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PSP Research LLC 13F Disclosure (Q2 2026) — Portfolio & Holdings
PSP Research LLCCIK: 0002106939
Concentrated strategySector-focusedMomentum follower
Total reported value
$187.9M
Reporting period: 2026-06-30 · Number of holdings: 75
PSP Research LLC disclosed 75 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $187.9M and a quarterly turnover rate of 43.2%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 43.2
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 47.82
PSP Research LLC's disclosed holdings carry a Herfindahl concentration index of 0.372 — mathematically equivalent to about 3 equally-sized positions, well below its 75 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 5.22), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 25.6 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 5% 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 XBI
+100.1% $53.8M
Trim SGOV
0.0% $7.0K
Sold out SERA
Sold out TYRA
Sold out ASND
Sold out CYTK
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 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 48.01% | +22.26% | +100.07% | |
| 2 | SGOV | Ishares 0-3 Month Treasury B | ETF-Gov Bonds | 37.51% | -12.35% | — | |
| 3 | RPRX | Royalty Pharma plc | Stock-Healthcare | 0.33% | -0.04% | — | |
| 4 | NRIX | Nurix Therapeutics Inc | Stock-Other | 0.32% | +0.01% | -12.89% | |
| 5 | INCY | Incyte CORP | Stock-Healthcare | 0.32% | -0.03% | — | |
| 6 | ARGX | Argenx Se - Adr | Stock-Healthcare | 0.32% | -0.01% | — | |
| 7 | IRON | Disc Medicine Inc | Stock-Other | 0.31% | -0.05% | — | |
| 8 | RAPP | Rapport Therapeutics Inc | Stock-Other | 0.31% | — | — | |
| 9 | RARE | Ultragenyx Pharmaceutical In | Stock-Other | 0.30% | -0.03% | -23.08% | |
| 10 | TRVI | Trevi Therapeutics Inc | Stock-Other | 0.30% | +0.05% | — | |
| 11 | GLUE | Monte Rosa Therapeutics Inc | Stock-Other | 0.30% | -0.03% | -17.86% | |
| 12 | TGTX | Tg Therapeutics Inc | Stock-Healthcare | 0.29% | -0.02% | -23.08% | |
| 13 | HALO | Halozyme Therapeutics Inc | Stock-Healthcare | 0.29% | -0.08% | -12.78% | |
| 14 | IONS | Ionis Pharmaceuticals Inc | Stock-Healthcare | 0.29% | -0.07% | — | |
| 15 | PHVS | Pharvaris N.V. | Stock-Other | 0.28% | -0.12% | -25.00% | |
| 16 | ARQT | Arcutis Biotherapeutics Inc | Stock-Other | 0.27% | -0.06% | — | |
| 17 | AUPH | Aurinia Pharmaceuticals Inc | Stock-Other | 0.27% | -0.04% | — | |
| 18 | NBIX | Neurocrine Biosciences Inc | Stock-Healthcare | 0.27% | -0.09% | -22.04% | |
| 19 | IMVT | Immunovant Inc | Stock-Other | 0.27% | -0.07% | -32.29% | |
| 20 | ACAD | Acadia Pharmaceuticals Inc | Stock-Healthcare | 0.27% | -0.04% | — | |
| 21 | PTCT | Ptc Therapeutics Inc | Stock-Healthcare | 0.26% | -0.03% | — | |
| 22 | CLDX | Celldex Therapeutics Inc | Stock-Other | 0.26% | -0.03% | — | |
| 23 | IMCR | Immunocore Holdings Plc-adr | Stock-Other | 0.26% | -0.06% | — | |
| 24 | DFTX | Definium Therapeutics Inc | Stock-Other | 0.25% | -0.22% | -71.26% | |
| 25 | COGT | Cogent Biosciences Inc | Stock-Other | 0.25% | -0.08% | — | |
| 26 | KYMR | Kymera Therapeutics Inc | Stock-Other | 0.24% | -0.13% | -36.51% | |
| 27 | DYN | Dyne Therapeutics Inc | Stock-Other | 0.24% | -0.02% | — | |
| 28 | ALNY | Alnylam Pharmaceuticals Inc | Stock-Healthcare | 0.23% | -0.11% | — | |
| 29 | TARS | Tarsus Pharmaceuticals Inc | Stock-Other | 0.23% | -0.12% | — | |
| 30 | SNDX | Syndax Pharmaceuticals Inc | Stock-Other | 0.23% | -0.10% | — | |
| 31 | EXEL | Exelixis Inc | Stock-Healthcare | 0.23% | -0.13% | -33.04% | |
| 32 | CRNX | Crinetics Pharmaceuticals In | Stock-Other | 0.22% | -0.06% | — | |
