Tekla Capital Management LLC

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CIK 1300336

13F portfolio (2023-Q2)

$2.6B

Positions

166

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2023-Q1. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2023-Q2)

Holdings

166

Top 5

23.6%

Top 10

40.3%

Effective N

42.6

HHI

0.023

This quarter

9 new · 0 exit →

By sector

Health Care78.8%

Financials8.3%

Unclassified6.5%

Information Technology3.4%

Real Estate1.6%

Consumer Discretionary1.2%

Consumer Staples0.3%

Materials0.0%

By market cap

Large ($10–200B)53.7%

Mega (>$200B)26.2%

Unknown13.2%

Mid ($2–10B)4.3%

Small ($300M–2B)1.7%

Micro (<$300M)0.8%

By region

North America88.8%

Other6.5%

Europe4.6%

Asia-Pacific0.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Pharmaceuticals & Biotechnology	61.61%	76
Health Care Equipment & Supplies	9.66%	18
Insurance	8.31%	5
Unclassified	6.54%	37
Life Sciences Tools & Services	5.17%	6
Technology Hardware & Equipment	3.36%	2
Health Care Providers & Services	2.31%	6
Equity Real Estate Investment Trusts (REITs)	1.58%	12
Distributors	1.19%	2
Food & Staples Retailing	0.25%	1
Chemicals	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	AMGN	AMGEN INC	Health Care	5.36%
2	JNJ	JOHNSON & JOHNSON	Health Care	4.68%
3	GILD	GILEAD SCIENCES, INC.	Health Care	4.63%
4	REGN	REGENERON PHARMACEUTICALS, INC.	Health Care	4.54%
5	VRTX	VERTEX PHARMACEUTICALS INC / MA	Health Care	4.38%
6	LLY	ELI LILLY & Co	Health Care	3.92%
7	UNH	UNITEDHEALTH GROUP INC	Financials	3.89%
8	MRK	Merck & Co., Inc.	Health Care	3.29%
9	ABBV	AbbVie Inc.	Health Care	2.88%
10	BIIB	BIOGEN INC.	Health Care	2.76%

129/166 names classified · sector 93.5% of weight · industry 93.5% · mkt cap 86.8%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 41 quarters

Health CareGILD, AMGN, BIIB, REGN, JNJ · other

FinancialsUNH, HUM, CI, ELV, MOH · other

Real EstateOHI, VTR, SBRA, MPT, WELL · other

Information TechnologyTMO, DHR

Consumer DiscretionaryMCK, COR, ACH, CAH, HSIC

Consumer Staples

IndustrialsHQY, EVH, AMN, RMR

Materials

UnclassifiedCELGENE CORP, ALEXION PHARMACEUTICALS INC, ALLERGAN PLC, MYLAN NV, ACTAVIS PLC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 93.5% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2023-Q2), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (66 classified)Tekla Capital Management LLC centroid (Mid Core)

Health CareFinancialsInformation TechnologyReal EstateConsumer DiscretionaryConsumer Staples

Style box summary for Tekla Capital Management LLC: centroid Mid Core. Heaviest cells: Large Core 25.0%, Large Value 18.8%, Mid Core 10.3%.

Classified: 77.3% of book weight (66/135 names) · unclassified 22.7%: , AZN, MRNA, ARGX, CRL, SRPT, NVO, JAZZ, NVS, GH +59 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 166 positions (2023-Q2) · largest first · Δ vs 2023-Q1

