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Deep Track Capital Portfolio holdings
AUM
$6.87B
Turnover
41.46%
1-Year Est. Return
205.24%
Deep Track Capital manages private funds that invest in life sciences, from biotechnology to medical devices, mostly through publicly traded stocks bought and sold short. David Kroin, its founder and chief investment officer, controls the firm, which was formed in 2020. The firm looks for gaps in how biotech development companies fare, pointing to the all-or-nothing results of clinical trials and regulatory decisions.
This Fund
S&P 500
This Quarter Est. Return
+35.9%
1 Year Est. Return
+205.24%
3 Year Est. Return
+440.18%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$6.87B
AUM Growth
+$747M
(+12%)
Cap. Flow
+$514M
Cap. Flow % of AUM
Cap. Flow %
7.48%
Top 10 Holdings %
Top 10 Hldgs %
39.61%
Holding
82
New
19
Increased
22
Reduced
15
Closed
15
Avg Time Held
Equity + Options
0.9
years
Top 10 Avg Time Held
Equity + Options
0.7
years
Top 20 Avg Time Held
Equity + Options
0.8
years
Avg Time Held Equity only
0.9
years
Top 10 Avg Time Held Equity only
0.7
years
Top 20 Avg Time Held Equity only
0.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alnylam Pharmaceuticals
ALNY
|
+$249M |
| 2 |
Veradermics Inc
MANE
|
+$141M |
| 3 |
BioMarin Pharmaceuticals
BMRN
|
+$118M |
| 4 |
Hemab Therapeutics
COAG
|
+$99.4M |
| 5 |
United Therapeutics
UTHR
|
+$69.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apellis Pharmaceuticals
APLS
|
+$182M |
| 2 |
CNTA
Centessa Pharmaceuticals
CNTA
|
+$125M |
| 3 |
Axsome Therapeutics
AXSM
|
+$86.7M |
| 4 |
Immunovant
IMVT
|
+$66.6M |
| 5 |
BridgeBio Pharma
BBIO
|
+$62.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.8% |
| 2 | Miscellaneous | 1.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Guardant Health
GH
$24B
| $509M | 7.41% |
3,393,312
+55,071
| +2% | +$5.99M |
2023 Q2
12 quarters
|
|
|
2
Immunovant
IMVT
$6.03B
| $360M | 5.24% |
9,341,151
-2,185,820
| -19% | -$66.6M |
2021 Q4
18 quarters
|
|
3
Structure Therapeutics
GPCR
$1.56B
| $254M | 3.7% |
4,740,072
+460,224
| +11% | +$20.4M |
2023 Q1
13 quarters
|
|
4
Vaxcyte
PCVX
$9.8B
| $250M | 3.64% |
4,300,000
| – | – |
2025 Q1
5 quarters
|
|
|
5
Alnylam Pharmaceuticals
ALNY
$22.1B
| $248M | 3.61% |
+825,000
| New | +$249M |
2026 Q2
0 quarters
|
|
|
6
Veradermics Inc
MANE
$5.84B
| $246M | 3.58% |
2,000,000
+1,500,000
| +300% | +$141M |
2026 Q1
1 quarter
|
|
7
Tarsus Pharmaceuticals
TARS
$3.5B
| $231M | 3.36% |
3,666,768
+66,768
| +2% | +$4.27M |
2025 Q1
5 quarters
|
|
8
DELISTED
Nuvalent
NUVL
| $220M | 3.21% |
1,783,322
+406,998
| +30% | +$43.8M |
2026 Q1
1 quarter
|
|
9
Alkermes
ALKS
$7.61B
| $210M | 3.05% |
4,000,000
+409,677
| +11% | +$16M |
2025 Q4
2 quarters
|
|
10
Ocular Therapeutix
OCUL
$1.53B
| $193M | 2.81% |
19,686,282
| – | – |
2023 Q4
10 quarters
|
|
|
11
BioMarin Pharmaceuticals
BMRN
$11.3B
| $189M | 2.75% |
3,307,481
+2,157,481
| +188% | +$118M |
