Managers / Q4 2025 · view latest →
Krensavage Asset Management, LLC
CIK 0001609251 · 610 FIFTH AVENUE, SUITE 301, NEW YORK, NY, 10020 · 212-888-1582
Summary
Krensavage Asset Management, LLC reported $283M in U.S.-listed holdings across 18 positions for Q4 2025.
Its largest position, UTHR, represents 15.7% of the portfolio.
Compared with Q3 2025, the fund opened 1 new position and exited 0.
Portfolio Metrics
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
Portfolio Composition
- Common Stock · 78.6% · $223M
- Other · 10.8% · $31M
- ADR · 10.6% · $30M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| RAREULTRAGENYX PHARMACEUTICAL IN | NEW | +149.6K | 149.6K | +$3M | $3M |
| GSKGSK PLC-SPON ADR | TRIMMED | −175.0K | 96.7K | −$7M | $5M |
| ALKSALKERMES PLC | TRIMMED | −100.0K | 107.8K | −$3M | $3M |
| ENTAENANTA PHARMACEUTICALS INC | ADDED | +651.9K | 2.77M | +$18M | $44M |
| BMRNBIOMARIN PHARMACEUTICAL INC | ADDED | +119.3K | 524.8K | +$9M | $31M |
| BNTXBIONTECH SE-ADR | ADDED | +20.2K | 99.5K | +$2M | $9M |
| SUPNSUPERNUS PHARMACEUTICALS INC | TRIMMED | −50.0K | 313.5K | −$2M | $16M |
| AVADEL PHARMACEUTICALS | TRIMMED | −100.0K | 855.9K | +$4M | $18M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | UTHRUNITED THERAPEUTICS CORPhistory → | COM | 15.71% | $44M | 91.3K |
| 2 | ENTAENANTA PHARMACEUTICALS INChistory → | COM | 15.41% | $44M | 2.77M |
| 3 | BMRNBIOMARIN PHARMACEUTICAL INChistory → | COM | 11.02% | $31M | 524.8K |
| 4 | JAZZJAZZ PHARMACEUTICALS PLChistory → | COM | 10.08% | $29M | 167.8K |
| 5 | EXELEXELIXIS INChistory → | COM | 7.64% | $22M | 493.5K |
| 6 | AVADEL PHARMACEUTICALS | COM | 6.51% | $18M | 855.9K |
| 7 | SNYSANOFI-ADRhistory → | COM | 5.54% | $16M | 323.9K |
| 8 | SUPNSUPERNUS PHARMACEUTICALS INChistory → | COM | 5.50% | $16M | 313.5K |
| 9 | CAHCARDINAL HEALTH INChistory → | COM | 5.35% | $15M | 73.7K |
| 10 | INDIVIOR PLC | COM | 4.30% | $12M | 339.5K |
| 11 | VNDAVANDA PHARMACEUTICALS INChistory → | COM | 3.68% | $10M | 1.18M |
| 12 | BNTXBIONTECH SE-ADRhistory → | COM | 3.35% | $9M | 99.5K |
| 13 | GSKGSK PLC-SPON ADRhistory → | COM | 1.68% | $5M | 96.7K |
| 14 | RAREULTRAGENYX PHARMACEUTICAL INhistory → | COM | 1.22% | $3M | 149.6K |
| 15 | REGNREGENERON PHARMACEUTICALShistory → | COM | 1.09% | $3M | 4.0K |
| 16 | ALKSALKERMES PLChistory → | COM | 1.07% | $3M | 107.8K |
| 17 | BIIBBIOGEN INC | COM | 0.62% | $2M | 10.0K |
| 18 | EOLSEVOLUS INC | COM | 0.23% | $665,000 | 100.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $256M | 20 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $283M | 18 | Feb 18, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $235M | 17 | Nov 17, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $189M | 15 | Aug 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $181M | 14 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $169M | 12 | Feb 18, 2025 | RESTATEMENT | changes · EDGAR ↗ |
| Q3 2024 | $178M | 13 | Nov 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $218M | 13 | Aug 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $226M | 12 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $282M | 12 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $272M | 12 | Nov 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $316M | 12 | Aug 11, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $329M | 12 | May 16, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $324M | 12 | Feb 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $314M | 14 | Nov 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $302M | 14 | Aug 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $290M | 13 | May 17, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $288M | 10 | Feb 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $319M | 13 | Nov 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $295M | 13 | Aug 13, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $289M | 12 | May 18, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $342M | 12 | Feb 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $314M | 11 | Dec 8, 2020 | RESTATEMENT | changes · EDGAR ↗ |
| Q2 2020 | $368M | 11 | Aug 20, 2020 | RESTATEMENT | changes · EDGAR ↗ |
| Q1 2020 | $311M | 13 | May 18, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $293M | 12 | Feb 18, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $260M | 10 | Nov 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $308M | 10 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $370M | 12 | May 15, 2019 | 13F-HR | changes · 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 ↗.