You can access and view our Q2 compiled 13F sheets below for some of our favorite funds. We’ve highlighted some changes of special interest to guide your reading and analysis. You can download the Excel for your use. Enjoy!
Click here for 13F Google Sheets for nine biotech-focused funds
Quick reminder:
Do note that the deadline to file was early this week (~45 days after the end of the quarter), and that we are already halfway into Q3. 13Fs are only a rough proxy into whale movements and are by nature delayed
Do note that these are only changes (new, additions, reductions, sold-all) and not the fund’s entire portfolio. Market value (column D) was at the time of 13F filing and we have recalculated the current market value in (P)
This is a quick review and not an in-depth report. We prioritized speed. Do let us know your favorite funds to track so that we can incorporate them into the next review
Overview of Q2 13F activity:
Most of the heavy adds are still in oncology. Compared to last quarter, big oncology adds make up a smaller relative proportion of all ads
Areas such as heart disease and CNS are gaining momentum
Funds are not scared to add in this bear market, especially to their higher conviction plays; smaller funds more on sidelines with their dry-powder
Companies cross-listed with or added to our long-list:
* Potential future deep-dive reports
GHRS (using DMT to treat depression)*
RAIN (precision oncology - MDM2 inhibitor)*
RCUS (larger oncology player)
ACRS (inflammation)
RLAY (drug discovery)*
NKTX (CAR-NK)*
GRPH (gene editing)
VSTM (oncology - RAF/MEK/FAK inhibitors)
MRTX (larger oncology player)
MGNX (oncology mAbs)*
OLMA (breast cancer)
DCPH (kinase inhibitors)*
GLUE (TPD)*
CRVX (heart failure device)
FDMT (gene therapy)
CATB (hereditary angioedema)
VRDN (thyroid eye disease)*
PCVX (vaccines)*
MCRB (microbes)*
AVTE (rare cardiopulmonary diseases)
DAWN (type II pan-RAF Inhibitor)
PNT (oncology - nuclear drug)
APLS (targeted C3)
CNTB (Chinese, T-cell inflammation incl. AD)*
LEGN (Chinese, CAR-T)*
GRCL (Chinese, CAR-T)*
Fund Specific Observations:
RA Capital: Surgical additions along with a few company IPOs
$MGNX now ~$160m (20% increase), now rank #8 portfolio
$CNTB now ~$136m (133% increase), now rank #9
$LEGN new $40m addition
Sold all $RLAY (1m shares)
Perceptive: adds to the usual suspects with many new additions <1% of portfolio
$IOVA now ~$285m (27% increase), now rank #5 in portfolio
$ZY new $65m addition (oops)
Baker Bros: Nothing too major to note
$APLS now ~$143m (35% increase)
$VSTM now ~$87m (27% increase)
$LEGN now ~$68m (1340% increase)
BVF: Some fun and exciting high risk-reward plays with more under the radar companies. Lots of high conviction additions.
$ARGX now ~$196m (110% increase)
$RCUS now ~$76m (50% increase)
$FDMT now ~$48m (95% increase)
$GHRS IPO’d, now $200m stake. Now #1 in portfolio.
OrbiMed: 100 changes with almost exactly 25 additions, 25 new positions, 25 reductions, and 25 sold-all.
$DCPH now ~$120m (140% increase)
Diversified heavily with many new adds (<1% ea. of portfolio)
EcoR1: Many high conviction adds to all their top 10 holdings.
$MORF now ~$226m (30% increase)
$RLAY now ~$165m (30% increase)
$STTK now ~$96m (35% increase)
$RCUS now ~$92m (52% increase)
$KURA now ~$77m (50% increase)
$KYMR now ~$25m (420% increase)
Opaleye, Ghost Tree, Redmile: Nothing too special here
Disclaimer: Biotech investing is inherently risky. Our post is for informational purposes only, published to the best of our knowledge and understanding. We accept no liability for any potential direct or indirect losses as a result of our research and views. The reader bears full responsibility for their investment decisions. We reserve every right to adjust our positions without notice.
Enjoyed this? Subscribe for company-specific deep dives or share it.