Siren, L.L.C.

2. Key Holdings

The portfolio is heavily dominated by high-conviction biotechnology picks. The top two positions alone account for 28.68% of the total assets under management (AUM).

• Scholar Rock Holding Corp (SRRK): This is the flagship holding, comprising 19.28% of the portfolio ($344.47M). A position of nearly 20% in a single stock indicates extreme conviction and suggests the fund views this as a mispriced asset with significant upside potential.
• BeOne Medicines AG (ONC): The second-largest position at 9.40% ($167.96M). Combined with SRRK, these two healthcare names represent nearly one-third of the fund's entire value.
• Arrowhead Pharmaceuticals Inc (ARWR): The third-largest holding at 5.15%. The top three positions are all healthcare/biotech firms, reinforcing the sector-specific expertise of the firm.