# PSP Research LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2106939. Source: https://holderbook.com/funds/2106939-psp-research-llc/

- Reported value: $187.9M
- Positions: 75
- Weight of the ten largest: 88.0%
- Filed: 2026-07-09

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 |
|---|---|---|---|---|---|
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $90.2M | 570,000 | 48.0% | 2 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $70.5M | 700,000 | 37.5% | 3 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $616.8K | 11,000 | 0.3% | 3 |
| NURIX THERAPEUTICS INC | [NRIX](https://holderbook.com/stocks/NRIX/) | $606.5K | 25,000 | 0.3% | 3 |
| INCYTE CORP | [INCY](https://holderbook.com/stocks/INCY/) | $600.8K | 5,300 | 0.3% | 3 |
| ARGENX SE | [ARGX](https://holderbook.com/stocks/ARGX/) | $594.7K | 641 | 0.3% | 3 |
| DISC MEDICINE INC | [IRON](https://holderbook.com/stocks/IRON/) | $585.1K | 8,000 | 0.3% | 2 |
| RAPPORT THERAPEUTICS INC | [RAPP](https://holderbook.com/stocks/RAPP/) | $583.4K | 14,000 | 0.3% | 3 |
| ULTRAGENYX PHARMACEUTICAL IN | [RARE](https://holderbook.com/stocks/RARE/) | $567.6K | 17,000 | 0.3% | 2 |
| TREVI THERAPEUTICS INC | [TRVI](https://holderbook.com/stocks/TRVI/) | $559.5K | 30,000 | 0.3% | 2 |
| MONTE ROSA THERAPEUTICS INC | [GLUE](https://holderbook.com/stocks/GLUE/) | $556.6K | 23,000 | 0.3% | 2 |
| TG THERAPEUTICS INC | [TGTX](https://holderbook.com/stocks/TGTX/) | $549.4K | 10,000 | 0.3% | 3 |
| HALOZYME THERAPEUTICS INC | [HALO](https://holderbook.com/stocks/HALO/) | $547.9K | 7,000 | 0.3% | 3 |
| IONIS PHARMACEUTICALS INC | [IONS](https://holderbook.com/stocks/IONS/) | $539.2K | 6,800 | 0.3% | 3 |
| PHARVARIS N V | [PHVS](https://holderbook.com/stocks/PHVS/) | $518.7K | 15,000 | 0.3% | 3 |
| ARCUTIS BIOTHERAPEUTICS INC | [ARQT](https://holderbook.com/stocks/ARQT/) | $516.5K | 19,700 | 0.3% | 3 |
| AURINIA PHARMACEUTICALS INC | [AUPH](https://holderbook.com/stocks/AUPH/) | $509.1K | 30,000 | 0.3% | 3 |
| NEUROCRINE BIOSCIENCES INC | [NBIX](https://holderbook.com/stocks/NBIX/) | $505.6K | 3,000 | 0.3% | 3 |
| IMMUNOVANT INC | [IMVT](https://holderbook.com/stocks/IMVT/) | $500.9K | 13,000 | 0.3% | 3 |
| ACADIA PHARMACEUTICALS INC | [ACAD](https://holderbook.com/stocks/ACAD/) | $500.1K | 19,766 | 0.3% | 3 |
| PTC THERAPEUTICS INC | [PTCT](https://holderbook.com/stocks/PTCT/) | $489.4K | 6,000 | 0.3% | 3 |
| CELLDEX THERAPEUTICS INC NEW | [CLDX](https://holderbook.com/stocks/CLDX/) | $483.7K | 13,000 | 0.3% | 3 |
| IMMUNOCORE HLDGS PLC | [IMCR](https://holderbook.com/stocks/IMCR/) | $480.7K | 15,141 | 0.3% | 3 |
| DEFINIUM THERAPEUTICS INC | [DFTX](https://holderbook.com/stocks/DFTX/) | $470.4K | 10,000 | 0.3% | 2 |