| 33 | NAMS | NewAmsterdam Pharma Company N.V. | Stock-Other | 0.22% | -0.12% | -20.00% | |
| 34 | ✓ | Ascendis Pharma A/s | Stock-Other | 0.21% | +0.21% | NEW | |
| 35 | LQDA | Liquidia CORP | Stock-Other | 0.21% | +0.21% | NEW | |
| 36 | STOK | Stoke Therapeutics Inc | Stock-Other | 0.21% | -0.07% | — | |
| 37 | VKTX | Viking Therapeutics Inc | Stock-Healthcare | 0.21% | -0.14% | -33.33% | |
| 38 | IMNM | Immunome Inc | Stock-Other | 0.20% | -0.11% | -10.00% | |
| 39 | PTGX | Protagonist Therapeutics Inc | Stock-Other | 0.20% | -0.02% | — | |
| 40 | HRMY | Harmony Biosciences Holdings | Stock-Other | 0.19% | -0.09% | -29.99% | |
| 41 | ELVN | Enliven Therapeutics Inc | Stock-Other | 0.19% | — | — | |
| 42 | SYRE | Spyre Therapeutics Inc | Stock-Other | 0.19% | +0.01% | -22.47% | |
| 43 | NTLA | Intellia Therapeutics Inc | Stock-Other | 0.18% | -0.06% | -25.65% | |
| 44 | MDGL | Madrigal Pharmaceuticals Inc | Stock-Healthcare | 0.17% | -0.05% | — | |
| 45 | KNSA | Kiniksa Pharmaceuticals International, plc | Stock-Other | 0.17% | -0.14% | -44.44% | |
| 46 | ALKS | Alkermes plc | Stock-Healthcare | 0.17% | +0.02% | — | |
| 47 | TNGX | Tango Therapeutics Inc | Stock-Other | 0.17% | -0.04% | -30.56% | |
| 48 | ARDX | Ardelyx Inc | Stock-Other | 0.16% | -0.18% | -25.00% | |
| 49 | VERA | Vera Therapeutics Inc | Stock-Other | 0.16% | -0.12% | -30.00% | |
| 50 | MIRM | Mirum Pharmaceuticals Inc | Stock-Other | 0.16% | -0.17% | -50.00% |
1–50 of 75
Portfolio Performance
Performance for Q3 2026
+8.4%
Performance Last 4 Quarters
+11.2%
- Stdev
- +12%
- Beta
- +0.06
- Alpha
- +20.7%
- Max Drawdown
- -2.8%
- Annualized Perf
- +23.7%
- Batting Avg vs S&P
- +50%
- Sortino
- +5.52
- Stutzer
- +0.61
- Treynor
- +4.02
- Sterling
- —
- Calmar
- +8.46
- Information Ratio
- -0.12
- Tracking Error
- +21.3%
- Stdev Down
- +4%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.65
- Sharpe
- +1.84
- Stdev Sectors
- 0%
- Skewness
- +0.26
- Kurtosis
- -0.83
- Upside Potential
- +7.11
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
PSP Research LLC's most significant position changes for 2026-06-30: Sold out: Sera Prognostics Inc-a (SERA); Sold out: Tyra Biosciences Inc (TYRA); Sold out: Ascendis Pharma A/S (ASND); Sold out: Cytokinetics Inc (CYTK); Sold out: Agios Pharmaceuticals Inc (AGIO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XBI | Ss Spdr S&p Biotech ETF | +22.3% | +100.07% | Add |
| 2 | ✓ | Ascendis Pharma A/s | +0.2% | NEW | New buy |
| 3 | LQDA | Liquidia CORP | +0.2% | NEW | New buy |
| 4 | KRYS | Krystal Biotech Inc | +0.1% | NEW | New buy |
| 5 | AVBP | Arrivent Biopharma Inc | +0.1% | NEW | New buy |
| 6 | JAZZ | Jazz Pharmaceuticals plc | +0.1% | NEW | New buy |
| 7 | RVMD | Revolution Medicines Inc | +0.1% | NEW | New buy |
| 8 | RYTM | Rhythm Pharmaceuticals Inc | +0.1% | NEW | New buy |
| 9 | DNLI | Denali Therapeutics Inc | +0.1% | NEW | New buy |
| 10 | ARWR | Arrowhead Pharmaceuticals In | +0.1% | NEW | New buy |
| 11 | SRRK | Scholar Rock Holding CORP | +0.1% | NEW | New buy |
| 12 | CTMX | Cytomx Therapeutics Inc | +0.1% | NEW | New buy |
| 13 | TRVI | Trevi Therapeutics Inc | +0.1% | — | Unchanged |
| 14 | ALKS | Alkermes plc | 0% | — | Unchanged |
| 15 | NRIX | Nurix Therapeutics Inc | 0% | -12.89% | Trim |
| 16 | SYRE | Spyre Therapeutics Inc | 0% | -22.47% | Trim |
| 17 | RAPP | Rapport Therapeutics Inc | — | — | Unchanged |
| 18 | ELVN | Enliven Therapeutics Inc | — | — | Unchanged |
| 19 | ARGX | Argenx Se - Adr | 0% | — | Unchanged |
| 20 | AMLX | Amylyx Pharmaceuticals Inc | 0% | — | Unchanged |
| 21 | OCUL | Ocular Therapeutix Inc | 0% | — | Unchanged |
| 22 | EYPT | Eyepoint Inc | 0% | — | Unchanged |
