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
+59.34%
1 Year Est. Return
+275.56%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$573M
AUM Growth
+$177M
Cap. Flow
-$11M
Cap. Flow %
-1.93%
Top 10 Hldgs %
93.81%
Holding
25
New
–
Increased
1
Reduced
6
Closed
2
Avg Time Held
1.3 years
Top 10 Avg Time Held
0.7 years
Top 20 Avg Time Held
1 year

Top Buys

Rank Stock Value
1
RCUS icon
Arcus Biosciences
RCUS
+$4.03M

Top Sells

Rank Stock Value
1
KRYS icon
Krystal Biotech
KRYS
+$5.04M
2
ACLX icon
Arcellx
ACLX
+$4.46M
3
NAMS icon
NewAmsterdam Pharma
NAMS
+$2.71M
4
FDMT icon
4D Molecular Therapeutics
FDMT
+$877K
5
LEGN icon
Legend Biotech
LEGN
+$710K

Sector Composition

Rank Sector Weight
1 Healthcare 99.98%
2 Miscellaneous 0.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
CGON icon
1
CG Oncology
CGON
$5.48B
$257M 44.78%
6,371,669
– –
2024 Q1
6 quarters
NUVB icon
2
Nuvation Bio
NUVB
$1.64B
$96M 16.75%
25,954,439
– –
2024 Q2
5 quarters
UPB icon
3
Upstream Bio Inc
UPB
$187M
$61.8M 10.78%
3,285,293
– –
2024 Q4
3 quarters
AARD icon
4
Aardvark Therapeutics
AARD
$84.9M
$52.1M 9.08%
3,917,299
– –
2025 Q1
2 quarters
NAMS icon
5
NewAmsterdam Pharma
NAMS
$2.39B
$18.7M 3.26%
657,051
-112,949
-15% -$2.71M
2024 Q2
5 quarters
MRUS icon
6
DELISTED
Merus
MRUS
$17.6M 3.06%
186,546
-2,552
-1% -$166K
2024 Q1
6 quarters
RVMD icon
7
Revolution Medicines
RVMD
$41.5B
$9.81M 1.71%
210,000
-16,000
-7% -$626K
2024 Q3
4 quarters
LYEL icon
8
Lyell Immunopharma
LYEL
$196M
$9.67M 1.69%
595,466
– –
2024 Q4
3 quarters
BYSI icon
9
BeyondSpring
BYSI
$24.1M
$7.76M 1.35%
4,286,104
-245,377
-5% -$481K
2023 Q4
7 quarters
ACRS icon
10
Aclaris Therapeutics
ACRS
$498M
$7.68M 1.34%
4,041,736
– –
2024 Q4
3 quarters
RCUS icon
11
Arcus Biosciences
RCUS
$2.87B
$7.45M 1.3%
547,609
+387,609
+242% +$4.03M
2023 Q4
7 quarters
EQ icon
12
Equillium
EQ
$82.4M
$6.36M 1.11%
4,447,308
– –
2023 Q4
7 quarters
CRNX icon
13
DELISTED
Crinetics Pharmaceuticals
CRNX
$5.96M 1.04%
143,000
– –
2024 Q1
6 quarters
KRYS icon
14
Krystal Biotech
KRYS
$9.79B
$5.7M 0.99%
32,300
-33,700
-51% -$5.04M
2023 Q4
7 quarters
AURA icon
15
Aura Biosciences
AURA
$640M
$3.19M 0.56%
515,555
– –
2023 Q4
7 quarters
ZNTL icon
16
Zentalis Pharmaceuticals
ZNTL
$220M
$2M 0.35%
1,323,327
– –
2023 Q4
7 quarters
MLTX icon
17
MoonLake Immunotherapeutics
MLTX
$863M
$1.3M 0.23%
181,600
– –
2024 Q1
6 quarters
FDMT icon
18
4D Molecular Therapeutics
FDMT
$674M
$806K 0.14%
92,748
-146,762
-61% -$877K
2024 Q1
6 quarters
ILMN icon
19
Illumina
ILMN
$41B
$758K 0.13%
7,979
– –
2023 Q4
7 quarters
PYXS icon
20
Pyxis Oncology
PYXS
$149M
$726K 0.13%
326,810
– –
2023 Q4
7 quarters
GRAL icon
21
GRAIL Inc
GRAL
$6.24B
$573K 0.1%
9,684
– –
2024 Q2
5 quarters
RZLT icon
22
Rezolute
RZLT
$409M
$563K 0.1%
59,900
– –
2025 Q2
1 quarter
NUVB.WS icon
23
DELISTED
Nuvation Bio Inc Warrants
NUVB.WS
$115K 0.02%
646,057
– –
2024 Q2
5 quarters
ACLX icon
24
DELISTED
Arcellx
ACLX
– –
-547,609
Closed -$4.46M –
LEGN icon
25
Legend Biotech
LEGN
$3.7B
– –
-20,000
Closed -$710K –

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Decheng Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Decheng Capital held 25 positions worth $573M, up 45% from $396M the previous quarter. Its ten largest holdings account for 94% of the portfolio.

Decheng Capital's Q3 2025 filing shows 1 increased, 6 reduced and 2 closed positions. The largest sale was Krystal Biotech, an estimated $5.04M.

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

  • Decheng Capital added most to Arcus Biosciences in Q3 2025, an estimated $4.03M increase.
  • Decheng Capital's biggest Q3 2025 reduction was Krystal Biotech, cutting an estimated $5.04M.
  • Decheng Capital fully exited Arcellx in Q3 2025, selling an estimated $4.46M.
  • Decheng Capital's ten largest holdings make up 94% of its $573M portfolio in Q3 2025.
  • Decheng Capital opened 0 new positions and closed 2 in Q3 2025.
  • Decheng Capital's portfolio value rose 45% quarter-over-quarter to $573M.

Based on Decheng Capital's 13F filing for Q3 2025, filed 14 Nov 2025.