Deep Track Capital, LP
Long book
$4.85B
Q1 2026
Positions
62
Top-10 weight
44%
concentration
Last quarter
+30.5%
SPY +14.8%
Turnover
33%
of book per quarter
Strategy in plain words
auto-generated from filingsDeep Track Capital, LP is a diversified fundamental manager, specialised in healthcare (98% of the long book), running a $4.85B US long book across 62 positions.
The portfolio is moderately concentrated (top 10 ≈ 44% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: GUARDANT HEALTH INC, IMMUNOVANT INC, TARSUS PHARMACEUTICALS INC, VAXCYTE INC, STRUCTURE THERAPEUTICS INC.
Over the last 9 quarters its long book ran on average 4.6pp 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
+0.1%
Q2 2024
+7.6%
Q3 2024
-15.2%
Q4 2024
-23.1%
Q1 2025
+5.4%
Q2 2025
+43.8%
Q3 2025
+39.8%
Q4 2025
-7.0%
Q1 2026
+30.5%
Sector allocation
Healthcare 91%
Other 6%
Materials 2%
Long book by quarter
What does Deep Track own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GH GUARDANT HEALTH INC | Healthcare | 3.3M | $308.4M | 6.4% | +19.2% |
| IMVT IMMUNOVANT INC | Healthcare | 11.5M | $286.3M | 5.9% | Held |
| TARS TARSUS PHARMACEUTICALS INC | Healthcare | 3.6M | $252.5M | 5.2% | +19.8% |
| PCVX VAXCYTE INC | Healthcare | 4.3M | $249.9M | 5.2% | +7.5% |
| AXSM AXSOME THERAPEUTICS INC | Healthcare | 1.1M | $185.9M | 3.8% | -4.3% |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 4.5M | $182.3M | 3.8% | -41.5% |
| OCUL OCULAR THERAPEUTIX INC | Healthcare | 19.7M | $166.7M | 3.4% | +143.9% |
| VERA VERA THERAPEUTICS INC | Healthcare | 4.1M | $165.2M | 3.4% | +45.5% |
| ALMS ALUMIS INC | Healthcare | 6.8M | $149.2M | 3.1% | New |
| IONS IONIS PHARMACEUTICALS INC | Healthcare | 1.9M | $146.4M | 3.0% | +14.7% |
| NUVL NUVALENT INC-A | Healthcare | 1.4M | $141.0M | 2.9% | New |
| ALKS ALKERMES PLC | Healthcare | 3.6M | $127.0M | 2.6% | +79.5% |
| MLTX MOONLAKE IMMUNOTHERAPEUTICS | Healthcare | 6.4M | $119.5M | 2.5% | +39.0% |
| MAZE MAZE THERAPEUTICS INC | Healthcare | 3.5M | $103.8M | 2.1% | -18.1% |
| ORKA ORUKA THERAPEUTICS INC | Healthcare | 2.0M | $99.8M | 2.1% | -5.9% |
| NRIX NURIX THERAPEUTICS INC | Healthcare | 6.3M | $98.4M | 2.0% | -9.8% |
| CYTK CYTOKINETICS INC | Healthcare | 1.4M | $90.6M | 1.9% | -58.8% |
| GRAL GRAIL INC | Healthcare | 1.7M | $89.0M | 1.8% | +68.4% |
| LBRX LB PHARMACEUTICALS INC | Healthcare | 3.4M | $82.7M | 1.7% | Held |
| MBX MBX BIOSCIENCES INC | Healthcare | 2.8M | $82.3M | 1.7% | -15.1% |
| BCAX BICARA THERAPEUTICS INC | Healthcare | 4.1M | $80.8M | 1.7% | +55.4% |
| BMRN BIOMARIN PHARMACEUTICAL INC | Healthcare | 1.1M | $65.0M | 1.3% | -50.0% |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 841.4K | $62.5M | 1.3% | +3.9% |
| TNGX TANGO THERAPEUTICS INC | Healthcare | 2.8M | $57.5M | 1.2% | +12.0% |
| DFTX DEFINIUM THERAPEUTICS INC | Materials | 3.0M | $56.7M | 1.2% | New |
| 430 TERNS PHARMACEUTICALS INC | — | 1.1M | $56.6M | 1.2% | +39.6% |
| GERN GERON CORP | Healthcare | 31.7M | $47.3M | 1.0% | -2.4% |
| ANIP ANI PHARMACEUTICALS INC | Healthcare | 600.0K | $46.1M | 1.0% | +25.6% |
| CRMD CORMEDIX INC | Healthcare | 6.3M | $42.6M | 0.9% | +19.0% |
| ATAI ATAIBECKLEY INC | Healthcare | 12.0M | $42.5M | 0.9% | New |
| CLDX CELLDEX THERAPEUTICS INC | Materials | 1.3M | $40.7M | 0.8% | -32.4% |
| COGT COGENT BIOSCIENCES INC | Healthcare | 1.0M | $38.5M | 0.8% | +120.7% |
| CRVS CORVUS PHARMACEUTICALS INC | Healthcare | 2.5M | $36.5M | 0.8% | New |
| DYN DYNE THERAPEUTICS INC | Healthcare | 2.0M | $36.3M | 0.7% | -24.5% |
| SLNOEUR SOLENO THERAPEUTICS INC | — | 1.1M | $36.1M | 0.7% | +7.9% |
| ACRS ACLARIS THERAPEUTICS INC | Healthcare | 9.3M | $35.0M | 0.7% | New |
| MANE VERADERMICS INC | Healthcare | 500.0K | $31.6M | 0.7% | New |
| VSTM VERASTEM INC | Healthcare | 5.7M | $30.4M | 0.6% | Held |
| ENGN enGene Therapeutics Inc | Healthcare | 4.4M | $29.8M | 0.6% | Held |
| VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 1.4M | $27.3M | 0.6% | -44.8% |
| XFOR X4 PHARMACEUTICALS INC | Healthcare | 6.3M | $26.2M | 0.5% | +26.4% |
| SLDB SOLID BIOSCIENCES INC | Healthcare | 3.6M | $25.7M | 0.5% | New |
| ENTA ENANTA PHARMACEUTICALS INC | Healthcare | 2.0M | $24.7M | 0.5% | Held |
| APGE APOGEE THERAPEUTICS INC | Healthcare | 285.0K | $24.0M | 0.5% | New |
| KURA KURA ONCOLOGY INC | Healthcare | 2.6M | $21.5M | 0.4% | New |
| IPSC CENTURY THERAPEUTICS INC | Healthcare | 9.5M | $21.4M | 0.4% | New |
| BEAM BEAM THERAPEUTICS INC | Healthcare | 820.8K | $19.6M | 0.4% | New |
| CNTX CONTEXT THERAPEUTICS INC | Healthcare | 7.4M | $19.4M | 0.4% | Held |
| PSNL PERSONALIS INC | Healthcare | 3.0M | $19.1M | 0.4% | New |
| JANX JANUX THERAPEUTICS INC | Healthcare | 1.2M | $16.5M | 0.3% | +1225.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 63 | $6.12B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 55 | $5.61B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 56 | $3.58B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 66 | $3.12B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 69 | $3.09B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 63 | $2.68B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 71 | $3.15B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 68 | $3.35B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 66 | $3.49B | canonical | SEC ↗ |