| 23 | TGTX | Tg Therapeutics Inc | 0% | -23.08% | Trim |
| 24 | DYN | Dyne Therapeutics Inc | 0% | — | Unchanged |
| 25 | PTGX | Protagonist Therapeutics Inc | 0% | — | Unchanged |
| 26 | ORKA | Oruka Therapeutics Inc | 0% | -39.61% | Trim |
| 27 | RARE | Ultragenyx Pharmaceutical In | 0% | -23.08% | Trim |
| 28 | INCY | Incyte CORP | 0% | — | Unchanged |
| 29 | GLUE | Monte Rosa Therapeutics Inc | 0% | -17.86% | Trim |
| 30 | PTCT | Ptc Therapeutics Inc | 0% | — | Unchanged |
| 31 | CLDX | Celldex Therapeutics Inc | 0% | — | Unchanged |
| 32 | EWTX | Edgewise Therapeutics Inc | 0% | -23.08% | Trim |
| 33 | RPRX | Royalty Pharma plc | 0% | — | Unchanged |
| 34 | AUPH | Aurinia Pharmaceuticals Inc | 0% | — | Unchanged |
| 35 | ACAD | Acadia Pharmaceuticals Inc | 0% | — | Unchanged |
| 36 | OLMA | Olema Pharmaceuticals Inc | 0% | — | Unchanged |
| 37 | TNGX | Tango Therapeutics Inc | 0% | -30.56% | Trim |
| 38 | ZYME | Zymeworks Inc | 0% | — | Unchanged |
| 39 | XENE | Xenon Pharmaceuticals Inc | 0% | — | Unchanged |
| 40 | IRON | Disc Medicine Inc | -0.1% | — | Unchanged |
| 41 | ORIC | Oric Pharmaceuticals Inc | -0.1% | — | Unchanged |
| 42 | MDGL | Madrigal Pharmaceuticals Inc | -0.1% | — | Unchanged |
| 43 | ARQT | Arcutis Biotherapeutics Inc | -0.1% | — | Unchanged |
| 44 | IMCR | Immunocore Holdings Plc-adr | -0.1% | — | Unchanged |
| 45 | CRNX | Crinetics Pharmaceuticals In | -0.1% | — | Unchanged |
| 46 | NTLA | Intellia Therapeutics Inc | -0.1% | -25.65% | Trim |
| 47 | SUPN | Supernus Pharmaceuticals Inc | -0.1% | — | Unchanged |
| 48 | IONS | Ionis Pharmaceuticals Inc | -0.1% | — | Unchanged |
| 49 | IMVT | Immunovant Inc | -0.1% | -32.29% | Trim |
| 50 | STOK | Stoke Therapeutics Inc | -0.1% | — | Unchanged |
1–50 of 90
Filing History
FAQ
What is PSP Research LLC and what type of investor is it?
PSP Research 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 $187.9M, spread across 75 disclosed positions.
What are PSP Research LLC's largest equity positions?
Based on the latest 13F filing, PSP Research LLC's top holdings by market value are:
1. Ss Spdr S&p Biotech ETF (XBI) — $90.2M (48.0%)
2. Ishares 0-3 Month Treasury B (SGOV) — $70.5M (37.5%)
3. Royalty Pharma plc (RPRX) — $616.8K (0.3%)
4. Nurix Therapeutics Inc (NRIX) — $606.5K (0.3%)
5. Incyte CORP (INCY) — $600.8K (0.3%)
What changes did PSP Research LLC make in its most recent portfolio filing?
In the latest reported quarter, PSP Research LLC made 57 notable position adjustments: 11 new positions were initiated, 1 existing holdings were added to, 30 positions were partially reduced, and 15 were completely exited. The largest of these moves: Sold out: Sera Prognostics Inc-a (SERA); Sold out: Tyra Biosciences Inc (TYRA); Sold out: Ascendis Pharma A/S (ASND); Sold out: Cytokinetics Inc (CYTK); Sold out: Agios Pharmaceuticals Inc (AGIO)
What sectors does PSP Research LLC focus on?
PSP Research LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
Investment Profile
PSP Research LLC returned an annualized 23.7% over the trailing 6 months — outperforming the S&P 500 by 20.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.06 (less volatile than the market) and a 50% 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 43 over the past 2 quarters — a shift toward more active trading.
It has added to its SGOV position over the past two quarters (+$203.0K, now $70.5M), while trimming OLMA over the same stretch (-$351.5K, still holding $125.1K).
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Developer Access
Access PSP Research LLC's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/psp-research-llcCLI
npx alphasmo institutions get psp-research-llc