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Spruce Street Capital LP 13F Filing (Q2 2026) — Top Positions & Stock Picks
Spruce Street Capital LPCIK: 0002050194
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$509.7M
Reporting period: 2026-06-30 · Number of holdings: 30
Spruce Street Capital LP disclosed 30 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $509.7M and a quarterly turnover rate of 40.6%.
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Personality snowflake
- Concentration
- 25.03
- Portfolio Stability
- 40.65
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 60
- Sizing Uniformity
- 90.47
Spruce Street Capital LP's disclosed holdings carry a Herfindahl concentration index of 0.063 — mathematically equivalent to about 16 equally-sized positions, well below its 30 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.95), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 4.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 6% 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.govSold out 260
Sold out 4XC1
Add RLAY
0.0% $26.1M
Add ALKS
+71.0% $17.3M
Add KNSA
+20.6% $22.1M
New buy IFRX
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 | KNSA | Kiniksa Pharmaceuticals International, plc | Stock-Other | 11.52% | +2.71% | +20.63% | |
| 2 | RLAY | Relay Therapeutics Inc | Stock-Other | 10.95% | +3.81% | — | |
| 3 | LBRX | Lb Pharmaceuticals Inc | Stock-Other | 8.76% | +0.67% | — | |
| 4 | RLMD | Relmada Therapeutics Inc | Stock-Other | 8.68% | -1.66% | +2.06% | |
| 5 | ANRO | Alto Neuroscience Inc | Stock-Other | 7.01% | +0.01% | +2.10% | |
| 6 | DNTH | Dianthus Therapeutics Inc | Stock-Other | 6.79% | -0.74% | -4.94% | |
| 7 | ALKS | Alkermes plc | Stock-Healthcare | 5.59% | +2.89% | +71.03% | |
| 8 | SVRA | Savara Inc | Stock-Other | 4.17% | -0.27% | +2.05% | |
| 9 | PCVX | Vaxcyte Inc | Stock-Other | 3.49% | +0.06% | +24.56% | |
| 10 | ELVN | Enliven Therapeutics Inc | Stock-Other | 3.28% | +0.18% | — | |
| 11 | ENTA | Enanta Pharmaceuticals Inc | Stock-Other | 3.11% | +0.28% | +16.74% | |
| 12 | CATX | Perspective Therapeutics Inc | Stock-Other | 2.47% | -0.16% | +40.61% | |
| 13 | IFRX | InflaRx N.V. | Stock-Other | 2.35% | +2.35% | NEW | |
| 14 | SRZN | Surrozen Inc | Stock-Other | 2.20% | -0.83% | — | |
| 15 | ALMS | Alumis Inc | Stock-Other | 2.17% | +0.09% | — | |
| 16 | IPSC | Century Therapeutics Inc | Stock-Other | 1.95% | -0.26% | — | |
| 17 | NERV | Minerva Neurosciences Inc | Stock-Other | 1.80% | -0.60% | — | |
| 18 | SABS | Sab Biotherapeutics Inc | Stock-Other | 1.68% | -0.34% | — | |
| 19 | ANTX | An2 Therapeutics Inc | Stock-Other | 1.58% | +0.24% | — | |
| 20 | ERAS | Erasca Inc | Stock-Other | 1.52% | -0.12% | — | |
| 21 | IKT | Inhibikase Therapeutics Inc | Stock-Other | 1.43% | -0.02% | — | |
| 22 | ✓ | Stock-Other | 1.05% | +1.05% | NEW | ||
| 23 | ✓ | Helix Acquisition CORP Iii | Stock-Other | 1.04% | -0.18% | — | |
| 24 | ZLAB | Zai Lab Ltd-adr | Stock-Other | 1.04% | +1.04% | NEW | |
| 25 | ACHV | Achieve Life Sciences Inc | Stock-Other | 0.94% | +0.94% | NEW | |
| 26 | LXEO | Lexeo Therapeutics Inc | Stock-Other | 0.85% | -0.43% | — | |
| 27 | ALEC | Alector Inc | Stock-Other | 0.83% | -0.26% | — | |
| 28 | LONA | Leonabio Inc | Stock-Other | 0.71% | -0.21% | — | |
| 29 | CRVS | Corvus Pharmaceuticals Inc | Stock-Other | 0.68% | -0.13% | — | |
| 30 | ✓ | Stock-Other | 0.36% | +0.36% | NEW |
Portfolio Performance
Performance for Q3 2026
+21.3%
Performance Last 4 Quarters
+30.8%
Based on 90% of reported portfolio value with available pricing
- Stdev
- +21.8%
- Beta
- -0.56
- Alpha
- +70.7%
- Max Drawdown
- -1.6%
- Annualized Perf
- +71.1%
- Batting Avg vs S&P
- +50%
- Sortino
- +24.13
- Stutzer
- +1.01
- Treynor
- -1.01
- Sterling
- —
- Calmar
- +44.1
- Information Ratio
- +0.92
- Tracking Error
- +34.8%
- Stdev Down
- +2.4%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.95
- Sharpe
- +2.6
- Stdev Sectors
- 0%
- Skewness
- +0.78
- Kurtosis
- -0.51
- Upside Potential
- +25.85
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Spruce Street Capital LP's most significant position changes for 2026-06-30: Sold out: Centessa Pharmaceuticals-adr (260); Sold out: Kalvista Pharmaceuticals Inc (4XC1); New buy: InflaRx N.V. (IFRX); Sold out: Maze Therapeutics Inc (MAZE); New buy: .
