Trails Edge Capital Partners, LP
ATLANTA, GA
$630m in 35 US stocks at the end of 30 June 2026. The top 10 are 50.3% of the money. It changed about 38.3% of the portfolio this quarter.
Value
$630m
Stocks
35
Top 10 share
50.3%
Turnover
38.3%
What changed this quarter
New
Bought for the first time this quarter.
- First Tracks BiotherapeuticsTRAX4.8% of the fund
- Biomarin PharmaceuticalBMRN4.7% of the fund
- InsmedINSM3.9% of the fund
- Kailera TherapeuticsKLRA3.4% of the fund
- IncyteINCY2.8% of the fund
- Avalo TherapeuticsAVTX2.6% of the fund
- MoonLake ImmunotherapeuticsMLTX2.3% of the fund
- Aura BiosciencesAURA1.6% of the fund
- AltimmuneALT1.3% of the fund
- OnKure TherapeuticsOKUR1.0% of the fund
- Forte Biosciences0.9% of the fund
- Research Alliance Corp IIIRACC0.8% of the fund
- ImageneBioIMA0.3% of the fund
Added
Bought more of a stock they already held.
- LB PharmaceuticalsLBRX7.8% of the fund+15%
- Immunocore HldgsIMCR5.4% of the fund+56%
- 4D Molecular TherapeuticsFDMT4.7% of the fund+71%
- Design TherapeuticsDSGN4.6% of the fund+135%
- Syndax PharmaceuticalsSNDX3.9% of the fund+58%
- Inhibikase TherapeuticsIKT2.9% of the fund+12%
- Faeth TherapeuticsFTH2.0% of the fund+312%
- Opus GeneticsIRD1.8% of the fund+449%
- Sol-Gel TechnologiesSLGL1.6% of the fund+63%
- Century TherapeuticsIPSC1.6% of the fund+69%
Cut
Sold some of their stake.
- Nurix TherapeuticsNRIX6.1% of the fund-10%
- Mirum PharmaceuticalsMIRM4.2% of the fund-33%
- CytokineticsCYTK3.9% of the fund-4%
- NeurogeneNGNE3.6% of the fund-9%
- Revolution MedicinesRVMD3.4% of the fund-53%
- vTv TherapeuticsVTVT0.5% of the fund-39%
Sold out
Sold their entire stake.
- VaxcytePCVX-100%
- Definium TherapeuticsDFTX-100%
- Arcus BiosciencesRCUS-100%
- ImmunovantIMVT-100%
Holdings
- Immunocore HldgsIMCR
- Share
- 5.4%
- Value
- $34m
- Shares
- 1,063,234
+56%
- First Tracks BiotherapeuticsTRAX
- Share
- 4.8%
- Value
- $30m
- Shares
- 1,514,000
New
- Kailera TherapeuticsKLRA
- Share
- 3.4%
- Value
- $22m
- Shares
- 984,786
New
- Forte Biosciences
- Share
- 0.9%
- Value
- $6m
- Shares
- 273,181
New
- Research Alliance Corp IIIRACC
- Share
- 0.8%
- Value
- $5m
- Shares
- 500,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| LB PharmaceuticalsLBRX | 7.8% | $49m | 1,523,022 | +15% |
| Nurix TherapeuticsNRIX | 6.1% | $38m | 1,573,220 | -10% |
| Immunocore HldgsIMCR | 5.4% | $34m | 1,063,234 | +56% |
| First Tracks BiotherapeuticsTRAX | 4.8% | $30m | 1,514,000 | New |
| 4D Molecular TherapeuticsFDMT | 4.7% | $30m | 2,227,917 | +71% |
| Biomarin PharmaceuticalBMRN | 4.7% | $29m | 512,000 | New |
| Design TherapeuticsDSGN | 4.6% | $29m | 2,001,282 | +135% |
| Xenon PharmaceuticalsXENE | 4.2% | $27m | 440,000 | Held |
| Mirum PharmaceuticalsMIRM | 4.2% | $26m | 223,312 | -33% |
| InsmedINSM | 3.9% | $25m | 230,331 | New |
| CytokineticsCYTK | 3.9% | $25m | 288,089 | -4% |
| Syndax PharmaceuticalsSNDX | 3.9% | $24m | 1,110,000 | +58% |
| NeurogeneNGNE | 3.6% | $22m | 714,885 | -9% |
| Kailera TherapeuticsKLRA | 3.4% | $22m | 984,786 | New |
| Revolution MedicinesRVMD | 3.4% | $22m | 115,750 | -53% |
| Inhibikase TherapeuticsIKT | 2.9% | $18m | 9,051,318 | +12% |
| IncyteINCY | 2.8% | $18m | 155,000 | New |
| Avalo TherapeuticsAVTX | 2.6% | $16m | 891,881 | New |
| MoonLake ImmunotherapeuticsMLTX | 2.3% | $15m | 750,000 | New |
| Faeth TherapeuticsFTH | 2.0% | $13m | 515,335 | +312% |
| X4 PharmaceuticalsXFOR | 1.9% | $12m | 2,571,478 | Held |
| Opus GeneticsIRD | 1.8% | $11m | 2,743,658 | +449% |
| Sol-Gel TechnologiesSLGL | 1.6% | $10m | 139,445 | +63% |
| Aura BiosciencesAURA | 1.6% | $10m | 1,443,333 | New |
| Century TherapeuticsIPSC | 1.6% | $10m | 4,134,969 | +69% |
| InventivaIVA | 1.6% | $10m | 2,657,997 | Held |
| Camp4 TherapeuticsCAMP | 1.3% | $8m | 1,932,937 | Held |
| AltimmuneALT | 1.3% | $8m | 2,660,000 | New |
| Minerva NeurosciencesNERV | 1.3% | $8m | 1,419,000 | Held |
| ProMIS NeurosciencesPMN | 1.2% | $7m | 557,103 | Held |
| OnKure TherapeuticsOKUR | 1.0% | $7m | 1,438,456 | New |
| Forte Biosciences | 0.9% | $6m | 273,181 | New |
| Research Alliance Corp IIIRACC | 0.8% | $5m | 500,000 | New |
| vTv TherapeuticsVTVT | 0.5% | $3m | 85,192 | -39% |
| ImageneBioIMA | 0.3% | $2m | 282,004 | New |
Over time and by industry
Value over time
Dec '25
Jun '26
Value is up 55.6% since 31 December 2025.
Where the money is
Health care93.7%
Other6.3%
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.