Kynam Capital Management, 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 15 quarters, returned +14.1% per quarter — versus +3.7% per quarter from simply owning every 13F stock. It beat that baseline in only 53.3% of quarters (excess t = 0.06, 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 |
|---|---|---|---|
| SNDX | $188M | | HOLD |
| CLDX | $185M | | HOLD |
| PCVX | $170M | | HOLD |
| COGT | $155M | | TRIM |
| VERA | $137M | | HOLD |
| BEAM | $88M | | ADD |
| CTMX | $71M | | ADD |
| BCRX | $54M | | TRIM |
| TVTX | $47M | | ADD |
| VRDN | $46M | | ADD |
| CGEM | $44M | | HOLD |
| URGN | $40M | | NEW |
| KALV | $37M | | HOLD |
| APLS | $33M | | TRIM |
| LEGN | $29M | | NEW |
| MBX | $28M | | HOLD |
| IMCR | $27M | | ADD |
| STRO | $22M | | ADD |
| SLNO | $19M | | NEW |
| NRIX | $19M | | 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.