PSP Research LLC
Long book
$141.3M
Q1 2026
Positions
79
Top-10 weight
82%
concentration
Last quarter
+12.0%
SPY +14.8%
Turnover
45%
of book per quarter
Strategy in plain words
auto-generated from filingsPSP Research LLC is a wealth-management firm allocating client money, specialised in healthcare (96% of the long book), running a $141.3M US long book across 79 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ISHARES 0-3 MONTH TREASURY B, SS SPDR S&P BIOTECH ETF, SERA PROGNOSTICS INC-A, DEFINIUM THERAPEUTICS INC, TYRA BIOSCIENCES INC.
Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2025
+1.0%
Q1 2026
+12.0%
Sector allocation
Healthcare 95%
Materials 4%
Other 1%
Long book by quarter
What does PSP Research own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SERA SERA PROGNOSTICS INC-A | Healthcare | 2.4M | $4.9M | 3.4% | New |
| DFTX DEFINIUM THERAPEUTICS INC | Materials | 34.8K | $658K | 0.5% | New |
| TYRA TYRA BIOSCIENCES INC | Healthcare | 16.0K | $613K | 0.4% | -26.8% |
| PHVS PHARVARIS NV | Healthcare | 20.0K | $565K | 0.4% | -2.5% |
| CYTK CYTOKINETICS INC | Healthcare | 8.3K | $547K | 0.4% | -0.2% |
| RPRX ROYALTY PHARMA PLC- CL A | Healthcare | 11.0K | $528K | 0.4% | -20.4% |
| KYMR KYMERA THERAPEUTICS INC | Healthcare | 6.3K | $525K | 0.4% | -0.8% |
| HALO HALOZYME THERAPEUTICS INC | Healthcare | 8.0K | $519K | 0.4% | Held |
| EXEL EXELIXIS INC | Healthcare | 11.9K | $512K | 0.4% | Held |
| IRON DISC MEDICINE INC | Healthcare | 8.0K | $512K | 0.4% | New |
| IONS IONIS PHARMACEUTICALS INC | Healthcare | 6.8K | $511K | 0.4% | Held |
| AGIO AGIOS PHARMACEUTICALS INC | Healthcare | 15.0K | $507K | 0.4% | New |
| NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 3.8K | $507K | 0.4% | +3.1% |
| INCY INCYTE CORP | Healthcare | 5.3K | $499K | 0.4% | -0.9% |
| TARS TARSUS PHARMACEUTICALS INC | Healthcare | 7.0K | $491K | 0.3% | +7.4% |
| VKTX VIKING THERAPEUTICS INC | Healthcare | 15.0K | $488K | 0.3% | +1.9% |
| ALNY ALNYLAM PHARMACEUTICALS INC | Healthcare | 1.5K | $485K | 0.3% | +11.2% |
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 1.5K | $483K | 0.3% | -24.3% |
| AXSM AXSOME THERAPEUTICS INC | Healthcare | 2.8K | $481K | 0.3% | New |
| NAMS NEWAMSTERDAM PHARMA CO NV | Healthcare | 15.0K | $480K | 0.3% | +0.5% |
| ARDX ARDELYX INC | Healthcare | 80.0K | $479K | 0.3% | New |
| IMVT IMMUNOVANT INC | Healthcare | 19.2K | $477K | 0.3% | -5.4% |
| SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 20.0K | $467K | 0.3% | -19.1% |
| INBX INHIBRX BIOSCIENCES INC | Healthcare | 6.9K | $466K | 0.3% | +8.4% |
| ARQT ARCUTIS BIOTHERAPEUTICS INC | Healthcare | 19.7K | $464K | 0.3% | +5.3% |
| RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 22.1K | $463K | 0.3% | New |
| MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 5.0K | $462K | 0.3% | -27.0% |
| COGT COGENT BIOSCIENCES INC | Healthcare | 12.0K | $462K | 0.3% | -9.3% |
| GLUE MONTE ROSA THERAPEUTICS INC | Healthcare | 28.0K | $461K | 0.3% | New |
| CRSP CRISPR THERAPEUTICS AG | Healthcare | 9.5K | $452K | 0.3% | -0.8% |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 6.0K | $446K | 0.3% | -16.0% |
| NRIX NURIX THERAPEUTICS INC | Healthcare | 28.7K | $445K | 0.3% | 0.0% |
| AUPH AURINIA PHARMACEUTICALS INC | Healthcare | 30.0K | $445K | 0.3% | -11.6% |
| ACAD ACADIA PHARMACEUTICALS INC | Healthcare | 19.8K | $440K | 0.3% | Held |
| RAPP RAPPORT THERAPEUTICS INC | Healthcare | 14.0K | $438K | 0.3% | -20.0% |
| IMNM IMMUNOME INC | Healthcare | 20.0K | $437K | 0.3% | -20.8% |
| KNSA KINIKSA PHARMACEUTICALS INTE | Healthcare | 9.0K | $433K | 0.3% | -28.9% |
| TGTX TG THERAPEUTICS INC | Healthcare | 13.0K | $432K | 0.3% | -27.0% |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 5.0K | $420K | 0.3% | -60.7% |
| CLDX CELLDEX THERAPEUTICS INC | Materials | 13.0K | $412K | 0.3% | -36.2% |
| PTCT PTC THERAPEUTICS INC | Healthcare | 6.0K | $409K | 0.3% | -14.8% |
| VERA VERA THERAPEUTICS INC | Healthcare | 10.0K | $402K | 0.3% | 0.0% |
| HRMY HARMONY BIOSCIENCES HOLDINGS | Healthcare | 14.3K | $400K | 0.3% | Held |
| CRNX CRINETICS PHARMACEUTICALS IN | Healthcare | 11.0K | $400K | 0.3% | -2.8% |
| STOK STOKE THERAPEUTICS INC | Healthcare | 12.0K | $391K | 0.3% | -27.8% |
| KOD KODIAK SCIENCES INC | Healthcare | 10.0K | $381K | 0.3% | -48.5% |
| DYN DYNE THERAPEUTICS INC | Healthcare | 20.0K | $363K | 0.3% | -7.1% |
| TRVI TREVI THERAPEUTICS INC | Healthcare | 30.0K | $358K | 0.3% | New |
| NTLA INTELLIA THERAPEUTICS INC | Materials | 26.9K | $345K | 0.2% | New |
| PTGX PROTAGONIST THERAPEUTICS INC | Healthcare | 3.0K | $316K | 0.2% | -51.0% |