COMMODORE CAPITAL LP
"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.
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 18 quarters, returned +11.5% per quarter — versus +2.3% per quarter from simply owning every 13F stock. It beat that baseline in only 44.4% of quarters (excess t = 0.54, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 36 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| RLAY | $169M | | HOLD |
| ALKS | $149M | | ADD |
| ELVN | $128M | | TRIM |
| COGT | $111M | | ADD |
| SYRE | $96M | | TRIM |
| TYRA | $95M | | TRIM |
| CLDX | $86M | | ADD |
| NUVL | $85M | | ADD |
| AMLX | $79M | | HOLD |
| KYMR | $62M | | HOLD |
| ANRO | $61M | | ADD |
| PHVS | $54M | | HOLD |
| ERAS | $51M | | NEW |
| DMRA | $50M | | NEW |
| XENE | $48M | | TRIM |
| DFTX | $38M | | NEW |
| LBRX | $37M | | HOLD |
| EYPT | $36M | | NEW |
| NRIX | $35M | | HOLD |
| CRVS | $33M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
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.