FCPM III SERVICES B.V.

Key Holdings

The portfolio is characterized by a "bar-bell" structure where a few names command the vast majority of capital.

• NewAmsterdam Pharma Company (NAMS): This is the unequivocal anchor of the portfolio, valued at $262.00M (58.71% allocation). Despite a reduction of 9.21M shares (-13.3% stake reduction), it remains the dominant position. The reduction of roughly $69.45M in value suggests the fund took profits or rebalanced following the stock's appreciation, as the total portfolio value still increased significantly.
• Dyne Therapeutics Inc. (DYN): The second-largest holding, valued at $69.11M (15.48%), represents a major bet on the healthcare space. This position likely acts as the primary growth driver alongside the top holding.
• EnGene Holdings Inc.: There appears to be a data anomaly or dual listing in the provided data, with two entries for EnGene. Combined, they represent roughly $65.79M + $2.07M = $67.86M, or approximately 15.2% of the portfolio. This solidifies EnGene as a "Top 3" core position alongside NAMS and DYN.
• Astria Therapeutics Inc. & Replimune Group Inc.: These serve as satellite holdings, comprising 6.70% and 3.90% of the portfolio, respectively.