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Decheng Capital Portfolio holdings

AUM $732M Turnover 13.33%
1-Year Est. Return 275.56%
This Fund
S&P 500
This Quarter Est. Return
-23.65%
1 Year Est. Return
+275.56%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$356M
AUM Growth
-$110M
Cap. Flow
+$21.8M
Cap. Flow %
6.11%
Top 10 Hldgs %
86.5%
Holding
29
New
1
Increased
2
Reduced
8
Closed
2
Avg Time Held
0.9 years
Top 10 Avg Time Held
0.4 years
Top 20 Avg Time Held
0.7 years

Top Buys

Rank Stock Value
1
AARD icon
Aardvark Therapeutics
AARD
+$44M
2
ACRS icon
Aclaris Therapeutics
ACRS
+$3.79M
3
CRNX icon
Crinetics Pharmaceuticals
CRNX
+$373K

Top Sells

Rank Stock Value
1
ILMN icon
Illumina
ILMN
+$8.99M
2
PHAT icon
Phathom Pharmaceuticals
PHAT
+$5.64M
3
ACLX icon
Arcellx
ACLX
+$2.33M
4
BNTX icon
BioNTech
BNTX
+$2.24M
5
KRYS icon
Krystal Biotech
KRYS
+$1.98M

Sector Composition

Rank Sector Weight
1 Healthcare 99.99%
2 Miscellaneous 0.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
CGON icon
1
CG Oncology
CGON
$5.48B
$156M 43.77%
6,371,669
– –
2024 Q1
4 quarters
NUVB icon
2
Nuvation Bio
NUVB
$1.64B
$45.7M 12.81%
25,954,439
– –
2024 Q2
3 quarters
AARD icon
3
Aardvark Therapeutics
AARD
$84.9M
$29.4M 8.25%
+3,917,299
New +$44M
2025 Q1
0 quarters
UPB icon
4
Upstream Bio Inc
UPB
$187M
$20.1M 5.64%
3,285,293
– –
2024 Q4
1 quarter
NAMS icon
5
NewAmsterdam Pharma
NAMS
$2.39B
$15.8M 4.42%
770,000
– –
2024 Q2
3 quarters
KRYS icon
6
Krystal Biotech
KRYS
$9.79B
$11.7M 3.29%
65,000
-11,772
-15% -$1.98M
2023 Q4
5 quarters
RVMD icon
7
Revolution Medicines
RVMD
$41.5B
$7.99M 2.24%
226,000
– –
2024 Q3
2 quarters
MRUS icon
8
DELISTED
Merus
MRUS
$7.96M 2.23%
189,098
– –
2024 Q1
4 quarters
BYSI icon
9
BeyondSpring
BYSI
$24.1M
$6.97M 1.96%
4,882,651
– –
2023 Q4
5 quarters
MLTX icon
10
MoonLake Immunotherapeutics
MLTX
$863M
$6.7M 1.88%
171,600
– –
2024 Q1
4 quarters
LYEL icon
11
Lyell Immunopharma
LYEL
$196M
$6.41M 1.8%
595,467
– –
2024 Q4
1 quarter
RCUS icon
12
Arcus Biosciences
RCUS
$2.87B
$6.35M 1.78%
808,789
– –
2023 Q4
5 quarters
ACRS icon
13
Aclaris Therapeutics
ACRS
$498M
$6.18M 1.73%
4,041,736
+1,775,069
+78% +$3.79M
2024 Q4
1 quarter
CRNX icon
14
DELISTED
Crinetics Pharmaceuticals
CRNX
$5.97M 1.67%
177,958
+10,000
+6% +$373K
2024 Q1
4 quarters
CYTK icon
15
Cytokinetics
CYTK
$8.82B
$4.02M 1.13%
100,000
– –
2024 Q1
4 quarters
LEGN icon
16
Legend Biotech
LEGN
$3.7B
$3.39M 0.95%
100,000
-53,558
-35% -$1.92M
2024 Q1
4 quarters
ACLX icon
17
DELISTED
Arcellx
ACLX
$3.28M 0.92%
50,000
-34,377
-41% -$2.33M
2024 Q2
3 quarters
ZNTL icon
18
Zentalis Pharmaceuticals
ZNTL
$220M
$3.21M 0.9%
2,019,762
-318,333
-14% -$686K
2023 Q4
5 quarters
AURA icon
19
Aura Biosciences
AURA
$640M
$3.02M 0.85%
515,555
– –
2023 Q4
5 quarters
BNTX icon
20
BioNTech
BNTX
$22.3B
$1.82M 0.51%
20,000
-20,000
-50% -$2.24M
2024 Q4
1 quarter
EQ icon
21
Equillium
EQ
$82.4M
$1.74M 0.49%
4,447,308
– –
2023 Q4
5 quarters
FDMT icon
22
4D Molecular Therapeutics
FDMT
$674M
$1.08M 0.3%
335,515
-64,485
-16% -$304K
2024 Q1
4 quarters
ILMN icon
23
Illumina
ILMN
$41B
$932K 0.26%
11,749
-83,018
-88% -$8.99M
2023 Q4
5 quarters
PYXS icon
24
Pyxis Oncology
PYXS
$149M
$320K 0.09%
326,810
– –
2023 Q4
5 quarters
GRAL icon
25
GRAIL Inc
GRAL
$6.24B
$247K 0.07%
9,684
– –
2024 Q2
3 quarters
1
2

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Decheng Capital's Q1 2025 Portfolio in Review

As of Q1 2025, Decheng Capital held 29 positions worth $356M, down 24% from $466M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Decheng Capital deployed $21.8M of net new capital in Q1 2025, opening 1 new position and adding to 2 existing holdings. Its largest new stake was Aardvark Therapeutics: 3,917,299 shares worth $29.4M.

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

On the sell side, the largest reduction was Illumina, an estimated $8.99M trimmed.

  • Decheng Capital's largest Q1 2025 buy was Aardvark Therapeutics: 3,917,299 shares worth $29.4M.
  • Decheng Capital added most to Aclaris Therapeutics in Q1 2025, an estimated $3.79M increase.
  • Decheng Capital's biggest Q1 2025 reduction was Illumina, cutting an estimated $8.99M.
  • Decheng Capital fully exited Phathom Pharmaceuticals in Q1 2025, selling an estimated $5.64M.
  • Decheng Capital's ten largest holdings make up 86% of its $356M portfolio in Q1 2025.
  • Decheng Capital opened 1 new position and closed 2 in Q1 2025.
  • Decheng Capital's portfolio value fell 24% quarter-over-quarter to $356M.

Based on Decheng Capital's 13F filing for Q1 2025, filed 8 May 2025.