Frazier Life Sciences Management, L.P.
"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 13 quarters, returned -5.3% per quarter — versus +4.5% per quarter from simply owning every 13F stock. It beat that baseline in only 30.8% of quarters (excess t = -1.23, 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 38 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| MIRM | $709M | | ADD |
| NAMS | $542M | | HOLD |
| ERAS | $399M | | ADD |
| BBIO | $256M | | TRIM |
| ARQT | $233M | | HOLD |
| MBX | $199M | | HOLD |
| PHAT | $139M | | HOLD |
| MAZE | $136M | | HOLD |
| KRYS | $124M | | HOLD |
| TRVI | $119M | | TRIM |
| PVLA | $110M | | ADD |
| KALV | $100M | | HOLD |
| IRON | $87M | | ADD |
| CYTK | $76M | | ADD |
| RVMD | $66M | | TRIM |
| DYN | $57M | | HOLD |
| SVRA | $53M | | HOLD |
| TARS | $51M | | HOLD |
| VOR | $45M | | HOLD |
| AGIO | $42M | | HOLD |
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.