Decheng Capital LLC
Long book
$661.3M
Q1 2026
Positions
14
Top-10 weight
98%
concentration
Last quarter
+12.5%
SPY +14.8%
Turnover
26%
of book per quarter
Strategy in plain words
auto-generated from filingsDecheng Capital LLC is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $661.3M US long book across 14 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: CG ONCOLOGY INC, NUVATION BIO INC, UPSTREAM BIO INC, ACLARIS THERAPEUTICS INC, AARDVARK THERAPEUTICS INC.
Over the last 9 quarters its long book ran on average 0.8pp per quarter ahead of the S&P 500, beating the index in 4 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
-30.1%
Q2 2024
+12.2%
Q3 2024
-13.7%
Q4 2024
-26.5%
Q1 2025
+15.3%
Q2 2025
+47.2%
Q3 2025
+36.7%
Q4 2025
-6.6%
Q1 2026
+12.5%
Sector allocation
Healthcare 100%
Long book by quarter
What does Decheng Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CGON CG ONCOLOGY INC | Healthcare | 6.4M | $431.2M | 65.2% | Held |
| NUVB NUVATION BIO INC | Healthcare | 26.0M | $111.3M | 16.8% | Held |
| UPB UPSTREAM BIO INC | Healthcare | 2.7M | $24.5M | 3.7% | -13.3% |
| ACRS ACLARIS THERAPEUTICS INC | Healthcare | 4.0M | $15.2M | 2.3% | Held |
| AARD AARDVARK THERAPEUTICS INC | Healthcare | 3.9M | $14.8M | 2.2% | Held |
| LYEL Lyell Immunopharma, Inc. | Healthcare | 692.0K | $13.9M | 2.1% | Held |
| NAMS NEWAMSTERDAM PHARMA CO NV | Healthcare | 325.1K | $10.4M | 1.6% | -45.1% |
| RCUS ARCUS BIOSCIENCES INC | Healthcare | 477.8K | $10.3M | 1.6% | -11.8% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 93.5K | $9.1M | 1.4% | -53.3% |
| EQ EQUILLIUM INC | Healthcare | 4.4M | $8.9M | 1.3% | Held |
| BYSI BEYONDSPRING INC | Healthcare | 3.8M | $6.2M | 0.9% | Held |
| ZNTL ZENTALIS PHARMACEUTICALS INC | Healthcare | 1.3M | $3.1M | 0.5% | Held |
| KRYS KRYSTAL BIOTECH INC | Healthcare | 7.3K | $1.9M | 0.3% | -57.8% |
| PYXS PYXIS ONCOLOGY INC | Healthcare | 326.8K | $477K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 14 | $661.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 19 | $743.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 23 | $573.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 25 | $396.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 8, 2025 | 27 | $356.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 28 | $466.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 15, 2024 | 26 | $422.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 24 | $326.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 22 | $745.6M | canonical | SEC ↗ |