PSP Research LLC

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CIK 2106939

13F portfolio (2026-Q1)

$141M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. 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 (2026-Q1)

Holdings

Top 5

79.9%

Top 10

81.9%

Effective N

3.2

HHI

0.317

This quarter

21 new · 0 exit →

By sector

Unclassified76.5%

Health Care23.5%

By market cap

Unknown77.4%

Mid ($2–10B)12.0%

Small ($300M–2B)4.2%

Micro (<$300M)3.4%

Large ($10–200B)3.0%

By region

Other76.5%

North America23.2%

Europe0.3%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	76.50%	5
Pharmaceuticals & Biotechnology	19.45%	70
Health Care Providers & Services	3.60%	2
Life Sciences Tools & Services	0.44%	2

Top holdings

#	Ticker	Name	Sector	Weight
1	SGOV	ISHARES TR	Unclassified	49.86%
2	XBI	SPDR SERIES TRUST	Unclassified	25.75%
3	SERA	SERA PROGNOSTICS, INC.	Health Care	3.44%
4	DFTX	Definium Therapeutics, Inc.	Health Care	0.47%
5	TYRA	Tyra Biosciences, Inc.	Health Care	0.43%
6	ASND	Ascendis Pharma A/S	Health Care	0.40%
7	PHVS	PHARVARIS N V	Unclassified	0.40%
8	CYTK	CYTOKINETICS INC	Health Care	0.39%
9	RPRX	Royalty Pharma plc	Health Care	0.37%
10	KYMR	Kymera Therapeutics, Inc.	Health Care	0.37%

74/79 names classified · sector 23.5% of weight · industry 23.5% · mkt cap 22.6%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 2 quarters

Health CareSERA, TYRA, PRAX, TVTX, JAZZ · other

UnclassifiedSGOV, XBI, PHVS, APELLIS PHARMACEUTICALS INC, TERNS PHARMACEUTICALS INC · 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: 23.5% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 4% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (13 classified)PSP Research LLC centroid (Small Growth)

Health Care

Style box summary for PSP Research LLC: centroid Small Growth. Heaviest cells: Small Growth 1.6%, Mid Growth 1.6%, Small Core 0.7%.