2025 Q3
3 quarters
|
|
12
Nurix Therapeutics
NRIX
$2.93B
| $188M | 2.73% |
7,736,455
+1,391,211
| +22% | +$23.7M |
2022 Q2
16 quarters
|
|
13
Oruka Therapeutics
ORKA
$6.41B
| $183M | 2.67% |
1,926,000
-108,203
| -5% | -$7.21M |
2024 Q3
7 quarters
|
|
14
Alumis Inc
ALMS
$871M
| $179M | 2.6% |
6,348,558
-424,037
| -6% | -$9.9M |
2026 Q1
1 quarter
|
|
15
Ionis Pharmaceuticals
IONS
$7.23B
| $174M | 2.54% |
2,200,000
+250,000
| +13% | +$18.8M |
2022 Q4
14 quarters
|
|
16
Compass Pathways
CMPS
$1.6B
| $172M | 2.5% |
12,161,496
| – | – |
2025 Q1
5 quarters
|
|
17
Vera Therapeutics
VERA
$2.23B
| $172M | 2.5% |
4,000,000
-106,067
| -3% | -$3.95M |
2025 Q4
2 quarters
|
|
|
18
Axsome Therapeutics
AXSM
$7.57B
| $171M | 2.49% |
700,000
-400,000
| -36% | -$86.7M |
2025 Q2
4 quarters
|
|
19
Genmab
GMAB
$35.1B
| $155M | 2.26% |
5,650,000
+1,986,750
| +54% | +$52.8M |
2026 Q1
1 quarter
|
|
20
MoonLake Immunotherapeutics
MLTX
$1B
| $136M | 1.98% |
6,999,025
+590,162
| +9% | +$10.7M |
2025 Q4
2 quarters
|
|
|
21
Hemab Therapeutics
COAG
$1.94B
| $132M | 1.93% |
+3,602,093
| New | +$99.4M |
2026 Q2
0 quarters
|
|
22
Tango Therapeutics
TNGX
$3.83B
| $131M | 1.91% |
4,200,000
+1,450,000
| +53% | +$35.8M |
2025 Q3
3 quarters
|
|
23
Definium Therapeutics
DFTX
$4.88B
| $129M | 1.88% |
2,750,000
-250,000
| -8% | -$6.18M |
2024 Q1
9 quarters
|
|
24
GRAIL Inc
GRAL
$6.41B
| $125M | 1.82% |
1,834,944
+112,147
| +7% | +$6.6M |
2025 Q4
2 quarters
|
|
25
Bicara Therapeutics
BCAX
$604M
| $122M | 1.77% |
4,100,000
+37,500
| +0.9% | +$837K |
2024 Q3
7 quarters
|
|
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Deep Track Capital's Q2 2026 Portfolio in Review
As of Q2 2026, Deep Track Capital held 82 positions worth $6.87B, up 12% from $6.12B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Deep Track Capital deployed $514M of net new capital in Q2 2026, opening 19 new positions and adding to 22 existing holdings. Its largest new stake was Alnylam Pharmaceuticals: 825,000 shares worth $248M.
By sector, the portfolio is most concentrated in Healthcare at 99% of assets, up from 79% a quarter earlier, followed by Miscellaneous.
On the sell side, the largest reduction was Axsome Therapeutics, an estimated $86.7M trimmed.
- Deep Track Capital's largest Q2 2026 buy was Alnylam Pharmaceuticals: 825,000 shares worth $248M.
- Deep Track Capital added most to Veradermics Inc in Q2 2026, an estimated $141M increase.
- Deep Track Capital's biggest Q2 2026 reduction was Axsome Therapeutics, cutting an estimated $86.7M.
- Deep Track Capital fully exited Apellis Pharmaceuticals in Q2 2026, selling an estimated $182M.
- Deep Track Capital's ten largest holdings make up 40% of its $6.87B portfolio in Q2 2026.
- Deep Track Capital opened 19 new positions and closed 15 in Q2 2026.
- Deep Track Capital's portfolio value rose 12% quarter-over-quarter to $6.87B.
Based on Deep Track Capital's 13F filing for Q2 2026, filed 14 Aug 2026.