Braidwell Portfolio holdings
Braidwell is a healthcare-focused investment firm that runs hedge funds and a private equity fund to build and back companies fighting disease. It was started in 2021 by Alex Karnal, its chief investment officer and a former co-portfolio manager at Deerfield Management, and Brian Kreiter, its chief executive and a former chief operating officer of Bridgewater Associates. They set it up to combine scientific research with systematic, technology-driven investing.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Neurocrine Biosciences
NBIX
|
+$79.8M |
| 2 |
Day One Biopharmaceuticals
DAWN
|
+$37.4M |
| 3 |
Enanta Pharmaceuticals
ENTA
|
+$34M |
| 4 |
Harrow
HROW
|
+$24.8M |
| 5 |
Immunocore
IMCR
|
+$24M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Natera
NTRA
|
+$30.7M |
| 2 |
Travere Therapeutics
TVTX
|
+$30.6M |
| 3 |
Crinetics Pharmaceuticals
CRNX
|
+$26.8M |
| 4 |
QuidelOrtho
QDEL
|
+$25.7M |
| 5 |
Acadia Pharmaceuticals
ACAD
|
+$23.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 54.28% |
| 2 | Miscellaneous | 45.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Glaukos
GKOS
$13B
| $90.5M | 2.99% |
1,806,651
+144,800
| +9% | +$7.03M |
2022 Q4
1 quarter
|
|
|
ISEE
2
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
| $90.4M | 2.98% |
3,714,672
+373,372
| +11% | +$8.17M |
2022 Q4
1 quarter
|
|
|
3
Neurocrine Biosciences
NBIX
$16.2B
| $77.6M | 2.56% |
+766,800
| New | +$79.8M |
2023 Q1
0 quarters
|
|
4
Xenon Pharmaceuticals
XENE
$3.65B
| $76.5M | 2.52% |
2,137,110
+589,000
| +38% | +$21.8M |
2022 Q4
1 quarter
|
|
5
Align Technology
ALGN
$11.2B
| $69.2M | 2.28% |
207,130
-12,800
| -6% | -$3.78M |
2022 Q4
1 quarter
|
|
6
Biogen
BIIB
$36.1B
| $61.4M | 2.02% |
220,742
-31,800
| -13% | -$8.8M |
2022 Q4
1 quarter
|
|
7
DELISTED
NEVRO CORP.
NVRO
| $59M | 1.95% |
1,632,915
+440,617
| +37% | +$15.5M |
2022 Q4
1 quarter
|
|
8
Intuitive Surgical
ISRG
$166B
| $57M | 1.88% |
223,120
| – | – |
2022 Q4
1 quarter
|
|
9
iRhythm Holdings
IRTC
$4.29B
| $56.3M | 1.86% |
454,169
-43,498
| -9% | -$4.72M |
2022 Q4
1 quarter
|
|
|
10
Natera
NTRA
$52.4B
| $54.5M | 1.8% |
982,241
-638,771
| -39% | -$30.7M |
2022 Q4
1 quarter
|
|
11
DELISTED
Deciphera Pharmaceuticals, Inc. Common Stock
DCPH
| $50.1M | 1.65% |
3,241,351
-30,162
| -0.9% | -$504K |
2022 Q4
1 quarter
|
|
12
Vaxcyte
PCVX
$9.8B
| $49.5M | 1.63% |
1,319,978
-42,300
| -3% | -$1.79M |
2022 Q4
1 quarter
|
|
13
OrthoPediatrics
KIDS
$841M
| $44.2M | 1.46% |
998,871
-45,828
| -4% | -$2.03M |
2022 Q4
1 quarter
|
|
|
14
DELISTED
Day One Biopharmaceuticals
DAWN
| $42.2M | 1.39% |
3,159,895
+1,913,356
| +153% | +$37.4M |
2022 Q4
1 quarter
|
|
|
15
Enanta Pharmaceuticals
ENTA
$294M
| $42M | 1.38% |
1,038,310
+712,472
| +219% | +$34M |
2022 Q4
1 quarter
|
|
16
Amgen
AMGN
$249B
| $39M | 1.29% |
161,500
+30,400
| +23% | +$7.46M |
2022 Q4
1 quarter
|
|
|
17
DELISTED
Crinetics Pharmaceuticals
CRNX
| $32.4M | 1.07% |
2,019,714
-1,449,960
| -42% | -$26.8M |
2022 Q4
1 quarter
|
|
18
Outset Medical
OM
$77.4M
| $32.3M | 1.06% |
116,957
+3,320
| +3% | +$1.22M |
2022 Q4
1 quarter
|
|
|
19
Harrow
HROW
$976M
| $30.7M | 1.01% |
+1,452,538
| New | +$24.8M |
2023 Q1
0 quarters
|
|
20
Penumbra
PEN
$12.7B
| $29.8M | 0.98% |
107,044
-55,784
| -34% | -$14.2M |
2022 Q4
1 quarter
|
|
|
BLU
21
DELISTED
BELLUS Health Inc.
BLU
| $29.7M | 0.98% |
4,126,194
+13,700
| +0.3% | +$106K |
2022 Q4
1 quarter
|
|
22
Legend Biotech
LEGN
$4.38B
| $29M | 0.96% |
601,801
-56,300
| -9% | -$2.75M |
2022 Q4
1 quarter
|
|
23
DELISTED
DICE Therapeutics, Inc. Common Stock
DICE
| $28.2M | 0.93% |
984,800
+145,725
| +17% | +$4.32M |
2022 Q4
1 quarter
|
|
24
Krystal Biotech
KRYS
$8.9B
| $27.9M | 0.92% |
348,036
-10,020
| -3% | -$787K |
2022 Q4
1 quarter
|
|
25
DELISTED
Merus
MRUS
| $27.1M | 0.89% |
1,473,084
-525,000
| -26% | -$9.15M |
2022 Q4
1 quarter
|
|
Similar funds
Braidwell's Q1 2023 Portfolio in Review
As of Q1 2023, Braidwell held 100 positions worth $3.03B, up 1.6% from $2.98B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Braidwell withdrew a net $1.25B in Q1 2023, closing 19 positions and reducing 21 holdings. Its most notable exit was Travere Therapeutics, an estimated $30.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 54% of assets, down from 57% a quarter earlier, followed by Miscellaneous.
Against the trend, Braidwell opened a new position in Neurocrine Biosciences worth $77.6M.
- Braidwell's largest Q1 2023 buy was Neurocrine Biosciences: 766,800 shares worth $77.6M.
- Braidwell added most to Day One Biopharmaceuticals in Q1 2023, an estimated $37.4M increase.
- Braidwell's biggest Q1 2023 reduction was Natera, cutting an estimated $30.7M.
- Braidwell fully exited Travere Therapeutics in Q1 2023, selling an estimated $30.6M.
- Braidwell's ten largest holdings make up 36% of its $3.03B portfolio in Q1 2023.
- Braidwell opened 13 new positions and closed 19 in Q1 2023.
- Braidwell's portfolio value rose 1.6% quarter-over-quarter to $3.03B.
Based on Braidwell's 13F filing for Q1 2023, filed 15 May 2023.