DC

Decheng Capital Portfolio holdings

AUM $732M Turnover 13.33%
1-Year Est. Return 275.56%
This Fund
S&P 500
This Quarter Est. Return
-10.08%
1 Year Est. Return
+275.56%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$466M
AUM Growth
+$44M
Cap. Flow
+$133M
Cap. Flow %
28.46%
Top 10 Hldgs %
83.67%
Holding
30
New
4
Increased
10
Reduced
5
Closed
2
Avg Time Held
0.7 years
Top 10 Avg Time Held
0.5 years
Top 20 Avg Time Held
0.6 years

Top Buys

Rank Stock Value
1
UPB icon
Upstream Bio Inc
UPB
+$73.4M
2
CGON icon
CG Oncology
CGON
+$30.5M
3
LYEL icon
Lyell Immunopharma
LYEL
+$11.8M
4
RVMD icon
Revolution Medicines
RVMD
+$11.3M
5
ACRS icon
Aclaris Therapeutics
ACRS
+$5.64M

Top Sells

Rank Stock Value
1
PHAT icon
Phathom Pharmaceuticals
PHAT
+$6.88M
2
WGS icon
GeneDx Holdings
WGS
+$4.4M
3
ZNTL icon
Zentalis Pharmaceuticals
ZNTL
+$2.52M
4
LBPH icon
Longboard Pharmaceuticals, Inc. Common Stock
LBPH
+$1.88M
5
RCUS icon
Arcus Biosciences
RCUS
+$996K

Sector Composition

Rank Sector Weight
1 Healthcare 99.97%
2 Miscellaneous 0.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
CGON icon
1
CG Oncology
CGON
$5.48B
$183M 39.2%
6,371,669
+892,859
+16% +$30.5M
2024 Q1
3 quarters
NUVB icon
2
Nuvation Bio
NUVB
$1.64B
$69M 14.81%
25,954,439
– –
2024 Q2
2 quarters
UPB icon
3
Upstream Bio Inc
UPB
$187M
$54M 11.58%
+3,285,293
New +$73.4M
2024 Q4
0 quarters
NAMS icon
4
NewAmsterdam Pharma
NAMS
$2.39B
$19.8M 4.24%
770,000
+180,000
+31% +$3.82M
2024 Q2
2 quarters
ILMN icon
5
Illumina
ILMN
$41B
$12.7M 2.72%
94,767
– –
2023 Q4
4 quarters
RCUS icon
6
Arcus Biosciences
RCUS
$2.87B
$12M 2.58%
808,789
-61,001
-7% -$996K
2023 Q4
4 quarters
KRYS icon
7
Krystal Biotech
KRYS
$9.79B
$12M 2.58%
76,772
+5,000
+7% +$887K
2023 Q4
4 quarters
RVMD icon
8
Revolution Medicines
RVMD
$41.5B
$9.89M 2.12%
226,000
+224,000
+11,200% +$11.3M
2024 Q3
1 quarter
MLTX icon
9
MoonLake Immunotherapeutics
MLTX
$863M
$9.29M 1.99%
171,600
+5,000
+3% +$255K
2024 Q1
3 quarters
CRNX icon
10
DELISTED
Crinetics Pharmaceuticals
CRNX
$8.59M 1.84%
167,958
+10,000
+6% +$559K
2024 Q1
3 quarters
BYSI icon
11
BeyondSpring
BYSI
$24.1M
$7.96M 1.71%
4,882,651
-75,492
-2% -$149K
2023 Q4
4 quarters
MRUS icon
12
DELISTED
Merus
MRUS
$7.95M 1.71%
189,098
– –
2024 Q1
3 quarters
LYEL icon
13
Lyell Immunopharma
LYEL
$196M
$7.62M 1.63%
+595,467
New +$11.8M
2024 Q4
0 quarters
ZNTL icon
14
Zentalis Pharmaceuticals
ZNTL
$220M
$7.08M 1.52%
2,338,095
-770,000
-25% -$2.52M
2023 Q4
4 quarters
ACLX icon
15
DELISTED
Arcellx
ACLX
$6.47M 1.39%
84,377
+63,200
+298% +$5.46M
2024 Q2
2 quarters
PHAT icon
16
Phathom Pharmaceuticals
PHAT
$599M
$5.64M 1.21%
694,254
-555,746
-44% -$6.88M
2023 Q4
4 quarters
ACRS icon
17
Aclaris Therapeutics
ACRS
$498M
$5.62M 1.21%
+2,266,667
New +$5.64M
2024 Q4
0 quarters
LEGN icon
18
Legend Biotech
LEGN
$3.7B
$5M 1.07%
153,558
+45,000
+41% +$1.86M
2024 Q1
3 quarters
CYTK icon
19
Cytokinetics
CYTK
$8.82B
$4.7M 1.01%
100,000
+5,957
+6% +$309K
2024 Q1
3 quarters
BNTX icon
20
BioNTech
BNTX
$22.3B
$4.56M 0.98%
+40,000
New +$4.56M
2024 Q4
0 quarters
AURA icon
21
Aura Biosciences
AURA
$640M
$4.24M 0.91%
515,555
– –
2023 Q4
4 quarters
EQ icon
22
Equillium
EQ
$82.4M
$3.33M 0.71%
4,447,308
– –
2023 Q4
4 quarters
FDMT icon
23
4D Molecular Therapeutics
FDMT
$674M
$2.23M 0.48%
400,000
+2,165
+0.5% +$17K
2024 Q1
3 quarters
VERA icon
24
Vera Therapeutics
VERA
$1.93B
$2.1M 0.45%
49,767
-20,000
-29% -$886K
2024 Q2
2 quarters
ATRC icon
25
AtriCure
ATRC
$2.91B
$819K 0.18%
26,797
– –
2023 Q4
4 quarters
1
2

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Decheng Capital's Q4 2024 Portfolio in Review

As of Q4 2024, Decheng Capital held 30 positions worth $466M, up 10% from $422M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Decheng Capital deployed $133M of net new capital in Q4 2024, opening 4 new positions and adding to 10 existing holdings. Its largest new stake was Upstream Bio Inc: 3,285,293 shares worth $54M.

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

On the sell side, the largest reduction was Phathom Pharmaceuticals, an estimated $6.88M trimmed.

  • Decheng Capital's largest Q4 2024 buy was Upstream Bio Inc: 3,285,293 shares worth $54M.
  • Decheng Capital added most to CG Oncology in Q4 2024, an estimated $30.5M increase.
  • Decheng Capital's biggest Q4 2024 reduction was Phathom Pharmaceuticals, cutting an estimated $6.88M.
  • Decheng Capital fully exited GeneDx Holdings in Q4 2024, selling an estimated $4.4M.
  • Decheng Capital's ten largest holdings make up 84% of its $466M portfolio in Q4 2024.
  • Decheng Capital opened 4 new positions and closed 2 in Q4 2024.
  • Decheng Capital's portfolio value rose 10% quarter-over-quarter to $466M.

Based on Decheng Capital's 13F filing for Q4 2024, filed 14 Feb 2025.