#	Security	Shares	Value	Weight	Δ QoQ
1	AMGNAMGEN INC	616,539	$137M	5.4%	ADD 11%
2	JNJJOHNSON & JOHNSON	721,779	$119M	4.7%	HOLD
3	GILDGILEAD SCIENCES INC	1,533,884	$118M	4.6%	HOLD
4	REGNREGENERON PHARMACEUTICALS	161,418	$116M	4.5%	ADD 13%
5	VRTXVERTEX PHARMACEUTICALS INC	318,043	$112M	4.4%	TRIM −4%
6	LLYELI LILLY & CO	213,352	$100M	3.9%	TRIM −26%
7	UNHUNITEDHEALTH GROUP INC	206,961	$99M	3.9%	TRIM −12%
8	MRKMERCK & CO INC	728,154	$84M	3.3%	ADD 32%
9	ABBVABBVIE INC	545,629	$74M	2.9%	ADD 7%
10	BIIBBIOGEN INC	247,943	$71M	2.8%	ADD 3%
11	AZNASTRAZENECA PLC	976,676	$70M	2.7%	HOLD
12	ILMNILLUMINA INC	336,979	$63M	2.5%	TRIM −3%
13	ABTABBOTT LABS	552,455	$60M	2.4%	TRIM −11%
14	PFEPFIZER INC	1,624,476	$60M	2.3%	TRIM −8%
15	TMOTHERMO FISHER SCIENTIFIC INC	98,987	$52M	2.0%	ADD 6%
16	ELVELEVANCE HEALTH INC FORMERLY	114,070	$51M	2.0%	HOLD
17	MRNAMODERNA INC	343,695	$42M	1.6%	ADD 7%
18	BSXBOSTON SCIENTIFIC CORP	657,790	$36M	1.4%	ADD 16%
19	DHRDANAHER CORP DEL	142,813	$34M	1.3%	ADD 35%
20	MDTMEDTRONIC PLC	344,417	$30M	1.2%	HOLD
21	IDXXIDEXX LABS INC	58,595	$29M	1.2%	HOLD
22	DXCMDEXCOM	228,747	$29M	1.2%	HOLD
23	BMYBRISTOL-MYERS SQUIBB CO	458,498	$29M	1.1%	TRIM −31%
24	ISRGINTUITIVE SURGICAL INC	83,980	$29M	1.1%	TRIM −25%
25	ALNYALNYLAM PHARMACEUTICALS INC	143,214	$27M	1.1%	HOLD
26	CITHE CIGNA GROUP	96,339	$27M	1.1%	TRIM −47%
27	MCKMCKESSON CORP	61,955	$26M	1.0%	TRIM −7%
28	ARGXARGENX SE	65,553	$26M	1.0%	TRIM −26%
29	HCAHCA HEALTHCARE INC	82,403	$25M	1.0%	TRIM −7%
30	SYKSTRYKER CORPORATION	81,128	$25M	1.0%	ADD 13%
31	IQVIQVIA HLDGS INC	109,129	$25M	1.0%	ADD 73%
32	ZTSZOETIS INC	136,914	$24M	0.9%	HOLD
33	CRLCHARLES RIV LABS INTL INC	111,183	$23M	0.9%	TRIM −6%
34	SEAGEN INC	112,331	$22M	0.8%	TRIM −50%
35	SRPTSAREPTA THERAPEUTICS INC	179,437	$21M	0.8%	TRIM −37%
36	NVONOVO-NORDISK A S	122,777	$20M	0.8%	ADD 10%
37	Oculis Holding AG	1,690,741	$19M	0.7%	HOLD
38	MOHMOLINA HEALTHCARE INC	61,856	$19M	0.7%	HOLD
39	JAZZJAZZ PHARMACEUTICALS PLC	147,779	$18M	0.7%	HOLD
40	BMRNBIOMARIN PHARMACEUTICAL INC	210,789	$18M	0.7%	TRIM −30%
41	EWEDWARDS LIFESCIENCES CORP	189,597	$18M	0.7%	ADD 11%
42	HUMHUMANA INC	36,794	$16M	0.6%	HOLD
