ADAR1 Capital Management portfolio

What changed this quarter

241 positions with a change (31 new, 93 added to, 62 trimmed, 55 sold); also, 6 entered through an IPO, 13 exited through an acquisition or merger, 3 entered through a spin-off. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Abivax+29%more sharesIncreased
  9.4% → 11.4%
• Agios Pharmaceuticals+816%more sharesIncreased
  0.3% → 2.3%
• State Str Spdr S&P 500 ETF T+70%more sharesIncreased
  3.0% → 4.6%
• ZAI Lab+136%more sharesIncreased
  1.6% → 3.0%
• Beam Therapeutics−1.6 ppof portfolioSold out
  2.1% → —
• Editas Medicine+1.4 ppof portfolioNew
  — → 1.4%
• Praxis Precision Medicines+4,850%more sharesIncreased
  under 0.1% → 1.2%
• Denali Therapeutics−45%fewer sharesReduced
  2.2% → 1.3%
• Insmed+546%more sharesIncreased
  0.4% → 1.2%
• Scholar Rock Holding−0.9 ppof portfolioSold out
  1.2% → —
• Enanta Pharmaceuticals+2,518%more sharesIncreased
  under 0.1% → 0.9%
• Cytokinetics−28%fewer sharesReduced
  2.5% → 1.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• AbivaxABVX11.4%
• Protagonist TherapeuticsPTGX5.6%
• Roivant SciencesROIV5.3%
• State Str Spdr S&P 500 ETF TSPY4.6%
• ImmunovantIMVT4.3%
• ZAI LabZLAB3.0%
• Agios PharmaceuticalsAGIO2.3%
• Crinetics PharmaceuticalsCRNX2.2%
• EA Series TrustBOXX1.9%
• CytokineticsCYTK1.8%
• SepternaSEPN1.5%
• Anteris Technologies GlobalAVR1.5%
• Editas MedicineEDIT1.4%
• Denali TherapeuticsDNLI1.3%
• Spyre TherapeuticsSYRE1.2%
• Vir BiotechnologyVIR1.2%
• Praxis Precision MedicinesPRAX1.2%
• InsmedINSM1.2%
• Celldex TherapeuticsCLDX1.1%
• Viking TherapeuticsVKTX1.1%
• Taysha Gene TherapiesTSHA1.0%
• Monopar TherapeuticsMNPR1.0%
• Ovid TherapeuticsOVID0.9%
• Enliven TherapeuticsELVN0.9%
• Enanta PharmaceuticalsENTA0.9%
• Nektar TherapeuticsNKTR0.8%
• Inspire Medical SystemsINSP0.8%
• Revolution MedicinesRVMD0.8%
• Establishment Labs HoldingsESTA0.8%
• Prothena Corporation PublicPRTA0.7%
• Rhythm PharmaceuticalsRYTM0.7%
• Inhibikase TherapeuticsIKT0.7%
• uniQureQURE0.7%
• RallybioRLYB0.7%
• Regeneron PharmaceuticalsREGN0.7%
• InventivaIVA0.6%
• Sutro BiopharmaSTRO0.6%
• Ionis PharmaceuticalsIONS0.6%
• BridgeBio PharmaBBIO0.6%
• Sarepta TherapeuticsSRPT0.6%
• CytomX TherapeuticsCTMX0.6%
• Vor BiopharmaVOR0.6%
• State Street SPDR BB 1-3m T-bill ETFBIL0.6%
• EquilliumEQ0.6%
• Adlai NortyeANL0.6%
• Climb BioCLYM0.5%
• Helix Acquisition Corp. IIIHLXC0.5%
• Zura BioZURA0.5%
• Onkure TherapeuticsOKUR0.5%
• MAZE TherapeuticsMAZE0.5%
• Xenon PharmaceuticalsXENE0.5%
• TEVA Pharmaceutical IndustriesTEVA0.4%
• UroGen PharmaURGN0.4%
• Faeth TherapeuticsFTH0.4%
• Amylyx PharmaceuticalsAMLX0.4%
• DBV TechnologiesDBVT0.4%
• SavaraSVRA0.4%
• VaxcytePCVX0.4%
• CG OncologyCGON0.4%
• Mineralys TherapeuticsMLYS0.4%
• Ascendis Pharma A/SASND0.4%
• Amanat AcquisitionAMAN0.4%
• Nurix TherapeuticsNRIX0.4%
• BiohavenBHVN0.4%
• Prime MedicinePRME0.3%
• FreenomeFRNM0.3%
• Opus GeneticsIRD0.3%
• Lexeo TherapeuticsLXEO0.3%
• Damora Therapeutics0.3%
• Replimune GroupREPL0.3%
• LeonaBioLONA0.3%
• Korro BioKRRO0.3%
• Research Alliance Corporation IIIRACC0.3%
• InflaRxIFRX0.3%
• Relay TherapeuticsRLAY0.3%
• Janux TherapeuticsJANX0.3%
• Pliant TherapeuticsPLRX0.3%
• Whitehawk TherapeuticsWHWK0.3%
• Krystal BiotechKRYS0.3%
• Arbutus BiopharmaABUS0.3%
• PfizerPFE0.3%
• Brighthouse FinancialBHF0.3%
• Edgewise TherapeuticsEWTX0.3%
• AlectorALEC0.3%
• Fulcrum TherapeuticsFULC0.3%
• Arrowhead PharmaceuticalsARWR0.3%
• Acumen PharmaceuticalsABOS0.3%
• Oaktree Acquisition Corp. III Life SciencesOACCU(unit)0.3%
• Globus MedicalGMED0.3%
• Monte Rosa TherapeuticsGLUE0.2%
• Disciplined GrowthDGAC/U(unit)0.2%
• BHAV AcquisitionBHAVU(unit)0.2%
• DanaherDHR0.2%
• Boundless BioBOLD0.2%
• Avalyn PharmaAVLN0.2%
• ARS PharmaceuticalsSPRY0.2%
• AtaiBeckleyATAI0.2%
• Prelude TherapeuticsPRLD0.2%
• JATT II AcquisitionJATT0.2%
• Rein TherapeuticsRNTX0.2%