M&
Merck & Co., Inc. — 13F Portfolio Breakdown & Top Holdings (Q2 2026)
Merck & Co., Inc.CIK: 0000310158
Concentrated strategySector-focusedContrarian
Total reported value
$526.4M
Reporting period: 2026-06-30 · Number of holdings: 13
Merck & Co., Inc. disclosed 13 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $526.4M and a quarterly turnover rate of 55.9%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 55.9
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 26
- Sizing Uniformity
- 84.09
Merck & Co., Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.257 — mathematically equivalent to about 4 equally-sized positions, well below its 13 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 1.59), 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 31% 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.govAdd PSNL
0.0% $98.7M
Sold out 29384C908
Trim MRNA
0.0% $44.4M
New buy TRDA
Sold out STRO
New buy STRO
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 | PSNL | Personalis Inc | Stock-Other | 35.75% | +10.15% | — | |
| 2 | MRNA | Moderna Inc | Stock-Healthcare | 30.71% | -2.85% | — | |
| 3 | KYMR | Kymera Therapeutics Inc | Stock-Other | 16.82% | -1.58% | — | |
| 4 | AKTS | Aktis Oncology Inc | Stock-Other | 5.83% | +0.95% | — | |
| 5 | EIKN | Eikon Therapeutics Inc | Stock-Other | 4.13% | -0.92% | — | |
| 6 | TRDA | Entrada Therapeutics Inc | Stock-Other | 2.43% | +2.43% | NEW | |
| 7 | STRO | Sutro Biopharma Inc | Stock-Other | 1.72% | +1.72% | NEW | |
| 8 | ALEC | Alector Inc | Stock-Other | 1.35% | -0.83% | — | |
| 9 | EVAX | Evaxion A/s | Stock-Other | 0.71% | +0.72% | NEW | |
| 10 | VRDN | Viridian Therapeutics Inc | Stock-Other | 0.33% | -0.19% | — | |
| 11 | XLO | Xilio Therapeutics Inc | Stock-Other | 0.19% | -0.07% | — | |
| 12 | HURA | Tuhura Biosciences Inc | Stock-Other | 0.01% | — | — | |
| 13 | NEUP | Neuphoria Therapeutics Inc | Stock-Other | 0.01% | — | — |
Portfolio Performance
Performance for Q3 2026
+82.8%
Performance Last 4 Quarters
+285.8%
- Stdev
- +74%
- Beta
- +1.49
- Alpha
- +81.9%
- Max Drawdown
- -21.5%
- Annualized Perf
- +133.2%
- Batting Avg vs S&P
- +55.6%
- Sortino
- +4.04
- Stutzer
- +0.47
- Treynor
- +0.74
- Sterling
- +4.24
- Calmar
- +6.21
- Information Ratio
- +1.27
- Tracking Error
- +71.6%
- Stdev Down
- +27.3%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +285.8%
- Worst 12 Months
- +69.3%
- Efficiency Ratio
- +0.8
- Sharpe
- +1.49
- Stdev Sectors
- 0%
- Skewness
- +0.68
- Kurtosis
- +0.25
- Upside Potential
- +5.93
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Merck & Co., Inc.'s most significant position changes for 2026-06-30: Sold out: ; New buy: Entrada Therapeutics Inc (TRDA); New buy: Sutro Biopharma Inc (STRO); Sold out: Sutro Biopharma, Inc. (STRO); Sold out: Evaxion Biotech A/s (EVAXUSD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PSNL | Personalis Inc | +10.2% | — | Unchanged |
| 2 | TRDA | Entrada Therapeutics Inc | +2.4% | NEW | New buy |
| 3 | STRO | Sutro Biopharma Inc | +1.7% | NEW | New buy |
| 4 | AKTS | Aktis Oncology Inc | +1% | — | Unchanged |
| 5 | EVAX | Evaxion A/s | +0.7% | NEW | New buy |
| 6 | HURA | Tuhura Biosciences Inc | — | — | Unchanged |
| 7 | NEUP | Neuphoria Therapeutics Inc | — | — | Unchanged |
| 8 | CARM | Carisma Therapeutics Inc | 0% | EXIT | Sold out |
| 9 | XLO | Xilio Therapeutics Inc | -0.1% | — | Unchanged |
| 10 | VRDN | Viridian Therapeutics Inc | -0.2% | — | Unchanged |
| 11 | ALEC | Alector Inc | -0.8% | — | Unchanged |
| 12 | EIKN | Eikon Therapeutics Inc | -0.9% | — | Unchanged |
| 13 | EVAXUSD | Evaxion Biotech A/s | -1.3% | EXIT | Sold out |
| 14 | KYMR | Kymera Therapeutics Inc | -1.6% | — | Unchanged |
| 15 | STRO | Sutro Biopharma, Inc. | -1.9% | EXIT | Sold out |
| 16 | MRNA | Moderna Inc | -2.9% | — | Unchanged |
| 17 | ✓ | -6.3% | EXIT | Sold out |
Filing History
FAQ
What is Merck & Co., Inc. and what type of investor is it?
Merck & Co., Inc. 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 $526.4M, spread across 13 disclosed positions.
What are Merck & Co., Inc.'s largest equity positions?
Based on the latest 13F filing, Merck & Co., Inc.'s top holdings by market value are:
1. Personalis Inc (PSNL) — $188.2M (35.8%)
2. Moderna Inc (MRNA) — $161.6M (30.7%)
3. Kymera Therapeutics Inc (KYMR) — $88.5M (16.8%)
4. Aktis Oncology Inc (AKTS) — $30.7M (5.8%)
5. Eikon Therapeutics Inc (EIKN) — $21.7M (4.1%)
What changes did Merck & Co., Inc. make in its most recent portfolio filing?
In the latest reported quarter, Merck & Co., Inc. made 7 notable position adjustments: 3 new positions were initiated, 0 existing holdings were added to, 0 positions were partially reduced, and 4 were completely exited. The largest of these moves: Sold out: ; New buy: Entrada Therapeutics Inc (TRDA); New buy: Sutro Biopharma Inc (STRO); Sold out: Sutro Biopharma, Inc. (STRO); Sold out: Evaxion Biotech A/s (EVAXUSD)
What sectors does Merck & Co., Inc. focus on?
Merck & Co., Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
Investment Profile
Merck & Co., Inc. returned an annualized 133.2% over the trailing 18 months — outperforming the S&P 500 by 81.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.49 (more volatile than the market) and a 56% quarterly batting average against the index.
Its portfolio is concentrated and fast-trading, with 100.0% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 56 over the past 4 quarters — a shift toward more active trading.
It has added to its MRNA position over the past two quarters (+$93.6M, now $161.6M), while trimming VRDN over the same stretch (-$1.2M, still holding $1.7M).
Peer Institutions
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IM
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CIK 0001009022
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AC
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Portfolio Stability25.7
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Developer Access
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