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RLAY | Relay Therapeutics Inc | +3.8% | — | Unchanged |
| 2 | ALKS | Alkermes plc | +2.9% | +71.03% | Add |
| 3 | KNSA | Kiniksa Pharmaceuticals International, plc | +2.7% | +20.63% | Add |
| 4 | IFRX | InflaRx N.V. | +2.4% | NEW | New buy |
| 5 | ✓ | +1.1% | NEW | New buy | |
| 6 | ZLAB | Zai Lab Ltd-adr | +1% | NEW | New buy |
| 7 | ACHV | Achieve Life Sciences Inc | +0.9% | NEW | New buy |
| 8 | LBRX | Lb Pharmaceuticals Inc | +0.7% | — | Unchanged |
| 9 | ✓ | +0.4% | NEW | New buy | |
| 10 | ENTA | Enanta Pharmaceuticals Inc | +0.3% | +16.74% | Add |
| 11 | ANTX | An2 Therapeutics Inc | +0.2% | — | Unchanged |
| 12 | ELVN | Enliven Therapeutics Inc | +0.2% | — | Unchanged |
| 13 | ALMS | Alumis Inc | +0.1% | — | Unchanged |
| 14 | PCVX | Vaxcyte Inc | +0.1% | +24.56% | Add |
| 15 | ANRO | Alto Neuroscience Inc | 0% | +2.10% | Add |
| 16 | IKT | Inhibikase Therapeutics Inc | 0% | — | Unchanged |
| 17 | ERAS | Erasca Inc | -0.1% | — | Unchanged |
| 18 | CRVS | Corvus Pharmaceuticals Inc | -0.1% | — | Unchanged |
| 19 | CATX | Perspective Therapeutics Inc | -0.2% | +40.61% | Add |
| 20 | ✓ | Helix Acquisition CORP Iii | -0.2% | — | Unchanged |
| 21 | LONA | Leonabio Inc | -0.2% | — | Unchanged |
| 22 | IPSC | Century Therapeutics Inc | -0.3% | — | Unchanged |
| 23 | ALEC | Alector Inc | -0.3% | — | Unchanged |
| 24 | SVRA | Savara Inc | -0.3% | +2.05% | Add |
| 25 | SABS | Sab Biotherapeutics Inc | -0.3% | — | Unchanged |
| 26 | LXEO | Lexeo Therapeutics Inc | -0.4% | — | Unchanged |
| 27 | NERV | Minerva Neurosciences Inc | -0.6% | — | Unchanged |
| 28 | DNTH | Dianthus Therapeutics Inc | -0.7% | -4.94% | Trim |
| 29 | SRZN | Surrozen Inc | -0.8% | — | Unchanged |
| 30 | MAZE | Maze Therapeutics Inc | -1.4% | EXIT | Sold out |
| 31 | RLMD | Relmada Therapeutics Inc | -1.7% | +2.06% | Add |
| 32 | 4XC1 | Kalvista Pharmaceuticals Inc | -4.3% | EXIT | Sold out |
| 33 | 260 | Centessa Pharmaceuticals-adr | -4.7% | EXIT | Sold out |
Filing History
FAQ
What is Spruce Street Capital LP and what type of investor is it?
Spruce Street Capital 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 $509.7M, spread across 30 disclosed positions.
What are Spruce Street Capital LP's largest equity positions?
Based on the latest 13F filing, Spruce Street Capital LP's top holdings by market value are:
1. Kiniksa Pharmaceuticals International, plc (KNSA) — $58.7M (11.5%)
2. Relay Therapeutics Inc (RLAY) — $55.8M (10.9%)
3. Lb Pharmaceuticals Inc (LBRX) — $44.7M (8.8%)
4. Relmada Therapeutics Inc (RLMD) — $44.2M (8.7%)
5. Alto Neuroscience Inc (ANRO) — $35.7M (7.0%)
What changes did Spruce Street Capital LP make in its most recent portfolio filing?
In the latest reported quarter, Spruce Street Capital LP made 17 notable position adjustments: 5 new positions were initiated, 8 existing holdings were added to, 1 positions were partially reduced, and 3 were completely exited. The largest of these moves: Sold out: Centessa Pharmaceuticals-adr (260); Sold out: Kalvista Pharmaceuticals Inc (4XC1); New buy: InflaRx N.V. (IFRX); Sold out: Maze Therapeutics Inc (MAZE); New buy:
What sectors does Spruce Street Capital LP focus on?
Spruce Street Capital LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
Investment Profile
Spruce Street Capital LP returned an annualized 71.1% over the trailing 6 months — outperforming the S&P 500 by 70.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of -0.56 (less volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 100.0% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 41 over the past 2 quarters — a shift toward more active trading.
It has added to its KNSA position for two straight quarters, increasing it by $40.8M to reach $58.7M.
Peer Institutions
Institutions with a similar AUM
TC
Towneley Capital Management, Inc / DE
CIK 0002004980
Total reported value
$509.5M
46 stks
2026-06-30
Concentration60.9
Portfolio Stability10.2
Sector conviction0.0
AUM within 0.0% of this institution
View detail
VB
Vishria Bird Financial Group, LLC
CIK 0001746438
Total reported value
$509.9M
97 stks
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Stale — no recent filing
Concentration17.3
Portfolio Stability79.7
Sector conviction77.9
AUM within 0.0% of this institution
View detail
CR
Castle Rock Wealth Management, LLC
CIK 0001727605
Total reported value
$509.4M
268 stks
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Concentration4.9
Portfolio Stability24.7
Sector conviction67.0
AUM within 0.0% of this institution
View detail
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Developer Access
Access Spruce Street Capital LP's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/spruce-street-capital-lpCLI
npx alphasmo institutions get spruce-street-capital-lp