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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
MSFT icon
151
Microsoft
MSFT
$3.71T
– –
-3,546
Closed -$1.84M
MTD icon
152
Mettler-Toledo International
MTD
$28.6B
– –
-1,969
Closed -$2.42M
NBIX icon
153
Neurocrine Biosciences
NBIX
$16.6B
– –
-150,000
Closed -$21.1M
NFLX icon
154
Netflix
NFLX
$309B
– –
-6,830
Closed -$819K
NKE icon
155
Nike
NKE
$61.9B
– –
-519,399
Closed -$36.2M
OABI icon
156
OmniAb
OABI
$447M
– –
-300,000
Closed -$480K
OPRX icon
157
OptimizeRx
OPRX
$133M
– –
-100,000
Closed -$2.05M
PACB icon
158
Pacific Biosciences
PACB
$368M
– –
-25,000
Closed -$32K
PASG icon
159
Passage Bio
PASG
$14.1M
– –
-75,000
Closed -$602K
PAYX icon
160
Paychex
PAYX
$42.7B
– –
-3,542
Closed -$449K
PBYI icon
161
Puma Biotechnology
PBYI
$454M
– –
-200,000
Closed -$1.06M
PFE icon
162
Pfizer
PFE
$153B
– –
-53,039
Closed -$1.35M
PG icon
163
Procter & Gamble
PG
$339B
– –
-8,952
Closed -$1.38M
PYXS icon
164
Pyxis Oncology
PYXS
$236M
– –
-2,500,000
Closed -$5.55M
PYPL icon
165
PayPal
PYPL
$50.5B
– –
-17,323
Closed -$1.16M
REPL icon
166
Replimune Group
REPL
$1.01B
– –
-3,400,000
Closed -$14.2M
RLAY icon
167
Relay Therapeutics
RLAY
$4.33B
– –
-8,068,058
Closed -$42.1M
SEE
168
DELISTED
Sealed Air
SEE
– –
-14,274
Closed -$505K
SEER icon
169
Seer Inc
SEER
$120M
– –
-1,344,423
Closed -$2.92M
SHW icon
170
Sherwin-Williams
SHW
$89.8B
– –
-1,398
Closed -$484K
SLNO
171
DELISTED
Soleno Therapeutics
SLNO
– –
-50,000
Closed -$3.38M
SMMT icon
172
Summit Therapeutics
SMMT
$11.1B
– –
-550,000
Closed -$11.4M
SNDX icon
173
Syndax Pharmaceuticals
SNDX
$1.82B
– –
-200,000
Closed -$3.08M
SNY icon
174
Sanofi
SNY
$104B
– –
-100,000
Closed -$4.72M
TGTX icon
175
TG Therapeutics
TGTX
$7.62B
– –
-100,000
Closed -$3.61M
5 6
7
8 9

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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.