MC
M28 Capital Management LP 13F Holdings Tracker (Q2 2026)
M28 Capital Management LPCIK: 0001807489
Concentrated strategySector-focusedQuality / disciplined sizing
Total reported value
$47.2M
Reporting period: 2026-06-30 · Number of holdings: 9
M28 Capital Management LP disclosed 9 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $47.2M and a quarterly turnover rate of 28.8%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 28.85
- Momentum
- 50
- Sector conviction
- 100
- Diversification
- 18
- Sizing Uniformity
- 83.94
M28 Capital Management LP's disclosed holdings carry a Herfindahl concentration index of 0.366 — mathematically equivalent to about 3 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 1.61), 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 17% 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 WVE
0.0% -$6.6M
Trim IVVD
0.0% -$4.0M
Add TGTX
0.0% $1.9M
Add ARWR
0.0% $693.2K
Add GUTS
0.0% $624.8K
Add SLN
0.0% $577.9K
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | WVE | Wave Life Sciences Ltd. | Stock-Other | 56.53% | -5.30% | — | |
| 2 | IVVD | Invivyd Inc | Stock-Other | 17.11% | -5.24% | — | |
| 3 | TGTX | Tg Therapeutics Inc | Stock-Healthcare | 10.29% | +4.83% | — | |
| 4 | ARWR | Arrowhead Pharmaceuticals In | Stock-Healthcare | 6.37% | +2.08% | — | |
| 5 | GUTS | Fractyl Health Inc | Stock-Other | 3.13% | +1.55% | — | |
| 6 | ✓ | Proqr Therapeutics N.v. | Stock-Other | 2.37% | +0.56% | — | |
| 7 | SLN | Silence Therapeutics Plc-adr | Stock-Other | 2.36% | +1.37% | — | |
| 8 | RCKT | Rocket Pharmaceuticals Inc | Stock-Other | 1.53% | +0.13% | — | |
| 9 | CRIS | Curis Inc | Stock-Other | 0.32% | +0.03% | — |
Portfolio Performance
Performance for Q3 2026
-17.5%
Performance Last 4 Quarters
-37.3%
- Stdev
- +55.4%
- Beta
- +0.71
- Alpha
- -33.1%
- Max Drawdown
- -71.7%
- Annualized Perf
- -29.2%
- Batting Avg vs S&P
- +36.1%
- Sortino
- -0.47
- Stutzer
- -0.1
- Treynor
- -0.27
- Sterling
- -0.48
- Calmar
- -0.41
- Information Ratio
- -0.71
- Tracking Error
- +54.7%
- Stdev Down
- +40.3%
- Winning Months %
- +47.2%
- Losing Months %
- +52.8%
- Best 12 Months
- +23%
- Worst 12 Months
- -56.5%
- Efficiency Ratio
- +0.16
- Sharpe
- -0.34
- Stdev Sectors
- 0%
- Skewness
- +0.54
- Kurtosis
- +2.63
- Upside Potential
- +1.43
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 9 | $47.2M | 29 | ||
| 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 |
Holding changes this quarter
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TGTX | Tg Therapeutics Inc | +4.8% | — | Unchanged |
| 2 | ARWR | Arrowhead Pharmaceuticals In | +2.1% | — | Unchanged |
| 3 | GUTS | Fractyl Health Inc | +1.6% | — | Unchanged |
| 4 | SLN | Silence Therapeutics Plc-adr | +1.4% | — | Unchanged |
| 5 | ✓ | Proqr Therapeutics N.v. | +0.6% | — | Unchanged |
| 6 | RCKT | Rocket Pharmaceuticals Inc | +0.1% | — | Unchanged |
| 7 | CRIS | Curis Inc | 0% | — | Unchanged |
| 8 | IVVD | Invivyd Inc | -5.2% | — | Unchanged |
| 9 | WVE | Wave Life Sciences Ltd. | -5.3% | — | Unchanged |
Filing History
FAQ
What is M28 Capital Management LP and what type of investor is it?
M28 Capital Management LP 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 $47.2M, spread across 9 disclosed positions.
What are M28 Capital Management LP's largest equity positions?
Based on the latest 13F filing, M28 Capital Management LP's top holdings by market value are:
1. Wave Life Sciences Ltd. (WVE) — $26.7M (56.5%)
2. Invivyd Inc (IVVD) — $8.1M (17.1%)
3. Tg Therapeutics Inc (TGTX) — $4.9M (10.3%)
4. Arrowhead Pharmaceuticals In (ARWR) — $3.0M (6.4%)
5. Fractyl Health Inc (GUTS) — $1.5M (3.1%)
What changes did M28 Capital Management LP make in its most recent portfolio filing?
No notable portfolio changes were recorded for M28 Capital Management LP in the most recent quarter. Holdings appear to have remained relatively stable.
What sectors does M28 Capital Management LP focus on?
M28 Capital Management LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Investment Profile
M28 Capital Management LP returned an annualized -29.2% over the trailing 36 months — underperforming the S&P 500 by 33.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.71 (less volatile than the market) and a 36% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 100.0% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 29 over the past 4 quarters — a shift toward more active trading.
It has trimmed its WVE position for two straight quarters, cutting it by $69.6M while still holding $26.7M.
Peer Institutions
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BJ
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CIK 0002114882
Total reported value
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IM
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Developer Access
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REST API
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