Trails Edge Capital Partners, LP
Long book
$424.9M
Q1 2026
Positions
26
Top-10 weight
65%
concentration
Last quarter
+33.7%
SPY +14.8%
Turnover
60%
of book per quarter
Strategy in plain words
auto-generated from filingsTrails Edge Capital Partners, LP is a concentrated fundamental stock-picker, specialised in healthcare (92% of the long book), running a $424.9M US long book across 26 positions.
The portfolio is concentrated: the top 10 names carry 65% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: VAXCYTE INC, DEFINIUM THERAPEUTICS INC, LB PHARMACEUTICALS INC, MIRUM PHARMACEUTICALS INC, NURIX 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
+4.0%
Q1 2026
+33.7%
Sector allocation
Healthcare 92%
Materials 8%
Long book by quarter
What does Trails Edge own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PCVX VAXCYTE INC | Healthcare | 662.5K | $38.5M | 9.1% | -10.2% |
| DFTX DEFINIUM THERAPEUTICS INC | Materials | 1.7M | $32.9M | 7.7% | New |
| LBRX LB PHARMACEUTICALS INC | Healthcare | 1.3M | $32.5M | 7.7% | -5.5% |
| MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 333.3K | $30.8M | 7.2% | +946.1% |
| NRIX NURIX THERAPEUTICS INC | Healthcare | 1.7M | $27.0M | 6.4% | Held |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 440.0K | $25.6M | 6.0% | -26.3% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 245.0K | $23.8M | 5.6% | New |
| RCUS ARCUS BIOSCIENCES INC | Healthcare | 1.0M | $22.6M | 5.3% | +14.4% |
| CYTK CYTOKINETICS INC | Healthcare | 300.0K | $19.8M | 4.7% | New |
| SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 701.8K | $16.4M | 3.9% | New |
| NGNE NEUROGENE INC | Healthcare | 782.8K | $15.8M | 3.7% | -0.3% |
| IKT INHIBIKASE THERAPEUTICS INC | Healthcare | 8.1M | $13.5M | 3.2% | +30.4% |
| FDMT 4D MOLECULAR THERAPEUTICS IN | Healthcare | 1.3M | $12.1M | 2.9% | New |
| XFOR X4 PHARMACEUTICALS INC | Healthcare | 2.6M | $10.6M | 2.5% | Held |
| IMVT IMMUNOVANT INC | Healthcare | 414.1K | $10.3M | 2.4% | +72.4% |
| DSGN DESIGN THERAPEUTICS INC | Healthcare | 852.0K | $9.1M | 2.1% | New |
| CAMP CAMP4 THERAPEUTICS CORP | Healthcare | 1.9M | $8.6M | 2.0% | -2.2% |
| NERV MINERVA NEUROSCIENCES INC | Healthcare | 1.4M | $8.5M | 2.0% | New |
| PMN PROMIS NEUROSCIENCES INC | Healthcare | 557.1K | $7.1M | 1.7% | New |
| SLGL SOL-GEL TECHNOLOGIES LTD | Healthcare | 85.5K | $6.8M | 1.6% | New |
| IPSC CENTURY THERAPEUTICS INC | Healthcare | 2.4M | $5.5M | 1.3% | New |
| VTVT VTV THERAPEUTICS INC- CL A | Healthcare | 139.6K | $5.5M | 1.3% | -39.6% |
| FTH FAETH THERAPEUTICS INC | Healthcare | 125.0K | $3.9M | 0.9% | New |
| IRD OPUS GENETICS INC | Healthcare | 500.0K | $2.3M | 0.5% | New |