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BCM

Boxer Capital Management Portfolio holdings

AUM $1.33B
1-Year Est. Return 864.5%
This Fund
S&P 500
This Quarter Est. Return
+89.98%
1 Year Est. Return
+864.5%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$199M
AUM Growth
-$134M
Cap. Flow
-$197M
Cap. Flow %
-99.18%
Top 10 Hldgs %
91.42%
Holding
36
New
8
Increased
3
Reduced
7
Closed
16

Top Buys

Rank Stock Value
1
CBIO
Crescent Biopharma
CBIO
+$9.6M
2
ITOS
iTeos Therapeutics
ITOS
+$6.65M
3
URGN icon
UroGen Pharma
URGN
+$5.52M
4
KYMR icon
Kymera Therapeutics
KYMR
+$3.68M
5
REPL icon
Replimune Group
REPL
+$3.62M

Top Sells

Rank Stock Value
1
NUVL
Nuvalent
NUVL
+$31.9M
2
RNAM
Avidity Biosciences
RNAM
+$25.5M
3
ANAB icon
AnaptysBio
ANAB
+$24.2M
4
RVMD icon
Revolution Medicines
RVMD
+$20.2M
5
XENE icon
Xenon Pharmaceuticals
XENE
+$20.1M

Sector Composition

Rank Sector Weight
1 Healthcare 99.96%
2 Miscellaneous 0.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TNGX icon
1
Tango Therapeutics
TNGX
$3.75B
$50M 25.18%
9,771,485
-609,514
-6% -$1.51M
RVMD icon
2
Revolution Medicines
RVMD
$40.5B
$29.2M 14.69%
792,977
-525,000
-40% -$20.2M
REPL icon
3
Replimune Group
REPL
$1.23B
$20.5M 10.34%
2,211,341
+415,000
+23% +$3.62M
MRUS
4
DELISTED
Merus
MRUS
$19.2M 9.66%
365,000
-335,000
-48% -$15.7M
KYMR icon
5
Kymera Therapeutics
KYMR
$9.73B
$18.9M 9.49%
432,010
+107,010
+33% +$3.68M
QURE icon
6
uniQure
QURE
$3.04B
$12.5M 6.31%
899,500
+149,500
+20% +$2.01M
ITOS
7
DELISTED
iTeos Therapeutics
ITOS
$8.23M 4.14%
+825,000
New +$6.65M
URGN icon
8
UroGen Pharma
URGN
$2.11B
$7.88M 3.97%
+575,000
New +$5.52M
AMLX icon
9
Amylyx Pharmaceuticals
AMLX
$4.18B
$7.85M 3.95%
1,225,000
-525,000
-30% -$2.55M
CBIO
10
Crescent Biopharma
CBIO
$621M
$7.32M 3.69%
+453,686
New +$9.6M
PTGX icon
11
Protagonist Therapeutics
PTGX
$9.28B
$3.32M 1.67%
+60,000
New +$2.88M
NKTR icon
12
Nektar Therapeutics
NKTR
$2.3B
$3.23M 1.63%
+125,000
New +$1.4M
KOD icon
13
Kodiak Sciences
KOD
$2B
$2.8M 1.41%
750,000
-285,000
-28% -$1.01M
CDTX
14
DELISTED
Cidara Therapeutics
CDTX
$2.68M 1.35%
+55,000
New +$1.32M
NRIX icon
15
Nurix Therapeutics
NRIX
$2.61B
$1.99M 1%
175,000
-388,067
-69% -$4.19M
TIL icon
16
Instil Bio
TIL
$48.2M
$1.47M 0.74%
70,700
-9,425
-12% -$197K
KALV
17
DELISTED
KalVista Pharmaceuticals
KALV
$1.06M 0.53%
+93,400
New +$1.14M
SRPT icon
18
Sarepta Therapeutics
SRPT
$2.11B
$428K 0.22%
+25,000
New +$1.07M
NUVB.WS
19
DELISTED
Nuvation Bio Inc Warrants
NUVB.WS
$72K 0.04%
266,666
– –
SRZNW
20
DELISTED
Surrozen Inc Warrant
SRZNW
$1.21K ﹤0.01%
66,666
– –
ANAB icon
21
AnaptysBio
ANAB
$1.61B
– –
-1,300,000
Closed -$24.2M
APLS
22
DELISTED
Apellis Pharmaceuticals
APLS
– –
-713,000
Closed -$15.6M
DAWN
23
DELISTED
Day One Biopharmaceuticals
DAWN
– –
-1,189,943
Closed -$9.44M
DNLI icon
24
Denali Therapeutics
DNLI
$3.16B
– –
-250,000
Closed -$3.4M
ELVN icon
25
Enliven Therapeutics
ELVN
$3.63B
– –
-671,358
Closed -$13.2M
1
2

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Boxer Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Boxer Capital Management held 36 positions worth $199M, down 40% from $332M the previous quarter. Its ten largest holdings account for 91% of the portfolio.

Boxer Capital Management withdrew a net $197M in Q2 2025, closing 16 positions and reducing 7 holdings. Its most notable exit was Nuvalent, an estimated $31.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier, followed by Miscellaneous.

Against the trend, Boxer Capital Management opened a new position in Crescent Biopharma worth $7.32M.

  • Boxer Capital Management's largest Q2 2025 buy was Crescent Biopharma: 453,686 shares worth $7.32M.
  • Boxer Capital Management added most to Kymera Therapeutics in Q2 2025, an estimated $3.68M increase.
  • Boxer Capital Management's biggest Q2 2025 reduction was Revolution Medicines, cutting an estimated $20.2M.
  • Boxer Capital Management fully exited Nuvalent in Q2 2025, selling an estimated $31.9M.
  • Boxer Capital Management's ten largest holdings make up 91% of its $199M portfolio in Q2 2025.
  • Boxer Capital Management opened 8 new positions and closed 16 in Q2 2025.
  • Boxer Capital Management's portfolio value fell 40% quarter-over-quarter to $199M.

Based on Boxer Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.