Essex Woodlands Management, Inc.

Key Holdings

The portfolio is dominated by a single massive position in BIOVENTUS INC, which accounts for $87.11 million or 83.61% of the total assets. With a stake of 13.02 million shares, this position represents the firm's primary bet. The second-largest holding is EYEPOINT PHARMACEUTICALS INC, valued at $15.45 million (14.83% of the portfolio), comprising 1.08 million shares. The remaining two positions are significantly smaller: MEDICINOVA INC ($1.40M, 1.35%) and VENUS CONCEPT INC ($227.75K, 0.22%). The top two positions alone constitute over 98% of the portfolio's value, indicating that the performance of Bioventus and Eyepoint Pharmaceuticals will dictate the overall success of the fund for this quarter.

Sector Allocation

The data provided classifies the entire portfolio under "Unknown," which is common for 13F filings when specific sector classifications are not immediately mapped to the security tickers. However, based on the underlying names—Bioventus, Eyepoint Pharmaceuticals, Medicinova, and Venus Concept—it is evident that the portfolio is entirely allocated to the Healthcare sector, specifically focusing on biotechnology, medical devices, and specialty pharmaceuticals. There is a distinct tilt toward small-cap or micro-cap healthcare equities, suggesting a strategy that targets companies with specific growth catalysts or turnaround potential rather than large-cap stability.