M28 Capital Management LP
Long book
$53.8M
Q1 2026
Positions
9
Top-10 weight
100%
concentration
Last quarter
-8.4%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsM28 Capital Management LP is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $53.8M US long book across 9 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: WAVE LIFE SCIENCES LTD, INVIVYD INC, TG THERAPEUTICS INC, ARROWHEAD PHARMACEUTICALS IN, PROQR THERAPEUTICS NV.
Over the last 9 quarters its long book ran on average 2.1pp per quarter behind 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
-38.9%
Q2 2024
+19.9%
Q3 2024
+18.6%
Q4 2024
-27.9%
Q1 2025
-9.5%
Q2 2025
+16.0%
Q3 2025
+102.3%
Q4 2025
-50.7%
Q1 2026
-8.4%
Sector allocation
Healthcare 100%
Long book by quarter
What does M28 Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| WVE WAVE LIFE SCIENCES LTD | Healthcare | 4.6M | $33.3M | 61.8% | -19.0% |
| IVVD INVIVYD INC | Healthcare | 9.2M | $12.0M | 22.3% | Held |
| TGTX TG THERAPEUTICS INC | Healthcare | 88.4K | $2.9M | 5.5% | -45.3% |
| ARWR ARROWHEAD PHARMACEUTICALS IN | Healthcare | 36.9K | $2.3M | 4.3% | -45.3% |
| PRQR PROQR THERAPEUTICS NV | Healthcare | 599.8K | $972K | 1.8% | -41.2% |
| GUTS FRACTYL HEALTH INC | Healthcare | 1.9M | $850K | 1.6% | Held |
| RCKT ROCKET PHARMACEUTICALS INC | Healthcare | 210.9K | $755K | 1.4% | -45.3% |
| CRIS CURIS INC | Healthcare | 284.9K | $156K | 0.3% | -45.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 9 | $53.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 9 | $137.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 9 | $68.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 9 | $58.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 11 | $73.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 11 | $101.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 11 | $91.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 11 | $77.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 11 | $135.3M | canonical | SEC ↗ |