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PSP Research Portfolio holdings

AUM $188M
This Fund
S&P 500
This Quarter Est. Return
+2.42%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$141M
AUM Growth
+$26.9M
Cap. Flow
+$26.9M
Cap. Flow %
19.02%
Top 10 Hldgs %
81.88%
Holding
105
New
20
Increased
10
Reduced
43
Closed
26
Avg Time Held
0.7 quarters
Top 10 Avg Time Held
0.4 quarters
Top 20 Avg Time Held
0.2 quarters

Top Buys

Rank Stock Value
1
XBI icon
State Street SPDR S&P Biotech ETF
XBI
+$35.6M
2
SERA icon
Sera Prognostics
SERA
+$6.17M
3
IRON icon
Disc Medicine
IRON
+$555K
4
GLUE icon
Monte Rosa Therapeutics
GLUE
+$535K
5
ARDX icon
Ardelyx
ARDX
+$529K

Top Sells

Rank Stock Value
1
TVTX icon
Travere Therapeutics
TVTX
+$584K
2
JAZZ icon
Jazz Pharmaceuticals
JAZZ
+$554K
3
CGON icon
CG Oncology
CGON
+$552K
4
BLTE
Belite Bio
BLTE
+$551K
5
APLS
Apellis Pharmaceuticals
APLS
+$549K

Sector Composition

Rank Sector Weight
1 Miscellaneous 75.6%
2 Healthcare 24.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
SGOV icon
1
iShares 0-3 Month Treasury Bond ETF
SGOV
$112B
$70.5M 49.86%
700,000
– –
2025 Q4
1 quarter
XBI icon
2
State Street SPDR S&P Biotech ETF
XBI
$10B
$36.4M 25.75%
+284,900
New +$35.6M
2026 Q1
0 quarters
SERA icon
3
Sera Prognostics
SERA
$80.5M
$4.87M 3.44%
+2,396,685
New +$6.17M
2026 Q1
0 quarters
DFTX
4
Definium Therapeutics
DFTX
$4.96B
$658K 0.47%
34,800
-41
-0.1% -$696
2025 Q4
1 quarter
TYRA icon
5
Tyra Biosciences
TYRA
$1.37B
$613K 0.43%
16,000
-5,853
-27% -$189K
2025 Q4
1 quarter
ASND icon
6
Ascendis Pharma A/S
ASND
$15.1B
$572K 0.4%
2,500
-79
-3% -$17.7K
2025 Q4
1 quarter
PHVS icon
7
Pharvaris
PHVS
$2.18B
$565K 0.4%
20,000
-511
-2% -$13.6K
2025 Q4
1 quarter
CYTK icon
8
Cytokinetics
CYTK
$8.75B
$547K 0.39%
8,300
-13
-0.2% -$826
2025 Q4
1 quarter
RPRX icon
9
Royalty Pharma
RPRX
$25.3B
$528K 0.37%
11,000
-2,826
-20% -$124K
2025 Q4
1 quarter
KYMR icon
10
Kymera Therapeutics
KYMR
$9.35B
$525K 0.37%
6,300
-48
-0.8% -$3.8K
2025 Q4
1 quarter
HALO icon
11
Halozyme
HALO
$12.5B
$519K 0.37%
8,026
– –
2025 Q4
1 quarter
EXEL icon
12
Exelixis
EXEL
$14.8B
$512K 0.36%
11,948
– –
2025 Q4
1 quarter
IRON icon
13
Disc Medicine
IRON
$2.38B
$512K 0.36%
+8,000
New +$555K
2026 Q1
0 quarters
IONS icon
14
Ionis Pharmaceuticals
IONS
$7.52B
$511K 0.36%
6,800
– –
2025 Q4
1 quarter
AGIO icon
15
Agios Pharmaceuticals
AGIO
$1.9B
$507K 0.36%
+15,000
New +$425K
2026 Q1
0 quarters
NBIX icon
16
Neurocrine Biosciences
NBIX
$14.5B
$507K 0.36%
3,848
+114
+3% +$15.1K
2025 Q4
1 quarter
INCY icon
17
Incyte
INCY
$22.9B
$499K 0.35%
5,300
-50
-0.9% -$4.99K
2025 Q4
1 quarter
TARS icon
18
Tarsus Pharmaceuticals
TARS
$3.42B
$491K 0.35%
7,000
+481
+7% +$33.6K
2025 Q4
1 quarter
VKTX icon
19
Viking Therapeutics
VKTX
$3.63B
$488K 0.35%
15,000
+286
+2% +$9.19K
2025 Q4
1 quarter
ALNY icon
20
Alnylam Pharmaceuticals
ALNY
$31.1B
$485K 0.34%
1,465
+147
+11% +$50K
2025 Q4
1 quarter
PRAX icon
21
Praxis Precision Medicines
PRAX
$7.26B
$483K 0.34%
1,500
-482
-24% -$149K
2025 Q4
1 quarter
AXSM icon
22
Axsome Therapeutics
AXSM
$8.82B
$481K 0.34%
+2,845
New +$491K
2026 Q1
0 quarters
NAMS icon
23
NewAmsterdam Pharma
NAMS
$2.58B
$480K 0.34%
15,000
+80
+0.5% +$2.61K
2025 Q4
1 quarter
ARDX icon
24
Ardelyx
ARDX
$847M
$479K 0.34%
+80,000
New +$529K
2026 Q1
0 quarters
IMVT icon
25
Immunovant
IMVT
$6.29B
$477K 0.34%
19,200
-1,105
-5% -$28.6K
2025 Q4
1 quarter
1
2 3 4 5

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PSP Research's Q1 2026 Portfolio in Review

As of Q1 2026, PSP Research held 105 positions worth $141M, up 24% from $114M the previous quarter. Its ten largest holdings account for 82% of the portfolio.

PSP Research deployed $26.9M of net new capital in Q1 2026, opening 20 new positions and adding to 10 existing holdings. Its largest new stake was State Street SPDR S&P Biotech ETF: 284,900 shares worth $36.4M.

By sector, the portfolio is most concentrated in Miscellaneous at 76% of assets, up from 61% a quarter earlier, followed by Healthcare.

On the sell side, the largest reduction was Amylyx Pharmaceuticals, an estimated $470K trimmed.

  • PSP Research's largest Q1 2026 buy was State Street SPDR S&P Biotech ETF: 284,900 shares worth $36.4M.
  • PSP Research added most to Alnylam Pharmaceuticals in Q1 2026, an estimated $50K increase.
  • PSP Research's biggest Q1 2026 reduction was Amylyx Pharmaceuticals, cutting an estimated $470K.
  • PSP Research fully exited Travere Therapeutics in Q1 2026, selling an estimated $584K.
  • PSP Research's ten largest holdings make up 82% of its $141M portfolio in Q1 2026.
  • PSP Research opened 20 new positions and closed 26 in Q1 2026.
  • PSP Research's portfolio value rose 24% quarter-over-quarter to $141M.

Based on PSP Research's 13F filing for Q1 2026, filed 17 Apr 2026.