Propel Bio Management, LLC

2. Key Holdings

The portfolio is dominated by Plains GP Holdings (PAGP), which accounts for 28.82% ($23.21M) of the fund. This represents a massive outlier position relative to the rest of the holdings, which are exclusively healthcare/biotech firms. PAGP provides the portfolio with a value and income tilt, likely serving as a liquidity buffer or a hedge against the volatility inherent in the firm's speculative healthcare positions.

The remaining top holdings are exclusively clinical-stage biotechnology companies:

• Akero Therapeutics (AKRO) is the second-largest holding at 13.50% ($10.87M).
• Milestone Pharmaceuticals represents 12.73% ($10.25M) and was the subject of aggressive accumulation during the quarter.
• Applied Therapeutics and Phathom Pharmaceuticals round out the top five, with allocations of 8.48% and 8.08%, respectively.