Defilade Capital Management, L.P.
Long book
$712.2M
Q1 2026
Positions
31
Top-10 weight
53%
concentration
Last quarter
+10.8%
SPY +14.8%
Turnover
48%
of book per quarter
Strategy in plain words
auto-generated from filingsDefilade Capital Management, L.P. is a concentrated fundamental stock-picker, specialised in healthcare (91% of the long book), running a $712.2M US long book across 31 positions.
The portfolio is concentrated: the top 10 names carry 53% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ZIMMER BIOMET HOLDINGS INC, HENRY SCHEIN INC, BECTON DICKINSON AND CO, PFIZER INC, DEXCOM INC.
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 2025
-4.0%
Q1 2026
+10.8%
Sector allocation
Healthcare 91%
Consumer discretionary 7%
Materials 3%
Long book by quarter
What does Defilade Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ZBH ZIMMER BIOMET HOLDINGS INC | Healthcare | 579.2K | $52.4M | 7.4% | New |
| HSIC HENRY SCHEIN INC | Consumer discretionary | 624.0K | $46.0M | 6.5% | +94.8% |
| BDX BECTON DICKINSON AND CO | Healthcare | 279.2K | $43.9M | 6.2% | +243.8% |
| PFE PFIZER INC | Healthcare | 1.5M | $41.1M | 5.8% | -33.6% |
| DXCM DEXCOM INC | Healthcare | 538.8K | $33.8M | 4.8% | +120.0% |
| ICUI ICU MEDICAL INC | Healthcare | 254.3K | $32.8M | 4.6% | -25.4% |
| INSM INSMED INC | Healthcare | 194.9K | $31.9M | 4.5% | +289.8% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 67.7K | $31.2M | 4.4% | +48.2% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 316.0K | $30.7M | 4.3% | -13.1% |
| GMED GLOBUS MEDICAL INC - A | Healthcare | 354.4K | $30.5M | 4.3% | +32.6% |
| NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 209.9K | $27.7M | 3.9% | New |
| DNLI DENALI THERAPEUTICS INC | Healthcare | 1.4M | $26.1M | 3.7% | +107.1% |
| PTCT PTC THERAPEUTICS INC | Healthcare | 376.2K | $25.6M | 3.6% | New |
| OLMA OLEMA PHARMACEUTICALS INC | Healthcare | 1.5M | $22.4M | 3.1% | +21.9% |
| ELAN ELANCO ANIMAL HEALTH INC | Healthcare | 931.1K | $22.3M | 3.1% | +132.0% |
| PACS PACS GROUP INC | Healthcare | 604.2K | $19.4M | 2.7% | -47.3% |
| LLY ELI LILLY & CO | Healthcare | 20.7K | $19.0M | 2.7% | -35.2% |
| LNTH LANTHEUS HOLDINGS INC | Materials | 249.4K | $18.9M | 2.7% | New |
| ITGR INTEGER HOLDINGS CORP | Healthcare | 213.0K | $18.7M | 2.6% | New |
| BIIB BIOGEN INC | Healthcare | 96.3K | $17.7M | 2.5% | -40.6% |
| EVMN EVOMMUNE INC | Healthcare | 678.6K | $15.6M | 2.2% | +215.0% |
| TNDM TANDEM DIABETES CARE INC | Healthcare | 761.9K | $14.6M | 2.1% | New |
| COGT COGENT BIOSCIENCES INC | Healthcare | 352.6K | $13.6M | 1.9% | -38.0% |
| NUVL NUVALENT INC-A | Healthcare | 129.9K | $13.3M | 1.9% | -51.7% |
| OCUL OCULAR THERAPEUTIX INC | Healthcare | 1.5M | $12.6M | 1.8% | +118.2% |
| ALGN ALIGN TECHNOLOGY INC | Healthcare | 67.3K | $11.5M | 1.6% | -47.4% |
| ELDN ELEDON PHARMACEUTICALS INC | Healthcare | 3.6M | $11.0M | 1.5% | +8.3% |
| ORIC ORIC PHARMACEUTICALS INC | Healthcare | 842.9K | $10.7M | 1.5% | New |
| BHVN BIOHAVEN LTD | Healthcare | 315.9K | $2.7M | 0.4% | New |