13F
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TANG CAPITAL MANAGEMENT LLC

13F equity value
$2.0B
Positions
51
Top 10 concentration
57.9%
Quarters / total new picks
22 / 226
13F equity value over time
$0M$1B$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 22 quarters, returned -1.3% per quarter — versus +1.6% per quarter from simply owning every 13F stock. It beat that baseline in only 54.5% of quarters (excess t = -1.01, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-6.0%
t-stat
-1.01
Quarterly win rate
55%
Annualized excess
-18.4%
$1 → follow vs universe
$0.44 vs $1.28
Cumulative return: $1 invested in new picks vs universe
1.00 20181231: universe 0.98920191231: universe 0.79820200331: universe 0.96220210630: universe 1.03920210930: universe 0.93320211231: universe 0.79420220331: universe 0.85220220630: universe 0.79020220930: universe 0.84820221231: universe 0.78820230331: universe 0.83020230630: universe 0.80020230930: universe 0.90820231231: universe 0.94920240331: universe 0.97020240630: universe 1.05920240930: universe 1.04920241231: universe 0.97920250331: universe 1.06820250630: universe 1.10120250930: universe 1.23820251231: universe 1.281 20181231: follow 0.58120191231: follow 0.58520200331: follow 0.61220210630: follow 0.62320210930: follow 0.35020211231: follow 0.23820220331: follow 0.27120220630: follow 0.20120220930: follow 0.21920221231: follow 0.21020230331: follow 0.22220230630: follow 0.19120230930: follow 0.28620231231: follow 0.30120240331: follow 0.31520240630: follow 0.33320240930: follow 0.33920241231: follow 0.29720250331: follow 0.34020250630: follow 0.39520250930: follow 0.38220251231: follow 0.443 0.18 0.78 1.38 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 51 · 2026 Q1

Ticker Value Weight QoQ
AUPH $181M
9.2%
ADD
CELC $120M
6.1%
HOLD
MIRM $114M
5.8%
HOLD
LKFT $114M
5.8%
TRIM
SPY $109M
5.5%
ADD
KNSA $109M
5.5%
HOLD
CAPR $103M
5.3%
ADD
PTCT $102M
5.2%
HOLD
SYRE $95M
4.9%
HOLD
KALV $92M
4.7%
HOLD
CMPX $89M
4.5%
HOLD
TARS $83M
4.2%
HOLD
IMCR $80M
4.1%
HOLD
ANAB $74M
3.8%
HOLD
CORT $60M
3.1%
ADD
ANIP $54M
2.8%
ADD
INSM $43M
2.2%
ADD
BNTX $42M
2.1%
HOLD
VRDN $35M
1.8%
HOLD
AVIR $26M
1.3%
HOLD

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

AGIOCMPSJANXLXRX

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.