43	APELLIS PHARMACEUTICALS INC	173,248	$16M	0.6%	ADD 28%
44	BAXBAXTER INTL INC	324,370	$15M	0.6%	ADD 382%
45	EXELEXELIXIS INC	726,639	$14M	0.5%	HOLD
46	NVSNOVARTIS AG	136,225	$14M	0.5%	HOLD
47	KARUNA THERAPEUTICS INC	58,577	$13M	0.5%	ADD 10%
48	PODDINSULET CORP	43,847	$13M	0.5%	NEW
49	GHGUARDANT HEALTH INC	346,084	$12M	0.5%	TRIM −27%
50	ASNDASCENDIS PHARMA A/S	138,791	$12M	0.5%	ADD 12%
51	XBISPDR SERIES TRUST	147,677	$12M	0.5%	HOLD
52	PHYSICIANS RLTY TR	873,655	$12M	0.5%	HOLD
53	THCTenet Healthcare Corp.	149,070	$12M	0.5%	NEW
54	BNTXBIONTECH SE	103,858	$11M	0.4%	HOLD
55	NBIXNEUROCRINE BIOSCIENCES INC	112,908	$11M	0.4%	HOLD
56	ZBHZIMMER BIOMET HOLDINGS INC	67,356	$10M	0.4%	HOLD
57	RLYBRALLYBIO CORP	1,727,067	$10M	0.4%	HOLD
58	PCVXVAXCYTE INC	194,232	$10M	0.4%	ADD 3785%
59	ALKSALKERMES PLC	309,613	$10M	0.4%	HOLD
60	DNLIDENALI THERAPEUTICS INC	324,829	$10M	0.4%	HOLD
61	AVTRAVANTOR INC	459,488	$9M	0.4%	HOLD
62	OHIOMEGA HEALTHCARE INVS INC	306,433	$9M	0.4%	HOLD
63	UTHRUnited Therapeutics Corp.	41,465	$9M	0.4%	TRIM −32%
64	INTRA-CELLULAR THERAPIES INC	131,435	$8M	0.3%	TRIM −24%
65	ACHCACADIA HEALTHCARE COMPANY IN	100,912	$8M	0.3%	TRIM −46%
66	MDGLMADRIGAL PHARMACEUTICALS INC	34,434	$8M	0.3%	ADD 176%
67	RMDRESMED INC	34,704	$8M	0.3%	TRIM −53%
68	HORIZON THERAPEUTICS PLC	72,425	$7M	0.3%	NEW
69	INSPINSPIRE MED SYS INC	22,018	$7M	0.3%	NEW
70	CYTKCYTOKINETICS INC	219,025	$7M	0.3%	HOLD
71	STESTERIS PLC	31,072	$7M	0.3%	HOLD
72	SNYSANOFI SA	123,454	$7M	0.3%	HOLD
73	R1 RCM INC	356,851	$7M	0.3%	HOLD
74	CVSCVS HEALTH CORP	93,621	$6M	0.3%	HOLD
75	MEDPMEDPACE HLDGS INC	26,918	$6M	0.3%	ADD 185%
76	IMVTIMMUNOVANT INC	336,200	$6M	0.2%	ADD 191%
77	NTLAINTELLIA THERAPEUTICS INC	154,269	$6M	0.2%	HOLD
78	LTCLTC PPTYS INC	182,293	$6M	0.2%	HOLD
79	SBRASABRA HEALTH CARE REIT INC	510,660	$6M	0.2%	HOLD
80	SNNSMITH & NEPHEW PLC	181,710	$6M	0.2%	HOLD
81	CHINOOK THERAPEUTICS INC	150,863	$6M	0.2%	ADD 81%
82	WSTWEST PHARMACEUTICAL SVSC INC	15,036	$6M	0.2%	HOLD
83	CEREVEL THERAPEUTICS HLDNG I	176,483	$6M	0.2%	HOLD
84	LIVNLIVANOVA PLC	108,480	$6M	0.2%	ADD 70%
85	MDRXVERADIGM INC	428,580	$5M	0.2%	HOLD
86	AAGILENT TECHNOLOGIES INC	43,191	$5M	0.2%	HOLD
