SEC 13F Intelligence

Managers / Q2 2025 · view latest →

M28 Capital Management LP

CIK 0001807489 · 700 CANAL STREET, 1ST FLOOR, STAMFORD, CT, 06902 · 203-516-3730

Reported Value
$59M
Q2 2025
Positions
9
Filings on Record
18
2019–present window
Filed
Aug 13, 2025
original filing

Summary

M28 Capital Management LP reported $59M in U.S.-listed holdings across 9 positions for Q2 2025.

The portfolio is heavily concentrated: Wave Life Sciences alone accounts for 62.8% of reported value.

Compared with Q1 2025, the fund opened 0 new positions and exited 2.

Portfolio Metrics

Turnover
+5.2%
vs prior filed quarter
Largest Position
+62.8%
Wave Life Sciences

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
Q4 ’21: $128MQ4 ’21Q1 ’22: $109MQ2 ’22: $89MQ3 ’22: $96MQ3 ’22Q4 ’22: $105MQ1 ’23: $88MQ2 ’23: $76MQ2 ’23Q3 ’23: $87MQ4 ’23: $121MQ1 ’24: $135MQ1 ’24Q2 ’24: $77MQ3 ’24: $91MQ4 ’24: $102MQ4 ’24Q1 ’25: $73MQ2 ’25: $59MQ3 ’25: $68MQ3 ’25Q4 ’25: $138MQ1 ’26: $54Mfilingsflow.com

Portfolio Composition

By security type
Other: 66.4%Common Stock: 31.8%ADR: 1.8%
  • Other · 66.4% · $39M
  • Common Stock · 31.8% · $19M
  • ADR · 1.8% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BBIOBRIDGEBIO PHARMA INCSOLD OUT−121.2K0−$4M$0
SWTXUSDSPRINGWORKS THERAPEUTICS INCSOLD OUT−55.2K0−$2M$0
WAVE LIFE SCIENCES LTDHELD+05.66M−$9M$37M
RCKTROCKET PHARMACEUTICALS INCHELD+0385.7K−$2M$944,916
IVVDINVIVYD INCHELD+09.25M+$1M$7M
GUTSFRACTYL HEALTH INCHELD+01.86M+$798,131$3M
PROQR THRAPEUTICS N VHELD+01.02M+$723,844$2M
TGTXTG THERAPEUTICS INCHELD+0161.6K−$555,904$6M

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

Holdings — Q2 2025

9 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1WAVE LIFE SCIENCES LTDSHS62.80%$37M5.66M
2IVVDINVIVYD INChistory →COM11.28%$7M9.25M
3TGTXTG THERAPEUTICS INChistory →COM9.92%$6M161.6K
4GUTSFRACTYL HEALTH INChistory →COM5.13%$3M1.86M
5PROQR THRAPEUTICS N VSHS EURO3.55%$2M1.02M
6CRISEURCURIS INChistory →COM2.06%$1M521.1K
7SLNSILENCE THERAPEUTICS PLChistory →ADS1.83%$1M185.1K
8ARWRARROWHEAD PHARMACEUTICALS INhistory →COM1.82%$1M67.4K
9RCKTROCKET PHARMACEUTICALS INChistory →COM1.61%$944,916385.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$54M9May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$138M9Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$68M9Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$59M9Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$73M11May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$102M11Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$91M11Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$77M11Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$135M11May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$121M10Feb 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$87M11Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$76M12Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$88M14May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$105M14Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$96M12Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$89M13Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$109M13May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$128M12Feb 11, 202213F-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 ↗.