VMI

VHCP Management II Portfolio holdings

AUM $379M

2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4

This Quarter Return

+24.12%

1 Year Return

+424.39%

3 Year Return

+2,335.22%

5 Year Return

–

10 Year Return

–

AUM

$334M

AUM Growth

+$334M (-19%)

Cap. Flow

-$134M

Cap. Flow % of AUM

-40.04%

Top 10 Holdings % Top 10 Hldgs %

87.99%

Holding

New

Increased

Reduced

Closed

Top Buys

1	TCDA Tricida, Inc. Common Stock TCDA	$28.8M
2	DBVT DBV Technologies DBVT	$12M
3	Kiniksa Pharmaceuticals KNSA	$11.1M
4	KDMN Kadmon Holdings, Inc. KDMN	$5.63M
5	MRNS Marinus Pharmaceuticals, Inc MRNS	$2.44M

Top Sells

1	AVXS AveXis, Inc. Common Stock AVXS	$128M
2	AnaptysBio ANAB	$18.8M
3	Gyre Therapeutics GYRE	$14.3M
4	VYNE Therapeutics VYNE	$12.8M
5	Ascendis Pharma ASND	$5.45M

Sector Composition

Healthcare

96.17%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	ECYT 1 DELISTED Endocyte, Inc. Common Stock ECYT	$59.3M	17.76%	4,300,000	–	–
2	BHVN 2 DELISTED Biohaven Pharmaceutical Holding Company Ltd. BHVN	$55.9M	16.74%	1,415,391 +25,000	+2%	+$988K
3	OBSV 3 DELISTED ObsEva SA Ordinary Shares OBSV	$34.1M	10.21%	2,252,460 +108,617	+5%	+$1.64M
4	4 Ascendis Pharma ASND $11.8B	$33.5M	10.04%	504,210 -81,985	-14%	-$5.45M
5	5 argenx ARGX $43.6B	$29M	8.68%	346,792	–	–
6	TCDA 6 DELISTED Tricida, Inc. Common Stock TCDA	$28.8M	8.62%	+962,696	New	+$28.8M
7	ZGNX 7 DELISTED Zogenix, Inc. ZGNX	$16M	4.79%	362,010	–	–
8	8 BioCryst Pharmaceuticals BCRX $1.74B	$14.1M	4.23%	2,464,241 +243,270	+11%	+$1.39M
9	DBVT 9 DBV Technologies DBVT $264M	$12M	3.6%	+463,149	New	+$12M
10	10 Kiniksa Pharmaceuticals KNSA $2.48B	$11.1M	3.32%	+639,230	New	+$11.1M
11	BLPH 11 DELISTED Bellerophon Therapeutics, Inc. BLPH	$10M	3.01%	4,149,378	–	–
12	MNTA 12 DELISTED Momenta Pharmaceuticals, Inc. MNTA	$8.69M	2.6%	425,000	–	–
13	13 Spero Therapeutics SPRO $116M	$6.95M	2.08%	474,015 -11,600	-2%	-$170K
14	KDMN 14 DELISTED Kadmon Holdings, Inc. KDMN	$5.63M	1.69%	+1,411,428	New	+$5.63M
15	RARX 15 DELISTED Ra Pharmaceuticals, Inc. Common Stock RARX	$5.42M	1.62%	544,612	–	–
16	MRNS 16 DELISTED Marinus Pharmaceuticals, Inc MRNS	$2.44M	0.73%	+345,240	New	+$2.44M
17	17 Apellis Pharmaceuticals APLS $3.48B	$654K	0.2%	+29,710	New	+$654K
18	CCXI 18 DELISTED ChemoCentryx, Inc. CCXI	$304K	0.09%	+23,064	New	+$304K
19	19 AnaptysBio ANAB $569M	–	–	-180,950	Closed	-$18.8M
20	20 Gyre Therapeutics GYRE $703M	–	–	-553,629	Closed	-$14.3M
21	21 Savara SVRA $567M	–	–	-119,840	Closed	-$1.1M
22	22 VYNE Therapeutics VYNE $8.16M	–	–	-340,000	Closed	-$12.8M
23	AVXS 23 DELISTED AveXis, Inc. Common Stock AVXS	–	–	-1,035,657	Closed	-$128M