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PSC

Patient Square Capital Portfolio holdings

AUM $564M
1-Year Est. Return 261.3%
This Fund
S&P 500
This Quarter Est. Return
+18.18%
1 Year Est. Return
+261.3%
3 Year Est. Return
+328.19%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$564M
AUM Growth
+$96.5M
Cap. Flow
+$36.5M
Cap. Flow %
6.47%
Top 10 Hldgs %
73.28%
Holding
35
New
7
Increased
11
Reduced
10
Closed
6

Top Buys

Rank Stock Value
1
BLTE
Belite Bio
BLTE
+$19.6M
2
LEGN icon
Legend Biotech
LEGN
+$18.9M
3
NKTR icon
Nektar Therapeutics
NKTR
+$12M
4
COGT icon
Cogent Biosciences
COGT
+$10.3M
5
MRK icon
Merck
MRK
+$9.24M

Top Sells

Rank Stock Value
1
INSM icon
Insmed
INSM
+$16.8M
2
TERN
Terns Pharmaceuticals
TERN
+$12.9M
3
LQDA icon
Liquidia Corp
LQDA
+$7.83M
4
MIRM icon
Mirum Pharmaceuticals
MIRM
+$6.46M
5
OCUL icon
Ocular Therapeutix
OCUL
+$5.95M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CTMX icon
26
CytomX Therapeutics
CTMX
$690M
$5.1M 0.91%
+1,085,790
New +$5.51M
RCUS icon
27
Arcus Biosciences
RCUS
$3.47B
$4.21M 0.75%
195,000
+25,000
+15% +$540K
ASMB icon
28
Assembly Biosciences
ASMB
$503M
$3.78M 0.67%
136,315
+9,315
+7% +$266K
SYRE icon
29
Spyre Therapeutics
SYRE
$8.24B
$50.4K 0.01%
1,000
-149,000
-99% -$5.62M
AMLX icon
30
Amylyx Pharmaceuticals
AMLX
$2.24B
– –
-350,000
Closed -$4.23M
AVTX icon
31
Avalo Therapeutics
AVTX
$955M
– –
-311,966
Closed -$5.67M
IRON icon
32
Disc Medicine
IRON
$2.93B
– –
-74,000
Closed -$5.88M
LQDA icon
33
Liquidia Corp
LQDA
$7.46B
– –
-227,000
Closed -$7.83M
OCUL icon
34
Ocular Therapeutix
OCUL
$1.84B
– –
-490,000
Closed -$5.95M
TERN
35
DELISTED
Terns Pharmaceuticals
TERN
– –
-320,000
Closed -$12.9M
1
2

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KF
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KBG
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AAS
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Patient Square Capital's Q1 2026 Portfolio in Review

As of Q1 2026, Patient Square Capital held 35 positions worth $564M, up 21% from $467M the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Patient Square Capital deployed $36.5M of net new capital in Q1 2026, opening 7 new positions and adding to 11 existing holdings. Its largest new stake was Belite Bio: 116,684 shares worth $18.6M.

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

On the sell side, the largest reduction was Insmed, an estimated $16.8M trimmed.

  • Patient Square Capital's largest Q1 2026 buy was Belite Bio: 116,684 shares worth $18.6M.
  • Patient Square Capital added most to Cogent Biosciences in Q1 2026, an estimated $10.3M increase.
  • Patient Square Capital's biggest Q1 2026 reduction was Insmed, cutting an estimated $16.8M.
  • Patient Square Capital fully exited Terns Pharmaceuticals in Q1 2026, selling an estimated $12.9M.
  • Patient Square Capital's ten largest holdings make up 73% of its $564M portfolio in Q1 2026.
  • Patient Square Capital opened 7 new positions and closed 6 in Q1 2026.
  • Patient Square Capital's portfolio value rose 21% quarter-over-quarter to $564M.

Based on Patient Square Capital's 13F filing for Q1 2026, filed 15 May 2026.