Tri Locum Partners LP
Long book
$712.5M
Q1 2026
Positions
17
Top-10 weight
82%
concentration
Last quarter
+12.3%
SPY +14.8%
Turnover
48%
of book per quarter
Strategy in plain words
auto-generated from filingsTri Locum Partners LP is a concentrated fundamental stock-picker, specialised in healthcare (89% of the long book), running a $712.5M US long book across 17 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: JOHNSON & JOHNSON, INTUITIVE SURGICAL INC, THERMO FISHER SCIENTIFIC INC, The Bank of New York Mellon Corporation, VERTEX PHARMACEUTICALS INC.
Over the last 9 quarters its long book ran on average 2.9pp per quarter ahead of the S&P 500, beating the index in 4 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
-1.3%
Q2 2024
+12.5%
Q3 2024
+1.5%
Q4 2024
-6.6%
Q1 2025
+1.6%
Q2 2025
+22.2%
Q3 2025
+24.7%
Q4 2025
-0.4%
Q1 2026
+12.3%
Sector allocation
Healthcare 88%
Other 11%
Materials 1%
Long book by quarter
What does Tri Locum own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| JNJ JOHNSON & JOHNSON | Healthcare | 414.5K | $101.3M | 14.2% | -31.3% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 153.3K | $70.6M | 9.9% | New |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 132.4K | $65.1M | 9.1% | New |
| VRTX VERTEX PHARMACEUTICALS INC | Healthcare | 129.3K | $57.7M | 8.1% | New |
| LLY ELI LILLY & CO | Healthcare | 61.8K | $56.8M | 8.0% | -2.4% |
| MDGL MADRIGAL PHARMACEUTICALS INC | Healthcare | 103.3K | $54.1M | 7.6% | +20.1% |
| DXCM DEXCOM INC | Healthcare | 698.2K | $43.8M | 6.2% | +65.6% |
| UTHR UNITED THERAPEUTICS CORP | Healthcare | 70.4K | $41.7M | 5.9% | -41.8% |
| NUVL NUVALENT INC-A | Healthcare | 308.5K | $31.6M | 4.4% | +0.4% |
| JAZZ JAZZ PHARMACEUTICALS PLC | Healthcare | 158.7K | $30.0M | 4.2% | New |
| TARS TARSUS PHARMACEUTICALS INC | Healthcare | 252.6K | $17.7M | 2.5% | New |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 145.5K | $12.2M | 1.7% | -76.6% |
| AXSM AXSOME THERAPEUTICS INC | Healthcare | 62.1K | $10.5M | 1.5% | -69.2% |
| DFTX DEFINIUM THERAPEUTICS INC | Materials | 369.6K | $7.0M | 1.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 18, 2026 | 17 | $712.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 15 | $770.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 18 | $435.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 23 | $329.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 22 | $194.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 28 | $482.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 20 | $417.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 25 | $395.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 27 | $288.4M | canonical | SEC ↗ |