Classified: 3.9% of book weight (13/79 names) · unclassified 96.1%: SGOV, XBI, SERA, DFTX, TYRA, ASND, PHVS, CYTK, RPRX, KYMR +56 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· 79 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	SGOVISHARES TR	700,000	$70M	49.9%	HOLD
2	XBISPDR SERIES TRUST	284,900	$36M	25.7%	NEW
3	SERASERA PROGNOSTICS INC	2,396,685	$5M	3.4%	NEW
4	DFTXDEFINIUM THERAPEUTICS INC COM SHS	34,800	$657,720	0.5%	NEW
5	TYRATYRA BIOSCIENCES INC	16,000	$612,800	0.4%	TRIM −27%
6	ASNDASCENDIS PHARMA A/S	2,500	$571,825	0.4%	TRIM −3%
7	PHVSPHARVARIS N V	20,000	$565,000	0.4%	TRIM −2%
8	CYTKCYTOKINETICS INC	8,300	$547,053	0.4%	HOLD
9	RPRXROYALTY PHARMA PLC	11,000	$527,670	0.4%	TRIM −20%
10	KYMRKYMERA THERAPEUTICS INC	6,300	$524,727	0.4%	HOLD
11	HALOHALOZYME THERAPEUTICS INC	8,026	$518,720	0.4%	HOLD
12	EXELEXELIXIS INC	11,948	$512,450	0.4%	HOLD
13	IRONDISC MEDICINE INC	8,000	$511,520	0.4%	NEW
14	IONSIONIS PHARMACEUTICALS INC	6,800	$510,612	0.4%	HOLD
15	AGIOAGIOS PHARMACEUTICALS INC	15,000	$507,450	0.4%	NEW
16	NBIXNEUROCRINE BIOSCIENCES INC	3,848	$506,936	0.4%	ADD 3%
17	INCYINCYTE CORP	5,300	$498,836	0.4%	HOLD
18	TARSTARSUS PHARMACEUTICALS INC	7,000	$491,050	0.3%	ADD 7%
19	VKTXVIKING THERAPEUTICS INC	15,000	$488,100	0.3%	HOLD
20	ALNYALNYLAM PHARMACEUTICALS INC	1,465	$484,725	0.3%	ADD 11%
21	PRAXPRAXIS PRECISION MEDICINES I	1,500	$483,285	0.3%	TRIM −24%
22	AXSMAXSOME THERAPEUTICS INC.	2,845	$480,862	0.3%	NEW
23	NAMSNEWAMSTERDAM PHARMA COMPANY	15,000	$480,150	0.3%	HOLD
24	ARDXARDELYX INC	80,000	$479,200	0.3%	NEW
25	IMVTIMMUNOVANT INC	19,200	$476,928	0.3%	TRIM −5%
26	ARGXARGENX SE	641	$468,090	0.3%	HOLD
27	SNDXSYNDAX PHARMACEUTICALS INC	20,000	$467,200	0.3%	TRIM −19%
28	INBXINHIBRX BIOSCIENCES INC	6,927	$465,702	0.3%	ADD 8%
29	ARQTARCUTIS BIOTHERAPEUTICS INC	19,700	$464,132	0.3%	ADD 5%
30	RAREULTRAGENYX PHARMACEUTICAL IN	22,100	$462,995	0.3%	NEW
31	MIRMMIRUM PHARMACEUTICALS INC	5,000	$461,900	0.3%	TRIM −27%
32	COGTCOGENT BIOSCIENCES INC	12,000	$461,880	0.3%	TRIM −9%
33	GLUEMONTE ROSA THERAPEUTICS INC	28,000	$460,600	0.3%	NEW
34	IMCRIMMUNOCORE HLDGS PLC	15,141	$456,501	0.3%	ADD 5%
35	CRSPCRISPR THERAPEUTICS AG	9,500	$451,915	0.3%	HOLD
36	BBIOBRIDGEBIO PHARMA INC	6,000	$445,560	0.3%	TRIM −16%
37	NRIXNURIX THERAPEUTICS INC	28,700	$444,850	0.3%	HOLD
38	AUPHAURINIA PHARMACEUTICALS INC	30,000	$444,600	0.3%	TRIM −12%
39	ACADACADIA PHARM	19,766	$439,991	0.3%	HOLD
40	RAPPRAPPORT THERAPEUTICS INC	14,000	$438,060	0.3%	TRIM −20%
41	IMNMIMMUNOME INC	20,000	$437,400	0.3%	TRIM −21%
42	KNSAKINIKSA PHARMACEUTICALS INTL	9,000	$433,350	0.3%	TRIM −29%
43	TGTXTG THERAPEUTICS INC	13,000	$431,860	0.3%	TRIM −27%
44	DNTHDIANTHUS THERAPEUTICS INC	5,000	$419,600	0.3%	TRIM −61%
45	CLDXCELLDEX THERAPEUTICS INC NEW	13,000	$412,360	0.3%	TRIM −36%
46	PTCTPTC THERAPEUTICS INC	6,000	$408,780	0.3%	TRIM −15%
