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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
+40.09%
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
$2.02B
AUM Growth
-$573M
Cap. Flow
-$1.02B
Cap. Flow %
-50.15%
Top 10 Hldgs %
52.91%
Holding
201
New
7
Increased
12
Reduced
40
Closed
126

Top Buys

Rank Stock Value
1
RNAM
Avidity Biosciences
RNAM
+$58.1M
2
CAPR icon
Capricor Therapeutics
CAPR
+$22.2M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$20.3M
4
BNTX icon
BioNTech
BNTX
+$20.1M
5
ANIP icon
ANI Pharmaceuticals
ANIP
+$14.2M

Top Sells

Rank Stock Value
1
TARS icon
Tarsus Pharmaceuticals
TARS
+$94.5M
2
MRUS
Merus
MRUS
+$56.5M
3
RLAY icon
Relay Therapeutics
RLAY
+$42.1M
4
VERA icon
Vera Therapeutics
VERA
+$39.2M
5
NKE icon
Nike
NKE
+$36.2M

Sector Composition

Rank Sector Weight
1 Healthcare 96.95%
2 Technology 1.18%
3 Communication Services 0.76%
4 Real Estate 0.1%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAT
76
American Assets Trust
AAT
$1.4B
– –
-50,000
Closed -$1.02M
ABCL icon
77
AbCellera Biologics
ABCL
$2.12B
– –
-2,600,000
Closed -$13.1M
ADMA icon
78
ADMA Biologics
ADMA
$2.22B
– –
-1,050,000
Closed -$15.4M
ALL icon
79
Allstate
ALL
$67.5B
– –
-2,700
Closed -$580K
AMLX icon
80
Amylyx Pharmaceuticals
AMLX
$2.54B
– –
-100,000
Closed -$1.36M
AMZN icon
81
Amazon
AMZN
$2.96T
– –
-2,583
Closed -$567K
APGE icon
82
Apogee Therapeutics
APGE
$10.2B
– –
-200,000
Closed -$7.95M
LONA
83
LeonaBio Inc
LONA
$72.1M
– –
-59,998
Closed -$248K
ATXS
84
DELISTED
Astria Therapeutics
ATXS
– –
-100,000
Closed -$728K
AVDL
85
DELISTED
Avadel Pharmaceuticals
AVDL
– –
-2,097,500
Closed -$32M
AXP icon
86
American Express
AXP
$230B
– –
-1,931
Closed -$641K
AZN icon
87
AstraZeneca
AZN
$250B
– –
-75,000
Closed -$11.5M
BA icon
88
Boeing
BA
$185B
– –
-3,225
Closed -$696K
BABA icon
89
Alibaba
BABA
$308B
– –
-70,000
Closed -$12.5M
BCAB icon
90
BioAtla
BCAB
$5.74M
– –
-27,482
Closed -$945K
BDTX icon
91
Black Diamond Therapeutics
BDTX
$112M
– –
-2,070,209
Closed -$7.85M
BEAM icon
92
Beam Therapeutics
BEAM
$2.84B
– –
-255,000
Closed -$6.19M
BHC icon
93
Bausch Health
BHC
$2.34B
– –
-1,300,000
Closed -$8.38M
BLCO icon
94
Bausch + Lomb
BLCO
$5.99B
– –
-444,467
Closed -$6.7M
BOLT icon
95
Bolt Biotherapeutics
BOLT
$7.78M
– –
-66,879
Closed -$356K
BRK.B icon
96
Berkshire Hathaway Class B
BRK.B
$1.13T
– –
-3,250
Closed -$1.63M
CCCC icon
97
C4 Therapeutics
CCCC
$412M
– –
-900,000
Closed -$2M
CDNA icon
98
CareDx
CDNA
$2.42B
– –
-100,000
Closed -$1.45M
CGEM icon
99
Cullinan Oncology
CGEM
$1.14B
– –
-1,121,138
Closed -$6.65M
CGON icon
100
CG Oncology
CGON
$6.66B
– –
-87,500
Closed -$3.52M
2 3
4
5 6

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HA
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NIM
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RMCM
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FC
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SC
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CAM
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BC
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FFH
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Tang Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Tang Capital Management held 201 positions worth $2.02B, down 22% from $2.6B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Tang Capital Management withdrew a net $1.02B in Q4 2025, closing 126 positions and reducing 40 holdings. Its most notable exit was Merus, an estimated $56.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 97% of assets, up from 95% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Tang Capital Management opened a new position in Avidity Biosciences worth $64.9M.

  • Tang Capital Management's largest Q4 2025 buy was Avidity Biosciences: 900,000 shares worth $64.9M.
  • Tang Capital Management added most to BioNTech in Q4 2025, an estimated $20.1M increase.
  • Tang Capital Management's biggest Q4 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $94.5M.
  • Tang Capital Management fully exited Merus in Q4 2025, selling an estimated $56.5M.
  • Tang Capital Management's ten largest holdings make up 53% of its $2.02B portfolio in Q4 2025.
  • Tang Capital Management opened 7 new positions and closed 126 in Q4 2025.
  • Tang Capital Management's portfolio value fell 22% quarter-over-quarter to $2.02B.

Based on Tang Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.