Octagon Capital Advisors LP

Fundamental concentrated ★Signal healthcare specialist (94%) CIK 1839435
League rank
#163
in Fundamental concentrated · #262 overall
Long book
$903.6M
Q1 2026
Positions
29
Top-10 weight
69%
concentration
Last quarter
+26.7%
SPY +14.8%
Turnover
38%
of book per quarter

Strategy in plain words

auto-generated from filings

Octagon Capital Advisors LP is a concentrated fundamental stock-picker, specialised in healthcare (94% of the long book), running a $903.6M US long book across 29 positions.

The portfolio is concentrated: the top 10 names carry 69% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: DIANTHUS THERAPEUTICS INC, COGENT BIOSCIENCES INC, ABIVAX SA-ADR, ALUMIS INC, DEFINIUM THERAPEUTICS INC.

Over the last 9 quarters its long book ran on average 8.9pp 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
-4.6%
Q2 2024
+4.3%
Q3 2024
-14.9%
Q4 2024
-21.2%
Q1 2025
+13.5%
Q2 2025
+65.9%
Q3 2025
+41.0%
Q4 2025
+10.0%
Q1 2026
+26.7%

Sector allocation

Healthcare
87%
Other
7%
Materials
6%

Long book by quarter

$822.6M
Q1 2024
$606.1M
Q2 2024
$624.7M
Q3 2024
$587.9M
Q4 2024
$508.2M
Q1 2025
$455.6M
Q2 2025
$640.6M
Q3 2025
$798.8M
Q4 2025
$903.6M
Q1 2026

What does Octagon Capital own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
DNTH DIANTHUS THERAPEUTICS INCHealthcare1.9M$163.4M18.1%-19.4%
COGT COGENT BIOSCIENCES INCHealthcare2.4M$90.5M10.0%Held
ALMS ALUMIS INCHealthcare2.8M$62.4M6.9%+11.9%
DFTX DEFINIUM THERAPEUTICS INCMaterials2.4M$46.1M5.1%New
AVBP ARRIVENT BIOPHARMA INCHealthcare2.0M$45.5M5.0%Held
TSHA TAYSHA GENE THERAPIES INCHealthcare8.9M$39.6M4.4%Held
KYMR KYMERA THERAPEUTICS INCHealthcare425.0K$35.4M3.9%-20.6%
MIRM MIRUM PHARMACEUTICALS INCHealthcare338.9K$31.3M3.5%New
BIOA BIOAGE LABS INCHealthcare1.7M$30.6M3.4%+9.4%
4XC1 KALVISTA PHARMACEUTICALS INC—1.4M$29.2M3.2%+13.9%
XENE XENON PHARMACEUTICALS INCHealthcare490.0K$28.5M3.2%New
430 TERNS PHARMACEUTICALS INC—530.0K$27.9M3.1%New
OCUL OCULAR THERAPEUTIX INCHealthcare3.2M$26.8M3.0%+20.7%
PALI PALISADE BIO INCHealthcare10.3M$18.0M2.0%+7.4%
TRVI TREVI THERAPEUTICS INCHealthcare1.5M$17.7M2.0%-47.2%
IRON DISC MEDICINE INCHealthcare270.0K$17.3M1.9%New
AKTS AKTIS ONCOLOGY INCHealthcare960.8K$17.2M1.9%New
CNTX CONTEXT THERAPEUTICS INCHealthcare5.3M$13.8M1.5%New
DTIL PRECISION BIOSCIENCES INCHealthcare2.2M$12.3M1.4%+16.6%
UNCY UNICYCIVE THERAPEUTICS INCHealthcare1.0M$6.6M0.7%Held
BBOT BRIDGEBIO ONCOLOGY THERAPEUTHealthcare719.0K$6.4M0.7%-31.1%
LXEO LEXEO THERAPEUTICS INCHealthcare1.1M$6.3M0.7%-36.2%
PHVS PHARVARIS NVHealthcare165.0K$4.7M0.5%-75.4%
CATX PERSPECTIVE THERAPEUTICS INCHealthcare791.6K$3.3M0.4%New
EVMN EVOMMUNE INCHealthcare143.5K$3.3M0.4%-71.3%
GOSS GOSSAMER BIO INCHealthcare7.8M$2.5M0.3%-44.3%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 15, 202629$903.6M canonicalSEC ↗
Q4 202513F-HRFeb 17, 202627$823.7M canonicalSEC ↗
Q3 202513F-HRNov 14, 202527$659.8M canonicalSEC ↗
Q2 202513F-HRAug 14, 202530$455.6M canonicalSEC ↗
Q1 202513F-HR/ARESTATEMENTMay 16, 202535$516.8M canonicalSEC ↗
Q1 202513F-HRMay 15, 202535$516.8M SEC ↗
Q4 202413F-HRFeb 14, 202533$607.7M canonicalSEC ↗
Q3 202413F-HRNov 14, 202442$642.9M canonicalSEC ↗
Q2 202413F-HRAug 14, 202447$636.3M canonicalSEC ↗
Q1 202413F-HRMay 15, 202457$834.4M canonicalSEC ↗

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