Boxer Capital Management, LLC

Key Holdings

The portfolio is characterized by a "bar-bell" structure, with massive exposure to a few top names and a long tail of smaller positions.

• Top-Tier Dominance: The two largest positions, Tango Therapeutics Inc (TNGX) and uniQure N.V (QURE), command a combined 48.28% of the total portfolio value. Tango Therapeutics is the single largest holding at $82.08 million (30.77%), while uniQure holds $46.70 million (17.51%). This level of concentration indicates significant conviction in these specific entities.
• Core Positions: The third-largest holding, Revolution Medicines Inc (RVMD), accounts for 7.00% of the portfolio. Beyond the top three, position sizes drop significantly, generally ranging between 1% and 5%.
• Long-Tail Exposure: The remainder of the portfolio consists of small-cap and micro-cap biotech stocks, many holding less than 1% of the portfolio weight. This structure suggests the fund uses its top holdings for core alpha generation while using smaller positions for high-risk/high-reward speculative exposure.