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TCM

Tang Capital Management Portfolio holdings

AUM $1.97B
1-Year Est. Return 125.1%
This Fund
S&P 500
This Quarter Est. Return
+10.56%
1 Year Est. Return
+125.1%
3 Year Est. Return
+474.48%
5 Year Est. Return
+595.08%
10 Year Est. Return
+2,831.44%
AUM
$1.98B
AUM Growth
+$171M
Cap. Flow
+$109M
Cap. Flow %
5.49%
Top 10 Hldgs %
35.03%
Holding
220
New
18
Increased
34
Reduced
52
Closed
20

Top Buys

Rank Stock Value
1
VERA icon
Vera Therapeutics
VERA
+$27M
2
MRUS
Merus
MRUS
+$23.5M
3
MTD icon
Mettler-Toledo International
MTD
+$21.8M
4
BA icon
Boeing
BA
+$18.8M
5
SRPT icon
Sarepta Therapeutics
SRPT
+$17.9M

Top Sells

Rank Stock Value
1
DVAX
Dynavax Technologies
DVAX
+$40M
2
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$29M
3
SLRN
ACELYRIN
SLRN
+$24.3M
4
ONC
BeOne Medicines Ltd
ONC
+$10.1M
5
CRSP icon
CRISPR Therapeutics
CRSP
+$9.07M

Sector Composition

Rank Sector Weight
1 Healthcare 94.16%
2 Technology 1.37%
3 Industrials 1.32%
4 Communication Services 1.26%
5 Consumer Discretionary 0.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARVN icon
51
Arvinas
ARVN
$572M
$10.3M 0.52%
1,393,800
– –
VKTX icon
52
Viking Therapeutics
VKTX
$4B
$9.8M 0.5%
370,000
+100,000
+37% +$2.63M
HLVX
53
DELISTED
HilleVax
HLVX
$9.79M 0.49%
4,920,000
– –
PCVX icon
54
Vaxcyte
PCVX
$8.64B
$9.75M 0.49%
300,000
– –
SNY icon
55
Sanofi
SNY
$104B
$9.66M 0.49%
200,000
-70,000
-26% -$3.58M
WGS icon
56
GeneDx Holdings
WGS
$2.3B
$9.23M 0.47%
+100,000
New +$7.85M
ABCL icon
57
AbCellera Biologics
ABCL
$2.12B
$8.92M 0.45%
2,600,000
– –
HRMY icon
58
Harmony Biosciences
HRMY
$2.24B
$8.89M 0.45%
281,200
– –
APGE icon
59
Apogee Therapeutics
APGE
$10.2B
$8.69M 0.44%
200,000
– –
IDXX icon
60
Idexx Laboratories
IDXX
$46.2B
$8.58M 0.43%
16,000
+11,000
+220% +$5.26M
CGEM icon
61
Cullinan Oncology
CGEM
$1.14B
$8.44M 0.43%
1,121,138
– –
MRNA icon
62
Moderna
MRNA
$23.6B
$8.42M 0.43%
305,300
– –
BABA icon
63
Alibaba
BABA
$308B
$7.94M 0.4%
70,000
– –
LLY icon
64
Eli Lilly
LLY
$1.06T
$7.8M 0.39%
+10,000
New +$7.77M
NUVB icon
65
Nuvation Bio
NUVB
$2.32B
$7.61M 0.38%
3,900,000
– –
EPIX
66
DELISTED
ESSA Pharma
EPIX
$7.31M 0.37%
4,300,000
– –
SRPT icon
67
Sarepta Therapeutics
SRPT
$1.77B
$7.19M 0.36%
+420,300
New +$17.9M
BCRX icon
68
BioCryst Pharmaceuticals
BCRX
$2.4B
$7.17M 0.36%
800,000
– –
BLCO icon
69
Bausch + Lomb
BLCO
$5.99B
$7.16M 0.36%
550,000
– –
PLRX icon
70
Pliant Therapeutics
PLRX
$65M
$6.96M 0.35%
6,000,000
– –
VTYX
71
DELISTED
Ventyx Biosciences
VTYX
$6.63M 0.34%
3,100,000
– –
BIOA
72
BioAge Labs
BIOA
$538M
$6.61M 0.33%
1,600,000
– –
IBRX icon
73
ImmunityBio
IBRX
$8.1B
$6.16M 0.31%
2,333,333
– –
DSGN icon
74
Design Therapeutics
DSGN
$876M
$6M 0.3%
1,780,975
+100,000
+6% +$374K
ALMS
75
Alumis Inc
ALMS
$3.52B
$5.99M 0.3%
+1,996,797
New +$9.43M
1 2
3
4 5

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Tang Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Tang Capital Management held 220 positions worth $1.98B, up 9.4% from $1.81B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Tang Capital Management deployed $109M of net new capital in Q2 2025, opening 18 new positions and adding to 34 existing holdings. Its largest new stake was Mettler-Toledo International: 19,500 shares worth $22.9M.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, down from 95% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was Dynavax Technologies, an estimated $40M trimmed.

  • Tang Capital Management's largest Q2 2025 buy was Mettler-Toledo International: 19,500 shares worth $22.9M.
  • Tang Capital Management added most to Vera Therapeutics in Q2 2025, an estimated $27M increase.
  • Tang Capital Management's biggest Q2 2025 reduction was Dynavax Technologies, cutting an estimated $40M.
  • Tang Capital Management fully exited Intra-Cellular Therapies Inc. in Q2 2025, selling an estimated $29M.
  • Tang Capital Management's ten largest holdings make up 35% of its $1.98B portfolio in Q2 2025.
  • Tang Capital Management opened 18 new positions and closed 20 in Q2 2025.
  • Tang Capital Management's portfolio value rose 9.4% quarter-over-quarter to $1.98B.

Based on Tang Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.