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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
PYPL icon
151
PayPal
PYPL
$50.5B
$1.16M 0.04%
17,323
– –
TCRX icon
152
TScan Therapeutics
TCRX
$52M
$1.09M 0.04%
600,000
– –
PBYI icon
153
Puma Biotechnology
PBYI
$454M
$1.06M 0.04%
200,000
– –
AAT
154
American Assets Trust
AAT
$1.4B
$1.02M 0.04%
50,000
– –
BCAB icon
155
BioAtla
BCAB
$5.74M
$945K 0.04%
27,482
– –
UNH icon
156
UnitedHealth
UNH
$370B
$940K 0.04%
2,721
– –
GE icon
157
GE Aerospace
GE
$384B
$901K 0.03%
2,994
-1,992
-40% -$544K
KURA icon
158
Kura Oncology
KURA
$850M
$885K 0.03%
100,000
– –
GEV icon
159
GE Vernova
GEV
$264B
$847K 0.03%
1,378
-1,043
-43% -$632K
FTRE icon
160
Fortrea Holdings
FTRE
$1.75B
$842K 0.03%
100,000
– –
NFLX icon
161
Netflix
NFLX
$309B
$819K 0.03%
6,830
-4,060
-37% -$496K
ULTA icon
162
Ulta Beauty
ULTA
$24.3B
$756K 0.03%
1,384
-1,026
-43% -$526K
ATXS
163
DELISTED
Astria Therapeutics
ATXS
$728K 0.03%
100,000
– –
BA icon
164
Boeing
BA
$185B
$696K 0.03%
3,225
-102,437
-97% -$23.1M
AXP icon
165
American Express
AXP
$230B
$641K 0.02%
1,931
-1,237
-39% -$393K
UAL icon
166
United Airlines
UAL
$42.1B
$608K 0.02%
6,296
-3,769
-37% -$362K
PASG icon
167
Passage Bio
PASG
$14.1M
$602K 0.02%
75,000
– –
ALL icon
168
Allstate
ALL
$67.5B
$580K 0.02%
2,700
-1,788
-40% -$361K
HPE icon
169
Hewlett Packard
HPE
$70.5B
$579K 0.02%
23,563
-16,439
-41% -$363K
AMZN icon
170
Amazon
AMZN
$2.96T
$567K 0.02%
2,583
-1,731
-40% -$392K
TMUS icon
171
T-Mobile US
TMUS
$190B
$547K 0.02%
2,285
-1,511
-40% -$366K
LAB icon
172
Standard BioTools
LAB
$314M
$530K 0.02%
407,755
– –
MCD icon
173
McDonald's
MCD
$195B
$520K 0.02%
1,710
-1,215
-42% -$370K
F icon
174
Ford
F
$55.7B
$519K 0.02%
43,381
-31,999
-42% -$369K
SEE
175
DELISTED
Sealed Air
SEE
$505K 0.02%
14,274
-10,126
-42% -$323K
5 6
7
8 9

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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.