Vivo Capital, LLC
Long book
$1.20B
Q1 2026
Positions
46
Top-10 weight
59%
concentration
Last quarter
+9.3%
SPY +14.8%
Turnover
31%
of book per quarter
Strategy in plain words
auto-generated from filingsVivo Capital, LLC is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $1.20B US long book across 46 positions.
The portfolio is concentrated: the top 10 names carry 59% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ERASCA INC, PRAXIS PRECISION MEDICINES I, TERNS PHARMACEUTICALS INC, TREVI THERAPEUTICS INC, DBV TECHNOLOGIES SA-SPON ADR.
Over the last 9 quarters its long book ran on average 2.4pp per quarter ahead of the S&P 500, beating the index in 4 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
-6.6%
Q2 2024
+16.1%
Q3 2024
-20.0%
Q4 2024
-31.9%
Q1 2025
+5.8%
Q2 2025
+28.9%
Q3 2025
+44.2%
Q4 2025
+15.8%
Q1 2026
+9.3%
Sector allocation
Healthcare 93%
Other 7%
Long book by quarter
What does Vivo Capital, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ERAS ERASCA INC | Healthcare | 12.2M | $196.6M | 16.3% | +31.0% |
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 338.9K | $109.2M | 9.1% | +3.0% |
| 430 TERNS PHARMACEUTICALS INC | — | 1.3M | $70.4M | 5.8% | -75.0% |
| TRVI TREVI THERAPEUTICS INC | Healthcare | 5.1M | $60.8M | 5.1% | Held |
| CMPX COMPASS THERAPEUTICS INC | Healthcare | 9.5M | $50.5M | 4.2% | Held |
| TNGX TANGO THERAPEUTICS INC | Healthcare | 2.2M | $45.1M | 3.7% | Held |
| SABS SAB BIOTHERAPEUTICS INC | Healthcare | 11.4M | $43.7M | 3.6% | Held |
| CRVS CORVUS PHARMACEUTICALS INC | Healthcare | 2.8M | $41.0M | 3.4% | +25.6% |
| DRUG BRIGHT MINDS BIOSCIENCES INC | Healthcare | 557.2K | $40.7M | 3.4% | +11.1% |
| SVA SINOVAC BIOTECH LTD | Healthcare | 5.9M | $38.2M | 3.2% | Held |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 354.0K | $29.7M | 2.5% | Held |
| DYN DYNE THERAPEUTICS INC | Healthcare | 1.6M | $28.2M | 2.3% | -40.4% |
| NERV MINERVA NEUROSCIENCES INC | Healthcare | 4.3M | $26.0M | 2.2% | Held |
| ACRS ACLARIS THERAPEUTICS INC | Healthcare | 6.7M | $25.0M | 2.1% | -25.0% |
| ORIC ORIC PHARMACEUTICALS INC | Healthcare | 1.8M | $23.4M | 1.9% | -12.7% |
| ANRO ALTO NEUROSCIENCE INC | Healthcare | 1.0M | $23.3M | 1.9% | Held |
| FTH FAETH THERAPEUTICS INC | Healthcare | 722.0K | $22.8M | 1.9% | New |
| AVBP ARRIVENT BIOPHARMA INC | Healthcare | 885.9K | $20.4M | 1.7% | New |
| LBRX LB PHARMACEUTICALS INC | Healthcare | 800.0K | $19.7M | 1.6% | Held |
| MANE VERADERMICS INC | Healthcare | 300.0K | $18.9M | 1.6% | New |
| CAMP CAMP4 THERAPEUTICS CORP | Healthcare | 4.2M | $18.7M | 1.6% | Held |
| MLTX MOONLAKE IMMUNOTHERAPEUTICS | Healthcare | 1.0M | $18.6M | 1.5% | Held |
| DSGN DESIGN THERAPEUTICS INC | Healthcare | 1.6M | $17.2M | 1.4% | Held |
| COGT COGENT BIOSCIENCES INC | Healthcare | 422.3K | $16.3M | 1.4% | -82.4% |
| GERN GERON CORP | Healthcare | 8.7M | $12.9M | 1.1% | -68.1% |
| UNCY UNICYCIVE THERAPEUTICS INC | Healthcare | 1.8M | $11.8M | 1.0% | Held |
| ANTX AN2 THERAPEUTICS INC | Healthcare | 3.2M | $10.8M | 0.9% | New |
| OLMA OLEMA PHARMACEUTICALS INC | Healthcare | 671.8K | $10.0M | 0.8% | Held |
| SLNOEUR SOLENO THERAPEUTICS INC | — | 294.9K | $9.9M | 0.8% | -67.0% |
| EPRX EUPRAXIA PHARMACEUTICALS INC | Healthcare | 1.4M | $9.8M | 0.8% | Held |
| OKUR ONKURE THERAPEUTICS INC-A | Healthcare | 1.9M | $8.0M | 0.7% | New |
| SRZN SURROZEN INC | Healthcare | 260.0K | $7.6M | 0.6% | Held |
| ALXO ALX ONCOLOGY HOLDINGS INC | Healthcare | 3.2M | $6.4M | 0.5% | New |
| MNPR MONOPAR THERAPEUTICS INC | Healthcare | 90.5K | $5.0M | 0.4% | Held |
| MSLE SATELLOS BIOSCIENCE INC | Healthcare | 813.7K | $4.6M | 0.4% | New |
| PEPG PEPGEN INC | Healthcare | 2.3M | $4.1M | 0.3% | Held |
| SERA SERA PROGNOSTICS INC-A | Healthcare | 1.7M | $3.4M | 0.3% | Held |
| TENX TENAX THERAPEUTICS INC | Healthcare | 208.3K | $3.3M | 0.3% | Held |
| VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 166.3K | $3.3M | 0.3% | -83.1% |
| TIL INSTIL BIO INC | Healthcare | 292.7K | $2.4M | 0.2% | Held |
| KTTA PASITHEA THERAPEUTICS CORP | Healthcare | 2.1M | $1.6M | 0.1% | Held |
| BOLT BOLT BIOTHERAPEUTICS INC | Healthcare | 72.4K | $293K | 0.0% | Held |
| DTIL PRECISION BIOSCIENCES INC | Healthcare | 4.7K | $26K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR/ARESTATEMENT | May 20, 2026 | 46 | $1.20B | canonical | SEC ↗ |
| Q1 2026 | 13F-HR | May 15, 2026 | 45 | $1.20B | SEC ↗ | |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 47 | $1.55B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 47 | $1.24B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 42 | $977.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 40 | $755.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 40 | $892.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 43 | $1.21B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 42 | $1.08B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 22, 2024 | 42 | $1.27B | canonical | SEC ↗ |