47	VERAVERA THERAPEUTICS INC	10,000	$402,300	0.3%	HOLD
48	HRMYHARMONY BIOSCIENCES HLDGS IN	14,283	$400,067	0.3%	HOLD
49	CRNXCRINETICS PHARMACEUTICALS IN	11,000	$399,520	0.3%	TRIM −3%
50	CMPSCOMPASS PATHWAYS PLC	71,000	$392,630	0.3%	NEW
51	STOKSTOKE THERAPEUTICS INC	12,000	$390,720	0.3%	TRIM −28%
52	KODKODIAK SCIENCES INC	10,000	$381,200	0.3%	TRIM −49%
53	DYNDYNE THERAPEUTICS INC	20,000	$362,600	0.3%	TRIM −7%
54	TRVITREVI THERAPEUTICS INC	30,000	$357,900	0.3%	NEW
55	NTLAINTELLIA THERAPEUTICS INC	26,900	$344,858	0.2%	NEW
56	PTGXPROTAGONIST THERAPEUTICS INC	3,000	$316,200	0.2%	TRIM −51%
57	MDGLMADRIGAL PHARMACEUTICALS INC	600	$314,082	0.2%	TRIM −33%
58	SUPNSUPERNUS PHARMACEUTICALS INC	6,000	$310,140	0.2%	TRIM −44%
59	TNGXTANGO THERAPEUTICS INC	14,400	$301,248	0.2%	NEW
60	ERASERASCA INC	17,327	$280,351	0.2%	NEW
61	ELVNENLIVEN THERAPEUTICS INC	7,000	$274,400	0.2%	NEW
62	SYRESPYRE THERAPEUTICS INC	5,159	$260,220	0.2%	TRIM −67%
63	ZYMEZYMEWORKS INC	10,000	$250,400	0.2%	TRIM −51%
64	XENEXENON PHARMACEUTICALS INC	4,200	$244,230	0.2%	TRIM −64%
65	ORKAORUKA THERAPEUTICS INC	4,968	$243,680	0.2%	NEW
66	CELCCELCUITY INC	2,000	$228,280	0.2%	TRIM −62%
67	KALVISTA PHARMACEUTICALS INC	10,795	$217,303	0.2%	NEW
68	LEGNLEGEND BIOTECH CORP	12,000	$217,080	0.2%	TRIM −51%
69	ALKSALKERMES PLC	6,000	$212,160	0.2%	TRIM −69%
70	APGEAPOGEE THERAPEUTICS INC	2,500	$210,425	0.1%	TRIM −64%
71	UTHRUnited Therapeutics Corp.	350	$207,543	0.1%	TRIM −68%
72	EWTXEDGEWISE THERAPEUTICS INC	6,500	$204,750	0.1%	NEW
73	SMMTSUMMIT THERAPEUTICS INC	10,223	$193,828	0.1%	NEW
74	ORICORIC PHARMACEUTICALS INC	13,000	$164,710	0.1%	NEW
75	CMPXCOMPASS THERAPEUTICS INC	30,000	$158,700	0.1%	NEW
76	AMLXAMYLYX PHARMACEUTICALS INC	10,838	$150,648	0.1%	TRIM −75%
77	OLMAOLEMA PHARMACEUTICALS INC	10,000	$149,100	0.1%	TRIM −48%
78	EYPTEYEPOINT INC	10,000	$128,900	0.1%	TRIM −66%
79	OCULOCULAR THERAPEUTIX INC	15,000	$127,050	0.1%	TRIM −65%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security	2024-Q4	2025-Q1	2025-Q2	2025-Q3	2025-Q4	2026-Q1	Latest value
SGOVISHARES TR	—	—	—	—	700K	700K	$70M
XBISPDR SERIES TRUST	—	—	—	—	—	285K	$36M
SERASERA PROGNOSTICS INC	—	—	—	—	—	2.4M	$5M
DFTXDEFINIUM THERAPEUTICS INC COM SHS	—	—	—	—	—	35K	$657,720
TYRATYRA BIOSCIENCES INC	—	—	—	—	22K	16K	$612,800
ASNDASCENDIS PHARMA A/S	—	—	—	—	3K	3K	$571,825
PHVSPHARVARIS N V	—	—	—	—	21K	20K	$565,000
CYTKCYTOKINETICS INC	—	—	—	—	8K	8K	$547,053
RPRXROYALTY PHARMA PLC	—	—	—	—	14K	11K	$527,670
KYMRKYMERA THERAPEUTICS INC	—	—	—	—	6K	6K	$524,727
HALOHALOZYME THERAPEUTICS INC	—	—	—	—	8K	8K	$518,720
EXELEXELIXIS INC	—	—	—	—	12K	12K	$512,450
IRONDISC MEDICINE INC	—	—	—	—	—	8K	$511,520
IONSIONIS PHARMACEUTICALS INC	—	—	—	—	7K	7K	$510,612
AGIOAGIOS PHARMACEUTICALS INC	—	—	—	—	—	15K	$507,450

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

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