Frazier Life Sciences Management, L.P.

Fundamental concentrated ★Highest signal healthcare specialist (100%) CIK 1892134
League rank
#203
in Fundamental concentrated · #347 overall
Long book
$3.89B
Q1 2026
Positions
38
Top-10 weight
73%
concentration
Last quarter
+24.3%
SPY +14.8%
Turnover
23%
of book per quarter

Strategy in plain words

auto-generated from filings

Frazier Life Sciences Management, L.P. is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $3.89B US long book across 38 positions.

The portfolio is concentrated: the top 10 names carry 73% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: MIRUM PHARMACEUTICALS INC, NEWAMSTERDAM PHARMA CO NV, ERASCA INC, BRIDGEBIO PHARMA INC, ARCUTIS BIOTHERAPEUTICS INC.

Over the last 9 quarters its long book ran on average 5.3pp 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
-8.3%
Q2 2024
+13.5%
Q3 2024
-4.1%
Q4 2024
-11.0%
Q1 2025
+2.6%
Q2 2025
+38.9%
Q3 2025
+29.8%
Q4 2025
+2.6%
Q1 2026
+24.3%

Sector allocation

Healthcare
97%
Other
3%

Long book by quarter

$2.37B
Q1 2024
$2.14B
Q2 2024
$2.50B
Q3 2024
$2.41B
Q4 2024
$2.19B
Q1 2025
$2.50B
Q2 2025
$3.34B
Q3 2025
$3.72B
Q4 2025
$3.89B
Q1 2026

What does Frazier Life own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
MIRM MIRUM PHARMACEUTICALS INCHealthcare7.7M$709.4M18.3%+13.0%
NAMS NEWAMSTERDAM PHARMA CO NVHealthcare16.9M$542.4M14.0%Held
ERAS ERASCA INCHealthcare24.7M$399.2M10.3%+8.6%
BBIO BRIDGEBIO PHARMA INCHealthcare3.4M$256.1M6.6%-2.7%
ARQT ARCUTIS BIOTHERAPEUTICS INCHealthcare9.9M$232.6M6.0%Held
MBX MBX BIOSCIENCES INCHealthcare6.7M$198.6M5.1%Held
PHAT PHATHOM PHARMACEUTICALS INCHealthcare12.5M$138.5M3.6%Held
MAZE MAZE THERAPEUTICS INCHealthcare4.6M$136.3M3.5%Held
KRYS KRYSTAL BIOTECH INCHealthcare481.3K$124.3M3.2%-1.5%
TRVI TREVI THERAPEUTICS INCHealthcare9.9M$118.6M3.1%-3.1%
PVLA PALVELLA THERAPEUTICS INCHealthcare882.4K$110.0M2.8%+22.1%
4XC1 KALVISTA PHARMACEUTICALS INC—5.0M$99.9M2.6%-1.6%
IRON DISC MEDICINE INCHealthcare1.4M$86.6M2.2%+7.5%
CYTK CYTOKINETICS INCHealthcare1.2M$76.4M2.0%+24.1%
RVMD REVOLUTION MEDICINES INCHealthcare675.7K$65.7M1.7%-15.3%
DYN DYNE THERAPEUTICS INCHealthcare3.2M$57.2M1.5%Held
SVRA SAVARA INCHealthcare9.7M$53.1M1.4%-1.4%
TARS TARSUS PHARMACEUTICALS INCHealthcare728.6K$51.1M1.3%Held
VOR VOR BIOPHARMA INCHealthcare2.5M$45.4M1.2%Held
AGIO AGIOS PHARMACEUTICALS INCHealthcare1.3M$42.5M1.1%-1.8%
BCRX BIOCRYST PHARMACEUTICALS INCHealthcare4.0M$38.2M1.0%New
AURA AURA BIOSCIENCES INCHealthcare5.1M$34.1M0.9%Held
ACAD ACADIA PHARMACEUTICALS INCHealthcare1.4M$32.0M0.8%+10.9%
LXEO LEXEO THERAPEUTICS INCHealthcare4.4M$25.4M0.7%Held
ALKS ALKERMES PLCHealthcare700.6K$24.8M0.6%Held
ACRS ACLARIS THERAPEUTICS INCHealthcare4.9M$18.5M0.5%New
GLUE MONTE ROSA THERAPEUTICS INCHealthcare1.0M$16.4M0.4%New
MNKD MANNKIND CORPHealthcare5.9M$14.5M0.4%+39.6%
EOLS EVOLUS INCHealthcare2.6M$10.8M0.3%Held
ALLO ALLOGENE THERAPEUTICS INCHealthcare3.8M$9.3M0.2%-1.9%
IBIO IBIO INCHealthcare2.0M$3.7M0.1%Held
XLO XILIO THERAPEUTICS INCHealthcare422.5K$3.6M0.1%New

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 202638$3.89B canonicalSEC ↗
Q4 202513F-HRFeb 13, 202640$3.72B canonicalSEC ↗
Q3 202513F-HRNov 14, 202547$3.34B canonicalSEC ↗
Q2 202513F-HRAug 14, 202549$2.50B canonicalSEC ↗
Q1 202513F-HRMay 15, 202547$2.19B canonicalSEC ↗
Q4 202413F-HRFeb 18, 202550$2.41B canonicalSEC ↗
Q3 202413F-HRNov 15, 202453$2.50B canonicalSEC ↗
Q2 202413F-HRAug 15, 202449$2.14B canonicalSEC ↗
Q1 202413F-HRMay 15, 202450$2.37B canonicalSEC ↗

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