| COGENT BIOSCIENCES INC | [COGT](https://holderbook.com/stocks/COGT/) | $464.4K | 12,000 | 0.2% | 3 |
| KYMERA THERAPEUTICS INC | [KYMR](https://holderbook.com/stocks/KYMR/) | $458.7K | 4,000 | 0.2% | 3 |
| DYNE THERAPEUTICS INC | [DYN](https://holderbook.com/stocks/DYN/) | $444.2K | 20,000 | 0.2% | 3 |
| ALNYLAM PHARMACEUTICALS INC | [ALNY](https://holderbook.com/stocks/ALNY/) | $441.0K | 1,465 | 0.2% | 3 |
| TARSUS PHARMACEUTICALS INC | [TARS](https://holderbook.com/stocks/TARS/) | $440.6K | 7,000 | 0.2% | 3 |
| SYNDAX PHARMACEUTICALS INC | [SNDX](https://holderbook.com/stocks/SNDX/) | $437.2K | 20,000 | 0.2% | 3 |
| EXELIXIS INC | [EXEL](https://holderbook.com/stocks/EXEL/) | $435.3K | 8,000 | 0.2% | 3 |
| CRINETICS PHARMACEUTICALS IN | [CRNX](https://holderbook.com/stocks/CRNX/) | $411.6K | 11,000 | 0.2% | 3 |
| NEWAMSTERDAM PHARMA COMPANY | [NAMS](https://holderbook.com/stocks/NAMS/) | $406.7K | 12,000 | 0.2% | 3 |
| ASCENDIS PHARMA A/S | [ASND](https://holderbook.com/stocks/ASND/) | $400.1K | 1,500 | 0.2% | 1 |
| LIQUIDIA CORPORATION | [LQDA](https://holderbook.com/stocks/LQDA/) | $398.6K | 5,000 | 0.2% | 1 |
| STOKE THERAPEUTICS INC | [STOK](https://holderbook.com/stocks/STOK/) | $392.6K | 12,000 | 0.2% | 3 |
| VIKING THERAPEUTICS INC | [VKTX](https://holderbook.com/stocks/VKTX/) | $390.1K | 10,000 | 0.2% | 3 |
| IMMUNOME INC | [IMNM](https://holderbook.com/stocks/IMNM/) | $381.4K | 18,000 | 0.2% | 3 |
| PROTAGONIST THERAPEUTICS INC | [PTGX](https://holderbook.com/stocks/PTGX/) | $367.7K | 3,000 | 0.2% | 3 |
| HARMONY BIOSCIENCES HLDGS IN | [HRMY](https://holderbook.com/stocks/HRMY/) | $364.1K | 10,000 | 0.2% | 3 |
| ENLIVEN THERAPEUTICS INC | [ELVN](https://holderbook.com/stocks/ELVN/) | $355.2K | 7,000 | 0.2% | 2 |
| SPYRE THERAPEUTICS INC | [SYRE](https://holderbook.com/stocks/SYRE/) | $355.1K | 4,000 | 0.2% | 3 |
| INTELLIA THERAPEUTICS INC | [NTLA](https://holderbook.com/stocks/NTLA/) | $338.4K | 20,000 | 0.2% | 2 |
| MADRIGAL PHARMACEUTICALS INC | [MDGL](https://holderbook.com/stocks/MDGL/) | $322.2K | 600 | 0.2% | 3 |
| KINIKSA PHARMACEUTICALS INTL | [KNSA](https://holderbook.com/stocks/KNSA/) | $319.8K | 5,000 | 0.2% | 3 |
| ALKERMES PLC | [ALKS](https://holderbook.com/stocks/ALKS/) | $314.4K | 6,000 | 0.2% | 3 |
| TANGO THERAPEUTICS INC | [TNGX](https://holderbook.com/stocks/TNGX/) | $312.6K | 10,000 | 0.2% | 2 |
| ARDELYX INC | [ARDX](https://holderbook.com/stocks/ARDX/) | $306.0K | 60,000 | 0.2% | 2 |
| VERA THERAPEUTICS INC | [VERA](https://holderbook.com/stocks/VERA/) | $300.4K | 7,000 | 0.2% | 3 |
| MIRUM PHARMACEUTICALS INC | [MIRM](https://holderbook.com/stocks/MIRM/) | $292.7K | 2,500 | 0.2% | 3 |
| ORUKA THERAPEUTICS INC | [ORKA](https://holderbook.com/stocks/ORKA/) | $285.5K | 3,000 | 0.2% | 2 |
