BML Capital Management, LLC
Long book
$155.4M
Q1 2026
Positions
15
Top-10 weight
94%
concentration
Last quarter
+20.2%
SPY +14.8%
Turnover
25%
of book per quarter
Strategy in plain words
auto-generated from filingsBML Capital Management, LLC is a concentrated fundamental stock-picker, specialised in healthcare (85% of the long book), running a $155.4M US long book across 15 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: ACLARIS THERAPEUTICS INC, ATEA PHARMACEUTICALS INC, ORAMED PHARMACEUTICALS INC, TILLY'S INC-CLASS A SHRS, OUTSET MEDICAL INC.
Over the last 9 quarters its long book ran on average 6.9pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.2%
Q2 2024
+25.2%
Q3 2024
+8.7%
Q4 2024
-19.3%
Q1 2025
+6.5%
Q2 2025
+6.7%
Q3 2025
+28.4%
Q4 2025
+24.1%
Q1 2026
+20.2%
Sector allocation
Healthcare 82%
Consumer discretionary 13%
Other 3%
Consumer staples 2%
Long book by quarter
What does BML Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ACRS ACLARIS THERAPEUTICS INC | Healthcare | 14.3M | $53.4M | 34.4% | Held |
| AVIR ATEA PHARMACEUTICALS INC | Healthcare | 7.1M | $38.0M | 24.4% | -5.8% |
| ORMP ORAMED PHARMACEUTICALS INC | Healthcare | 3.2M | $10.8M | 6.9% | Held |
| TLYS TILLY'S INC-CLASS A SHRS | Consumer discretionary | 2.1M | $8.7M | 5.6% | New |
| OM OUTSET MEDICAL INC | Healthcare | 1.9M | $7.3M | 4.7% | +250.2% |
| PMVP PMV PHARMACEUTICALS INC | Healthcare | 5.3M | $6.6M | 4.2% | +0.5% |
| KMX CARMAX INC | Consumer discretionary | 155.0K | $6.4M | 4.1% | Held |
| 2KZ0 KEZAR LIFE SCIENCES INC | — | 720.8K | $5.3M | 3.4% | Held |
| TIL INSTIL BIO INC | Healthcare | 645.6K | $5.3M | 3.4% | Held |
| TGT TARGET CORP | Consumer discretionary | 37.5K | $4.5M | 2.9% | Held |
| KHC KRAFT HEINZ CO/THE | Consumer staples | 125.0K | $2.8M | 1.8% | New |
| JANX JANUX THERAPEUTICS INC | Healthcare | 155.0K | $2.2M | 1.4% | New |
| PLRX PLIANT THERAPEUTICS INC | Healthcare | 1.5M | $1.9M | 1.3% | Held |
| CNTB CONNECT BIOPHARMA HOLDINGS L | Healthcare | 408.9K | $1.1M | 0.7% | Held |
| IMA IMAGENEBIO INC | Healthcare | 200.7K | $1.0M | 0.6% | +13.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 6, 2026 | 16 | $155.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 3, 2026 | 16 | $115.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 20 | $109.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 24 | $132.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 7, 2025 | 27 | $123.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 25 | $161.0M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 5, 2024 | 29 | $169.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 7, 2024 | 28 | $140.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | Apr 24, 2024 | 32 | $151.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 23, 2024 | 30 | $149.4M | SEC ↗ |