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Trails Edge Capital Partners, LP

CIK 2077247 · latest 13F filed 14 August 2026 · Read the filing on EDGAR

Trails Edge Capital Partners, LP reported 35 US-listed holdings worth $629.9 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: LB Pharmaceuticals Inc. (7.8%), Nurix Therapeutics Inc. (6.1%) and Immunocore Hldgs PLC (5.4%). Against the quarter before, it opened 13 positions, added to 10, trimmed 7 and sold out of 4.

Reported holdings$629.9M+48.3% on Q1 2026
Positions35+9 on Q1 2026
The largest ten50.3%of its reported holdings
Latest 13FQ2 2026filed 14 August 2026
Where the money is
OpenedAdded toHeldTrimmed
LBRX7.8%NRIX6.1%IMCR5.4%TRAX4.8%FDMT4.7%BMRN4.7%DSGN4.6%XENE4.2%MIRM4.2%INSM3.9%CYTK3.9%SNDX3.9%NGNE3.6%KLRA3.4%21 more34.9%

The 14 largest of its 35 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q4 2025: $404.7 million in 23 positions$405MQ4 25Q1 2026: $424.9 million in 26 positions$425MQ1 26Q2 2026: $629.9 million in 35 positions$630MQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +39.7% over the 2 quarters to 30 June 2026, against +9.5% for the S&P 500.

Its reported holdingsThe S&P 500
105120135Q4 25Q1 26Q2 26Its holdings +39.7%S&P 500 +9.5%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Opened 13Added 10Held 5Trimmed 7Sold out 4
Opened: 13Added: 10Held: 5Trimmed: 7Sold out: 4

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 13

  1. First Tracks Biotherapeutics TRAX$30.5 million
  2. Biomarin Pharmaceutical Inc. BMRN$29.3 million
  3. Insmed Inc. INSM$24.6 million
  4. Kailera Therapeutics Inc. KLRA$21.7 million
  5. Incyte Corp. INCY$17.6 million
  6. Avalo Therapeutics Inc. AVTX$16.5 million
  7. Moonlake Immunotherapeutics MLTX$14.6 million
  8. Aura Biosciences Inc. AURA$10.2 million

and 5 more in the table below

Added to 10

  1. Design Therapeutics Inc. DSGN+1.1 million shares · +135%
  2. 4D Molecular Therapeutics in FDMT+925,000 shares · +71%
  3. Immunocore Hldgs PLC IMCR+380,637 shares · +56%
  4. Sensei Biotherapeutics Inc. FTH+390,335 shares · +312%
  5. Ocuphire Pharma Inc. IRD+2.2 million shares · +449%
  6. Syndax Pharmaceuticals Inc. SNDX+408,179 shares · +58%
  7. LB Pharmaceuticals Inc. LBRX+203,660 shares · +15%
  8. Century Therapeutics Inc. IPSC+1.7 million shares · +69%

and 2 more in the table below

Trimmed 7

  1. Revolution Medicines, Inc. RVMD-129,250 shares · -53%
  2. Mirum Pharmaceuticals Inc. MIRM-110,000 shares · -33%
  3. Nurix Therapeutics Inc. NRIX-170,000 shares · -10%
  4. Neurogene Inc. NGNE-67,902 shares · -9%
  5. VTV Therapeutics Inc. Class A New VTVT-54,386 shares · -39%
  6. Cytokinetics Inc. CYTK-11,911 shares · -4%
  7. CAMP4 Therapeutics Corp. CAMP-6,626 shares · -0%

Sold out of 4

  1. Vaxcyte Inc. PCVX$38.5 million last quarter
  2. Definium Therapeutics Inc. DFTX$32.9 million last quarter
  3. Arcus Biosciences, Inc. RCUS$22.6 million last quarter
  4. Immunovant Inc. IMVT$10.3 million last quarter

What it holds

CompanySharesValueOf its bookChange in shares
LB Pharmaceuticals Inc. LBRX1.5M$49.4 million7.85%+203.7K
Nurix Therapeutics Inc. NRIX1.6M$38.2 million6.06%-170.0K
Immunocore Hldgs PLC IMCR1.1M$33.8 million5.36%+380.6K
First Tracks Biotherapeutics TRAX1.5M$30.5 million4.84%new
4D Molecular Therapeutics in FDMT2.2M$29.6 million4.70%+925.0K
Biomarin Pharmaceutical Inc. BMRN512.0K$29.3 million4.65%new
Design Therapeutics Inc. DSGN2.0M$29.0 million4.60%+1.1M
Xenon Pharmaceuticals Inc. XENE440.0K$26.6 million4.22%no change
Mirum Pharmaceuticals Inc. MIRM223.3K$26.1 million4.15%-110.0K
Insmed Inc. INSM230.3K$24.6 million3.90%new
Cytokinetics Inc. CYTK288.1K$24.5 million3.90%-11.9K
Syndax Pharmaceuticals Inc. SNDX1.1M$24.3 million3.85%+408.2K
Neurogene Inc. NGNE714.9K$22.5 million3.57%-67.9K
Kailera Therapeutics Inc. KLRA984.8K$21.7 million3.44%new
Revolution Medicines, Inc. RVMD115.8K$21.7 million3.44%-129.2K
Inhibikase Therapeutics Inc. IKT9.1M$18.4 million2.92%+994.0K
Incyte Corp. INCY155.0K$17.6 million2.79%new
Avalo Therapeutics Inc. AVTX891.9K$16.5 million2.62%new
Moonlake Immunotherapeutics MLTX750.0K$14.6 million2.32%new
Sensei Biotherapeutics Inc. FTH515.3K$12.9 million2.05%+390.3K
X4 Pharmaceuticals Inc. XFOR2.6M$12.0 million1.91%no change
Ocuphire Pharma Inc. IRD2.7M$11.3 million1.79%+2.2M
Sol Gel Technologies SLGL139.4K$10.3 million1.64%+53.9K
Aura Biosciences Inc. AURA1.4M$10.2 million1.63%new
Century Therapeutics Inc. IPSC4.1M$10.1 million1.61%+1.7M
Inventiva SA IVA2.7M$10.0 million1.60%no change
CAMP4 Therapeutics Corp. CAMP1.9M$8.4 million1.34%-6.6K
Altimmune, Inc. (alt) ALT2.7M$8.1 million1.28%new
Minerva Neurosciences Inc. NERV1.4M$7.9 million1.25%no change
Promis Neurosciences Inc. PMN557.1K$7.3 million1.16%no change
Onkure Therapeutics Inc OKUR1.4M$6.6 million1.04%new
Forte Biosciences Inc. FBRX273.2K$5.8 million0.92%new
Research Alliance Corp Iii Ord Shs Cl A RACC500.0K$5.3 million0.85%new
VTV Therapeutics Inc. Class A New VTVT85.2K$3.2 million0.51%-54.4K
Imagenebio Inc. IMA282.0K$1.7 million0.26%new
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 4 it sold out of are in the box above.