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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
+57.77%
1 Year Est. Return
+275.56%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$743M
AUM Growth
+$170M
(+30%)
Cap. Flow
-$32.5M
Cap. Flow
% of AUM
-4.37%
Top 10 Holdings %
Top 10 Hldgs %
97.36%
Holding
23
New
–
Increased
1
Reduced
9
Closed
4
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lyell Immunopharma
LYEL
|
+$2.16M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MRUS
Merus
MRUS
|
+$17.6M |
| 2 |
UPB
Upstream Bio Inc
UPB
|
+$3.54M |
| 3 |
Krystal Biotech
KRYS
|
+$3.16M |
| 4 |
NewAmsterdam Pharma
NAMS
|
+$2.37M |
| 5 |
Crinetics Pharmaceuticals
CRNX
|
+$2.24M |
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 | |
|---|---|---|---|---|---|---|
1
CG Oncology
CGON
$6.59B
| $265M | 35.59% |
6,371,669
| – | – |
|
2
Nuvation Bio
NUVB
$2.34B
| $233M | 31.28% |
25,954,439
| – | – |
|
|
UPB
3
Upstream Bio Inc
UPB
$366M
| $85.3M | 11.48% |
3,143,078
-142,215
| -4% | -$3.54M |
|
|
AARD
4
Aardvark Therapeutics
AARD
$127M
| $51.4M | 6.92% |
3,917,299
| – | – |
|
|
5
Lyell Immunopharma
LYEL
$356M
| $21.3M | 2.87% |
692,050
+96,584
| +16% | +$2.16M |
|
|
6
NewAmsterdam Pharma
NAMS
$3.1B
| $20.8M | 2.79% |
592,057
-64,994
| -10% | -$2.37M |
|
7
Revolution Medicines
RVMD
$44.6B
| $15.9M | 2.14% |
200,000
-10,000
| -5% | -$656K |
|
8
Arcus Biosciences
RCUS
$3.72B
| $12.9M | 1.74% |
541,559
-6,050
| -1% | -$123K |
|
9
Aclaris Therapeutics
ACRS
$885M
| $12.2M | 1.64% |
4,041,736
| – | – |
|
10
Equillium
EQ
$152M
| $6.89M | 0.93% |
4,447,308
| – | – |
|
11
BeyondSpring
BYSI
$27.4M
| $6.2M | 0.83% |
3,800,702
-485,402
| -11% | -$933K |
|
|
12
Crinetics Pharmaceuticals
CRNX
$9B
| $4.32M | 0.58% |
92,700
-50,300
| -35% | -$2.24M |
|
|
13
Krystal Biotech
KRYS
$10.4B
| $4.27M | 0.57% |
17,300
-15,000
| -46% | -$3.16M |
|
14
Aura Biosciences
AURA
$767M
| $1.96M | 0.26% |
360,483
-155,072
| -30% | -$921K |
|
15
Zentalis Pharmaceuticals
ZNTL
$360M
| $1.79M | 0.24% |
1,323,327
| – | – |
|
16
Pyxis Oncology
PYXS
$269M
| $376K | 0.05% |
326,810
| – | – |
|
17
4D Molecular Therapeutics
FDMT
$810M
| $332K | 0.04% |
44,311
-48,437
| -52% | -$491K |
|
|
NUVB.WS
18
DELISTED
Nuvation Bio Inc Warrants
NUVB.WS
| $213K | 0.03% |
646,057
| – | – |
|
19
Rezolute
RZLT
$445M
| $141K | 0.02% |
59,900
| – | – |
|
20
Illumina
ILMN
$32.6B
| – | – |
-7,979
| Closed | -$758K |
|
21
MoonLake Immunotherapeutics
MLTX
$1.28B
| – | – |
-181,600
| Closed | -$1.3M |
|
|
MRUS
22
DELISTED
Merus
MRUS
| – | – |
-186,546
| Closed | -$17.6M |
|
|
GRAL
23
GRAIL Inc
GRAL
$3.57B
| – | – |
-9,684
| Closed | -$573K |
|
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Decheng Capital's Q4 2025 Portfolio in Review
As of Q4 2025, Decheng Capital held 23 positions worth $743M, up 30% from $573M the previous quarter. Its ten largest holdings account for 97% of the portfolio.
Decheng Capital withdrew a net $32.5M in Q4 2025, closing 4 positions and reducing 9 holdings. Its most notable exit was Merus, an estimated $17.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier, followed by Miscellaneous.
Against the trend, Decheng Capital added an estimated $2.16M to Lyell Immunopharma.
- Decheng Capital added most to Lyell Immunopharma in Q4 2025, an estimated $2.16M increase.
- Decheng Capital's biggest Q4 2025 reduction was Upstream Bio Inc, cutting an estimated $3.54M.
- Decheng Capital fully exited Merus in Q4 2025, selling an estimated $17.6M.
- Decheng Capital's ten largest holdings make up 97% of its $743M portfolio in Q4 2025.
- Decheng Capital opened 0 new positions and closed 4 in Q4 2025.
- Decheng Capital's portfolio value rose 30% quarter-over-quarter to $743M.
Based on Decheng Capital's 13F filing for Q4 2025, filed 12 Feb 2026.