Q4 2025 Holdings
Filed 2026-02-17 | 34 holdings | $10.2B | 13F-HR/A | View on SEC ↗ · Holdings Table ↗
Amended (2026-03-16) | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| United Therapeutics Corp(UTHR) | Common | 91307C102 | $1.3B | 2,606,060 | 12.5% |
| Ascendis Pharma(ASND) | Sponsored ADR | 04351P101 | $1.1B | 5,111,111 | 10.7% |
| Madrigal Pharmaceuticals Inc(MDGL) | Common | 558868105 | $1.1B | 1,807,500 | 10.3% |
| Argenx SE(ARGX) | Sponsored ADR | 04016X101 | $832.5M | 990,000 | 8.2% |
| Krystal Biotech Inc(KRYS) | Common | 501147102 | $712.2M | 2,888,888 | 7.0% |
| Arrowhead Pharmaceuticals Inc(ARWR) | Common | 04280A100 | $705.4M | 10,625,000 | 6.9% |
| Kymera Therapeutics Inc(KYMR) | Common | 501575104 | $581.6M | 7,474,747 | 5.7% |
| Structure Therapeutics Inc(GPCR) | SPONSORED ADS | 86366E106 | $455.9M | 6,555,555 | 4.5% |
| Avidity Biosciences Inc(RNA) | Common | 05370A108 | $393.5M | 5,455,000 | 3.9% |
| Centessa Pharmaceuticals PLC(CNTA) | SPONSORED ADS | 152309100 | $364.0M | 14,555,555 | 3.6% |
| Celcuity Inc(CELC) | Common | 15102K100 | $310.3M | 3,111,111 | 3.0% |
| Apellis Pharmaceuticals Inc(APLS) | Common | 03753U106 | $307.0M | 12,222,222 | 3.0% |
| Vera Therapeutics Inc(VERA) | Common | 92337R101 | $298.2M | 5,888,888 | 2.9% |
| Spdr Series Trust - S&P Biotech(XBI) | ETF | 78464A870 | $256.1M | 2,100,000 | 2.5% |
| Xenon Pharmaceuticals Inc(XENE) | Common | 98420N105 | $243.1M | 5,424,444 | 2.4% |
| Terns Pharmaceuticals Inc(TERN)A | Common | 880881107 | $175.7M | 4,350,000 | 1.7% |
| Terns Pharmaceuticals Inc | Common | 880881907 | $175.7M | 4,350,000 | 1.7% |
| Revolution Medicines Inc(RVMD) | Common | 76155X100 | $172.8M | 2,170,000 | 1.7% |
| Uniqure NV(QURE) | Common | N90064101 | $147.2M | 6,150,000 | 1.4% |
| Soleno Therapeutics Inc(SLNO) | Common | 834203309 | $134.3M | 2,900,000 | 1.3% |
| Ocular Therapeutix Inc(OCUL) | Common | 67576A100 | $130.8M | 10,777,777 | 1.3% |
| Taysha Gene Therapies Inc(TSHA) | Common | 877619106 | $119.4M | 21,700,000 | 1.2% |
| Mind Medicine (Mindmed) Inc(BRD1EUR) | Common | 60255C885 | $67.0M | 5,000,000 | 0.7% |
| PTC Therapeutics Inc(PTCT)A | Common | 69366J200 | $52.0M | 685,000 | 0.5% |
| PTC Therapeutics Inc | Common | 69366JAD3 | $52.0M | 685,000 | 0.5% |
| Viridian Therapeutics Inc(VRDN) | Common | 92790C104 | $46.7M | 1,500,000 | 0.5% |
| Oruka Therapeutics Inc(ORKA) | Common | 687604108 | $40.4M | 1,333,340 | 0.4% |
| Alkermes PLC(ALKS) | Common | G01767105 | $39.2M | 1,400,000 | 0.4% |
| Apogee Therapeutics Inc(APGE) | Common | 03770N101 | $37.7M | 500,000 | 0.4% |
| Septerna Inc(SEPN) | Common | 81734D104 | $37.3M | 1,337,500 | 0.4% |
| Lexeo Therapeutics Inc(LXEO) | Common | 52886X107 | $32.8M | 3,300,000 | 0.3% |
| Mannkind Corp(MNKD) | Common | 56400P706 | $25.2M | 4,444,444 | 0.2% |
| GH Research PLC(GHRS) | ORDINARY SHARES | G3855L106 | $22.9M | 1,800,000 | 0.2% |
| Incyte Corp(INCY) | Common | 45337C102 | $13.3M | 135,000 | 0.1% |
| Whitehawk Therapeutics Inc(WHWK) | Common | 00032Q104 | $6.9M | 2,849,402 | 0.1% |
| Ascendis Pharma(ASND)Call | Sponsored ADR | 04351P101 | $625.0K | 50,000 | 0.0% |