Patient Square Capital LP
Long book
$563.6M
Q1 2026
Positions
29
Top-10 weight
73%
concentration
Last quarter
+17.2%
SPY +14.8%
Turnover
37%
of book per quarter
Strategy in plain words
auto-generated from filingsPatient Square Capital LP is a concentrated fundamental stock-picker, specialised in healthcare (99% of the long book), running a $563.6M US long book across 29 positions.
The portfolio is concentrated: the top 10 names carry 73% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ROIVANT SCIENCES LTD, ARGENX SE - ADR, INSMED INC, BEONE MEDICINES LTD-ADR, COGENT BIOSCIENCES INC.
Over the last 9 quarters its long book ran on average 5.8pp per quarter ahead of the S&P 500, beating the index in 6 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
-8.3%
Q2 2024
-1.2%
Q3 2024
+3.2%
Q4 2024
-12.8%
Q1 2025
+13.2%
Q2 2025
+34.0%
Q3 2025
+33.1%
Q4 2025
+14.1%
Q1 2026
+17.2%
Sector allocation
Healthcare 99%
Materials 1%
Long book by quarter
What does Patient Square own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ROIV ROIVANT SCIENCES LTD | Healthcare | 8.2M | $226.2M | 40.1% | Held |
| INSM INSMED INC | Healthcare | 157.5K | $25.8M | 4.6% | -41.0% |
| COGT COGENT BIOSCIENCES INC | Healthcare | 596.0K | $22.9M | 4.1% | +87.8% |
| MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 230.0K | $21.2M | 3.8% | -23.0% |
| NKTR NEKTAR THERAPEUTICS | Healthcare | 210.0K | $15.1M | 2.7% | New |
| PHVS PHARVARIS NV | Healthcare | 493.0K | $13.9M | 2.5% | -9.2% |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 227.0K | $13.2M | 2.3% | +66.3% |
| CELC CELCUITY INC | Healthcare | 95.0K | $10.8M | 1.9% | -20.8% |
| EYPT EYEPOINT INC | Healthcare | 795.0K | $10.2M | 1.8% | +1.9% |
| MRK MERCK & CO. INC. | Healthcare | 80.0K | $9.6M | 1.7% | New |
| ARQT ARCUTIS BIOTHERAPEUTICS INC | Healthcare | 400.6K | $9.4M | 1.7% | +90.8% |
| ALLO ALLOGENE THERAPEUTICS INC | Healthcare | 3.5M | $8.4M | 1.5% | -30.5% |
| KYMR KYMERA THERAPEUTICS INC | Healthcare | 100.0K | $8.3M | 1.5% | -28.1% |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 93.9K | $7.9M | 1.4% | -37.4% |
| ELVN ENLIVEN THERAPEUTICS INC | Healthcare | 200.0K | $7.8M | 1.4% | -35.1% |
| CATX PERSPECTIVE THERAPEUTICS INC | Healthcare | 1.6M | $6.8M | 1.2% | +43.4% |
| DFTX DEFINIUM THERAPEUTICS INC | Materials | 331.0K | $6.3M | 1.1% | New |
| HROW HARROW INC | Healthcare | 165.2K | $5.8M | 1.0% | +2249.7% |
| TARA PROTARA THERAPEUTIC INC | Healthcare | 1.0M | $5.4M | 1.0% | New |
| CTMX CYTOMX THERAPEUTICS INC | Healthcare | 1.1M | $5.1M | 0.9% | New |
| RCUS ARCUS BIOSCIENCES INC | Healthcare | 195.0K | $4.2M | 0.7% | +14.7% |
| ASMB ASSEMBLY BIOSCIENCES INC | Healthcare | 136.3K | $3.8M | 0.7% | +7.3% |
| SYRE SPYRE THERAPEUTICS INC | Healthcare | 1.0K | $50K | 0.0% | -99.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 29 | $563.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 28 | $467.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 24 | $373.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 19 | $277.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 19 | $241.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 20 | $267.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 11 | $269.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 2 | $215.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 2 | $234.8M | canonical | SEC ↗ |