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Decheng Capital Portfolio holdings
AUM
$732M
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
(+45%)
Cap. Flow
-$11M
Cap. Flow
% of AUM
-1.93%
Top 10 Holdings %
Top 10 Hldgs %
93.81%
Holding
25
New
–
Increased
1
Reduced
6
Closed
2
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Arcus Biosciences
RCUS
|
+$4.03M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Krystal Biotech
KRYS
|
+$5.04M |
| 2 |
ACLX
Arcellx
ACLX
|
+$4.46M |
| 3 |
NewAmsterdam Pharma
NAMS
|
+$2.71M |
| 4 |
4D Molecular Therapeutics
FDMT
|
+$877K |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1
CG Oncology
CGON
$6.59B
| $257M | 44.78% |
6,371,669
| – | – |
|
2
Nuvation Bio
NUVB
$2.34B
| $96M | 16.75% |
25,954,439
| – | – |
|
|
UPB
3
Upstream Bio Inc
UPB
$366M
| $61.8M | 10.78% |
3,285,293
| – | – |
|
|
AARD
4
Aardvark Therapeutics
AARD
$127M
| $52.1M | 9.08% |
3,917,299
| – | – |
|
|
5
NewAmsterdam Pharma
NAMS
$3.1B
| $18.7M | 3.26% |
657,051
-112,949
| -15% | -$2.71M |
|
|
MRUS
6
DELISTED
Merus
MRUS
| $17.6M | 3.06% |
186,546
-2,552
| -1% | -$166K |
|
7
Revolution Medicines
RVMD
$44.6B
| $9.81M | 1.71% |
210,000
-16,000
| -7% | -$626K |
|
8
Lyell Immunopharma
LYEL
$356M
| $9.67M | 1.69% |
595,466
| – | – |
|
9
BeyondSpring
BYSI
$27.4M
| $7.76M | 1.35% |
4,286,104
-245,377
| -5% | -$481K |
|
10
Aclaris Therapeutics
ACRS
$885M
| $7.68M | 1.34% |
4,041,736
| – | – |
|
|
11
Arcus Biosciences
RCUS
$3.72B
| $7.45M | 1.3% |
547,609
+387,609
| +242% | +$4.03M |
|
12
Equillium
EQ
$152M
| $6.36M | 1.11% |
4,447,308
| – | – |
|
13
Crinetics Pharmaceuticals
CRNX
$9B
| $5.96M | 1.04% |
143,000
| – | – |
|
|
14
Krystal Biotech
KRYS
$10.4B
| $5.7M | 0.99% |
32,300
-33,700
| -51% | -$5.04M |
|
15
Aura Biosciences
AURA
$767M
| $3.19M | 0.56% |
515,555
| – | – |
|
16
Zentalis Pharmaceuticals
ZNTL
$360M
| $2M | 0.35% |
1,323,327
| – | – |
|
17
MoonLake Immunotherapeutics
MLTX
$1.28B
| $1.3M | 0.23% |
181,600
| – | – |
|
|
18
4D Molecular Therapeutics
FDMT
$810M
| $806K | 0.14% |
92,748
-146,762
| -61% | -$877K |
|
19
Illumina
ILMN
$32.6B
| $758K | 0.13% |
7,979
| – | – |
|
20
Pyxis Oncology
PYXS
$269M
| $726K | 0.13% |
326,810
| – | – |
|
|
GRAL
21
GRAIL Inc
GRAL
$3.57B
| $573K | 0.1% |
9,684
| – | – |
|
22
Rezolute
RZLT
$445M
| $563K | 0.1% |
59,900
| – | – |
|
|
NUVB.WS
23
DELISTED
Nuvation Bio Inc Warrants
NUVB.WS
| $115K | 0.02% |
646,057
| – | – |
|
|
ACLX
24
DELISTED
Arcellx
ACLX
| – | – |
-547,609
| Closed | -$4.46M |
|
|
25
Legend Biotech
LEGN
$3.87B
| – | – |
-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.