CIK: 0001807489
Total reported value
$53.8M
Reporting period: 2026-03-31 · Number of holdings: 9
M28 Capital Management LP disclosed 9 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $53.8M and a quarterly turnover rate of 87.5%.
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M28 Capital Management LP's disclosed holdings carry a Herfindahl concentration index of 0.438 — mathematically equivalent to about 2 equally-sized positions, well below its 9 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 1.82), 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 10% 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.
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Trim WVE
-19.0% -$63.0M
Add IVVD
0.0% -$10.8M
Add TGTX
-45.3% -$1.9M
Trim GUTS
0.0% -$3.2M
Add ARWR
-45.3% -$2.2M
Add RCKT
-45.3% -$598.8K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | WVE | Wave Life Sciences Ltd. | Stock-Other | 61.83% | -8.17% | -19.00% | |
| 2 | IVVD | Invivyd INC | Stock-Other | 22.35% | +5.75% | — | |
| 3 | TGTX | Tg Therapeutics INC | Stock-Healthcare | 5.46% | +1.96% | -45.33% | |
| 4 | ARWR | Arrowhead Pharmaceuticals In | Stock-Healthcare | 4.29% | +1.04% | -45.32% | |
| 5 | ✓ | Proqr Thrapeutics N V | Stock-Other | 1.81% | +0.31% | -41.17% | |
| 6 | GUTS | Fractyl Health INC | Stock-Other | 1.58% | -1.39% | — | |
| 7 | RCKT | Rocket Pharmaceuticals INC | Stock-Other | 1.40% | +0.42% | -45.32% | |
| 8 | SLN | Silence Therapeutics Plc-adr | Stock-Other | 0.99% | +0.17% | -45.33% | |
| 9 | CRIS | Curis INC | Stock-Other | 0.29% | -0.08% | -45.33% |
Performance for Q3 2026
-11.5%
Performance Last 4 Quarters
-29.2%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q1 | 9 | $53.8M | 88 | ||
| 2025 Q4 | 9 | $137.6M | 71 | ||
| 2025 Q3 | 9 | $68.0M | 33 | ||
| 2025 Q2 | 9 | $58.6M | 0 | ||
| 2025 Q1 | 11 | $73.0M | 0 | ||
| 2024 Q4 | 11 | $101.9M | 0 | ||
| 2024 Q3 | 11 | $91.0M | 0 | ||
| 2024 Q2 | 11 | $77.1M | 0 | ||
| 2024 Q1 | 11 | $135.3M | 0 | ||
| 2023 Q4 | 10 | $120.7M | 0 | ||
| 2023 Q3 | 11 | $87.2M | 0 | ||
| 2023 Q2 | 12 | $75.7M | 0 | ||
| 2023 Q1 | 14 | $88.4M | 0 | ||
| 2022 Q4 | 14 | $104.9M | 0 | ||
| 2022 Q3 | 12 | $95.8M | 0 | ||
| 2022 Q2 | 13 | $89.2M | 0 | ||
| 2022 Q1 | 13 | $108.8M | 0 | ||
| 2021 Q4 | 12 | $128.1M | 0 |
M28 Capital Management LP's most significant position changes for 2026-03-31: Trim: Wave Life Sciences Ltd. (WVE) — shares -19.00%; Trim: Tg Therapeutics INC (TGTX) — shares -45.33%; Trim: Arrowhead Pharmaceuticals In (ARWR) — shares -45.32%; Trim: Rocket Pharmaceuticals INC (RCKT) — shares -45.32%; Trim: Proqr Thrapeutics N V — shares -41.17%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IVVD | Invivyd INC | +5.8% | — | Unchanged |
| 2 | TGTX | Tg Therapeutics INC | +2% | -45.33% | Trim |
| 3 | ARWR | Arrowhead Pharmaceuticals In | +1% | -45.32% | Trim |
| 4 | RCKT | Rocket Pharmaceuticals INC | +0.4% | -45.32% | Trim |
| 5 | ✓ | Proqr Thrapeutics N V | +0.3% | -41.17% | Trim |
| 6 | SLN | Silence Therapeutics Plc-adr | +0.2% | -45.33% | Trim |
| 7 | CRIS | Curis INC | -0.1% | -45.33% | Trim |
| 8 | GUTS | Fractyl Health INC | -1.4% | — | Unchanged |
| 9 | WVE | Wave Life Sciences Ltd. | -8.2% | -19.00% | Trim |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026 Q1 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025 Q4 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025 Q3 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025 Q2 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025 Q1 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024 Q4 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024 Q3 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024 Q2 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024 Q1 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023 Q4 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023 Q3 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023 Q2 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023 Q1 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022 Q4 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022 Q3 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022 Q2 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022 Q1 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021 Q4 | 2022-02-11 | 13F-HR | View on EDGAR |
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