GSK plc

The most unusual structural fact in GSK plc's Q1 2026 13F is not a trade — it is the absence of almost any: 13 holdings, zero increased positions, zero decreased positions, and only two micro exits (Senseonics and Harvard Bioscience, under $70k combined prior). Yet reported value dropped from about $799 million to $599 million. That ~$200 million hole is mark-to-market, not de-risking. CRISPR Therapeutics alone is 25.6% ($153 million); Wave Life Sciences is 22.1% ($132 million) — nearly half the book in two genetic-medicine names. BioNTech (13.2%) and Vir Biotechnology (12.8%) push the top four past 70%. This is a strategic biotech sleeve frozen in share terms, not a diversified manager's trading quarter — and the concentration means a single platform re-rating reprices the entire filing.