13F
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Cormorant Asset Management, LP

13F equity value
$2.0B
Positions
46
Top 10 concentration
59.3%
Quarters / total new picks
27 / 65
13F equity value over time
$0M$2B$3B2017201820192020202120222023202420252026

"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 +1.8% per quarter — versus +1.8% per quarter from simply owning every 13F stock. It beat that baseline in only 40.7% of quarters (excess t = 0.66, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+5.6%
t-stat
0.66
Quarterly win rate
41%
Annualized excess
-13.6%
$1 → follow vs universe
$0.57 vs $1.45
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920181231: universe 0.94920190331: universe 0.93220190630: universe 1.00220191231: universe 0.80820200331: universe 0.97420200930: universe 1.19520201231: universe 1.25020210331: universe 1.26120210930: universe 1.13220211231: universe 0.96320220630: universe 0.89220220930: universe 0.95820221231: universe 0.89020230331: universe 0.93820230630: universe 0.90420230930: universe 1.02620231231: universe 1.07220240331: universe 1.09620240630: universe 1.19620240930: universe 1.18620241231: universe 1.10720250331: universe 1.20620250630: universe 1.24420250930: universe 1.39920251231: universe 1.448 20180331: follow 1.30520180630: follow 1.23420181231: follow 1.01720190331: follow 1.55120190630: follow 1.72020191231: follow 2.58120200331: follow 2.94820200930: follow 1.06220201231: follow 1.01720210331: follow 1.15320210930: follow 0.89320211231: follow 0.72320220630: follow 0.66420220930: follow 0.66620221231: follow 0.92120230331: follow 0.69420230630: follow 0.58320230930: follow 0.73420231231: follow 0.84020240331: follow 0.63920240630: follow 0.61020240930: follow 0.60120241231: follow 0.47720250331: follow 0.58120250630: follow 0.75820250930: follow 0.81620251231: follow 0.573 0.44 1.81 3.18 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 46 · 2026 Q1

Ticker Value Weight QoQ
PRAX $285M
14.4%
TRIM
BBOT $160M
8.1%
HOLD
EYPT $107M
5.4%
HOLD
EWTX $103M
5.2%
HOLD
ERAS $94M
4.7%
NEW
RAPP $93M
4.7%
TRIM
ALMS $87M
4.4%
ADD
ABVX $85M
4.3%
TRIM
MLTX $84M
4.2%
ADD
DNTH $80M
4.0%
NEW
DRUG $77M
3.9%
HOLD
BBIO $63M
3.2%
TRIM
OLMA $58M
2.9%
ADD
BIOA $51M
2.5%
ADD
CNTA $42M
2.1%
TRIM
DMRA $39M
2.0%
NEW
MBX $33M
1.7%
HOLD
INSM $31M
1.6%
TRIM
NAMS $30M
1.5%
TRIM
TNGX $30M
1.5%
NEW

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

ARWRDNTHERASGLUEGPCRMAZEROIVTERNTNGXZURA

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.