Managers / Q4 2025 · view latest →
M28 Capital Management LP
CIK 0001807489 · 700 CANAL STREET, 1ST FLOOR, STAMFORD, CT, 06902 · 203-516-3730
Summary
M28 Capital Management LP reported $138M in U.S.-listed holdings across 9 positions for Q4 2025.
The portfolio is heavily concentrated: Wave Life Sciences alone accounts for 70.0% of reported value.
The book was largely unchanged from Q3 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, 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
- Other · 71.5% · $98M
- Common Stock · 27.7% · $38M
- ADR · 0.8% · $1M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| WAVE LIFE SCIENCES LTD | HELD | +0 | 5.66M | +$55M | $96M |
| IVVDINVIVYD INC | HELD | +0 | 9.25M | +$13M | $23M |
| ARWRARROWHEAD PHARMACEUTICALS IN | HELD | +0 | 67.4K | +$2M | $4M |
| GUTSFRACTYL HEALTH INC | HELD | +0 | 1.86M | +$1M | $4M |
| TGTXTG THERAPEUTICS INC | HELD | +0 | 161.6K | −$1M | $5M |
| CRISEURCURIS INC | HELD | +0 | 521.1K | −$350,621 | $514,337 |
| SLNSILENCE THERAPEUTICS PLC | HELD | +0 | 185.1K | +$164,739 | $1M |
| PROQR THRAPEUTICS N V | HELD | +0 | 1.02M | −$112,145 | $2M |
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 | WAVE LIFE SCIENCES LTD | SHS | 70.00% | $96M | 5.66M |
| 2 | IVVDINVIVYD INChistory → | COM | 16.60% | $23M | 9.25M |
| 3 | TGTXTG THERAPEUTICS INChistory → | COM | 3.50% | $5M | 161.6K |
| 4 | ARWRARROWHEAD PHARMACEUTICALS INhistory → | COM | 3.25% | $4M | 67.4K |
| 5 | GUTSFRACTYL HEALTH INChistory → | COM | 2.97% | $4M | 1.86M |
| 6 | PROQR THRAPEUTICS N V | SHS EURO | 1.50% | $2M | 1.02M |
| 7 | RCKTROCKET PHARMACEUTICALS INC | COM | 0.98% | $1M | 385.7K |
| 8 | SLNSILENCE THERAPEUTICS PLC | ADS | 0.82% | $1M | 185.1K |
| 9 | CRISEURCURIS INC | COM | 0.37% | $514,337 | 521.1K |
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 ↗.