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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
(-22%)
Cap. Flow
-$1.02B
Cap. Flow
% of AUM
-50.15%
Top 10 Holdings %
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 |
Capricor Therapeutics
CAPR
|
+$22.2M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$20.3M |
| 4 |
BioNTech
BNTX
|
+$20.1M |
| 5 |
ANI Pharmaceuticals
ANIP
|
+$14.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Tarsus Pharmaceuticals
TARS
|
+$94.5M |
| 2 |
MRUS
Merus
MRUS
|
+$56.5M |
| 3 |
Relay Therapeutics
RLAY
|
+$42.1M |
| 4 |
Vera Therapeutics
VERA
|
+$39.2M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
176
T-Mobile US
TMUS
$190B
| – | – |
-2,285
| Closed | -$547K |
|
177
Taysha Gene Therapies
TSHA
$1.89B
| – | – |
-900,000
| Closed | -$2.94M |
|
178
Texas Instruments
TXN
$261B
| – | – |
-7,415
| Closed | -$1.36M |
|
179
United Airlines
UAL
$42.1B
| – | – |
-6,296
| Closed | -$608K |
|
180
Ulta Beauty
ULTA
$24.3B
| – | – |
-1,384
| Closed | -$756K |
|
181
UnitedHealth
UNH
$370B
| – | – |
-2,721
| Closed | -$940K |
|
182
Visa
V
$677B
| – | – |
-4,869
| Closed | -$1.66M |
|
|
183
Vera Therapeutics
VERA
$2.36B
| – | – |
-1,350,000
| Closed | -$39.2M |
|
184
Vanda Pharmaceuticals
VNDA
$302M
| – | – |
-2,353,307
| Closed | -$11.7M |
|
185
Vor Biopharma
VOR
$1.28B
| – | – |
-50,000
| Closed | -$2.44M |
|
186
Viatris
VTRS
$18.9B
| – | – |
-128,359
| Closed | -$1.27M |
|
187
Verizon
VZ
$196B
| – | – |
-36,266
| Closed | -$1.59M |
|
188
GeneDx Holdings
WGS
$2.3B
| – | – |
-100,000
| Closed | -$10.8M |
|
189
Whirlpool
WHR
$2.82B
| – | – |
-4,335
| Closed | -$341K |
|
190
Walmart Inc
WMT
$890B
| – | – |
-17,242
| Closed | -$1.78M |
|
191
ExxonMobil
XOM
$634B
| – | – |
-12,651
| Closed | -$1.43M |
|
192
Zentalis Pharmaceuticals
ZNTL
$302M
| – | – |
-1,550,000
| Closed | -$2.34M |
|
193
Metagenomi Therapeutics
MGX
$46.3M
| – | – |
-28,008
| Closed | -$66.4K |
|
194
GE Vernova
GEV
$264B
| – | – |
-1,378
| Closed | -$847K |
|
|
BIOA
195
BioAge Labs
BIOA
$538M
| – | – |
-1,600,000
| Closed | -$9.41M |
|
|
ATYR
196
aTyr Pharma
ATYR
$50.1M
| – | – |
-671,134
| Closed | -$484K |
|
|
TECX
197
Tectonic Therapeutic
TECX
$606M
| – | – |
-179,166
| Closed | -$2.81M |
|
|
ALMS
198
Alumis Inc
ALMS
$3.52B
| – | – |
-1,167,009
| Closed | -$4.66M |
|
|
CLYM
199
Climb Bio
CLYM
$804M
| – | – |
-1,000,000
| Closed | -$2.01M |
|
|
OKUR
200
OnKure Therapeutics
OKUR
$168M
| – | – |
-116,395
| Closed | -$320K |
|
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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.