Checkpoint Capital portfolio

What changed this quarter

8 positions with a change (3 added to, 3 trimmed, 2 sold). 6 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Revolution Medicines+56%more sharesIncreased
  9.2% → 19.7%
• Cytokinetics+164%more sharesIncreased
  4.3% → 10.4%
• Argenx−14%fewer sharesReduced
  40.1% → 31.3%
• Rhythm Pharmaceuticals−3.4%fewer sharesReduced
  38.3% → 33.8%
• Disc Medicine−16%fewer sharesReduced
  6.6% → 4.5%
• Septerna−0.6 ppof portfolioSold out
  0.9% → —

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

• Rhythm PharmaceuticalsRYTM33.8%Since at least Q4 2023 · 11 quartersDetails ▾
• ArgenxARGX31.3%Since at least Q4 2023 · 11 quartersDetails ▾
• Revolution MedicinesRVMD19.7%Since Q4 2024 · 7 quartersDetails ▾
• CytokineticsCYTK10.4%Since Q3 2025 · 4 quartersDetails ▾
• Disc MedicineIRON4.5%Since Q3 2024 · 8 quartersDetails ▾
• Trevi TherapeuticsTRVI0.4%Since Q1 2026 · 2 quartersDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.