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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
HRL icon
126
Hormel Foods
HRL
$13.8B
– –
-16,181
Closed -$400K
IDXX icon
127
Idexx Laboratories
IDXX
$46.2B
– –
-16,000
Closed -$10.2M
INTC icon
128
Intel
INTC
$513B
– –
-66,216
Closed -$2.22M
IONS icon
129
Ionis Pharmaceuticals
IONS
$9.4B
– –
-550,000
Closed -$36M
IOVA icon
130
Iovance Biotherapeutics
IOVA
$2.87B
– –
-543,760
Closed -$1.18M
IPSC icon
131
Century Therapeutics
IPSC
$361M
– –
-900,000
Closed -$448K
IVVD icon
132
Invivyd
IVVD
$218M
– –
-400,000
Closed -$440K
JANX icon
133
Janux Therapeutics
JANX
$967M
– –
-700,000
Closed -$17.1M
JAZZ icon
134
Jazz Pharmaceuticals
JAZZ
$16.7B
– –
-190,000
Closed -$25M
JNJ icon
135
Johnson & Johnson
JNJ
$625B
– –
-9,472
Closed -$1.76M
JPM icon
136
JPMorgan Chase
JPM
$950B
– –
-6,312
Closed -$1.99M
KO icon
137
Coca-Cola
KO
$375B
– –
-22,712
Closed -$1.51M
KOD icon
138
Kodiak Sciences
KOD
$2.84B
– –
-100,000
Closed -$1.64M
KROS icon
139
Keros Therapeutics
KROS
$221M
– –
-1,418,984
Closed -$22.4M
KURA icon
140
Kura Oncology
KURA
$850M
– –
-100,000
Closed -$885K
LAB icon
141
Standard BioTools
LAB
$314M
– –
-407,755
Closed -$530K
LEGN icon
142
Legend Biotech
LEGN
$4.01B
– –
-830,000
Closed -$27.1M
LLY icon
143
Eli Lilly
LLY
$1.06T
– –
-10,000
Closed -$7.63M
LNTH icon
144
Lantheus
LNTH
$6.59B
– –
-50,000
Closed -$2.56M
LQDA icon
145
Liquidia Corp
LQDA
$8.02B
– –
-1,143,759
Closed -$26M
MCD icon
146
McDonald's
MCD
$195B
– –
-1,710
Closed -$520K
MGNX icon
147
MacroGenics
MGNX
$257M
– –
-218,856
Closed -$368K
MLYS icon
148
Mineralys Therapeutics
MLYS
$2.41B
– –
-200,000
Closed -$7.58M
DFTX
149
Definium Therapeutics
DFTX
$6.12B
– –
-600,200
Closed -$7.08M
MRUS
150
DELISTED
Merus
MRUS
– –
-600,000
Closed -$56.5M
4 5
6
7 8

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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.