ORBIMED ADVISORS LLC

2. Key Holdings

The portfolio composition reveals a distinct high-conviction approach, with the top ten holdings accounting for approximately 53% of the total portfolio value.

• Top Position: Edgewise Therapeutics Inc is the dominant holding, comprising 11.46% ($251.71M) of the portfolio. This represents a massive, concentrated bet on a single clinical-stage biotechnology company.
• Significant Weightings: Sinovac Biotech Ltd follows at 8.40% ($184.47M), a notable concentration in a vaccine/biotech name outside the typical US-centric large-cap focus.
• Established Biotech: The fund maintains substantial positions in established commercial-stage biotech companies such as Alnylam Pharmaceuticals (ALNY) at 6.26% and argenx SE (ARGX) at 5.79%. These positions serve as anchors within the portfolio, offering a balance to the smaller, clinical-stage names.
• High Beta Exposure: Positions like Upstream Bio Inc (4.88%), ARS Pharmaceuticals (3.79%), and Avidity Biosciences (3.25%) indicate a strong appetite for companies with binary event risk or high growth potential.