NVP ASSOCIATES, LLC
Long book
$176.2M
Q1 2026
Positions
5
Top-10 weight
100%
concentration
Last quarter
+68.0%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsNVP ASSOCIATES, LLC is a diversified fundamental manager, specialised in healthcare (98% of the long book), running a $176.2M US long book across 5 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: MBX BIOSCIENCES INC, BILLIONTOONE INC CL A, ZENAS BIOPHARMA INC, OMADA HEALTH INC, GROVE COLLABORATIVE HOLDINGS.
Over the last 9 quarters its long book ran on average 15.7pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. 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
Q1 2024
-29.8%
Q2 2024
+3.1%
Q3 2024
+5.4%
Q4 2024
-22.9%
Q1 2025
+106.6%
Q2 2025
+33.5%
Q3 2025
+28.4%
Q4 2025
-11.1%
Q1 2026
+68.0%
Sector allocation
Healthcare 98%
Consumer discretionary 2%
Long book by quarter
What does NVP own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MBX MBX BIOSCIENCES INC | Healthcare | 2.1M | $63.8M | 36.2% | Held |
| BLLN BILLIONTOONE INC CL A | Healthcare | 513.3K | $40.5M | 23.0% | Held |
| ZBIO ZENAS BIOPHARMA INC | Healthcare | 1.8M | $35.9M | 20.4% | Held |
| OMDA OMADA HEALTH INC | Healthcare | 2.5M | $31.8M | 18.1% | Held |
| GROV GROVE COLLABORATIVE HOLDINGS | Consumer discretionary | 3.2M | $4.1M | 2.3% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 5 | $176.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 6 | $255.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 5 | $166.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 7 | $184.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 6 | $112.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 7 | $186.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 8 | $176.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 6 | $91.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 6 | $125.9M | canonical | SEC ↗ |