Velan Capital Investment Management LP

The portfolio exhibits a high-risk, high-reward profile characteristic of a specialized healthcare or biotech hedge fund strategy. The top five holdings account for approximately 54.9% of the total assets, indicating a strong conviction in specific names rather than broad diversification. The substantial reduction in total AUM suggests either significant redemptions, realized losses on volatile holdings, or a purposeful deleveraging and scaling down of the fund's exposure.

Key Holdings

The portfolio is dominated by small-cap to micro-cap biotechnology and medical device companies, many of which are clinical-stage.