87	MARINUS PHARMACEUTICALS INC	411,101	$4M	0.2%	TRIM −10%
88	QUREUNIQURE NV	356,280	$4M	0.2%	TRIM −45%
89	CORCENCORA INC	20,417	$4M	0.2%	HOLD
90	MPTMEDICAL PPTYS TRUST INC	411,743	$4M	0.1%	HOLD
91	ONCBEONE MEDICINES LTD	20,952	$4M	0.1%	HOLD
92	IONSIONIS PHARMACEUTICALS INC	87,840	$4M	0.1%	HOLD
93	BCRXBIOCRYST PHARMACEUTICALS INC	504,528	$4M	0.1%	HOLD
94	REATA PHARMACEUTICALS INC	34,250	$3M	0.1%	ADD 92%
95	TEVATEVA PHARMACEUTICAL INDS LTD	459,651	$3M	0.1%	HOLD
96	WELLWELLTOWER INC	41,484	$3M	0.1%	HOLD
97	HRHEALTHCARE RLTY TR	174,686	$3M	0.1%	HOLD
98	VTRVENTAS INC	66,681	$3M	0.1%	HOLD
99	IBBISHARES TR	24,569	$3M	0.1%	HOLD
100	DOCHEALTHPEAK PROPERTIES INC	150,392	$3M	0.1%	HOLD
101	AKERO THERAPEUTICS INC	61,497	$3M	0.1%	NEW
102	ADPTADAPTIVE BIOTECHNOLOGIES COR	422,281	$3M	0.1%	HOLD
103	GRTXGALERA THERAPEUTICS EQUICLASS EQUITY	898,374	$3M	0.1%	HOLD
104	XENEXENON PHARMACEUTICALS INC	67,506	$3M	0.1%	TRIM −19%
105	BBIOBRIDGEBIO PHARMA INC	150,921	$3M	0.1%	HOLD
106	PHGKONINKLIJKE PHILIPS N V	114,765	$2M	0.1%	ADD 4%
107	CRBUCARIBOU BIOSCIENCES INC	567,147	$2M	0.1%	HOLD
108	MIRATI THERAPEUTICS INC	65,490	$2M	0.1%	HOLD
109	ICLRICON PLC	9,334	$2M	0.1%	HOLD
110	AMLXAMYLYX PHARMACEUTICALS INC	104,007	$2M	0.1%	NEW
111	ASSERTIO HOLDINGS INC	410,575	$2M	0.1%	HOLD
112	MREOMEREO BIOPHARMA GROUP PLC	1,551,082	$2M	0.1%	HOLD
113	89BIO INC	105,898	$2M	0.1%	HOLD
114	ARDXARDELYX INC	539,408	$2M	0.1%	HOLD
115	PYXSPYXIS ONCOLOGY INC	708,303	$2M	0.1%	HOLD
116	PRGOPERRIGO CO PLC	51,224	$2M	0.1%	HOLD
117	TAKTAKEDA PHARMACEUTICAL CO LTD	105,073	$2M	0.1%	HOLD
118	CHIRON REAL ESTATE INC	174,897	$2M	0.1%	HOLD
119	GSKGSK PLC	41,852	$1M	0.1%	HOLD
120	TCMDTACTILE SYS TECHNOLOGY INC	58,472	$1M	0.1%	ADD 70%
121	ARQTARCUTIS BIOTHERAPEUTICS INC	148,874	$1M	0.1%	HOLD
122	XNCRXENCOR INC	56,675	$1M	0.1%	NEW
123	CRNXCRINETICS PHARMACEUTICALS IN	78,529	$1M	0.1%	HOLD
124	MORPHOSYS AG	177,191	$1M	0.1%	ADD 116%
125	CRSPCRISPR THERAPEUTICS AG	22,571	$1M	0.0%	TRIM −59%
126	NTRANATERA INC	24,636	$1M	0.0%	TRIM −50%
127	EWTXEDGEWISE THERAPEUTICS INC	150,418	$1M	0.0%	TRIM −23%
128	ZNTLZENTALIS PHARMACEUTICALS INC	40,156	$1M	0.0%	NEW
