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 |
Soleno Therapeutics
SLNO
|
+$95M |
| 2 |
Acadia Pharmaceuticals
ACAD
|
+$56.3M |
| 3 |
Hinge Health
HNGE
|
+$47.6M |
| 4 |
Inspire Medical Systems
INSP
|
+$36.6M |
| 5 |
CareDx
CDNA
|
+$31.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
argenx
ARGX
|
+$78.1M |
| 2 |
Guardant Health
GH
|
+$43.6M |
| 3 |
Adaptive Biotechnologies
ADPT
|
+$38.1M |
| 4 |
Neurocrine Biosciences
NBIX
|
+$38M |
| 5 |
Krystal Biotech
KRYS
|
+$31M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 73.36% |
| 2 | Miscellaneous | 26.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Caris Life Sciences
CAI
$7.47B
| $221M | 6.57% |
7,316,142
| – | – |
2025 Q2
1 quarter
|
|
2
Xenon Pharmaceuticals
XENE
$3.65B
| $145M | 4.29% |
3,605,029
| – | – |
2022 Q4
11 quarters
|
|
3
CG Oncology
CGON
$5.74B
| $132M | 3.92% |
3,283,317
| – | – |
2024 Q1
6 quarters
|
|
|
4
Neurocrine Biosciences
NBIX
$16.2B
| $124M | 3.67% |
880,282
-280,143
| -24% | -$38M |
2023 Q1
10 quarters
|
|
|
5
Krystal Biotech
KRYS
$8.9B
| $91.9M | 2.73% |
520,401
-207,410
| -28% | -$31M |
2022 Q4
11 quarters
|
|
6
DELISTED
Nuvalent
NUVL
| $87.6M | 2.6% |
1,012,982
-162,894
| -14% | -$12.9M |
2024 Q4
3 quarters
|
|
|
7
DELISTED
Soleno Therapeutics
SLNO
| $86.7M | 2.57% |
+1,281,989
| New | +$95M |
2025 Q3
0 quarters
|
|
8
Edgewise Therapeutics
EWTX
$4.26B
| $84.5M | 2.51% |
5,210,831
| – | – |
2024 Q3
4 quarters
|
|
|
9
Inspire Medical Systems
INSP
$1.93B
| $65.6M | 1.95% |
883,747
+361,337
| +69% | +$36.6M |
2023 Q3
8 quarters
|
|
10
Glaukos
GKOS
$13B
| $63.6M | 1.89% |
780,164
+176,750
| +29% | +$16.2M |
2022 Q4
11 quarters
|
|
11
Danaher
DHR
$159B
| $61.3M | 1.82% |
309,339
| – | – |
2025 Q1
2 quarters
|
|
12
Legend Biotech
LEGN
$4.38B
| $59.6M | 1.77% |
1,826,155
-715,949
| -28% | -$26.4M |
2022 Q4
11 quarters
|
|
13
Intuitive Surgical
ISRG
$166B
| $58.2M | 1.73% |
130,227
+40,627
| +45% | +$19.5M |
2024 Q1
6 quarters
|
|
14
DELISTED
Apogee Therapeutics
APGE
| $57.2M | 1.7% |
1,438,745
-39,767
| -3% | -$1.52M |
2023 Q3
8 quarters
|
|
|
15
argenx
ARGX
$56.3B
| $56.1M | 1.67% |
76,091
-118,400
| -61% | -$78.1M |
2023 Q4
7 quarters
|
|
16
Thermo Fisher Scientific
TMO
$251B
| $55.3M | 1.64% |
113,933
-21,300
| -16% | -$9.9M |
2024 Q4
3 quarters
|
|
17
Align Technology
ALGN
$11.2B
| $51.3M | 1.52% |
409,691
-87,039
| -18% | -$13.6M |
2022 Q4
11 quarters
|
|
|
18
Acadia Pharmaceuticals
ACAD
$3.66B
| $50.8M | 1.51% |
+2,378,655
| New | +$56.3M |
2025 Q3
0 quarters
|
|
|
19
Hinge Health
HNGE
$9.36B
| $44.7M | 1.33% |
+910,476
| New | +$47.6M |
2025 Q3
0 quarters
|
|
20
Spyre Therapeutics
SYRE
$9.17B
| $43.2M | 1.28% |
2,578,404
| – | – |
2023 Q4
7 quarters
|
|
21
Transmedics
TMDX
$2.39B
| $39.4M | 1.17% |
351,248
+96,200
| +38% | +$11.3M |
2024 Q4
3 quarters
|
|
22
iRhythm Holdings
IRTC
$4.29B
| $38.8M | 1.15% |
225,845
-74,184
| -25% | -$11.8M |
2022 Q4
11 quarters
|
|
23
Penumbra
PEN
$12.7B
| $35.9M | 1.06% |
141,528
+11,900
| +9% | +$3M |
2022 Q4
11 quarters
|
|
24
Dyne Therapeutics
DYN
$3.24B
| $34.5M | 1.02% |
2,730,481
-542,868
| -17% | -$6.19M |
2024 Q4
3 quarters
|
|
25
CVS Health
CVS
$104B
| $33.1M | 0.98% |
+438,600
| New | +$30.1M |
2025 Q3
0 quarters
|
|
Similar funds
Braidwell's Q3 2025 Portfolio in Review
As of Q3 2025, Braidwell held 79 positions worth $3.37B, up 15% from $2.92B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
Braidwell withdrew a net $654M in Q3 2025, closing 6 positions and reducing 18 holdings. Its most notable exit was Guardant Health, an estimated $43.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 73% of assets, up from 72% a quarter earlier, followed by Miscellaneous.
Against the trend, Braidwell opened a new position in Soleno Therapeutics worth $86.7M.
- Braidwell's largest Q3 2025 buy was Soleno Therapeutics: 1,281,989 shares worth $86.7M.
- Braidwell added most to Inspire Medical Systems in Q3 2025, an estimated $36.6M increase.
- Braidwell's biggest Q3 2025 reduction was argenx, cutting an estimated $78.1M.
- Braidwell fully exited Guardant Health in Q3 2025, selling an estimated $43.6M.
- Braidwell's ten largest holdings make up 44% of its $3.37B portfolio in Q3 2025.
- Braidwell opened 25 new positions and closed 6 in Q3 2025.
- Braidwell's portfolio value rose 15% quarter-over-quarter to $3.37B.
Based on Braidwell's 13F filing for Q3 2025, filed 14 Nov 2025.