Kalehua Capital Management LLC
Long book
$259.9M
Q1 2026
Positions
25
Top-10 weight
72%
concentration
Last quarter
+29.1%
SPY +14.8%
Turnover
43%
of book per quarter
Strategy in plain words
auto-generated from filingsKalehua Capital Management LLC is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $259.9M US long book across 25 positions.
The portfolio is concentrated: the top 10 names carry 72% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ALPHA ARCHITECT 1-3 MNTH BOX, X4 PHARMACEUTICALS INC, SURROZEN INC, RELAY THERAPEUTICS INC, SIONNA THERAPEUTICS 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
+7.8%
Q1 2026
+29.1%
Sector allocation
Healthcare 100%
Materials 0%
Long book by quarter
What does Kalehua Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| XFOR X4 PHARMACEUTICALS INC | Healthcare | 7.4M | $30.8M | 11.8% | +100.0% |
| SRZN SURROZEN INC | Healthcare | 770.4K | $22.4M | 8.6% | +100.0% |
| RLAY RELAY THERAPEUTICS INC | Healthcare | 1.8M | $17.9M | 6.9% | +100.0% |
| SION SIONNA THERAPEUTICS INC | Healthcare | 394.1K | $15.8M | 6.1% | +100.0% |
| MANE VERADERMICS INC | Healthcare | 248.6K | $15.7M | 6.0% | New |
| ACRS ACLARIS THERAPEUTICS INC | Healthcare | 3.2M | $11.9M | 4.6% | New |
| ORKA ORUKA THERAPEUTICS INC | Healthcare | 237.0K | $11.6M | 4.5% | +100.0% |
| PHVS PHARVARIS NV | Healthcare | 397.5K | $11.2M | 4.3% | +100.0% |
| IKT INHIBIKASE THERAPEUTICS INC | Healthcare | 6.5M | $10.9M | 4.2% | +271.1% |
| SEPN SEPTERNA INC | Healthcare | 389.1K | $9.3M | 3.6% | +100.0% |
| QURE UNIQURE NV | Healthcare | 502.8K | $8.2M | 3.2% | New |
| LONA LEONABIO INC | Healthcare | 787.4K | $8.1M | 3.1% | +100.0% |
| DMRA DAMORA THERAPEUTICS INC | Healthcare | 278.0K | $7.2M | 2.8% | New |
| MLTX MOONLAKE IMMUNOTHERAPEUTICS | Healthcare | 351.5K | $6.6M | 2.5% | +100.0% |
| GOSS GOSSAMER BIO INC | Healthcare | 17.7M | $5.8M | 2.2% | New |
| TYRA TYRA BIOSCIENCES INC | Healthcare | 148.9K | $5.7M | 2.2% | +100.0% |
| PEPG PEPGEN INC | Healthcare | 1.7M | $3.1M | 1.2% | New |
| TNYA TENAYA THERAPEUTICS INC | Healthcare | 4.0M | $2.8M | 1.1% | +100.0% |
| TIL INSTIL BIO INC | Healthcare | 322.9K | $2.7M | 1.0% | New |
| KLRS KALARIS THERAPEUTICS INC | Healthcare | 271.2K | $1.6M | 0.6% | +93.8% |
| KRRO KORRO BIO INC | Healthcare | 109.4K | $1.2M | 0.5% | New |
| DMAC DIAMEDICA THERAPEUTICS INC | Healthcare | 125.0K | $846K | 0.3% | +31.1% |
| LOOP LOOP INDUSTRIES INC | Materials | 347.5K | $361K | 0.1% | New |