| SUPERNUS PHARMACEUTICALS | [SUPN](https://holderbook.com/stocks/SUPN/) | $279.1K | 6,000 | 0.1% | 3 |
| CRISPR THERAPEUTICS AG | [CRSP](https://holderbook.com/stocks/CRSP/) | $272.7K | 5,000 | 0.1% | 3 |
| ZYMEWORKS INC | [ZYME](https://holderbook.com/stocks/ZYME/) | $261.4K | 10,000 | 0.1% | 3 |
| KRYSTAL BIOTECH INC | [KRYS](https://holderbook.com/stocks/KRYS/) | $257.2K | 692 | 0.1% | 1 |
| COMPASS PATHWAYS PLC | [CMPS](https://holderbook.com/stocks/CMPS/) | $254.7K | 18,000 | 0.1% | 2 |
| XENON PHARMACEUTICALS INC | [XENE](https://holderbook.com/stocks/XENE/) | $253.5K | 4,200 | 0.1% | 3 |
| AXSOME THERAPEUTICS INC | [AXSM](https://holderbook.com/stocks/AXSM/) | $244.8K | 1,000 | 0.1% | 2 |
| ARRIVENT BIOPHARMA INC | [AVBP](https://holderbook.com/stocks/AVBP/) | $244.6K | 7,041 | 0.1% | 1 |
| DIANTHUS THERAPEUTICS INC | [DNTH](https://holderbook.com/stocks/DNTH/) | $243.7K | 2,500 | 0.1% | 3 |
| JAZZ PHARMACEUTICALS PLC | [JAZZ](https://holderbook.com/stocks/JAZZ/) | $234.0K | 971 | 0.1% | 1 |
| KODIAK SCIENCES INC | [KOD](https://holderbook.com/stocks/KOD/) | $233.8K | 6,000 | 0.1% | 3 |
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $224.7K | 1,200 | 0.1% | 1 |
| BRIDGEBIO PHARMA INC | [BBIO](https://holderbook.com/stocks/BBIO/) | $223.4K | 3,000 | 0.1% | 3 |
| RHYTHM PHARMACEUTICALS INC | [RYTM](https://holderbook.com/stocks/RYTM/) | $222.1K | 2,000 | 0.1% | 1 |
| DENALI THERAPEUTICS INC | [DNLI](https://holderbook.com/stocks/DNLI/) | $217.7K | 8,463 | 0.1% | 1 |
| ARROWHEAD PHARMACEUTICALS IN | [ARWR](https://holderbook.com/stocks/ARWR/) | $211.9K | 2,600 | 0.1% | 1 |
| SCHOLAR ROCK HLDG CORP | [SRRK](https://holderbook.com/stocks/SRRK/) | $210.5K | 3,827 | 0.1% | 1 |
| EDGEWISE THERAPEUTICS INC | [EWTX](https://holderbook.com/stocks/EWTX/) | $203.2K | 5,000 | 0.1% | 2 |
| AMYLYX PHARMACEUTICALS INC | [AMLX](https://holderbook.com/stocks/AMLX/) | $194.7K | 10,838 | 0.1% | 3 |
| CYTOMX THERAPEUTICS INC | [CTMX](https://holderbook.com/stocks/CTMX/) | $147.8K | 39,400 | 0.1% | 1 |
| OCULAR THERAPEUTIX INC | [OCUL](https://holderbook.com/stocks/OCUL/) | $147.3K | 15,000 | 0.1% | 3 |
| EYEPOINT INC | [EYPT](https://holderbook.com/stocks/EYPT/) | $143.0K | 10,000 | 0.1% | 3 |
| ORIC PHARMACEUTICALS INC | [ORIC](https://holderbook.com/stocks/ORIC/) | $140.8K | 13,000 | 0.1% | 2 |
| OLEMA PHARMACEUTICALS INC | [OLMA](https://holderbook.com/stocks/OLMA/) | $125.1K | 10,000 | 0.1% | 3 |

## 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 |
|---|---|---|---|---|
| Q2 2026 | +10.8% | +14.8% | -4.0% | 100% |
| Q1 2026 | +1.7% | -4.6% | +6.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $187.9M | 75 |
| Q1 2026 | $141.3M | 79 |
| Q4 2025 | $114.4M | 85 |