NEA Management Company, LLC
Long book
$1.76B
Q1 2026
Positions
26
Top-10 weight
88%
concentration
Last quarter
+16.7%
SPY +14.8%
Turnover
11%
of book per quarter
Strategy in plain words
auto-generated from filingsNEA Management Company, LLC is a concentrated fundamental stock-picker, specialised in healthcare (95% of the long book), running a $1.76B US long book across 26 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: ARCELLX INC, CELCUITY INC, SPYGLASS PHARMA INC, TREVI THERAPEUTICS INC, SAVARA INC.
Over the last 9 quarters its long book ran on average 4.3pp 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
-23.7%
Q2 2024
+14.8%
Q3 2024
-10.2%
Q4 2024
-8.4%
Q1 2025
+14.7%
Q2 2025
+62.1%
Q3 2025
+21.5%
Q4 2025
-8.7%
Q1 2026
+16.7%
Sector allocation
Healthcare 76%
Other 20%
Technology 4%
Long book by quarter
What does NEA Management own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ACLXGBX ARCELLX INC | — | 3.0M | $349.7M | 19.9% | Held |
| CELC CELCUITY INC | Healthcare | 2.3M | $260.9M | 14.8% | -35.4% |
| SGP SPYGLASS PHARMA INC | Healthcare | 7.4M | $191.5M | 10.9% | New |
| TRVI TREVI THERAPEUTICS INC | Healthcare | 13.2M | $157.7M | 9.0% | Held |
| SVRA SAVARA INC | Healthcare | 24.5M | $133.6M | 7.6% | Held |
| GLUE MONTE ROSA THERAPEUTICS INC | Healthcare | 7.7M | $126.5M | 7.2% | Held |
| MBX MBX BIOSCIENCES INC | Healthcare | 3.6M | $107.9M | 6.1% | Held |
| ZBIO ZENAS BIOPHARMA INC | Healthcare | 4.0M | $78.7M | 4.5% | +14.2% |
| COUR COURSERA INC | Technology | 12.9M | $74.9M | 4.3% | Held |
| AUPH AURINIA PHARMACEUTICALS INC | Healthcare | 4.0M | $58.8M | 3.3% | Held |
| ORIC ORIC PHARMACEUTICALS INC | Healthcare | 4.1M | $52.2M | 3.0% | Held |
| CRSP CRISPR THERAPEUTICS AG | Healthcare | 1.1M | $50.4M | 2.9% | Held |
| PHAT PHATHOM PHARMACEUTICALS INC | Healthcare | 2.0M | $21.8M | 1.2% | Held |
| CVRX CVRX INC | Healthcare | 2.0M | $19.2M | 1.1% | Held |
| KRRO KORRO BIO INC | Healthcare | 1.3M | $14.7M | 0.8% | +19.0% |
| XFOR X4 PHARMACEUTICALS INC | Healthcare | 3.2M | $13.4M | 0.8% | Held |
| CSBR CHAMPIONS ONCOLOGY INC | Healthcare | 1.7M | $9.9M | 0.6% | Held |
| BDTX BLACK DIAMOND THERAPEUTICS I | Healthcare | 4.4M | $9.5M | 0.5% | Held |
| NKTX NKARTA INC | Healthcare | 3.6M | $7.5M | 0.4% | Held |
| LONA LEONABIO INC | Healthcare | 464.4K | $4.8M | 0.3% | Held |
| MRKR MARKER THERAPEUTICS INC | Healthcare | 1.6M | $2.1M | 0.1% | Held |
| OKUR ONKURE THERAPEUTICS INC-A | Healthcare | 478.5K | $2.0M | 0.1% | Held |
| GOSS GOSSAMER BIO INC | Healthcare | 1.0M | $329K | 0.0% | -94.5% |
| IMA IMAGENEBIO INC | Healthcare | 50.0K | $250K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 26 | $1.76B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 27 | $1.96B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 29 | $1.82B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 32 | $1.33B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 38 | $1.30B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 42 | $1.77B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 42 | $1.84B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 41 | $1.33B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 44 | $1.61B | canonical | SEC ↗ |