SEC 13F Intelligence

Managers / Q1 2026

Krensavage Asset Management, LLC

CIK 0001609251 · 610 FIFTH AVENUE, SUITE 301, NEW YORK, NY, 10020 · 212-888-1582

Reported Value
$256M
Q1 2026
Positions
20
Filings on Record
32
2019–present window
Filed
May 15, 2026
original filing

Summary

Krensavage Asset Management, LLC reported $256M in U.S.-listed holdings across 20 positions for Q1 2026.

Its largest position, UTHR, represents 19.5% of the portfolio.

Compared with Q4 2025, the fund opened 5 new positions and exited 3.

Portfolio Metrics

Turnover
+14.4%
vs prior filed quarter
Top-10 Concentration
+86.9%
share of reported value
Largest Position
+19.5%
United Therapeutics
New / Exited
5 / 3
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $370MQ1 ’19Q2 ’19: $308MQ3 ’19: $260MQ4 ’19: $293MQ1 ’20: $311MQ1 ’20Q2 ’20: $368MQ3 ’20: $314MQ4 ’20: $342MQ1 ’21: $289MQ1 ’21Q2 ’21: $295MQ3 ’21: $319MQ4 ’21: $288MQ1 ’22: $290MQ1 ’22Q2 ’22: $302MQ3 ’22: $314MQ4 ’22: $324MQ1 ’23: $329MQ1 ’23Q2 ’23: $316MQ3 ’23: $272MQ4 ’23: $282MQ1 ’24: $226MQ1 ’24Q2 ’24: $218MQ3 ’24: $178MQ4 ’24: $169MQ1 ’25: $181MQ1 ’25Q2 ’25: $189MQ3 ’25: $235MQ4 ’25: $283MQ1 ’26: $256MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 89.7%ADR: 10.3%
  • Common Stock · 89.7% · $229M
  • ADR · 10.3% · $26M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
INDVINDIVIOR PHARMACEUTICALS INCNEW+339.5K339.5K+$10M$10M
EMBCEMBECTA CORPNEW+735.3K735.3K+$7M$7M
ARDXARDELYX INCNEW+500.0K500.0K+$3M$3M
INMDINMODE LTDNEW+120.9K120.9K+$2M$2M
ABTABBOTT LABORATORIESNEW+5.0K5.0K+$513,000$513,000
RAREULTRAGENYX PHARMACEUTICAL INADDED+241.2K390.9K+$5M$8M
AVADEL PHARMACEUTICALSSOLD OUT−855.9K0−$18M$0
CAHCARDINAL HEALTH INCSOLD OUT−73.7K0−$15M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

20 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1UTHRUNITED THERAPEUTICS CORPhistory →COM19.55%$50M84.3K
2ENTAENANTA PHARMACEUTICALS INChistory →COM14.16%$36M2.87M
3JAZZJAZZ PHARMACEUTICALS PLChistory →COM12.41%$32M167.8K
4BMRNBIOMARIN PHARMACEUTICAL INChistory →COM11.59%$30M524.8K
5EXELEXELIXIS INChistory →COM6.97%$18M415.7K
6SNYSANOFI-ADRhistory →ADR6.10%$16M323.9K
7SUPNSUPERNUS PHARMACEUTICALS INChistory →COM5.67%$15M280.7K
8INDVINDIVIOR PHARMACEUTICALS INChistory →COM4.05%$10M339.5K
9RAREULTRAGENYX PHARMACEUTICAL INhistory →COM3.20%$8M390.9K
10VNDAVANDA PHARMACEUTICALS INChistory →COM3.19%$8M1.18M
11EMBCEMBECTA CORPhistory →COM2.54%$7M735.3K
12GSKGSK PLC-SPON ADRhistory →ADR2.09%$5M96.7K
13BNTXBIONTECH SE-ADRhistory →ADR2.07%$5M59.5K
14ALKSALKERMES PLChistory →COM1.49%$4M107.8K
15BIIBBIOGEN INChistory →COM1.43%$4M20.0K
16REGNREGENERON PHARMACEUTICALShistory →COM1.21%$3M4.0K
17ARDXARDELYX INChistory →COM1.17%$3M500.0K
18INMDINMODE LTDCOM0.65%$2M120.9K
19EOLSEVOLUS INCCOM0.25%$649,000158.0K
20ABTABBOTT LABORATORIESCOM0.20%$513,0005.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$256M20May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$283M18Feb 18, 202613F-HRchanges · EDGAR ↗
Q3 2025$235M17Nov 17, 202513F-HRchanges · EDGAR ↗
Q2 2025$189M15Aug 15, 202513F-HRchanges · EDGAR ↗
Q1 2025$181M14May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$169M12Feb 18, 2025RESTATEMENTchanges · EDGAR ↗
Q3 2024$178M13Nov 15, 202413F-HRchanges · EDGAR ↗
Q2 2024$218M13Aug 15, 202413F-HRchanges · EDGAR ↗
Q1 2024$226M12May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$282M12Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$272M12Nov 15, 202313F-HRchanges · EDGAR ↗
Q2 2023$316M12Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$329M12May 16, 202313F-HRchanges · EDGAR ↗
Q4 2022$324M12Feb 15, 202313F-HRchanges · EDGAR ↗
Q3 2022$314M14Nov 15, 202213F-HRchanges · EDGAR ↗
Q2 2022$302M14Aug 16, 202213F-HRchanges · EDGAR ↗
Q1 2022$290M13May 17, 202213F-HRchanges · EDGAR ↗
Q4 2021$288M10Feb 15, 202213F-HRchanges · EDGAR ↗
Q3 2021$319M13Nov 16, 202113F-HRchanges · EDGAR ↗
Q2 2021$295M13Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$289M12May 18, 202113F-HRchanges · EDGAR ↗
Q4 2020$342M12Feb 17, 202113F-HRchanges · EDGAR ↗
Q3 2020$314M11Dec 8, 2020RESTATEMENTchanges · EDGAR ↗
Q2 2020$368M11Aug 20, 2020RESTATEMENTchanges · EDGAR ↗
Q1 2020$311M13May 18, 202013F-HRchanges · EDGAR ↗
Q4 2019$293M12Feb 18, 202013F-HRchanges · EDGAR ↗
Q3 2019$260M10Nov 15, 201913F-HRchanges · EDGAR ↗
Q2 2019$308M10Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$370M12May 15, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.