Checkpoint Capital L.P.
Long book
$278.7M
Q1 2026
Positions
8
Top-10 weight
100%
concentration
Last quarter
+35.3%
SPY +14.8%
Turnover
44%
of book per quarter
Strategy in plain words
auto-generated from filingsCheckpoint Capital L.P. is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $278.7M US long book across 8 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ARGENX SE - ADR, RHYTHM PHARMACEUTICALS INC, REVOLUTION MEDICINES INC, DISC MEDICINE INC, CYTOKINETICS INC.
Over the last 9 quarters its long book ran on average 6.3pp per quarter ahead of the S&P 500, beating the index in 4 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
+0.8%
Q2 2024
+26.1%
Q3 2024
-4.6%
Q4 2024
-9.5%
Q1 2025
+10.0%
Q2 2025
+39.5%
Q3 2025
+10.2%
Q4 2025
-10.6%
Q1 2026
+35.3%
Sector allocation
Healthcare 100%
Long book by quarter
What does Checkpoint Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RYTM RHYTHM PHARMACEUTICALS INC | Healthcare | 1.2M | $106.7M | 38.3% | +23.7% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 262.5K | $25.5M | 9.2% | -29.0% |
| IRON DISC MEDICINE INC | Healthcare | 286.7K | $18.3M | 6.6% | -36.7% |
| CYTK CYTOKINETICS INC | Healthcare | 180.0K | $11.9M | 4.3% | +7.9% |
| SEPN SEPTERNA INC | Healthcare | 100.3K | $2.4M | 0.9% | New |
| CRNX CRINETICS PHARMACEUTICALS IN | Healthcare | 40.2K | $1.5M | 0.5% | New |
| TRVI TREVI THERAPEUTICS INC | Healthcare | 50.0K | $597K | 0.2% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 8 | $278.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 7 | $320.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 10 | $298.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 8 | $214.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 14 | $182.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 16 | $196.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 16 | $201.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 16 | $165.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 17 | $149.6M | canonical | SEC ↗ |