Omega Fund Management, LLC
Long book
$163.1M
Q1 2026
Positions
10
Top-10 weight
100%
concentration
Last quarter
+27.9%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsOmega Fund Management, LLC is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $163.1M US long book across 10 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: BICARA THERAPEUTICS INC, NUVATION BIO INC, BRIDGEBIO ONCOLOGY THERAPEUT, KESTRA MEDICAL TECHNOLOGIES, BETA BIONICS INC.
Over the last 9 quarters its long book ran on average 5.3pp per quarter behind the S&P 500, beating the index in 3 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
-13.8%
Q2 2024
-20.5%
Q3 2024
-13.7%
Q4 2024
-35.2%
Q1 2025
-5.3%
Q2 2025
+45.3%
Q3 2025
+42.4%
Q4 2025
-34.6%
Q1 2026
+27.9%
Sector allocation
Healthcare 100%
Long book by quarter
What does Omega Fund own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BCAX BICARA THERAPEUTICS INC | Healthcare | 2.4M | $47.6M | 29.2% | +8.5% |
| NUVB NUVATION BIO INC | Healthcare | 8.1M | $34.7M | 21.2% | Held |
| BBOT BRIDGEBIO ONCOLOGY THERAPEUT | Healthcare | 3.3M | $29.4M | 18.0% | Held |
| KMTS KESTRA MEDICAL TECHNOLOGIES | Healthcare | 1.0M | $20.4M | 12.5% | -25.6% |
| BBNX BETA BIONICS INC | Healthcare | 1.3M | $13.2M | 8.1% | Held |
| ENGN enGene Therapeutics Inc | Healthcare | 876.4K | $6.0M | 3.7% | Held |
| ALMS ALUMIS INC | Healthcare | 241.3K | $5.3M | 3.3% | -63.1% |
| SANA SANA BIOTECHNOLOGY INC | Healthcare | 843.8K | $2.4M | 1.5% | Held |
| IMA IMAGENEBIO INC | Healthcare | 455.4K | $2.3M | 1.4% | Held |
| REPL REPLIMUNE GROUP INC | Healthcare | 248.7K | $1.9M | 1.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 10 | $163.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 11 | $286.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 12 | $222.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 13 | $154.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 13 | $169.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ANEW HOLDINGS | May 15, 2025 | 1 | $33.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 11 | $120.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 11 | $160.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 11 | $135.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 11 | $155.0M | canonical | SEC ↗ |