5AM Venture Management, LLC
Long book
$360.2M
Q1 2026
Positions
20
Top-10 weight
80%
concentration
Last quarter
+12.0%
SPY +14.8%
Turnover
22%
of book per quarter
Strategy in plain words
auto-generated from filings5AM Venture Management, LLC is a concentrated fundamental stock-picker, specialised in healthcare (95% of the long book), running a $360.2M US long book across 20 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: ERASCA INC, ENTRADA THERAPEUTICS INC, TYRA BIOSCIENCES INC, CAMP4 THERAPEUTICS CORP, CENTESSA PHARMACEUTICALS-ADR.
Over the last 9 quarters its long book ran on average 1.9pp per quarter ahead of the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.3%
Q2 2024
+4.8%
Q3 2024
-11.7%
Q4 2024
-36.2%
Q1 2025
+8.0%
Q2 2025
+20.4%
Q3 2025
+33.6%
Q4 2025
+34.2%
Q1 2026
+12.0%
Sector allocation
Healthcare 95%
Materials 5%
Long book by quarter
What does 5AM Venture own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ERAS ERASCA INC | Healthcare | 3.5M | $56.4M | 15.7% | -35.5% |
| TRDA ENTRADA THERAPEUTICS INC | Healthcare | 4.1M | $51.2M | 14.2% | Held |
| TYRA TYRA BIOSCIENCES INC | Healthcare | 1.0M | $39.4M | 10.9% | Held |
| CAMP CAMP4 THERAPEUTICS CORP | Healthcare | 5.9M | $25.9M | 7.2% | Held |
| PHVS PHARVARIS NV | Healthcare | 797.6K | $22.5M | 6.3% | Held |
| MPLT MAPLIGHT THERAPEUTICS INC | Healthcare | 950.0K | $19.3M | 5.4% | Held |
| TECX TECTONIC THERAPEUTIC INC | Healthcare | 606.7K | $18.8M | 5.2% | Held |
| CLDX CELLDEX THERAPEUTICS INC | Materials | 497.3K | $15.8M | 4.4% | Held |
| ARTV ARTIVA BIOTHERAPEUTICS INC | Healthcare | 2.4M | $15.2M | 4.2% | Held |
| EYPT EYEPOINT INC | Healthcare | 1.1M | $13.5M | 3.8% | Held |
| SRZN SURROZEN INC | Healthcare | 387.5K | $11.3M | 3.1% | Held |
| ZNTL ZENTALIS PHARMACEUTICALS INC | Healthcare | 3.9M | $9.2M | 2.6% | Held |
| GHRS GH RESEARCH PLC | Healthcare | 572.7K | $8.1M | 2.2% | Held |
| TARA PROTARA THERAPEUTIC INC | Healthcare | 1.4M | $7.1M | 2.0% | Held |
| BHVN BIOHAVEN LTD | Healthcare | 739.0K | $6.3M | 1.7% | Held |
| ALXO ALX ONCOLOGY HOLDINGS INC | Healthcare | 3.1M | $6.1M | 1.7% | New |
| SKYE SKYE BIOSCIENCE INC | Healthcare | 9.7M | $6.0M | 1.7% | Held |
| RLYB RALLYBIO CORP | Healthcare | 291.8K | $2.6M | 0.7% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 20 | $360.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 21 | $318.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 25 | $273.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 29 | $260.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 31 | $264.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 31 | $419.1M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 28 | $484.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 28 | $447.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 26 | $446.6M | canonical | SEC ↗ |