Spruce Street Capital LP
Long book
$415.9M
Q1 2026
Positions
28
Top-10 weight
66%
concentration
Last quarter
+18.0%
SPY +14.8%
Turnover
38%
of book per quarter
Strategy in plain words
auto-generated from filingsSpruce Street Capital LP is a concentrated fundamental stock-picker, specialised in healthcare (99% of the long book), running a $415.9M US long book across 28 positions.
The portfolio is concentrated: the top 10 names carry 66% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: RELMADA THERAPEUTICS INC, KINIKSA PHARMACEUTICALS INTE, LB PHARMACEUTICALS INC, DIANTHUS THERAPEUTICS INC, RELAY THERAPEUTICS INC.
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
Q4 2025
+37.2%
Q1 2026
+18.0%
Sector allocation
Healthcare 94%
Other 5%
Financials 1%
Long book by quarter
What does Spruce Street own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RLMD RELMADA THERAPEUTICS INC | Healthcare | 6.3M | $43.0M | 10.3% | +53.3% |
| KNSA KINIKSA PHARMACEUTICALS INTE | Healthcare | 761.1K | $36.6M | 8.8% | +75.0% |
| LBRX LB PHARMACEUTICALS INC | Healthcare | 1.4M | $33.6M | 8.1% | +36.9% |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 373.3K | $31.3M | 7.5% | +25.5% |
| RLAY RELAY THERAPEUTICS INC | Healthcare | 3.0M | $29.7M | 7.1% | Held |
| ANRO ALTO NEUROSCIENCE INC | Healthcare | 1.3M | $29.1M | 7.0% | +494.7% |
| SVRA SAVARA INC | Healthcare | 3.4M | $18.5M | 4.4% | +40.3% |
| 4XC1 KALVISTA PHARMACEUTICALS INC | — | 897.7K | $18.1M | 4.3% | +131.4% |
| PCVX VAXCYTE INC | Healthcare | 245.7K | $14.3M | 3.4% | -38.6% |
| ELVN ENLIVEN THERAPEUTICS INC | Healthcare | 329.0K | $12.9M | 3.1% | -26.2% |
| SRZN SURROZEN INC | Healthcare | 432.0K | $12.6M | 3.0% | Held |
| ENTA ENANTA PHARMACEUTICALS INC | Healthcare | 932.6K | $11.8M | 2.8% | +139.3% |
| ALKS ALKERMES PLC | Healthcare | 318.0K | $11.2M | 2.7% | New |
| CATX PERSPECTIVE THERAPEUTICS INC | Healthcare | 2.6M | $11.0M | 2.6% | New |
| NERV MINERVA NEUROSCIENCES INC | Healthcare | 1.7M | $10.0M | 2.4% | Held |
| IPSC CENTURY THERAPEUTICS INC | Healthcare | 4.1M | $9.2M | 2.2% | +185.5% |
| ALMS ALUMIS INC | Healthcare | 392.6K | $8.6M | 2.1% | New |
| SABS SAB BIOTHERAPEUTICS INC | Healthcare | 2.2M | $8.4M | 2.0% | Held |
| ERAS ERASCA INC | Healthcare | 422.5K | $6.8M | 1.6% | -89.1% |
| IKT INHIBIKASE THERAPEUTICS INC | Healthcare | 3.6M | $6.0M | 1.4% | Held |
| MAZE MAZE THERAPEUTICS INC | Healthcare | 200.0K | $6.0M | 1.4% | New |
| ANTX AN2 THERAPEUTICS INC | Healthcare | 1.7M | $5.6M | 1.3% | New |
| LXEO LEXEO THERAPEUTICS INC | Healthcare | 928.6K | $5.3M | 1.3% | +430.6% |
| HLXC HELIX ACQUISITION CORP-CL A | Financials | 500.0K | $5.1M | 1.2% | New |
| ALEC ALECTOR INC | Healthcare | 2.1M | $4.5M | 1.1% | +87.9% |
| LONA LEONABIO INC | Healthcare | 393.7K | $3.8M | 0.9% | Held |
| CRVS CORVUS PHARMACEUTICALS INC | Healthcare | 231.6K | $3.4M | 0.8% | New |