alnylam Pharmaceuticals Inc | Trimmed | −91,500 | −$41.7M | 0.4% |
| SS SPDR Series Trust | Added | +400,000 | +$40.1M | 5.8% |
| Amicus Therapeutics Inc | New | +4,690,000 | +$37M | 1.9% |
| Novocure Ltd | Added | +2,740,570 | +$35.4M | 6.3% |
Showing the 10 largest of 104 changes.
quarter ended June 30, 2025 · filed August 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Ser Tr | Exited | −1,400,000 | −$114M | — |
| Krystal Biotech Inc | Added | +481,200 | +$66.1M | 8.4% |
| SS SPDR Series Trust | New | +750,000 | +$62.2M | 4.1% |
| Alnylam Pharmaceuticals Inc | New | +106,750 | +$34.8M | 2.3% |
| Urogen Pharma Ltd | New | +2,185,000 | +$29.9M | 2.0% |
| Elevance Health Inc | New | +70,000 | +$27.2M | 1.8% |
| Unitedhealth Group Inc | New | +86,250 | +$26.9M | 1.8% |
| Novocure Ltd | Added | +1,382,888 | +$24.6M | 8.1% |
| Cidara Therapeutics Inc | New | +462,811 | +$22.5M | 1.5% |
| Tg Therapeutics Inc | Trimmed | −602,768 | −$21.7M | 5.3% |
Showing the 10 largest of 82 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Ser Tr | Trimmed | −1,600,000 | −$130M | 8.2% |
| Novocure Ltd | Added | +2,781,710 | +$49.6M | 7.1% |
| Staar Surgical Co | New | +2,562,893 | +$45.2M | 3.3% |
| Beta Bionics Inc | New | +3,395,341 | +$41.6M | 3.0% |
| PP Praxis Precision Medicines I | Added | +896,200 | +$33.9M | 3.1% |
| Axogen Inc | Trimmed | −1,509,826 | −$27.9M | 1.9% |
| Astrazeneca PLC | Exited | −409,000 | −$26.8M | — |
| TP Teva Pharmaceutical Inds Ltd | Trimmed | −1,642,500 | −$25.2M | 0.5% |
| Quidelortho Corp | Exited | −547,082 | −$24.4M | — |
| AB Adaptive Biotechnologies Cor | Trimmed | −2,973,142 | −$22.1M | — |
Showing the 10 largest of 83 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Ser Tr | Added | +2,100,000 | +$189M | 17.0% |
| Novocure Ltd | New | +2,739,704 | +$81.6M | 5.1% |
| Biomarin Pharmaceutical Inc | New | +1,001,400 | +$65.8M | 4.1% |
| TP Teva Pharmaceutical Inds Ltd | New | +2,093,000 | +$46.1M | 2.9% |
| Sanofi | Exited | −612,000 | −$35.3M | — |
| Ideaya Biosciences Inc | Exited | −1,049,314 | −$33.2M | — |
| IL Integra Lifesciences Hldgs C | New | +1,276,000 | +$28.9M | 1.8% |
| Astrazeneca PLC | New | +409,000 | +$26.8M | 1.7% |
| Krystal Biotech Inc | Added | +141,400 | +$22.2M | 3.5% |
| Revolution Medicines Inc | Trimmed | −503,500 | −$22M | 0.6% |
Showing the 10 largest of 99 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Ser Tr | New | +900,000 | +$88.9M | 6.9% |
| GS Grifols S A | New | +4,521,703 | +$40.2M | 3.1% |
| Sanofi | Added | +549,500 | +$31.7M | 2.7% |
| Quidelortho Corp | New | +686,000 | +$31.3M | 2.4% |
| Tg Therapeutics Inc | Trimmed | −1,111,022 | −$26M | 4.6% |
| Nurix Therapeutics Inc | Trimmed | −990,082 | −$22.2M | 1.9% |
| Penumbra Inc | Exited | −123,450 | −$22.2M | — |
| Vaxcyte Inc | Trimmed | −158,200 | −$18.1M | 0.2% |
| Eli Lilly & Co | New | +19,300 | +$17.1M | 1.3% |
| Humana Inc | Exited | −44,356 | −$16.6M | — |
Showing the 10 largest of 99 changes.
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