# VHCP Management III, LLC

> Institutional holdings reported to the SEC as of Q4 2019 on Form 13F. CIK 1738053. Source: https://holderbook.com/funds/1738053-vhcp-management-iii-llc/

- Reported value: $503.6M
- Positions: 18
- Weight of the ten largest: 90.4%
- Filed: 2020-02-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AXSOME THERAPEUTICS INC | [AXSM](https://holderbook.com/stocks/AXSM/) | $160.0M | 1,547,994 | 31.8% | 4 |
| CONSTELLATION PHARMCETICLS I | [CNST](https://holderbook.com/stocks/CNST/) | $118.5M | 2,516,242 | 23.5% | 5 |
| MILESTONE PHARMACEUTICALS IN | [MIST](https://holderbook.com/stocks/MIST/) | $33.1M | 2,066,529 | 6.6% | 3 |
| RELMADA THERAPEUTICS INC | [RLMD](https://holderbook.com/stocks/RLMD/) | $29.9M | 767,938 | 5.9% | 1 |
| 89BIO INC | [ETNB](https://holderbook.com/stocks/ETNB/) | $25.2M | 958,765 | 5.0% | 1 |
| 10X GENOMICS INC | [TXG](https://holderbook.com/stocks/TXG/) | $22.9M | 300,000 | 4.5% | 2 |
| FORTY SEVEN INC | [FTSV](https://holderbook.com/stocks/FTSV/) | $20.3M | 516,381 | 4.0% | 1 |
| INTRA-CELLULAR THERAPIES INC | [ITCI](https://holderbook.com/stocks/ITCI/) | $19.7M | 575,000 | 3.9% | 1 |
| IVERIC BIO INC | [ISEE](https://holderbook.com/stocks/ISEE/) | $14.6M | 1,699,797 | 2.9% | 1 |
| KALVISTA PHARMACEUTICALS INC | [KALV](https://holderbook.com/stocks/KALV/) | $11.0M | 619,905 | 2.2% | 5 |
| ADVERUM BIOTECHNOLOGIES INC | [ADVM](https://holderbook.com/stocks/ADVM/) | $10.9M | 946,234 | 2.2% | 1 |
| MARINUS PHARMACEUTICALS INC | [MRNS](https://holderbook.com/stocks/MRNS/) | $10.8M | 5,016,164 | 2.2% | 5 |
| MERSANA THERAPEUTICS INC COM | [MRSN](https://holderbook.com/stocks/MRSN/) | $8.9M | 1,561,389 | 1.8% | 1 |
| MYOVANT SCIENCES LTD | [MYOV](https://holderbook.com/stocks/MYOV/) | $7.1M | 455,255 | 1.4% | 1 |
| NEXTCURE INC | [NXTC](https://holderbook.com/stocks/NXTC/) | $6.7M | 119,693 | 1.3% | 1 |
| OBSEVA SA | [OBSVF](https://holderbook.com/stocks/OBSVF/) | $3.1M | 810,264 | 0.6% | 5 |
| PROTAGONIST THERAPEUTICS INC | [PTGX](https://holderbook.com/stocks/PTGX/) | $571.0K | 80,929 | 0.1% | 5 |
| BELLEROPHON THERAPEUTICS INC | [BLPH](https://holderbook.com/stocks/BLPH/) | $134.0K | 383,955 | 0.0% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2019 | +90.2% | +8.5% | +81.8% | 100% |
| Q3 2019 | -25.1% | +1.3% | -26.4% | 100% |
| Q2 2019 | -4.5% | +3.7% | -8.2% | 100% |
| Q1 2019 | +20.5% | +13.0% | +7.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2019 | $503.6M | 18 |
| Q3 2019 | $162.0M | 17 |
| Q2 2019 | $214.2M | 17 |
| Q1 2019 | $171.5M | 16 |
| Q4 2018 | $137.6M | 15 |