Soleus Capital Management, L.P.
Long book
$2.47B
Q1 2026
Positions
93
Top-10 weight
50%
concentration
Last quarter
+27.3%
SPY +14.8%
Turnover
43%
of book per quarter
Strategy in plain words
auto-generated from filingsSoleus Capital Management, L.P. is a diversified fundamental manager, specialised in healthcare (100% of the long book), running a $2.47B US long book across 93 positions.
The portfolio is concentrated: the top 10 names carry 50% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: KRYSTAL BIOTECH INC, CELCUITY INC, TG THERAPEUTICS INC, INSULET CORP, NOVOCURE LTD.
Over the last 9 quarters its long book ran on average 2.7pp 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
-9.4%
Q2 2024
+12.2%
Q3 2024
-9.0%
Q4 2024
-10.1%
Q1 2025
-6.0%
Q2 2025
+23.9%
Q3 2025
+35.4%
Q4 2025
+0.5%
Q1 2026
+27.3%
Sector allocation
Healthcare 100%
Technology 0%
Services media 0%
Long book by quarter
What does Soleus Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| KRYS KRYSTAL BIOTECH INC | Healthcare | 1.2M | $297.9M | 12.1% | +22.5% |
| CELC CELCUITY INC | Healthcare | 1.3M | $146.6M | 5.9% | -29.0% |
| TGTX TG THERAPEUTICS INC | Healthcare | 4.0M | $133.9M | 5.4% | +28.4% |
| PODD INSULET CORP | Healthcare | 562.5K | $118.0M | 4.8% | +275.0% |
| NVCR NOVOCURE LTD | Healthcare | 10.5M | $114.4M | 4.6% | +23.0% |
| UTHR UNITED THERAPEUTICS CORP | Healthcare | 187.2K | $111.0M | 4.5% | +212.0% |
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 330.5K | $106.5M | 4.3% | -8.9% |
| VCEL VERICEL CORP | Healthcare | 2.5M | $82.0M | 3.3% | +233.6% |
| ALKS ALKERMES PLC | Healthcare | 2.0M | $69.7M | 2.8% | +49.0% |
| ANIP ANI PHARMACEUTICALS INC | Healthcare | 820.2K | $63.1M | 2.6% | +68.7% |
| GMED GLOBUS MEDICAL INC - A | Healthcare | 729.5K | $62.9M | 2.5% | -17.8% |
| GERN GERON CORP | Healthcare | 41.5M | $61.8M | 2.5% | +78.2% |
| TWST TWIST BIOSCIENCE CORP | Healthcare | 1.2M | $58.3M | 2.4% | -34.1% |
| EWTX EDGEWISE THERAPEUTICS INC | Healthcare | 1.4M | $45.7M | 1.8% | +59.3% |
| BBNX BETA BIONICS INC | Healthcare | 4.4M | $43.6M | 1.8% | +71.8% |
| ALNY ALNYLAM PHARMACEUTICALS INC | Healthcare | 131.7K | $43.6M | 1.8% | +88.1% |
| SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 1.7M | $40.3M | 1.6% | -23.1% |
| INDV INDIVIOR PHARMACEUTICALS INC | Healthcare | 1.3M | $38.8M | 1.6% | New |
| NPCE NEUROPACE INC | Healthcare | 2.9M | $38.6M | 1.6% | +8.5% |
| LIVN LIVANOVA PLC | Healthcare | 582.5K | $37.0M | 1.5% | +2.6% |
| MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 400.3K | $37.0M | 1.5% | -30.2% |
| BMRN BIOMARIN PHARMACEUTICAL INC | Healthcare | 650.6K | $36.8M | 1.5% | -50.7% |
| PGNY PROGYNY INC | Healthcare | 2.1M | $35.1M | 1.4% | New |
| INSP INSPIRE MEDICAL SYSTEMS INC | Healthcare | 576.3K | $29.7M | 1.2% | +92.5% |
| KNSA KINIKSA PHARMACEUTICALS INTE | Healthcare | 521.4K | $25.1M | 1.0% | -11.2% |
| MRK MERCK & CO. INC. | Healthcare | 203.0K | $24.4M | 1.0% | New |
| ORGO ORGANOGENESIS HOLDINGS INC | Healthcare | 10.1M | $23.9M | 1.0% | +1.0% |
| NTRA NATERA INC | Healthcare | 119.0K | $23.8M | 1.0% | +495.0% |
| AXGN AXOGEN INC | Healthcare | 679.2K | $22.5M | 0.9% | -43.7% |
| PCVX VAXCYTE INC | Healthcare | 385.5K | $22.4M | 0.9% | -36.7% |
| ICLR ICON PLC | Healthcare | 192.0K | $21.2M | 0.9% | New |
| PHVS PHARVARIS NV | Healthcare | 702.1K | $19.8M | 0.8% | Held |
| CERS CERUS CORP | Healthcare | 10.8M | $19.6M | 0.8% | +168.8% |
| TRVI TREVI THERAPEUTICS INC | Healthcare | 1.6M | $19.3M | 0.8% | +80.0% |
| IKT INHIBIKASE THERAPEUTICS INC | Healthcare | 10.9M | $18.3M | 0.7% | Held |
| CNTX CONTEXT THERAPEUTICS INC | Healthcare | 7.0M | $18.2M | 0.7% | New |
| VIR VIR BIOTECHNOLOGY INC | Healthcare | 2.0M | $17.9M | 0.7% | New |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 292.0K | $17.0M | 0.7% | New |
| TVTX TRAVERE THERAPEUTICS INC | Healthcare | 546.0K | $16.2M | 0.7% | New |
| TNDM TANDEM DIABETES CARE INC | Healthcare | 783.0K | $15.0M | 0.6% | New |
| NRIX NURIX THERAPEUTICS INC | Healthcare | 938.2K | $14.5M | 0.6% | -23.1% |
| URGN UROGEN PHARMA LTD | Healthcare | 727.0K | $13.1M | 0.5% | +384.7% |
| SION SIONNA THERAPEUTICS INC | Healthcare | 293.5K | $11.8M | 0.5% | +9.3% |
| CORT CORCEPT THERAPEUTICS INC | Healthcare | 285.5K | $11.5M | 0.5% | New |
| JBIO JADE BIOSCIENCES INC | Healthcare | 796.7K | $11.2M | 0.5% | Held |
| VCYT VERACYTE INC | Healthcare | 319.9K | $10.3M | 0.4% | +3099.1% |
| IVVD INVIVYD INC | Healthcare | 7.7M | $10.0M | 0.4% | Held |
| CCCC C4 THERAPEUTICS INC | Healthcare | 3.8M | $10.0M | 0.4% | Held |
| KIDS ORTHOPEDIATRICS CORP | Healthcare | 615.4K | $9.8M | 0.4% | +17.1% |
| RCUS ARCUS BIOSCIENCES INC | Healthcare | 452.0K | $9.8M | 0.4% | -36.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 93 | $2.47B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 95 | $2.71B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 88 | $1.99B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 15, 2025 | 95 | $1.51B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 75 | $1.39B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 81 | $1.59B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 87 | $1.29B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 92 | $1.13B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 91 | $1.35B | canonical | SEC ↗ |