Decheng Capital LLC
Portfolio value QoQ: +10.7% 13F does not disclose cash
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 0.09% Est. buys $625,200 · sells $14,956,445
Median holding: 4.0 quarters Tracked Q1 2025–Q2 2026 · 48.3% still held
Performance vs S&P 500
Annualized: +109.4% · S&P 500: +28.7%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Sector breakdown
Full portfolio 14 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| CGON | $452,707,083 | 61.87% | 6,371,669 | $21,472,525 | |||
| NUVB | $147,421,214 | 20.15% | 25,954,439 | $36,076,671 | |||
| AARD | $22,563,642 | 3.08% | 3,917,299 | $7,795,425 | |||
| ACRS | $21,380,783 | 2.92% | 4,041,736 | $6,224,273 | |||
| UPB | $18,856,087 | 2.58% | 2,724,868 | $-5,667,725 | |||
| RCUS | $14,329,137 | 1.96% | 464,779 | $4,008,247 | Down ×3 | ||
| EQ | $14,231,386 | 1.94% | 4,447,308 | $5,336,770 | |||
| RVMD | $9,863,476 | 1.35% | 52,667 | $770,601 | Down ×4 | ||
| LYEL | $9,723,303 | 1.33% | 692,050 | $-4,159,220 | |||
| BYSI | $6,651,229 | 0.91% | 3,800,702 | $418,077 | |||
| ZNTL | $6,418,136 | 0.88% | 1,323,327 | $3,321,551 | |||
| NAMS | $5,994,700 | 0.82% | 176,887 | $-4,410,375 | Down ×4 | ||
| PYXS | $983,698 | 0.13% | 326,810 | $506,555 | |||
| TNGX | $625,200 | 0.09% | 20,000 | Up ×1 | |||
| No matches | |||||||
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| TNGX | $625,200 | 20,000 | 0.09% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| NUVB | Price move only | +0 | +$36.1M |
| CGON | Price move only | +0 | +$21.5M |
| AARD | Price move only | +0 | +$7.8M |
| ACRS | Price move only | +0 | +$6.2M |
| UPB | Price move only | +0 | -$5.7M |
| EQ | Price move only | +0 | +$5.3M |
| NAMS | Trimmed | -148K | -$4.4M |
| LYEL | Price move only | +0 | -$4.2M |
| RCUS | Trimmed | -13K | +$4.0M |
| ZNTL | Price move only | +0 | +$3.3M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| MRUS | Dec. 31, 2025 | 186,546 | $17,563,306 | No longer tracked |
| ACLX | Sept. 30, 2025 | 547,609 | $4,457,537 | No longer tracked |
| CRNX | March 31, 2026 | 92,700 | $4,315,185 | No longer tracked |
| CYTK | June 30, 2025 | 100,000 | $4,019,000 | 94.5% |
| AURA | March 31, 2026 | 360,483 | $1,964,632 | -7.6% |
| KRYS | June 30, 2026 | 7,300 | $1,885,736 | -12.9% |
| BNTX | June 30, 2025 | 20,000 | $1,821,200 | -9.2% |
| HLXA | Dec. 31, 2025 | 181,600 | $1,302,072 | No longer tracked |
| ILMN | Dec. 31, 2025 | 7,979 | $757,766 | 112.1% |
| LEGN | Sept. 30, 2025 | 20,000 | $709,800 | -43.9% |
| GRAL | Dec. 31, 2025 | 9,684 | $572,615 | 72.0% |
| FDMT | March 31, 2026 | 44,311 | $332,333 | 43.2% |
| NUVBWS | March 31, 2026 | 646,057 | $213,198 | No longer tracked |
| RZLT | March 31, 2026 | 59,900 | $141,364 | 28.9% |
| VERA | June 30, 2025 | 4,495 | $107,970 | 25.5% |