Managers / Q1 2026
M28 Capital Management LP
CIK 0001807489 · 700 CANAL STREET, 1ST FLOOR, STAMFORD, CT, 06902 · 203-516-3730
Summary
M28 Capital Management LP reported $54M in U.S.-listed holdings across 9 positions for Q1 2026.
The portfolio is heavily concentrated: Wave Life Sciences alone accounts for 61.8% of reported value.
The book was largely unchanged from Q4 2025.
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. 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
- Other · 63.6% · $34M
- Common Stock · 35.4% · $19M
- ADR · 1.0% · $533,340
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| TGTXTG THERAPEUTICS INC | TRIMMED | −73.2K | 88.4K | −$2M | $3M |
| SLNSILENCE THERAPEUTICS PLC | TRIMMED | −83.9K | 101.2K | −$592,068 | $533,340 |
| CRISEURCURIS INC | TRIMMED | −236.2K | 284.9K | −$358,417 | $155,920 |
| ARWRARROWHEAD PHARMACEUTICALS IN | TRIMMED | −30.5K | 36.9K | −$2M | $2M |
| RCKTROCKET PHARMACEUTICALS INC | TRIMMED | −174.8K | 210.9K | −$598,819 | $754,918 |
| PROQR THRAPEUTICS N V | TRIMMED | −419.7K | 599.8K | −$1M | $971,665 |
| WAVE LIFE SCIENCES LTD | TRIMMED | −1.08M | 4.59M | −$63M | $33M |
| IVVDINVIVYD INC | HELD | +0 | 9.25M | −$11M | $12M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | WAVE LIFE SCIENCES LTD | SHS | 61.83% | $33M | 4.59M |
| 2 | IVVDINVIVYD INChistory → | COM | 22.35% | $12M | 9.25M |
| 3 | TGTXTG THERAPEUTICS INChistory → | COM | 5.46% | $3M | 88.4K |
| 4 | ARWRARROWHEAD PHARMACEUTICALS INhistory → | COM | 4.29% | $2M | 36.9K |
| 5 | PROQR THRAPEUTICS N V | SHS EURO | 1.81% | $971,665 | 599.8K |
| 6 | GUTSFRACTYL HEALTH INChistory → | COM | 1.58% | $849,730 | 1.86M |
| 7 | RCKTROCKET PHARMACEUTICALS INChistory → | COM | 1.40% | $754,918 | 210.9K |
| 8 | SLNSILENCE THERAPEUTICS PLC | ADS | 0.99% | $533,340 | 101.2K |
| 9 | CRISEURCURIS INC | COM | 0.29% | $155,920 | 284.9K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $54M | 9 | May 14, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $138M | 9 | Feb 13, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $68M | 9 | Nov 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $59M | 9 | Aug 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $73M | 11 | May 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $102M | 11 | Feb 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $91M | 11 | Nov 12, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $77M | 11 | Aug 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $135M | 11 | May 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $121M | 10 | Feb 12, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $87M | 11 | Nov 13, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $76M | 12 | Aug 11, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $88M | 14 | May 12, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $105M | 14 | Feb 10, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $96M | 12 | Nov 10, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $89M | 13 | Aug 12, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $109M | 13 | May 13, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $128M | 12 | Feb 11, 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 ↗.