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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
CGTX icon
101
Cognition Therapeutics
CGTX
$96.7M
– –
-1,200,000
Closed -$1.62M
CLX icon
102
Clorox
CLX
$12.7B
– –
-3,052
Closed -$376K
CMPS
103
Compass Pathways
CMPS
$1.83B
– –
-2,200,000
Closed -$12.6M
CNTA
104
DELISTED
Centessa Pharmaceuticals
CNTA
– –
-200,000
Closed -$4.85M
CRBP icon
105
Corbus Pharmaceuticals
CRBP
$190M
– –
-127,520
Closed -$1.61M
CRSP icon
106
CRISPR Therapeutics
CRSP
$5.17B
– –
-100,000
Closed -$6.48M
CTMX icon
107
CytomX Therapeutics
CTMX
$754M
– –
-11,065,662
Closed -$35.3M
CVX icon
108
Chevron
CVX
$366B
– –
-3,023
Closed -$469K
HELP
109
Cybin Inc
HELP
$720M
– –
-1,830,097
Closed -$10.8M
CYTK icon
110
Cytokinetics
CYTK
$10.4B
– –
-100,000
Closed -$5.5M
DIS icon
111
Walt Disney
DIS
$181B
– –
-14,493
Closed -$1.66M
DSGN icon
112
Design Therapeutics
DSGN
$876M
– –
-1,780,975
Closed -$13.4M
DTIL icon
113
Precision BioSciences
DTIL
$207M
– –
-653,649
Closed -$3.61M
ENTA icon
114
Enanta Pharmaceuticals
ENTA
$400M
– –
-126,655
Closed -$1.52M
EWTX icon
115
Edgewise Therapeutics
EWTX
$4.73B
– –
-431,300
Closed -$7M
F icon
116
Ford
F
$55.7B
– –
-43,381
Closed -$519K
FDX icon
117
FedEx
FDX
$75.4B
– –
-1,693
Closed -$399K
FENC icon
118
Fennec Pharmaceuticals
FENC
$402M
– –
-334,593
Closed -$3.13M
FTRE icon
119
Fortrea Holdings
FTRE
$1.75B
– –
-100,000
Closed -$842K
GE icon
120
GE Aerospace
GE
$384B
– –
-2,994
Closed -$901K
GHRS icon
121
GH Research
GHRS
$2.08B
– –
-24,030
Closed -$344K
GMAB icon
122
Genmab
GMAB
$19.5B
– –
-200,000
Closed -$6.13M
GOSS icon
123
Gossamer Bio
GOSS
$87M
– –
-800,000
Closed -$2.1M
HD icon
124
Home Depot
HD
$355B
– –
-3,646
Closed -$1.48M
HPE icon
125
Hewlett Packard
HPE
$70.5B
– –
-23,563
Closed -$579K
3 4
5
6 7

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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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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.