Commodore Capital LP

Fundamental concentrated ★Highest signal healthcare specialist (93%) CIK 1831942
League rank
#116
in Fundamental concentrated · #174 overall
Long book
$1.73B
Q1 2026
Positions
36
Top-10 weight
61%
concentration
Last quarter
+31.3%
SPY +14.8%
Turnover
50%
of book per quarter

Strategy in plain words

auto-generated from filings

Commodore Capital LP is a concentrated fundamental stock-picker, specialised in healthcare (93% of the long book), running a $1.73B US long book across 36 positions.

The portfolio is concentrated: the top 10 names carry 61% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: RELAY THERAPEUTICS INC, ALKERMES PLC, ENLIVEN THERAPEUTICS INC, COGENT BIOSCIENCES INC, SPYRE THERAPEUTICS INC.

Over the last 9 quarters its long book ran on average 3.7pp per quarter ahead of the S&P 500, beating the index in 5 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
-15.6%
Q2 2024
+18.1%
Q3 2024
-19.4%
Q4 2024
-24.4%
Q1 2025
+3.7%
Q2 2025
+24.2%
Q3 2025
+31.4%
Q4 2025
+24.1%
Q1 2026
+31.3%

Sector allocation

Healthcare
91%
Materials
7%
Other
1%
Financials
0%

Long book by quarter

$1.50B
Q1 2024
$1.47B
Q2 2024
$1.60B
Q3 2024
$1.36B
Q4 2024
$1.36B
Q1 2025
$1.42B
Q2 2025
$2.05B
Q3 2025
$1.50B
Q4 2025
$1.73B
Q1 2026

What does Commodore Capital own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
RLAY RELAY THERAPEUTICS INCHealthcare17.0M$169.2M9.8%Held
ALKS ALKERMES PLCHealthcare4.2M$148.5M8.6%+18.3%
ELVN ENLIVEN THERAPEUTICS INCHealthcare3.3M$128.4M7.4%-30.2%
COGT COGENT BIOSCIENCES INCHealthcare2.9M$111.2M6.4%+31.5%
SYRE SPYRE THERAPEUTICS INCHealthcare1.9M$96.5M5.6%-19.9%
TYRA TYRA BIOSCIENCES INCHealthcare2.5M$94.8M5.5%-26.7%
CLDX CELLDEX THERAPEUTICS INCMaterials2.7M$85.5M4.9%+5.1%
NUVL NUVALENT INC-AHealthcare833.6K$85.4M4.9%+51.6%
AMLX AMYLYX PHARMACEUTICALS INCHealthcare5.7M$78.5M4.5%Held
KYMR KYMERA THERAPEUTICS INCHealthcare750.0K$62.5M3.6%Held
ANRO ALTO NEUROSCIENCE INCHealthcare2.7M$61.2M3.5%+49.4%
PHVS PHARVARIS NVHealthcare1.9M$54.2M3.1%+1.6%
ERAS ERASCA INCHealthcare3.2M$51.4M3.0%New
DMRA DAMORA THERAPEUTICS INCHealthcare1.9M$50.2M2.9%New
XENE XENON PHARMACEUTICALS INCHealthcare825.0K$48.0M2.8%-54.2%
DFTX DEFINIUM THERAPEUTICS INCMaterials2.0M$37.8M2.2%New
LBRX LB PHARMACEUTICALS INCHealthcare1.5M$37.0M2.1%Held
EYPT EYEPOINT INCHealthcare2.8M$36.4M2.1%New
NRIX NURIX THERAPEUTICS INCHealthcare2.3M$35.3M2.0%Held
CRVS CORVUS PHARMACEUTICALS INCHealthcare2.3M$33.0M1.9%New
ASMB ASSEMBLY BIOSCIENCES INCHealthcare1.0M$27.8M1.6%Held
CATX PERSPECTIVE THERAPEUTICS INCHealthcare6.3M$26.4M1.5%New
SLNOEUR SOLENO THERAPEUTICS INC—652.4K$21.8M1.3%-45.6%
OCUL OCULAR THERAPEUTIX INCHealthcare2.6M$21.8M1.3%New
IPSC CENTURY THERAPEUTICS INCHealthcare8.7M$19.7M1.1%New
ZURA ZURA BIO LTDHealthcare3.3M$19.3M1.1%New
SABS SAB BIOTHERAPEUTICS INCHealthcare4.4M$16.9M1.0%Held
PALI PALISADE BIO INCHealthcare7.2M$12.6M0.7%-37.3%
KPTI KARYOPHARM THERAPEUTICS INCHealthcare1.9M$10.9M0.6%New
IKT INHIBIKASE THERAPEUTICS INCHealthcare5.4M$9.1M0.5%Held
ANTX AN2 THERAPEUTICS INCHealthcare2.3M$8.0M0.5%New
PEPG PEPGEN INCHealthcare4.5M$7.9M0.5%+31.6%
AVTX AVALO THERAPEUTICS INCHealthcare483.0K$7.2M0.4%Held
HLXC HELIX ACQUISITION CORP-CL AFinancials500.0K$5.1M0.3%New
LONA LEONABIO INCHealthcare464.4K$4.8M0.3%Held
RLMD RELMADA THERAPEUTICS INCHealthcare633.9K$4.4M0.3%New

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 202636$1.73B canonicalSEC ↗
Q4 202513F-HRFeb 17, 202633$1.50B canonicalSEC ↗
Q3 202513F-HRNov 14, 202537$2.05B canonicalSEC ↗
Q2 202513F-HRAug 14, 202533$1.42B canonicalSEC ↗
Q1 202513F-HRMay 15, 202531$1.36B canonicalSEC ↗
Q4 202413F-HRFeb 14, 202531$1.36B canonicalSEC ↗
Q3 202413F-HRNov 14, 202436$1.60B canonicalSEC ↗
Q2 202413F-HRAug 14, 202435$1.47B canonicalSEC ↗
Q1 202413F-HRMay 15, 202439$1.50B canonicalSEC ↗

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