Merck & Co., Inc.
Long book
$349.4M
Q1 2026
Positions
14
Top-10 weight
100%
concentration
Last quarter
+59.1%
SPY +14.8%
Turnover
27%
of book per quarter
Strategy in plain words
auto-generated from filingsMerck & Co., Inc. is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $349.4M US long book across 14 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: MODERNA INC, PERSONALIS INC, KYMERA THERAPEUTICS INC, ENTRADA THERAPEUTICS INC, EIKON THERAPEUTICS INC.
Over the last 6 quarters its long book ran on average 11.3pp per quarter ahead of the S&P 500, beating the index in 4 of 6 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
Q4 2024
-35.9%
Q1 2025
+31.9%
Q2 2025
+4.8%
Q3 2025
+22.2%
Q4 2025
+13.6%
Q1 2026
+59.1%
Sector allocation
Healthcare 100%
Other 0%
Long book by quarter
What does Merck & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MRNA MODERNA INC | Healthcare | 2.3M | $117.3M | 33.6% | Held |
| PSNL PERSONALIS INC | Healthcare | 14.0M | $89.5M | 25.6% | Held |
| KYMR KYMERA THERAPEUTICS INC | Healthcare | 772.2K | $64.3M | 18.4% | Held |
| TRDA ENTRADA THERAPEUTICS INC | Healthcare | 1.7M | $22.0M | 6.3% | Held |
| EIKN EIKON THERAPEUTICS INC | Healthcare | 1.7M | $17.6M | 5.0% | New |
| AKTS AKTIS ONCOLOGY INC | Healthcare | 952.8K | $17.0M | 4.9% | New |
| ALEC ALECTOR INC | Healthcare | 3.5M | $7.6M | 2.2% | Held |
| VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 93.4K | $1.8M | 0.5% | Held |
| XLO XILIO THERAPEUTICS INC | Healthcare | 106.0K | $891K | 0.3% | New |
| CARM CARISMA THERAPEUTICS INC | — | 1.5M | $48K | 0.0% | Held |
| NEUP NEUPHORIA THERAPEUTICS INC | Healthcare | 10.0K | $41K | 0.0% | Held |
| HURA TUHURA BIOSCIENCES INC | Healthcare | 19.4K | $35K | 0.0% | +39.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 14 | $349.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 12 | $276.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 13 | $228.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 13 | $215.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 12 | $164.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 13 | $258.0M | canonical | SEC ↗ |