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FLSM

Frazier Life Sciences Management Portfolio holdings

AUM $3.89B
1-Year Est. Return 201.1%
This Fund
S&P 500
This Quarter Est. Return
+35.19%
1 Year Est. Return
+201.1%
3 Year Est. Return
+879.31%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$3.72B
AUM Growth
+$386M
Cap. Flow
-$472M
Cap. Flow %
-12.68%
Top 10 Hldgs %
71.01%
Holding
52
New
5
Increased
6
Reduced
8
Closed
12

Top Buys

1
VOR icon
Vor Biopharma
VOR
+$47.4M
2
RAPT
RAPT Therapeutics
RAPT
+$30.5M
3
MNKD icon
MannKind Corp
MNKD
+$23.3M
4
RNAM
Avidity Biosciences
RNAM
+$23.1M
5
ACAD icon
Acadia Pharmaceuticals
ACAD
+$16.3M

Top Sells

1
VRNA
Verona Pharma
VRNA
+$361M
2
KRYS icon
Krystal Biotech
KRYS
+$42.1M
3
TARS icon
Tarsus Pharmaceuticals
TARS
+$32.8M
4
RARE icon
Ultragenyx Pharmaceutical
RARE
+$29.6M
5
BBIO icon
BridgeBio Pharma
BBIO
+$19.7M

Sector Composition

1 Healthcare 99.69%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VOR icon
26
Vor Biopharma
VOR
$940M
$33.3M 0.89%
+2,543,939
New +$47.4M
ASND icon
27
Ascendis Pharma A/S
ASND
$17B
$28.4M 0.76%
133,333
– –
AURA icon
28
Aura Biosciences
AURA
$713M
$27.8M 0.75%
5,100,000
– –
MNKD icon
29
MannKind Corp
MNKD
$1.25B
$24M 0.64%
+4,225,000
New +$23.3M
VALN
30
Valneva
VALN
$519M
$20.2M 0.54%
2,291,666
– –
ALKS icon
31
Alkermes
ALKS
$8.66B
$19.6M 0.53%
700,647
– –
EOLS icon
32
Evolus
EOLS
$371M
$17.5M 0.47%
2,630,665
– –
IMCR icon
33
Immunocore
IMCR
$1.75B
$13.4M 0.36%
384,782
– –
NAMSW icon
34
NewAmsterdam Pharma Warrant
NAMSW
$94.6M
$11.5M 0.31%
500,333
– –
TVTX icon
35
Travere Therapeutics
TVTX
$5.14B
$9.23M 0.25%
241,592
-150,500
-38% -$4.89M
AUTL
36
Autolus Therapeutics
AUTL
$389M
$9.2M 0.25%
4,623,324
– –
ALLO icon
37
Allogene Therapeutics
ALLO
$618M
$5.3M 0.14%
3,868,750
– –
DSGN icon
38
Design Therapeutics
DSGN
$788M
$4.89M 0.13%
521,000
-1,432,547
-73% -$11.2M
XLO icon
39
Xilio Therapeutics
XLO
$59.4M
$3.79M 0.1%
+422,507
New +$4.44M
IBIO icon
40
iBio
IBIO
$67.1M
$3.77M 0.1%
+1,953,467
New +$2.67M
ADVM
41
DELISTED
Adverum Biotechnologies
ADVM
– –
-2,077,431
Closed -$9.41M
AKRO
42
DELISTED
Akero Therapeutics
AKRO
– –
-366,784
Closed -$17.4M
ASMB icon
43
Assembly Biosciences
ASMB
$512M
– –
-456,249
Closed -$11.7M
JBIO
44
Jade Biosciences
JBIO
$1.25B
– –
-1,413,280
Closed -$12.2M
ENGN icon
45
enGene Therapeutics
ENGN
$129M
– –
-1,157,380
Closed -$7.9M
CBIO
46
Crescent Biopharma
CBIO
$417M
– –
-272,951
Closed -$3.25M
MGNX icon
47
MacroGenics
MGNX
$262M
– –
-3,175,665
Closed -$5.34M
MREO
48
Mereo BioPharma
MREO
$51.5M
– –
-9,440,112
Closed -$19.4M
PCVX icon
49
Vaxcyte
PCVX
$8.09B
– –
-474,405
Closed -$17.1M
RARE icon
50
Ultragenyx Pharmaceutical
RARE
$2.98B
– –
-983,715
Closed -$29.6M
1
2
3

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Frazier Life Sciences Management's Q4 2025 Portfolio in Review

As of Q4 2025, Frazier Life Sciences Management held 52 positions worth $3.72B, up 12% from $3.34B the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Frazier Life Sciences Management withdrew a net $472M in Q4 2025, closing 12 positions and reducing 8 holdings. Its most notable exit was Verona Pharma, an estimated $361M position sold in full.

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

Against the trend, Frazier Life Sciences Management opened a new position in Vor Biopharma worth $33.3M.

  • Frazier Life Sciences Management's largest Q4 2025 buy was Vor Biopharma: 2,543,939 shares worth $33.3M.
  • Frazier Life Sciences Management added most to Avidity Biosciences in Q4 2025, an estimated $23.1M increase.
  • Frazier Life Sciences Management's biggest Q4 2025 reduction was Krystal Biotech, cutting an estimated $42.1M.
  • Frazier Life Sciences Management fully exited Verona Pharma in Q4 2025, selling an estimated $361M.
  • Frazier Life Sciences Management's ten largest holdings make up 71% of its $3.72B portfolio in Q4 2025.
  • Frazier Life Sciences Management opened 5 new positions and closed 12 in Q4 2025.
  • Frazier Life Sciences Management's portfolio value rose 12% quarter-over-quarter to $3.72B.

Based on Frazier Life Sciences Management's 13F filing for Q4 2025, filed 13 Feb 2026.