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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
+2.99%
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
$671M
AUM Growth
-$17.2M
Cap. Flow
+$158M
Cap. Flow %
23.52%
Top 10 Hldgs %
38.66%
Holding
127
New
38
Increased
29
Reduced
15
Closed
24

Top Buys

Rank Stock Value
1
BLUE
bluebird bio
BLUE
+$30M
2
FRC
First Republic Bank
FRC
+$28.6M
3
EOLS icon
Evolus
EOLS
+$21.6M
4
NVO
Novo Nordisk
NVO
+$19.1M
5
ACET icon
Adicet Bio
ACET
+$15.1M

Top Sells

Rank Stock Value
1
ANAB icon
AnaptysBio
ANAB
+$14.5M
2
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$12.6M
3
ALBO
Albireo Pharma Inc
ALBO
+$8.9M
4
HRTX icon
Heron Therapeutics
HRTX
+$8.03M
5
CNCE
Concert Pharmaceuticals, Inc.
CNCE
+$6.72M

Sector Composition

Rank Sector Weight
1 Healthcare 91.26%
2 Financials 6.75%
3 Real Estate 0.31%
4 Consumer Discretionary 0.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ANAB icon
1
AnaptysBio
ANAB
$1.59B
$44.2M 6.59%
2,032,561
-596,117
-23% -$14.5M
BLUE
2
DELISTED
bluebird bio
BLUE
$31.4M 4.68%
494,141
+262,365
+113% +$30M
MIRM icon
3
Mirum Pharmaceuticals
MIRM
$6.96B
$28.1M 4.19%
1,170,000
+50,000
+4% +$1.14M
EOLS icon
4
Evolus
EOLS
$407M
$27M 4.03%
3,197,399
+2,387,911
+295% +$21.6M
TARS icon
5
Tarsus Pharmaceuticals
TARS
$2.62B
$25.6M 3.81%
2,034,158
+32,573
+2% +$476K
NVO
6
Novo Nordisk
NVO
$220B
$21.5M 3.2%
+270,000
New +$19.1M
MRNA icon
7
Moderna
MRNA
$22.1B
$21M 3.13%
136,700
+56,700
+71% +$9.35M
KALV
8
DELISTED
KalVista Pharmaceuticals
KALV
$20.8M 3.11%
2,651,393
-545,053
-17% -$4.07M
IMCR icon
9
Immunocore
IMCR
$1.72B
$20.1M 2.99%
405,600
– –
AXSM icon
10
Axsome Therapeutics
AXSM
$12.3B
$19.7M 2.94%
320,000
– –
ONC
11
BeOne Medicines Ltd
ONC
$33.8B
$18.3M 2.73%
85,000
– –
VRDN icon
12
Viridian Therapeutics
VRDN
$2.18B
$17.6M 2.63%
692,925
– –
ITCI
13
DELISTED
Intra-Cellular Therapies Inc.
ITCI
$16.2M 2.42%
300,000
+60,000
+25% +$2.9M
FLG
14
Flagstar Bank National Association
FLG
$5.74B
$14.5M 2.16%
+535,533
New +$14.5M
ACET icon
15
Adicet Bio
ACET
$75.3M
$14.5M 2.16%
157,500
+120,000
+320% +$15.1M
BCRX icon
16
BioCryst Pharmaceuticals
BCRX
$2.43B
$13.3M 1.99%
1,600,000
+150,000
+10% +$1.44M
AZN icon
17
AstraZeneca
AZN
$263B
$11.8M 1.76%
85,000
– –
ALT icon
18
Altimmune
ALT
$576M
$11.6M 1.73%
2,750,000
+49,550
+2% +$589K
PCVX icon
19
Vaxcyte
PCVX
$8.01B
$11.2M 1.68%
300,000
– –
HRMY icon
20
Harmony Biosciences
HRMY
$2.08B
$10.5M 1.56%
321,200
+40,000
+14% +$1.82M
LLY icon
21
Eli Lilly
LLY
$1.07T
$10.3M 1.54%
30,000
+10,000
+50% +$3.37M
PYXS icon
22
Pyxis Oncology
PYXS
$184M
$9.95M 1.48%
2,481,662
-989,038
-28% -$1.98M
ZYME icon
23
Zymeworks
ZYME
$1.69B
$9.94M 1.48%
1,100,000
+700,000
+175% +$6.1M
JNCE
24
DELISTED
Jounce Therapeutics, Inc. Common Stock
JNCE
$9.81M 1.46%
+5,300,087
New +$6.57M
BCAB icon
25
BioAtla
BCAB
$5.64M
$9.71M 1.45%
72,482
+10,000
+16% +$1.8M
1
2 3 4 5

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FWTB
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NIM
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Tang Capital Management's Q1 2023 Portfolio in Review

As of Q1 2023, Tang Capital Management held 127 positions worth $671M, down 2.5% from $688M the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Tang Capital Management deployed $158M of net new capital in Q1 2023, opening 38 new positions and adding to 29 existing holdings. Its largest new stake was First Republic Bank: 278,759 shares worth $3.9M.

By sector, the portfolio is most concentrated in Healthcare at 91% of assets, down from 98% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was AnaptysBio, an estimated $14.5M trimmed.

  • Tang Capital Management's largest Q1 2023 buy was First Republic Bank: 278,759 shares worth $3.9M.
  • Tang Capital Management added most to bluebird bio in Q1 2023, an estimated $30M increase.
  • Tang Capital Management's biggest Q1 2023 reduction was AnaptysBio, cutting an estimated $14.5M.
  • Tang Capital Management fully exited Albireo Pharma Inc in Q1 2023, selling an estimated $8.9M.
  • Tang Capital Management's ten largest holdings make up 39% of its $671M portfolio in Q1 2023.
  • Tang Capital Management opened 38 new positions and closed 24 in Q1 2023.
  • Tang Capital Management's portfolio value fell 2.5% quarter-over-quarter to $671M.

Based on Tang Capital Management's 13F filing for Q1 2023, filed 15 May 2023.