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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
+37.48%
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
$2.6B
AUM Growth
+$619M
Cap. Flow
+$158M
Cap. Flow %
6.08%
Top 10 Hldgs %
36.7%
Holding
210
New
10
Increased
28
Reduced
33
Closed
16

Top Buys

Rank Stock Value
1
CELC icon
Celcuity
CELC
+$46M
2
NKE icon
Nike
NKE
+$37.3M
3
PGEN icon
Precigen
PGEN
+$35M
4
VRTX icon
Vertex Pharmaceuticals
VRTX
+$29.3M
5
PTCT icon
PTC Therapeutics
PTCT
+$20.8M

Top Sells

Rank Stock Value
1
ITOS
iTeos Therapeutics
ITOS
+$38.2M
2
BA icon
Boeing
BA
+$23.1M
3
MTD icon
Mettler-Toledo International
MTD
+$22M
4
CRGX
CARGO Therapeutics
CRGX
+$12.6M
5
ELAN icon
Elanco Animal Health
ELAN
+$11.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.95%
2 Consumer Discretionary 2.06%
3 Technology 1.19%
4 Communication Services 0.91%
5 Financials 0.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OPRX icon
126
OptimizeRx
OPRX
$133M
$2.05M 0.08%
100,000
– –
CLYM
127
Climb Bio
CLYM
$804M
$2.01M 0.08%
1,000,000
– –
CCCC icon
128
C4 Therapeutics
CCCC
$412M
$2M 0.08%
900,000
– –
JPM icon
129
JPMorgan Chase
JPM
$950B
$1.99M 0.08%
6,312
– –
MSFT icon
130
Microsoft
MSFT
$3.71T
$1.84M 0.07%
3,546
– –
WMT icon
131
Walmart Inc
WMT
$890B
$1.78M 0.07%
17,242
– –
JNJ icon
132
Johnson & Johnson
JNJ
$625B
$1.76M 0.07%
9,472
– –
V icon
133
Visa
V
$677B
$1.66M 0.06%
4,869
– –
DIS icon
134
Walt Disney
DIS
$181B
$1.66M 0.06%
14,493
– –
KOD icon
135
Kodiak Sciences
KOD
$2.84B
$1.64M 0.06%
100,000
– –
BRK.B icon
136
Berkshire Hathaway Class B
BRK.B
$1.13T
$1.63M 0.06%
3,250
– –
CGTX icon
137
Cognition Therapeutics
CGTX
$96.7M
$1.62M 0.06%
+1,200,000
New +$1.64M
CRBP icon
138
Corbus Pharmaceuticals
CRBP
$190M
$1.61M 0.06%
127,520
– –
VZ icon
139
Verizon
VZ
$196B
$1.59M 0.06%
36,266
– –
ENTA icon
140
Enanta Pharmaceuticals
ENTA
$400M
$1.52M 0.06%
126,655
– –
KO icon
141
Coca-Cola
KO
$375B
$1.51M 0.06%
22,712
– –
HD icon
142
Home Depot
HD
$355B
$1.48M 0.06%
3,646
– –
CDNA icon
143
CareDx
CDNA
$2.42B
$1.45M 0.06%
100,000
– –
XOM icon
144
ExxonMobil
XOM
$634B
$1.43M 0.05%
12,651
– –
PG icon
145
Procter & Gamble
PG
$339B
$1.38M 0.05%
8,952
– –
TXN icon
146
Texas Instruments
TXN
$261B
$1.36M 0.05%
7,415
– –
AMLX icon
147
Amylyx Pharmaceuticals
AMLX
$2.54B
$1.36M 0.05%
100,000
– –
PFE icon
148
Pfizer
PFE
$153B
$1.35M 0.05%
53,039
– –
VTRS icon
149
Viatris
VTRS
$18.9B
$1.27M 0.05%
128,359
– –
IOVA icon
150
Iovance Biotherapeutics
IOVA
$2.87B
$1.18M 0.05%
543,760
-1,256,240
-70% -$2.97M
4 5
6
7 8

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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 Q3 2025 Portfolio in Review

As of Q3 2025, Tang Capital Management held 210 positions worth $2.6B, up 31% from $1.98B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Tang Capital Management deployed $158M of net new capital in Q3 2025, opening 10 new positions and adding to 28 existing holdings. Its largest new stake was Celcuity: 1,150,000 shares worth $56.8M.

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

On the sell side, the largest reduction was Boeing, an estimated $23.1M trimmed.

  • Tang Capital Management's largest Q3 2025 buy was Celcuity: 1,150,000 shares worth $56.8M.
  • Tang Capital Management added most to Nike in Q3 2025, an estimated $37.3M increase.
  • Tang Capital Management's biggest Q3 2025 reduction was Boeing, cutting an estimated $23.1M.
  • Tang Capital Management fully exited iTeos Therapeutics in Q3 2025, selling an estimated $38.2M.
  • Tang Capital Management's ten largest holdings make up 37% of its $2.6B portfolio in Q3 2025.
  • Tang Capital Management opened 10 new positions and closed 16 in Q3 2025.
  • Tang Capital Management's portfolio value rose 31% quarter-over-quarter to $2.6B.

Based on Tang Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.