Blue Water Life Science Advisors, LP

Key Holdings

The portfolio is dominated by Adaptive Biotechnologies (ADPT), which constitutes the largest single holding at $32.09 million, representing 36.96% of the total assets. This suggests a strong conviction in the company’s immunosequencing platform. The second-largest position, Guardant Health (GH), accounts for 29.19% of the portfolio ($25.34 million). Together, these two positions comprise over 66% of the fund's invested capital, indicating a "barbell" strategy where the firm's performance is heavily correlated with the success of its top two liquid biopsy and genomic profiling names. The remaining holdings—Personalis, CareDx, Tempus AI, and Quanterix—are smaller positions ranging from 6% to 13% of the portfolio, providing exposure to adjacent areas of precision medicine and diagnostics.

Sector Allocation

The sector allocation demonstrates an extreme concentration in the Healthcare sector, which commands $70.05 million or approximately 80.7% of the portfolio. This aligns with the firm's name ("Life Science Advisors") and suggests a thematic investment approach focused on biotechnology, diagnostics, and life sciences tools. The Technology sector accounts for $5.84 million (6.73%), entirely represented by the new position in Tempus AI. A small portion of the portfolio (12.59%) is classified as "Unknown," corresponding to Personalis, Inc. (likely due to ticker classification nuances), though this company also operates within the healthcare and diagnostics space. Effectively, the portfolio is a pure-play on the healthcare/life sciences ecosystem with negligible exposure to other sectors.