Euclidean Capital LLC

Key Holdings

• INDA (iShares MSCI India ETF): $19.24M (47.74% of portfolio). This is the single largest holding and represents almost half of reported assets. Note that INDA was also the largest reduction from the prior quarter (reduced by $115.79M, −84.8%). Despite the cut, INDA remains the dominant position.
• ORIC Pharmaceuticals, Inc. (Healthcare): $11.87M (29.46%). The second-largest holding and the largest single-stock exposure. ORIC comprises nearly 30% of the portfolio and suggests concentrated exposure to small/mid‑cap biotech/pharma equity risk.
• PMV Pharmaceuticals, Inc.: $3.68M (9.13%). A meaningful mid‑sized biotech stake relative to the shrunken portfolio.
• SPY (SPDR S&P 500 ETF TR): $2.73M (6.78%). A modest S&P 500 exposure — small relative to INDA and ORIC but representing the second ETF holding.
• Tenaya Therapeutics, Surrozen, and an additional small Surrozen entry make up the remainder (~4.1%, ~2.8%, ~0.01% respectively). There is a likely data inconsistency in the two Surrozen lines (one shows 88K shares = $1.13M; the other shows 171K shares = $3.42K) — the latter implies an implausibly low per‑share price and should be treated as a reporting/classification anomaly pending correction.

Sector Allocation

• ETF exposure: $21.98M (≈54.5% of portfolio). This is dominated by INDA ($19.24M, 87.6% of ETF allocation); SPY is the balance ($2.73M).
• Healthcare: $11.87M (≈29.5% of portfolio), primarily ORIC.
• Unknown / Misc: $6.46M (≈16.0%). Given the issuer list, much of this likely represents additional healthcare/biotech exposure (e.g., PMV, Tenaya, Surrozen) but the filing’s sector mapping is inconsistent for some positions. Observations: the portfolio has a pronounced country/market tilt (India via INDA) plus a concentrated sector tilt toward healthcare/biotech. There is limited diversification across sectors and geographies after the large liquidation.