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
+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
Cap. Flow
-$32.5M
Cap. Flow %
-4.37%
Top 10 Hldgs %
97.36%
Holding
23
New
–
Increased
1
Reduced
9
Closed
4
Avg Time Held
1.5 years
Top 10 Avg Time Held
0.8 years
Top 20 Avg Time Held
1.1 years

Top Buys

Rank Stock Value
1
LYEL icon
Lyell Immunopharma
LYEL
+$2.16M

Top Sells

Rank Stock Value
1
MRUS icon
Merus
MRUS
+$17.6M
2
UPB icon
Upstream Bio Inc
UPB
+$3.54M
3
KRYS icon
Krystal Biotech
KRYS
+$3.16M
4
NAMS icon
NewAmsterdam Pharma
NAMS
+$2.37M
5
CRNX icon
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 Held Since
CGON icon
1
CG Oncology
CGON
$5.48B
$265M 35.59%
6,371,669
– –
2024 Q1
7 quarters
NUVB icon
2
Nuvation Bio
NUVB
$1.64B
$233M 31.28%
25,954,439
– –
2024 Q2
6 quarters
UPB icon
3
Upstream Bio Inc
UPB
$187M
$85.3M 11.48%
3,143,078
-142,215
-4% -$3.54M
2024 Q4
4 quarters
AARD icon
4
Aardvark Therapeutics
AARD
$84.9M
$51.4M 6.92%
3,917,299
– –
2025 Q1
3 quarters
LYEL icon
5
Lyell Immunopharma
LYEL
$196M
$21.3M 2.87%
692,050
+96,584
+16% +$2.16M
2024 Q4
4 quarters
NAMS icon
6
NewAmsterdam Pharma
NAMS
$2.39B
$20.8M 2.79%
592,057
-64,994
-10% -$2.37M
2024 Q2
6 quarters
RVMD icon
7
Revolution Medicines
RVMD
$41.5B
$15.9M 2.14%
200,000
-10,000
-5% -$656K
2024 Q3
5 quarters
RCUS icon
8
Arcus Biosciences
RCUS
$2.87B
$12.9M 1.74%
541,559
-6,050
-1% -$123K
2023 Q4
8 quarters
ACRS icon
9
Aclaris Therapeutics
ACRS
$498M
$12.2M 1.64%
4,041,736
– –
2024 Q4
4 quarters
EQ icon
10
Equillium
EQ
$82.4M
$6.89M 0.93%
4,447,308
– –
2023 Q4
8 quarters
BYSI icon
11
BeyondSpring
BYSI
$24.1M
$6.2M 0.83%
3,800,702
-485,402
-11% -$933K
2023 Q4
8 quarters
CRNX icon
12
DELISTED
Crinetics Pharmaceuticals
CRNX
$4.32M 0.58%
92,700
-50,300
-35% -$2.24M
2024 Q1
7 quarters
KRYS icon
13
Krystal Biotech
KRYS
$9.79B
$4.27M 0.57%
17,300
-15,000
-46% -$3.16M
2023 Q4
8 quarters
AURA icon
14
Aura Biosciences
AURA
$640M
$1.96M 0.26%
360,483
-155,072
-30% -$921K
2023 Q4
8 quarters
ZNTL icon
15
Zentalis Pharmaceuticals
ZNTL
$220M
$1.79M 0.24%
1,323,327
– –
2023 Q4
8 quarters
PYXS icon
16
Pyxis Oncology
PYXS
$149M
$376K 0.05%
326,810
– –
2023 Q4
8 quarters
FDMT icon
17
4D Molecular Therapeutics
FDMT
$674M
$332K 0.04%
44,311
-48,437
-52% -$491K
2024 Q1
7 quarters
NUVB.WS icon
18
DELISTED
Nuvation Bio Inc Warrants
NUVB.WS
$213K 0.03%
646,057
– –
2024 Q2
6 quarters
RZLT icon
19
Rezolute
RZLT
$409M
$141K 0.02%
59,900
– –
2025 Q2
2 quarters
ILMN icon
20
Illumina
ILMN
$41B
– –
-7,979
Closed -$758K –
MLTX icon
21
MoonLake Immunotherapeutics
MLTX
$863M
– –
-181,600
Closed -$1.3M –
MRUS icon
22
DELISTED
Merus
MRUS
– –
-186,546
Closed -$17.6M –
GRAL icon
23
GRAIL Inc
GRAL
$6.24B
– –
-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.