Soleus Capital Management, L.P.

The anchor is Krystal Biotech (KRYS) at $298 million or 12.1 percent — already elevated at roughly $232 million last quarter and now substantially deeper. What makes KRYS interesting at this weight is not the company name but what it represents inside the Sola MD / HSV DNA-repair clinical story: the fund has been building this position incrementally across multiple quarters and is now one significant catalyst away from either a validation or a re-pricing of the entire top-conviction bucket. A 12 percent single-name position inside a $2.47 billion book is a bet, not an allocation — and a manager that holds it across a quarter in which it also escalates three other healthcare names is signaling that the upside-case framing for KRYS is still intact.

The escalation pattern is the second-most distinctive feature. Vericel (VCEL) roughly tripled in absolute dollar terms — from $28 million to $82 million — gaining the second-largest position in the book. Praxis Precision Medicines (PRAX), a gene-therapy name, climbed from $107 million to $106.5 million in dollars and from 3.95 percent to 4.31 percent in portfolio weight. United Therapeutics (UTHR) tripled its absolute stake from $29 million to $111 million. Alkeremes (ALK), the Irish-domiciled addiction and neurological-disorder specialist, was initiated at $70 million. These four name-specific escalations, alongside the KRYS anchor, produce a picture of a CIO running a handful of theses at sufficient weight that each name's near-term clinical or regulatory events are the primary risk factors governing the book's performance.