129	BCYCBICYCLE THERAPEUTICS PLC	44,338	$1M	0.0%	TRIM −50%
130	G1 THERAPEUTICS INC	423,869	$1M	0.0%	HOLD
131	FULCFULCRUM THERAPEUTICS INC	256,888	$847,730	0.0%	ADD 339%
132	SRRKSCHOLAR ROCK HLDG CORP	108,833	$820,601	0.0%	HOLD
133	DHCDIVERSIFIED HEALTHCARE TR	357,720	$804,870	0.0%	HOLD
134	THESEUS PHARMACEUTICALS INC	75,000	$699,750	0.0%	HOLD
135	RCUSARCUS BIOSCIENCES INC	32,839	$666,960	0.0%	HOLD
136	BDTXBLACK DIAMOND THERAPEUTICS I	131,990	$666,550	0.0%	HOLD
137	ITEOS THERAPEUTICS INC COM	45,735	$605,531	0.0%	HOLD
138	INTERCEPT PHARMACEUTICALS IN	52,067	$575,861	0.0%	HOLD
139	UHTUNIVERSAL HEALTH RLTY INCOME	11,258	$535,656	0.0%	HOLD
140	NHINATIONAL HEALTH INVS INC	10,038	$526,192	0.0%	HOLD
141	BEAMBEAM THERAPEUTICS INC	15,817	$505,037	0.0%	HOLD
142	TCRXTSCAN THERAPEUTICS INC	200,000	$500,000	0.0%	HOLD
143	ALXOALX ONCOLOGY HLDGS INC	66,211	$497,245	0.0%	HOLD
144	CHCTCOMMUNITY HEALTHCARE TR INC	14,900	$491,998	0.0%	HOLD
145	NBPNOVABRIDGE BIOSCIENCES	162,580	$486,114	0.0%	HOLD
146	NVAXNOVAVAX INC	63,800	$474,034	0.0%	HOLD
147	HILLEVAX INC COM	27,000	$464,130	0.0%	NEW
148	STROSUTRO BIOPHARMA INC	98,354	$457,346	0.0%	HOLD
149	CYHCOMMUNITY HEALTH SYS INC NEW	88,335	$388,674	0.0%	HOLD
150	AFFIMED N V	586,038	$350,568	0.0%	HOLD
151	REPARE THERAPEUTICS INC	29,150	$308,407	0.0%	HOLD
152	ALTALTIMMUNE INC	75,000	$264,750	0.0%	HOLD
153	FUSION PHARMACEUTICALS INC	43,394	$203,084	0.0%	HOLD
154	CDXSCODEXIS INC	69,125	$193,550	0.0%	HOLD
155	HARPOON THERAPEUTICS INC	259,910	$184,536	0.0%	HOLD
156	DTILPRECISION BIOSCIENCES INC	224,534	$118,105	0.0%	HOLD
157	SPECTRUM PHARMACEUTICALS INC	114,670	$110,083	0.0%	HOLD
158	ACETADICET BIO INC	40,329	$97,999	0.0%	HOLD
159	PRAXIS PRECISION MEDICINES I	75,000	$86,250	0.0%	HOLD
160	ARCA BIOPHARMA INC	32,461	$65,896	0.0%	HOLD
161	NKTXNKARTA INC	28,988	$63,484	0.0%	HOLD
162	MALLINCKRODT PLC	35,048	$41,357	0.0%	HOLD
163	CRBPCORBUS PHARMACEUTICALS HLDGS	5,143	$40,321	0.0%	HOLD
164	VYNEVYNE THERAPEUTICS INC	7,520	$30,531	0.0%	HOLD
165	NXGLNEXGEL INC	4,243	$10,650	0.0%	HOLD
166	BELLICUM PHARMACEUTICALS INC COM NEW	6,000	$2,220	0.0%	HOLD

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