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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
+11.67%
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
$688M
AUM Growth
-$127M
(-16%)
Cap. Flow
-$114M
Cap. Flow
% of AUM
-16.56%
Top 10 Holdings %
Top 10 Hldgs %
47.84%
Holding
112
New
17
Increased
24
Reduced
32
Closed
23
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
THRD
Third Harmonic Bio
THRD
|
+$28.4M |
| 2 |
Axsome Therapeutics
AXSM
|
+$14.9M |
| 3 |
Mirum Pharmaceuticals
MIRM
|
+$13.2M |
| 4 |
Moderna
MRNA
|
+$13.1M |
| 5 |
Nkarta
NKTX
|
+$12.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
|
+$42.3M |
| 2 |
Rocket Pharmaceuticals
RCKT
|
+$20.2M |
| 3 |
ITCI
Intra-Cellular Therapies Inc.
ITCI
|
+$20M |
| 4 |
Bio-Rad Laboratories Class A
BIO
|
+$17.4M |
| 5 |
ALBO
Albireo Pharma Inc
ALBO
|
+$14.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.38% |
| 2 | Consumer Discretionary | 0.64% |
| 3 | Communication Services | 0% |
| 4 | Consumer Staples | 0% |
| 5 | Financials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CYPH
101
Cypherpunk Technologies Inc
CYPH
$73.3M
| – | – |
-125,000
| Closed | -$1.1M |
|
|
102
Rocket Pharmaceuticals
RCKT
$394M
| – | – |
-1,265,900
| Closed | -$20.2M |
|
|
SWTX
103
DELISTED
SpringWorks Therapeutics
SWTX
| – | – |
-120,000
| Closed | -$3.42M |
|
104
Veru
VERU
$37.4M
| – | – |
-110,000
| Closed | -$12.7M |
|
105
Vanda Pharmaceuticals
VNDA
$302M
| – | – |
-256,696
| Closed | -$2.54M |
|
106
Q32 Bio
QTTB
$464M
| – | – |
-11,939
| Closed | -$346K |
|
|
RVNC
107
DELISTED
Revance Therapeutics, Inc.
RVNC
| – | – |
-287,500
| Closed | -$7.76M |
|
|
DCFC
108
DELISTED
Tritium DCFC Limited Ordinary Shares
DCFC
| – | – |
-2,000
| Closed | -$1.28M |
|
|
BLU
109
DELISTED
BELLUS Health Inc.
BLU
| – | – |
-200,000
| Closed | -$2.11M |
|
|
TWTR
110
DELISTED
Twitter, Inc.
TWTR
| – | – |
-300,000
| Closed | -$13.2M |
|
|
CCXI
111
DELISTED
ChemoCentryx, Inc.
CCXI
| – | – |
-50,000
| Closed | -$2.58M |
|
|
BHVN
112
DELISTED
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
| – | – |
-280,000
| Closed | -$42.3M |
|
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Tang Capital Management's Q4 2022 Portfolio in Review
As of Q4 2022, Tang Capital Management held 112 positions worth $688M, down 16% from $815M the previous quarter. Its ten largest holdings account for 48% of the portfolio.
Tang Capital Management withdrew a net $114M in Q4 2022, closing 23 positions and reducing 32 holdings. Its most notable exit was Biohaven Pharmaceutical Holding Company Ltd., an estimated $42.3M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 98% of assets, up from 96% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Tang Capital Management opened a new position in Third Harmonic Bio worth $7.31M.
- Tang Capital Management's largest Q4 2022 buy was Third Harmonic Bio: 1,700,000 shares worth $7.31M.
- Tang Capital Management added most to Axsome Therapeutics in Q4 2022, an estimated $14.9M increase.
- Tang Capital Management's biggest Q4 2022 reduction was Intra-Cellular Therapies Inc., cutting an estimated $20M.
- Tang Capital Management fully exited Biohaven Pharmaceutical Holding Company Ltd. in Q4 2022, selling an estimated $42.3M.
- Tang Capital Management's ten largest holdings make up 48% of its $688M portfolio in Q4 2022.
- Tang Capital Management opened 17 new positions and closed 23 in Q4 2022.
- Tang Capital Management's portfolio value fell 16% quarter-over-quarter to $688M.
Based on Tang Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.