Defilade Capital Management, L.P.
Filing Date
Global Rank
#2,154
/ 8,621
▲ 9
· as of Mar 2026
Top Industry
Biotechnology
32.4%
3Y Alpha vs SPY
-15.8%
Period ended 4 months ago
Filed May 14, 2026 · 3mo
2 quarters · since Dec 2025
Clone Performance
Feb 2026–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Cloned portfolio
+4.3%
SPY
+8.7%
Annualised alpha
-10.5%
Max drawdown
−12.9%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 2 quarters. Past performance does not predict future results.
Portfolio Concentration
31 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
7.4%
−0.1 pts
Top 5
30.5%
−3.5 pts
Top 10
52.6%
−2.8 pts
HHI
413
Diversified−20
Portfolio Trend
2 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Healthcare | 100.0% | $712,175,977 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
12 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| OCUL | Ocular Therapeutix, Inc | +805,982 | 1,487,645 | $12,600,353 | |
| DNLI | Denali Therapeutics Inc. | +703,256 | 1,359,969 | $26,111,404 | |
| ELAN | Elanco Animal Health Inc | +529,838 | 931,121 | $22,281,725 | |
| EVMN | Evommune, Inc. | +463,171 | 678,589 | $15,600,761 | |
| HSIC | Henry Schein Inc | +303,615 | 624,037 | $45,991,526 | |
| DXCM | Dexcom Inc | +293,881 | 538,762 | $33,834,253 | |
| ELDN | Eledon Pharmaceuticals, Inc. | +273,677 | 3,564,127 | $10,977,511 | |
| OLMA | Olema Pharmaceuticals, Inc. | +269,902 | 1,504,536 | $22,432,631 | |
| BDX | Becton Dickinson & Co | +198,003 | 279,210 | $43,900,188 | |
| INSM | INSMED Inc | +144,909 | 194,909 | $31,871,519 | |
| GMED | Globus Medical Inc | +87,138 | 354,350 | $30,530,796 | |
| ISRG | Intuitive Surgical Inc | +22,019 | 67,681 | $31,200,264 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
10 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| PFE | Pfizer Inc | −739,375 | 1,464,129 | $41,112,742 | |
| PACS | PACS Group, Inc. | −541,305 | 604,180 | $19,406,261 | |
| COGT | Cogent Biosciences, Inc. | −216,029 | 352,590 | $13,571,189 | |
| NUVL | Nuvalent, Inc. | −139,093 | 129,950 | $13,313,377 | |
| ICUI | Icu Medical Inc/De | −86,454 | 254,291 | $32,841,682 | |
| BIIB | Biogen Inc. | −65,703 | 96,289 | $17,652,662 | |
| ALGN | Align Technology Inc | −60,728 | 67,332 | $11,542,724 | |
| RVMD | Revolution Medicines, Inc. | −47,482 | 315,972 | $30,728,277 | |
| ASND | Ascendis Pharma A/S | −33,799 | 51,895 | $11,869,943 | |
| LLY | ELI LILLY & Co | −11,254 | 20,696 | $19,035,559 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
9 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| ZBH | Zimmer Biomet Holdings, Inc. | 579,161 | $52,367,737 | |
| NBIX | Neurocrine Biosciences Inc | 209,932 | $27,656,441 | |
| PTCT | Ptc Therapeutics, Inc. | 376,165 | $25,628,121 | |
| LNTH | Lantheus Holdings, Inc. | 249,401 | $18,917,065 | |
| ITGR | Integer Holdings Corp | 213,027 | $18,746,376 | |
| TNDM | Tandem Diabetes Care Inc | 761,905 | $14,605,718 | |
| ORIC | Oric Pharmaceuticals, Inc. | 842,928 | $10,679,897 | |
| BHVN | Biohaven Ltd. | 315,944 | $2,672,886 | |
| MREO | Mereo BioPharma Group plc | 7,558,756 | $2,494,389 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
11 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| ABBV | AbbVie Inc. | 227,669 | $52,020,089 | |
| NVS | Novartis AG | 362,816 | $50,021,441 | |
| STE | STERIS plc | 135,307 | $34,303,030 | |
| XNCR | Xencor Inc | 1,414,755 | $21,659,899 | |
| ATRC | AtriCure, Inc. | 397,636 | $15,730,480 | |
| LIVN | LivaNova PLC | 241,413 | $14,854,141 | |
| ATEC | Alphatec Holdings, Inc. | 626,754 | $13,186,904 | |
| GKOS | GLAUKOS Corp | 91,703 | $10,354,185 | |
| RXST | RxSight, Inc. | 913,090 | $9,514,397 | |
| TFX | Teleflex Inc | 42,850 | $5,229,414 | |
| CNMD | CONMED Corp | 104,129 | $4,227,637 | |
| No positions match the current search. | ||||
31 positions ·
$712,175,977 total
· as of Mar 31, 2026
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| ZBH |
Zimmer Biomet Holdings, Inc.
