Defilade Capital Management, L.P.
EMERYVILLE, CA
$747m in 39 US stocks at the end of 30 June 2026. The top 10 are 46.5% of the money. It changed about 57.3% of the portfolio this quarter.
Value
$747m
Stocks
39
Top 10 share
46.5%
Turnover
57.3%
What changed this quarter
New
Bought for the first time this quarter.
- Veeva SystemsVEEV5.6% of the fund
- Biomarin PharmaceuticalBMRN5.2% of the fund
- Baxter InternationalBAX4.2% of the fund
- InsuletPODD3.6% of the fund
- Thermo Fisher ScientificTMO3.5% of the fund
- Abbott LaboratoriesABT3.5% of the fund
- Ascendis Pharma A/SASND3.4% of the fund
- SolventumSOLV3.3% of the fund
- MedtronicMDT3.2% of the fund
- Agios PharmaceuticalsAGIO2.7% of the fund
- Envista HoldingsNVST2.6% of the fund
- Tyra BiosciencesTYRA1.6% of the fund
- Larimar TherapeuticsLRMR1.5% of the fund
- EnovisENOV1.5% of the fund
- TeleflexTFX1.4% of the fund
- GlaukosGKOS1.2% of the fund
- Staar SurgicalSTAA1.2% of the fund
- Crinetics PharmaceuticalsCRNX1.2% of the fund
- LivaNovaLIVN1.2% of the fund
- Black Diamond TherapeuticsBDTX0.4% of the fund
Added
Bought more of a stock they already held.
- Eli LillyLLY6.3% of the fund+89%
- PfizerPFE5.7% of the fund+21%
- PTC TherapeuticsPTCT4.7% of the fund+15%
- InsmedINSM4.0% of the fund+45%
- Cogent BiosciencesCOGT2.0% of the fund+12%
- Oric PharmaceuticalsORIC1.5% of the fund+24%
- EvommuneEVMN1.4% of the fund+17%
Cut
Sold some of their stake.
- Zimmer Biomet HoldingsZBH3.7% of the fund-45%
- Elanco Animal HealthELAN2.8% of the fund-7%
- Revolution MedicinesRVMD2.1% of the fund-74%
- ICU MedicalICUI2.1% of the fund-58%
- Lantheus HoldingsLNTH2.0% of the fund-47%
- Olema PharmaceuticalsOLMA1.5% of the fund-39%
- Globus MedicalGMED1.5% of the fund-61%
- Denali TherapeuticsDNLI1.3% of the fund-71%
- PACS GroupPACS1.2% of the fund-64%
Sold out
Sold their entire stake.
- Henry ScheinHSIC-100%
- Becton DickinsonBDX-100%
- DexcomDXCM-100%
- Intuitive SurgicalISRG-100%
- Neurocrine BiosciencesNBIX-100%
- Integer HoldingsITGR-100%
- BiogenBIIB-100%
- Tandem Diabetes CareTNDM-100%
- Nuvalent-100%
- Ascendis Pharma A/SASND-100%
- Align TechnologyALGN-100%
- BiohavenBHVN-100%
Holdings
- Crinetics PharmaceuticalsCRNX
- Share
- 1.2%
- Value
- $9m
- Shares
- 239,440
New
- Mereo Biopharma GroupMREO
- Share
- 0.3%
- Value
- $2m
- Shares
- 7,558,756
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Eli LillyLLY | 6.3% | $47m | 39,086 | +89% |
| PfizerPFE | 5.7% | $43m | 1,771,743 | +21% |
| Veeva SystemsVEEV | 5.6% | $42m | 236,709 | New |
| Biomarin PharmaceuticalBMRN | 5.2% | $39m | 682,005 | New |
| PTC TherapeuticsPTCT | 4.7% | $35m | 433,699 | +15% |
| Baxter InternationalBAX | 4.2% | $31m | 1,459,380 | New |
| InsmedINSM | 4.0% | $30m | 281,838 | +45% |
| Zimmer Biomet HoldingsZBH | 3.7% | $27m | 317,426 | -45% |
| InsuletPODD | 3.6% | $27m | 176,932 | New |
| Thermo Fisher ScientificTMO | 3.5% | $26m | 51,934 | New |
| Abbott LaboratoriesABT | 3.5% | $26m | 285,778 | New |
| Ascendis Pharma A/SASND | 3.4% | $25m | 94,843 | New |
| SolventumSOLV | 3.3% | $24m | 316,454 | New |
| MedtronicMDT | 3.2% | $24m | 303,301 | New |
| Elanco Animal HealthELAN | 2.8% | $21m | 864,080 | -7% |
| Agios PharmaceuticalsAGIO | 2.7% | $20m | 546,848 | New |
| Envista HoldingsNVST | 2.6% | $19m | 726,108 | New |
| Revolution MedicinesRVMD | 2.1% | $16m | 82,827 | -74% |
| ICU MedicalICUI | 2.1% | $15m | 105,700 | -58% |
| Cogent BiosciencesCOGT | 2.0% | $15m | 393,441 | +12% |
| Lantheus HoldingsLNTH | 2.0% | $15m | 132,662 | -47% |
| Ocular TherapeutixOCUL | 2.0% | $15m | 1,490,286 | Held |
| Eledon PharmaceuticalsELDN | 1.9% | $14m | 3,525,338 | Held |
| Tyra BiosciencesTYRA | 1.6% | $12m | 376,870 | New |
| Olema PharmaceuticalsOLMA | 1.5% | $12m | 924,758 | -39% |
| Oric PharmaceuticalsORIC | 1.5% | $11m | 1,047,690 | +24% |
| Larimar TherapeuticsLRMR | 1.5% | $11m | 3,670,135 | New |
| Globus MedicalGMED | 1.5% | $11m | 139,637 | -61% |
| EnovisENOV | 1.5% | $11m | 531,945 | New |
| EvommuneEVMN | 1.4% | $11m | 793,145 | +17% |
| TeleflexTFX | 1.4% | $10m | 80,118 | New |
| Denali TherapeuticsDNLI | 1.3% | $10m | 391,866 | -71% |
| GlaukosGKOS | 1.2% | $9m | 66,519 | New |
| Staar SurgicalSTAA | 1.2% | $9m | 322,126 | New |
| PACS GroupPACS | 1.2% | $9m | 215,675 | -64% |
| Crinetics PharmaceuticalsCRNX | 1.2% | $9m | 239,440 | New |
| LivaNovaLIVN | 1.2% | $9m | 107,373 | New |
| Black Diamond TherapeuticsBDTX | 0.4% | $3m | 1,674,999 | New |
| Mereo Biopharma GroupMREO | 0.3% | $2m | 7,558,756 | Held |
Over time and by industry
Value over time
Dec '25
Jun '26
Value is up 1.2% since 31 December 2025.
Where the money is
Health care99.7%
Other0.3%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.