13F
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BVF INC/IL

13F equity value
$3.1B
Positions
41
Top 10 concentration
62.2%
Quarters / total new picks
27 / 48
13F equity value over time
$0M$2B$4B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 27 quarters, returned +0.1% per quarter — versus +2.8% per quarter from simply owning every 13F stock. It beat that baseline in only 51.9% of quarters (excess t = -0.48, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-3.7%
t-stat
-0.48
Quarterly win rate
52%
Annualized excess
-19.4%
$1 → follow vs universe
$0.50 vs $1.85
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320190331: universe 0.98520190930: universe 1.06020191231: universe 0.85520200331: universe 1.03020200630: universe 1.13820200930: universe 1.39620201231: universe 1.46020210331: universe 1.47320210630: universe 1.59120210930: universe 1.42820211231: universe 1.21520220331: universe 1.30520220630: universe 1.20920221231: universe 1.12320230331: universe 1.18320230930: universe 1.34320231231: universe 1.40320240630: universe 1.53020240930: universe 1.51720241231: universe 1.41620250331: universe 1.54320250630: universe 1.59220250930: universe 1.79020251231: universe 1.852 20180331: follow 1.09220180630: follow 1.06320180930: follow 1.39420190331: follow 1.28220190930: follow 1.56520191231: follow 1.60920200331: follow 1.53920200630: follow 1.36620200930: follow 1.84120201231: follow 0.98920210331: follow 0.86720210630: follow 0.97720210930: follow 1.32820211231: follow 1.01620220331: follow 0.87420220630: follow 0.87520221231: follow 1.02220230331: follow 0.72820230930: follow 0.75420231231: follow 0.65820240630: follow 0.76020240930: follow 0.51620241231: follow 0.32420250331: follow 0.40420250630: follow 0.45020250930: follow 0.57020251231: follow 0.498 0.30 1.15 2.00 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 41 · 2026 Q1

Ticker Value Weight QoQ
KYMR $458M
14.6%
HOLD
MLTX $298M
9.5%
TRIM
RVMD $278M
8.8%
TRIM
NKTR $184M
5.9%
ADD
GPCR $167M
5.3%
HOLD
MIRM $146M
4.7%
ADD
GHRS $122M
3.9%
TRIM
PVLA $120M
3.8%
ADD
ZYME $94M
3.0%
TRIM
XNCR $86M
2.7%
HOLD
STOK $83M
2.6%
ADD
CGEM $82M
2.6%
HOLD
IRON $81M
2.6%
ADD
XOMA $81M
2.6%
HOLD
OLMA $79M
2.5%
HOLD
TYRA $76M
2.4%
TRIM
GLUE $73M
2.3%
ADD
ALKS $71M
2.3%
NEW
KURA $69M
2.2%
HOLD
ACIU $55M
1.7%
HOLD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

ALKSAVRSTRO

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.