DC
Decheng Capital LLC: 13F Stock Holdings & Portfolio (Q2 2026)
Decheng Capital LLCCIK: 0002010850
Concentrated strategySector-focusedContrarian
Total reported value
$731.7M
Reporting period: 2026-06-30 · Number of holdings: 14
Decheng Capital LLC disclosed 14 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $731.7M and a quarterly turnover rate of 14.7%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 14.74
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 28
- Sizing Uniformity
- 76.84
Decheng Capital LLC's disclosed holdings carry a Herfindahl concentration index of 0.427 — mathematically equivalent to about 2 equally-sized positions, well below its 14 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.32), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 1% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim CGON
0.0% $21.5M
Add NUVB
0.0% $36.1M
Trim UPB
0.0% -$5.7M
Add AARD
0.0% $7.8M
Trim LYEL
0.0% -$4.2M
Trim NAMS
-45.6% -$4.4M
Holdings Map
New buyAddUnchangedTrim
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CGON | Cg Oncology Inc | Stock-Other | 61.87% | -3.34% | — | |
| 2 | NUVB | Nuvation Bio Inc | Stock-Other | 20.15% | +3.31% | — | |
| 3 | AARD | Aardvark Therapeutics Inc | Stock-Other | 3.08% | +0.85% | — | |
| 4 | ACRS | Aclaris Therapeutics Inc | Stock-Other | 2.92% | +0.63% | — | |
| 5 | UPB | Upstream Bio Inc | Stock-Other | 2.58% | -1.13% | — | |
| 6 | RCUS | Arcus Biosciences Inc | Stock-Other | 1.96% | +0.40% | -2.73% | |
| 7 | EQ | Equillium Inc | Stock-Other | 1.94% | +0.60% | — | |
| 8 | RVMD | Revolution Medicines Inc | Stock-Healthcare | 1.35% | -0.03% | -43.67% | |
| 9 | LYEL | Lyell Immunopharma, Inc. | Stock-Other | 1.33% | -0.77% | — | |
| 10 | ✓ | Beyondspring Inc Shs | Stock-Other | 0.91% | -0.03% | — | |
| 11 | ZNTL | Zentalis Pharmaceuticals Inc | Stock-Other | 0.88% | +0.41% | — | |
| 12 | NAMS | NewAmsterdam Pharma Company N.V. | Stock-Other | 0.82% | -0.75% | -45.58% | |
| 13 | PYXS | Pyxis Oncology Inc | Stock-Other | 0.13% | +0.06% | — | |
| 14 | TNGX | Tango Therapeutics Inc | Stock-Other | 0.09% | +0.09% | NEW |
Portfolio Performance
Performance for Q3 2026
+20.6%
Performance Last 4 Quarters
+106.9%
- Stdev
- +35.9%
- Beta
- +0.72
- Alpha
- +13.2%
- Max Drawdown
- -40.1%
- Annualized Perf
- +22.9%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +1.58
- Stutzer
- +0.23
- Treynor
- +0.37
- Sterling
- +0.69
- Calmar
- +0.57
- Information Ratio
- +0.22
- Tracking Error
- +35%
- Stdev Down
- +16.8%
- Winning Months %
- +51.9%
- Losing Months %
- +48.1%
- Best 12 Months
- +126.8%
- Worst 12 Months
- -36.1%
- Efficiency Ratio
- +0.29
- Sharpe
- +0.74
- Stdev Sectors
- 0%
- Skewness
- +1.05
- Kurtosis
- +1.73
- Upside Potential
- +3.45
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Decheng Capital LLC's most significant position changes for 2026-06-30: Sold out: Krystal Biotech Inc (KRYS); New buy: Tango Therapeutics Inc (TNGX); Trim: NewAmsterdam Pharma Company N.V. (NAMS) — shares -45.58%; Trim: Arcus Biosciences Inc (RCUS) — shares -2.73%; Trim: Revolution Medicines Inc (RVMD) — shares -43.67%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NUVB | Nuvation Bio Inc | +3.3% | — | Unchanged |
| 2 | AARD | Aardvark Therapeutics Inc | +0.9% | — | Unchanged |
| 3 | ACRS | Aclaris Therapeutics Inc | +0.6% | — | Unchanged |
| 4 | EQ | Equillium Inc | +0.6% | — | Unchanged |
| 5 | ZNTL | Zentalis Pharmaceuticals Inc | +0.4% | — | Unchanged |
| 6 | RCUS | Arcus Biosciences Inc | +0.4% | -2.73% | Trim |
| 7 | TNGX | Tango Therapeutics Inc | +0.1% | NEW | New buy |
| 8 | PYXS | Pyxis Oncology Inc | +0.1% | — | Unchanged |
| 9 | RVMD | Revolution Medicines Inc | 0% | -43.67% | Trim |
| 10 | ✓ | Beyondspring Inc Shs | 0% | — | Unchanged |
| 11 | KRYS | Krystal Biotech Inc | -0.3% | EXIT | Sold out |
| 12 | NAMS | NewAmsterdam Pharma Company N.V. | -0.8% | -45.58% | Trim |
| 13 | LYEL | Lyell Immunopharma, Inc. | -0.8% | — | Unchanged |
| 14 | UPB | Upstream Bio Inc | -1.1% | — | Unchanged |
| 15 | CGON | Cg Oncology Inc | -3.3% | — | Unchanged |
Filing History
FAQ
What is Decheng Capital LLC and what type of investor is it?
Decheng Capital LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $731.7M, spread across 14 disclosed positions.
What are Decheng Capital LLC's largest equity positions?
Based on the latest 13F filing, Decheng Capital LLC's top holdings by market value are:
1. Cg Oncology Inc (CGON) — $452.7M (61.9%)
2. Nuvation Bio Inc (NUVB) — $147.4M (20.1%)
3. Aardvark Therapeutics Inc (AARD) — $22.6M (3.1%)
4. Aclaris Therapeutics Inc (ACRS) — $21.4M (2.9%)
5. Upstream Bio Inc (UPB) — $18.9M (2.6%)
What changes did Decheng Capital LLC make in its most recent portfolio filing?
In the latest reported quarter, Decheng Capital LLC made 5 notable position adjustments: 1 new positions were initiated, 0 existing holdings were added to, 3 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Krystal Biotech Inc (KRYS); New buy: Tango Therapeutics Inc (TNGX); Trim: NewAmsterdam Pharma Company N.V. (NAMS) — shares -45.58%; Trim: Arcus Biosciences Inc (RCUS) — shares -2.73%; Trim: Revolution Medicines Inc (RVMD) — shares -43.67%
What sectors does Decheng Capital LLC focus on?
Decheng Capital LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
Investment Profile
Decheng Capital LLC returned an annualized 22.9% over the trailing 27 months — outperforming the S&P 500 by 13.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.72 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is concentrated and long-term-holding, with 100.0% of the portfolio concentrated in Health Care.
It has added to its CGON position over the past two quarters (+$188.2M, now $452.7M), while trimming UPB over the same stretch (-$66.5M, still holding $18.9M).
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Developer Access
Access Decheng Capital LLC's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/decheng-capital-llcCLI
npx alphasmo institutions get decheng-capital-llc