TCG Crossover Management, LLC
Long book
$3.50B
Q1 2026
Positions
49
Top-10 weight
61%
concentration
Last quarter
+22.9%
SPY +14.8%
Turnover
30%
of book per quarter
Strategy in plain words
auto-generated from filingsTCG Crossover Management, LLC is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $3.50B US long book across 49 positions.
The portfolio is concentrated: the top 10 names carry 61% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ABIVAX SA-ADR, CG ONCOLOGY INC, TANGO THERAPEUTICS INC, COGENT BIOSCIENCES INC, CENTESSA PHARMACEUTICALS-ADR.
Over the last 9 quarters its long book ran on average 13.5pp per quarter ahead of the S&P 500, beating the index in 6 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
-9.3%
Q2 2024
+9.9%
Q3 2024
-23.6%
Q4 2024
-29.8%
Q1 2025
+23.6%
Q2 2025
+119.9%
Q3 2025
+42.1%
Q4 2025
+6.1%
Q1 2026
+22.9%
Sector allocation
Healthcare 100%
Long book by quarter
What does TCG Crossover own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CGON CG ONCOLOGY INC | Healthcare | 3.7M | $248.4M | 7.1% | Held |
| TNGX TANGO THERAPEUTICS INC | Healthcare | 10.5M | $220.3M | 6.3% | -17.5% |
| COGT COGENT BIOSCIENCES INC | Healthcare | 4.9M | $190.4M | 5.4% | -15.7% |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 1.7M | $140.7M | 4.0% | Held |
| TYRA TYRA BIOSCIENCES INC | Healthcare | 3.2M | $124.4M | 3.6% | +12.1% |
| IMVT IMMUNOVANT INC | Healthcare | 4.5M | $110.7M | 3.2% | +168.4% |
| BCRX BIOCRYST PHARMACEUTICALS INC | Healthcare | 11.0M | $104.9M | 3.0% | New |
| MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 1.1M | $98.1M | 2.8% | +1611.6% |
| VOR VOR BIOPHARMA INC | Healthcare | 5.7M | $96.5M | 2.8% | New |
| SYRE SPYRE THERAPEUTICS INC | Healthcare | 1.9M | $95.9M | 2.7% | Held |
| AMLX AMYLYX PHARMACEUTICALS INC | Healthcare | 6.2M | $86.8M | 2.5% | Held |
| IRON DISC MEDICINE INC | Healthcare | 1.3M | $85.8M | 2.5% | New |
| DYN DYNE THERAPEUTICS INC | Healthcare | 4.6M | $83.7M | 2.4% | Held |
| GLUE MONTE ROSA THERAPEUTICS INC | Healthcare | 4.6M | $76.0M | 2.2% | Held |
| SVRA SAVARA INC | Healthcare | 12.4M | $67.5M | 1.9% | Held |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 576.5K | $56.1M | 1.6% | +32.1% |
| KOD KODIAK SCIENCES INC | Healthcare | 1.4M | $55.1M | 1.6% | Held |
| LBRX LB PHARMACEUTICALS INC | Healthcare | 1.8M | $45.3M | 1.3% | +5.4% |
| SRZN SURROZEN INC | Healthcare | 1.5M | $42.9M | 1.2% | New |
| ADCT ADC THERAPEUTICS SA | Healthcare | 11.4M | $42.7M | 1.2% | Held |
| RLAY RELAY THERAPEUTICS INC | Healthcare | 4.3M | $42.5M | 1.2% | +32.7% |
| FULC FULCRUM THERAPEUTICS INC | Healthcare | 5.3M | $40.3M | 1.2% | Held |
| BHVN BIOHAVEN LTD | Healthcare | 4.6M | $39.2M | 1.1% | Held |
| IPSC CENTURY THERAPEUTICS INC | Healthcare | 17.8M | $39.0M | 1.1% | New |
| TECX TECTONIC THERAPEUTIC INC | Healthcare | 1.2M | $37.2M | 1.1% | New |
| CATX PERSPECTIVE THERAPEUTICS INC | Healthcare | 7.9M | $33.0M | 0.9% | New |
| XNCR XENCOR INC | Healthcare | 2.5M | $29.6M | 0.8% | Held |
| TRDA ENTRADA THERAPEUTICS INC | Healthcare | 2.3M | $28.9M | 0.8% | +9.5% |
| ALXO ALX ONCOLOGY HOLDINGS INC | Healthcare | 13.0M | $26.1M | 0.7% | New |
| ARVN ARVINAS INC | Healthcare | 2.4M | $25.3M | 0.7% | -10.5% |
| JANX JANUX THERAPEUTICS INC | Healthcare | 1.8M | $24.9M | 0.7% | Held |
| ALEC ALECTOR INC | Healthcare | 10.0M | $21.5M | 0.6% | Held |
| MBX MBX BIOSCIENCES INC | Healthcare | 650.0K | $19.4M | 0.6% | Held |
| LQDA LIQUIDIA CORP | Healthcare | 403.0K | $15.2M | 0.4% | -76.4% |
| OCUL OCULAR THERAPEUTIX INC | Healthcare | 1.6M | $14.0M | 0.4% | -71.3% |
| AVTX AVALO THERAPEUTICS INC | Healthcare | 738.4K | $11.0M | 0.3% | +52.9% |
| URGN UROGEN PHARMA LTD | Healthcare | 405.4K | $7.3M | 0.2% | -43.5% |
| MNPR MONOPAR THERAPEUTICS INC | Healthcare | 132.1K | $7.2M | 0.2% | -6.9% |
| CNTX CONTEXT THERAPEUTICS INC | Healthcare | 2.7M | $7.0M | 0.2% | New |
| CGEM CULLINAN THERAPEUTICS INC | Healthcare | 406.8K | $5.8M | 0.2% | New |
| KRRO KORRO BIO INC | Healthcare | 416.3K | $4.7M | 0.1% | Held |
| LONA LEONABIO INC | Healthcare | 464.4K | $4.7M | 0.1% | Held |
| UPB UPSTREAM BIO INC | Healthcare | 181.1K | $1.6M | 0.0% | -75.7% |
| VTGN VISTAGEN THERAPEUTICS INC | Healthcare | 2.7M | $1.5M | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 49 | $3.50B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 43 | $3.02B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 17, 2025 | 40 | $2.03B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 38 | $875.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 38 | $733.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 38 | $1.02B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 36 | $1.18B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 32 | $959.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 33 | $1.26B | canonical | SEC ↗ |