Boxer Capital Management, LLC
Long book
$761.7M
Q1 2026
Positions
54
Top-10 weight
63%
concentration
Last quarter
+32.2%
SPY +14.8%
Turnover
29%
of book per quarter
Strategy in plain words
auto-generated from filingsBoxer Capital Management, LLC is a concentrated fundamental stock-picker, specialised in healthcare (99% of the long book), running a $761.7M US long book across 54 positions.
The portfolio is concentrated: the top 10 names carry 63% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TANGO THERAPEUTICS INC, KODIAK SCIENCES INC, REVOLUTION MEDICINES INC, KYMERA THERAPEUTICS INC, CELCUITY INC.
Over the last 6 quarters its long book ran on average 19.1pp per quarter ahead of the S&P 500, beating the index in 5 of 6 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
Q4 2024
-22.4%
Q1 2025
+27.5%
Q2 2025
+58.6%
Q3 2025
+11.5%
Q4 2025
+34.7%
Q1 2026
+32.2%
Sector allocation
Healthcare 95%
Other 4%
Materials 2%
Long book by quarter
What does Boxer Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TNGX TANGO THERAPEUTICS INC | Healthcare | 10.9M | $227.5M | 29.9% | Held |
| KOD KODIAK SCIENCES INC | Healthcare | 1.4M | $51.9M | 6.8% | +19.8% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 500.0K | $48.6M | 6.4% | +25.0% |
| KYMR KYMERA THERAPEUTICS INC | Healthcare | 329.1K | $27.4M | 3.6% | Held |
| CELC CELCUITY INC | Healthcare | 225.0K | $25.7M | 3.4% | Held |
| SRZN SURROZEN INC | Healthcare | 766.3K | $22.3M | 2.9% | +84.1% |
| 430 TERNS PHARMACEUTICALS INC | — | 375.0K | $19.8M | 2.6% | Held |
| PCVX VAXCYTE INC | Healthcare | 325.0K | $18.9M | 2.5% | New |
| CAPR CAPRICOR THERAPEUTICS INC | Healthcare | 590.0K | $17.9M | 2.4% | +81.5% |
| PTGX PROTAGONIST THERAPEUTICS INC | Healthcare | 170.0K | $17.9M | 2.4% | Held |
| VIR VIR BIOTECHNOLOGY INC | Healthcare | 1.9M | $16.7M | 2.2% | +198.6% |
| CRVS CORVUS PHARMACEUTICALS INC | Healthcare | 1.1M | $16.1M | 2.1% | New |
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 46.5K | $15.0M | 2.0% | Held |
| PTCT PTC THERAPEUTICS INC | Healthcare | 200.0K | $13.6M | 1.8% | Held |
| PGEN PRECIGEN INC | Healthcare | 3.5M | $13.5M | 1.8% | +154.5% |
| DFTX DEFINIUM THERAPEUTICS INC | Materials | 598.5K | $11.3M | 1.5% | New |
| AMLX AMYLYX PHARMACEUTICALS INC | Healthcare | 800.0K | $11.1M | 1.5% | Held |
| QURE UNIQURE NV | Healthcare | 662.0K | $10.8M | 1.4% | +128.3% |
| IRD OPUS GENETICS INC | Healthcare | 2.3M | $10.2M | 1.3% | New |
| CORT CORCEPT THERAPEUTICS INC | Healthcare | 250.0K | $10.1M | 1.3% | New |
| URGN UROGEN PHARMA LTD | Healthcare | 500.0K | $9.0M | 1.2% | Held |
| REPL REPLIMUNE GROUP INC | Healthcare | 1.2M | $9.0M | 1.2% | +56.7% |
| COGT COGENT BIOSCIENCES INC | Healthcare | 225.0K | $8.7M | 1.1% | Held |
| PALI PALISADE BIO INC | Healthcare | 4.8M | $8.4M | 1.1% | Held |
| CBIO CRESCENT BIOPHARMA INC. | Healthcare | 453.7K | $8.3M | 1.1% | New |
| SLNOEUR SOLENO THERAPEUTICS INC | — | 200.0K | $6.7M | 0.9% | New |
| ALLO ALLOGENE THERAPEUTICS INC | Healthcare | 2.7M | $6.6M | 0.9% | New |
| CYTK CYTOKINETICS INC | Healthcare | 100.0K | $6.6M | 0.9% | Held |
| CTNM CONTINEUM THERAPEUTICS INC-A | Healthcare | 494.0K | $6.5M | 0.8% | Held |
| APGE APOGEE THERAPEUTICS INC | Healthcare | 70.0K | $5.9M | 0.8% | Held |
| RLMD RELMADA THERAPEUTICS INC | Healthcare | 842.1K | $5.9M | 0.8% | New |
| ZURA ZURA BIO LTD | Healthcare | 900.0K | $5.4M | 0.7% | +1700.0% |
| MLTX MOONLAKE IMMUNOTHERAPEUTICS | Healthcare | 275.0K | $5.1M | 0.7% | Held |
| AVTX AVALO THERAPEUTICS INC | Healthcare | 300.0K | $4.5M | 0.6% | +9.1% |
| INO INOVIO PHARMACEUTICALS INC | Healthcare | 2.4M | $4.1M | 0.5% | -2.1% |
| SRPT SAREPTA THERAPEUTICS INC | Healthcare | 150.0K | $3.3M | 0.4% | Held |
| HELP CYBIN INC | Healthcare | 640.0K | $3.1M | 0.4% | -10.5% |
| OCUL OCULAR THERAPEUTIX INC | Healthcare | 350.0K | $3.0M | 0.4% | New |
| ANTX AN2 THERAPEUTICS INC | Healthcare | 749.0K | $2.6M | 0.3% | New |
| CLNN CLENE INC | Healthcare | 477.5K | $2.4M | 0.3% | +139.1% |
| ORIC ORIC PHARMACEUTICALS INC | Healthcare | 176.5K | $2.2M | 0.3% | New |
| SLDB SOLID BIOSCIENCES INC | Healthcare | 300.0K | $2.2M | 0.3% | Held |
| IVVD INVIVYD INC | Healthcare | 1.5M | $1.9M | 0.3% | Held |
| LBRX LB PHARMACEUTICALS INC | Healthcare | 70.0K | $1.7M | 0.2% | Held |
| KPTI KARYOPHARM THERAPEUTICS INC | Healthcare | 302.5K | $1.7M | 0.2% | +19.8% |
| NRIX NURIX THERAPEUTICS INC | Healthcare | 100.0K | $1.6M | 0.2% | Held |
| UPB UPSTREAM BIO INC | Healthcare | 150.0K | $1.4M | 0.2% | Held |
| MIST MILESTONE PHARMACEUTICALS IN | Healthcare | 666.7K | $793K | 0.1% | Held |
| PEPG PEPGEN INC | Healthcare | 272.9K | $483K | 0.1% | -27.0% |
| 4XC1 KALVISTA PHARMACEUTICALS INC | — | 20.4K | $411K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 54 | $761.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 45 | $456.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ARESTATEMENT | Feb 17, 2026 | 34 | $313.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 34 | $313.7M | SEC ↗ | |
| Q2 2025 | 13F-HR/ARESTATEMENT | Feb 17, 2026 | 20 | $198.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 20 | $198.7M | SEC ↗ | |
| Q1 2025 | 13F-HR/ARESTATEMENT | Feb 17, 2026 | 28 | $332.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 28 | $332.5M | SEC ↗ | |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 60 | $1.17B | canonical | SEC ↗ |