Managers / Q1 2023 · view latest →
Decheng Capital Management III (Cayman), LLC
CIK 0001747821 · PO BOX 309, UGLAND HOUSE, GRAND CAYMAN, E9, KY1-1104 · 345-949-8066
Summary
Decheng Capital Management III (Cayman), LLC reported $248M in U.S.-listed holdings across 24 positions for Q1 2023.
The portfolio is heavily concentrated: Alpine Immune Sciences alone accounts for 20.9% of reported value.
Compared with Q4 2022, the fund opened 2 new positions and exited 4.
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 · 46.2% · $115M
- Other · 32.9% · $82M
- PUBLIC · 20.9% · $52M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| BeyondSpring Inc. | NEW | +4.96M | 4.96M | +$6M | $6M |
| ATRCAtriCure Inc. | NEW | +46.3K | 46.3K | +$2M | $2M |
| Argenx SE | ADDED | +21.9K | 27.4K | +$8M | $10M |
| BDQMAlbireo Pharma, Inc. | SOLD OUT | −623.3K | 0 | −$13M | $0 |
| BeyondSpring Inc. | SOLD OUT | −4.96M | 0 | −$9M | $0 |
| AtriCure Inc. | SOLD OUT | −46.3K | 0 | −$2M | $0 |
| NAUTNautilus Biotechnology, Inc. | SOLD OUT | −300.0K | 0 | −$540,000 | $0 |
| Prometheus Biosciences, Inc. | TRIMMED | −100.0K | 150.0K | −$11M | $16M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2023
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q4 2023 | $300M | 26 | Dec 12, 2023 | RESTATEMENT | changes · EDGAR ↗ |
| Q3 2023 | $313M | 27 | Nov 29, 2023 | RESTATEMENT | changes · EDGAR ↗ |
| Q2 2023 | $319M | 25 | Jul 28, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $248M | 24 | May 10, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $267M | 26 | Feb 9, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $276M | 26 | Nov 8, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $264M | 25 | Aug 1, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $326M | 24 | May 10, 2022 | 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 ↗.