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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
(+31%)
Cap. Flow
+$158M
Cap. Flow
% of AUM
6.08%
Top 10 Holdings %
Top 10 Hldgs %
36.7%
Holding
210
New
10
Increased
28
Reduced
33
Closed
16
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Celcuity
CELC
|
+$46M |
| 2 |
Nike
NKE
|
+$37.3M |
| 3 |
Precigen
PGEN
|
+$35M |
| 4 |
Vertex Pharmaceuticals
VRTX
|
+$29.3M |
| 5 |
PTC Therapeutics
PTCT
|
+$20.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ITOS
iTeos Therapeutics
ITOS
|
+$38.2M |
| 2 |
Boeing
BA
|
+$23.1M |
| 3 |
Mettler-Toledo International
MTD
|
+$22M |
| 4 |
CRGX
CARGO Therapeutics
CRGX
|
+$12.6M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
176
Sherwin-Williams
SHW
$89.8B
| $484K | 0.02% |
1,398
-945
| -40% | -$333K |
|
|
ATYR
177
aTyr Pharma
ATYR
$50.1M
| $484K | 0.02% |
671,134
| – | – |
|
178
OmniAb
OABI
$447M
| $480K | 0.02% |
300,000
| – | – |
|
179
Chevron
CVX
$366B
| $469K | 0.02% |
3,023
-2,216
| -42% | -$343K |
|
180
Paychex
PAYX
$42.7B
| $449K | 0.02% |
3,542
-2,506
| -41% | -$348K |
|
181
Century Therapeutics
IPSC
$361M
| $448K | 0.02% |
900,000
| – | – |
|
182
Invivyd
IVVD
$218M
| $440K | 0.02% |
400,000
| – | – |
|
183
Hormel Foods
HRL
$13.8B
| $400K | 0.02% |
16,181
-11,913
| -42% | -$330K |
|
184
FedEx
FDX
$75.4B
| $399K | 0.02% |
1,693
-1,199
| -41% | -$276K |
|
185
Clorox
CLX
$12.7B
| $376K | 0.01% |
3,052
-2,102
| -41% | -$261K |
|
186
MacroGenics
MGNX
$257M
| $368K | 0.01% |
218,856
| – | – |
|
187
Bolt Biotherapeutics
BOLT
$7.78M
| $356K | 0.01% |
66,879
-100,000
| -60% | -$554K |
|
188
GH Research
GHRS
$2.08B
| $344K | 0.01% |
+24,030
| New | +$336K |
|
189
Whirlpool
WHR
$2.82B
| $341K | 0.01% |
4,335
-3,218
| -43% | -$295K |
|
|
OKUR
190
OnKure Therapeutics
OKUR
$168M
| $320K | 0.01% |
116,395
-52,850
| -31% | -$131K |
|
|
LONA
191
LeonaBio Inc
LONA
$72.1M
| $248K | 0.01% |
59,998
-2
| -0% | -$8 |
|
192
Metagenomi Therapeutics
MGX
$46.3M
| $66.4K | ﹤0.01% |
28,008
-171,992
| -86% | -$349K |
|
193
Pacific Biosciences
PACB
$370M
| $32K | ﹤0.01% |
+25,000
| New | +$33.9K |
|
|
FLNA
194
Filana Therapeutics
FLNA
$48.1M
| $20.6K | ﹤0.01% |
7,073
-232,747
| -97% | -$535K |
|
195
Aligos Therapeutics
ALGS
$34.9M
| – | – |
-141,131
| Closed | -$1.02M |
|
196
ALX Oncology
ALXO
$290M
| – | – |
-3,158,265
| Closed | -$1.31M |
|
|
APLT
197
DELISTED
Applied Therapeutics
APLT
| – | – |
-2,428,169
| Closed | -$755K |
|
|
CRGX
198
DELISTED
CARGO Therapeutics
CRGX
| – | – |
-3,059,630
| Closed | -$12.6M |
|
|
199
Elanco Animal Health
ELAN
$11.1B
| – | – |
-800,100
| Closed | -$11.4M |
|
|
EPIX
200
DELISTED
ESSA Pharma
EPIX
| – | – |
-4,300,000
| Closed | -$7.31M |
|
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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.