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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
SLN
51
Silence Therapeutics
SLN
$498M
– –
-970,130
Closed -$5.03M
VRNA
52
DELISTED
Verona Pharma
VRNA
– –
-3,383,950
Closed -$361M
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.