Deep Track 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 16 quarters, returned +2.0% per quarter — versus +3.3% per quarter from simply owning every 13F stock. It beat that baseline in only 56.2% 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 62 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| GH | $308M | | ADD |
| IMVT | $286M | | HOLD |
| TARS | $253M | | ADD |
| PCVX | $250M | | ADD |
| GPCR | $206M | | ADD |
| AXSM | $186M | | TRIM |
| APLS | $182M | | TRIM |
| OCUL | $167M | | ADD |
| VERA | $165M | | ADD |
| ALMS | $149M | | NEW |
| IONS | $146M | | ADD |
| NUVL | $141M | | NEW |
| ALKS | $127M | | ADD |
| CNTA | $125M | | ADD |
| MLTX | $119M | | ADD |
| MAZE | $104M | | TRIM |
| ORKA | $100M | | TRIM |
| NRIX | $98M | | TRIM |
| GMAB | $98M | | NEW |
| CYTK | $91M | | TRIM |
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.