Decheng Capital LLC

CIK

2010850

Location

MENLO PARK, CA

Portfolio Value

Small $647,433,708

Diversification

Highly concentrated

Filing Date

Global Rank

#2,270 / 8,605 ▼ 80 · as of Mar 2026

Top Industry

Biotechnology 100.0%

3Y Alpha vs SPY

+0.2%

Period ended 3 months ago

Filed May 13, 2026 · 58d

10 quarters · since Dec 2023

Clone Performance

Feb 2024–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+57.0%

SPY

+53.6%

Annualised alpha

+1.1%

Max drawdown

−52.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

13 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

66.6%

+30.0 pts

Top 5

92.2%

+1.5 pts

Top 10

99.2%

+1.0 pts

HHI

4,767

Highly concentrated+2,175

Portfolio Trend

10 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	100.0%	$647,433,708	13

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

No qualifying positions this quarter.

Trimmed

Positions the filer reduced

5 positions

Ticker	Company	Δ Shares	Shares	Value
UPB	Upstream Bio, Inc.	−418,210	2,724,868	$24,523,812
NAMS	NewAmsterdam Pharma Co N.V.	−267,000	325,057	$10,405,074
RVMD	Revolution Medicines, Inc.	−106,500	93,500	$9,092,875
RCUS	Arcus Biosciences, Inc.	−63,740	477,819	$10,320,890
KRYS	Krystal Biotech, Inc.	−10,000	7,300	$1,885,736
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
CRNX	Crinetics Pharmaceuticals, Inc.	92,700	$4,315,185
AURA	Aura Biosciences, Inc.	360,483	$1,964,632
FDMT	4D Molecular Therapeutics, Inc.	44,311	$332,332
RZLT	Rezolute, Inc.	59,900	$141,364
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

13 positions · $647,433,708 total · as of Mar 31, 2026

All sectors Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CGON	CG Oncology, Inc. Healthcare	Held	6,371,669	0	$431,234,557	+63.0%	66.61%
NUVB	Nuvation Bio Inc. Healthcare	Held	25,954,439	0	$111,344,543	−52.1%	17.20%
UPB	Upstream Bio, Inc. Healthcare	Reduced	2,724,868	-418,210	$24,523,812	−71.3%	3.79%
ACRS	Aclaris Therapeutics, Inc. Healthcare	Held	4,041,736	0	$15,156,510	+24.6%	2.34%
AARD	Aardvark Therapeutics, Inc. Healthcare	Held	3,917,299	0	$14,768,217	−71.3%	2.28%
NAMS	NewAmsterdam Pharma Co N.V. Healthcare	Reduced	325,057	-267,000	$10,405,074	−49.9%	1.61%
RCUS	Arcus Biosciences, Inc. Healthcare	Reduced	477,819	-63,740	$10,320,890	−20.0%	1.59%
RVMD	Revolution Medicines, Inc. Healthcare	Reduced	93,500	-106,500	$9,092,875	−42.9%	1.40%
EQ	Equillium, Inc. Healthcare	Held	4,447,308	0	$8,894,616	+29.0%	1.37%
BYSI	BeyondSpring Inc. Healthcare	Held	3,800,702	0	$6,233,151	+0.6%	0.96%
ZNTL	Zentalis Pharmaceuticals, Inc. Healthcare	Held	1,323,327	0	$3,096,585	+73.3%	0.48%
KRYS	Krystal Biotech, Inc. Healthcare	Reduced	7,300	-10,000	$1,885,736	−55.8%	0.29%
PYXS	Pyxis Oncology, Inc. Healthcare	Held	326,810	0	$477,142	+27.0%	0.07%