Healthcare
|
NEW | 579,161 | $52,367,737 | 7.35% | |
| HSIC |
Henry Schein Inc
Healthcare
|
Added | 624,037 | $45,991,526 | 6.46% | |
| BDX |
Becton Dickinson & Co
Healthcare
|
Added | 279,210 | $43,900,188 | 6.16% | |
| PFE |
Pfizer Inc
Healthcare
|
Reduced | 1,464,129 | $41,112,742 | 5.77% | |
| DXCM |
Dexcom Inc
Healthcare
|
Added | 538,762 | $33,834,253 | 4.75% | |
| ICUI |
Icu Medical Inc/De
Healthcare
|
Reduced | 254,291 | $32,841,682 | 4.61% | |
| INSM |
INSMED Inc
Healthcare
|
Added | 194,909 | $31,871,519 | 4.48% | |
| ISRG |
Intuitive Surgical Inc
Healthcare
|
Added | 67,681 | $31,200,264 | 4.38% | |
| RVMD |
Revolution Medicines, Inc.
Healthcare
|
Reduced | 315,972 | $30,728,277 | 4.31% | |
| GMED |
Globus Medical Inc
Healthcare
|
Added | 354,350 | $30,530,796 | 4.29% | |
| NBIX |
Neurocrine Biosciences Inc
Healthcare
|
NEW | 209,932 | $27,656,441 | 3.88% | |
| DNLI |
Denali Therapeutics Inc.
Healthcare
|
Added | 1,359,969 | $26,111,404 | 3.67% | |
| PTCT |
Ptc Therapeutics, Inc.
Healthcare
|
NEW | 376,165 | $25,628,121 | 3.60% | |
| OLMA |
Olema Pharmaceuticals, Inc.
Healthcare
|
Added | 1,504,536 | $22,432,631 | 3.15% | |
| ELAN |
Elanco Animal Health Inc
Healthcare
|
Added | 931,121 | $22,281,725 | 3.13% | |
| PACS |
PACS Group, Inc.
Healthcare
|
Reduced | 604,180 | $19,406,261 | 2.72% | |
| LLY |
ELI LILLY & Co
Healthcare
|
Reduced | 20,696 | $19,035,559 | 2.67% | |
| LNTH |
Lantheus Holdings, Inc.
Healthcare
|
NEW | 249,401 | $18,917,065 | 2.66% | |
| ITGR |
Integer Holdings Corp
Healthcare
|
NEW | 213,027 | $18,746,376 | 2.63% | |
| BIIB |
Biogen Inc.
Healthcare
|
Reduced | 96,289 | $17,652,662 | 2.48% | |
| EVMN |
Evommune, Inc.
Healthcare
|
Added | 678,589 | $15,600,761 | 2.19% | |
| TNDM |
Tandem Diabetes Care Inc
Healthcare
|
NEW | 761,905 | $14,605,718 | 2.05% | |
| COGT |
Cogent Biosciences, Inc.
Healthcare
|
Reduced | 352,590 | $13,571,189 | 1.91% | |
| NUVL |
Nuvalent, Inc.
Healthcare
|
Reduced | 129,950 | $13,313,377 | 1.87% | |
| OCUL |
Ocular Therapeutix, Inc
Healthcare
|
Added | 1,487,645 | $12,600,353 | 1.77% | |
| ASND |
Ascendis Pharma A/S
Healthcare
|
Reduced | 51,895 | $11,869,943 | 1.67% | |
| ALGN |
Align Technology Inc
Healthcare
|
Reduced | 67,332 | $11,542,724 | 1.62% | |
| ELDN |
Eledon Pharmaceuticals, Inc.
Healthcare
|
Added | 3,564,127 | $10,977,511 | 1.54% | |
| ORIC |
Oric Pharmaceuticals, Inc.
Healthcare
|
NEW | 842,928 | $10,679,897 | 1.50% | |
| BHVN |
Biohaven Ltd.
Healthcare
|
NEW | 315,944 | $2,672,886 | 0.38% | |
| MREO |
Mereo BioPharma Group plc
Healthcare
|
NEW | 7,558,756 | $2,494,389 | 0.35% |