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FLSM

Frazier Life Sciences Management Portfolio holdings

AUM $4.59B
1-Year Est. Return 237.58%
This Fund
S&P 500
This Quarter Est. Return
+35.19%
1 Year Est. Return
+237.58%
3 Year Est. Return
+865.83%
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

Rank Stock Value
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

Rank Stock Value
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

Rank Sector Weight
1 Healthcare 99.69%
2 Miscellaneous 0.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NAMS icon
1
NewAmsterdam Pharma
NAMS
$3.02B
$594M 15.96%
16,943,774
+241,818
+1% +$8.8M
MIRM icon
2
Mirum Pharmaceuticals
MIRM
$6.11B
$537M 14.42%
6,795,121
– –
ARQT icon
3
Arcutis Biotherapeutics
ARQT
$3.05B
$287M 7.7%
9,874,511
– –
BBIO icon
4
BridgeBio Pharma
BBIO
$14.8B
$271M 7.28%
3,545,557
-299,900
-8% -$19.7M
MBX
5
MBX Biosciences
MBX
$3.02B
$210M 5.64%
6,652,013
– –
PHAT icon
6
Phathom Pharmaceuticals
PHAT
$759M
$207M 5.55%
12,466,489
– –
MAZE
7
Maze Therapeutics
MAZE
$1.46B
$189M 5.08%
4,567,274
– –
TRVI icon
8
Trevi Therapeutics
TRVI
$2.42B
$128M 3.45%
10,259,409
– –
KRYS icon
9
Krystal Biotech
KRYS
$10.4B
$120M 3.23%
488,460
-200,000
-29% -$42.1M
IRON icon
10
Disc Medicine
IRON
$3.02B
$100M 2.69%
1,260,000
-178,534
-12% -$15.1M
ERAS icon
11
Erasca
ERAS
$5.68B
$84.6M 2.27%
22,729,436
– –
KALV
12
DELISTED
KalVista Pharmaceuticals
KALV
$81.4M 2.19%
5,039,867
– –
PVLA
13
Palvella Therapeutics
PVLA
$2.24B
$75.6M 2.03%
722,400
– –
RNAM
14
DELISTED
Avidity Biosciences
RNAM
$70.9M 1.9%
983,125
+358,125
+57% +$23.1M
RVMD icon
15
Revolution Medicines
RVMD
$45.1B
$63.5M 1.71%
797,455
-200,000
-20% -$13.1M
DYN icon
16
Dyne Therapeutics
DYN
$3.54B
$61.7M 1.66%
3,153,082
+434,977
+16% +$8.24M
TARS icon
17
Tarsus Pharmaceuticals
TARS
$3.93B
$59.7M 1.6%
728,644
-438,883
-38% -$32.8M
SVRA icon
18
Savara
SVRA
$1.14B
$59.5M 1.6%
9,862,301
-1,600,000
-14% -$7.84M
CYTK icon
19
Cytokinetics
CYTK
$10.6B
$59.4M 1.6%
934,642
+44,197
+5% +$2.75M
ABVX
20
Abivax
ABVX
$10.2B
$51M 1.37%
378,300
– –
LXEO icon
21
Lexeo Therapeutics
LXEO
$393M
$43.9M 1.18%
4,424,725
– –
AGIO icon
22
Agios Pharmaceuticals
AGIO
$1.98B
$34.8M 0.94%
1,279,754
– –
ACAD icon
23
Acadia Pharmaceuticals
ACAD
$4.81B
$34.6M 0.93%
1,297,198
+683,361
+111% +$16.3M
ZLAB icon
24
Zai Lab
ZLAB
$2.89B
$33.6M 0.9%
1,902,320
+275,000
+17% +$6.44M
RAPT
25
DELISTED
RAPT Therapeutics
RAPT
$33.3M 0.89%
+983,333
New +$30.5M
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, followed by Miscellaneous.

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.