SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Trails Edge Capital Partners, LP

CIK 0002077247 · 3455 PEACHTREE ROAD NE, SUITE 900, ATLANTA, GA, 30326 · 917-657-2249

Reported Value
$405M
Q4 2025
Positions
23
Filings on Record
2
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Trails Edge Capital Partners, LP reported $405M in U.S.-listed holdings across 23 positions for Q4 2025.

Its largest position, ACAD, represents 9.4% of the portfolio.

Portfolio Metrics

Top-10 Concentration
+68.5%
share of reported value
Largest Position
+9.4%
Acadia Pharmaceuticals

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

13F Reported Value
Q4 ’25: $405MQ4 ’25Q1 ’26: $437MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 91.1%ADR: 8.9%
  • Common Stock · 91.1% · $369M
  • ADR · 8.9% · $36M

Quarter-over-Quarter Changes full breakdown →

IssuerMoveShare ΔShares nowValue ΔValue now
ACADACADIA PHARMACEUTICALS INCNEW+1.42M1.42M+$38M$38M
BRD1EURMIND MEDICINE MINDMED INCNEW+2.57M2.57M+$34M$34M
PCVXVAXCYTE INCNEW+737.5K737.5K+$34M$34M
NRIXNURIX THERAPEUTICS INCNEW+1.74M1.74M+$33M$33M
LBRXLB PHARMACEUTICALS INCNEW+1.40M1.40M+$31M$31M
XENEXENON PHARMACEUTICALS INCNEW+597.1K597.1K+$27M$27M
IMCRIMMUNOCORE HLDGS PLCNEW+682.6K682.6K+$24M$24M
RCUSARCUS BIOSCIENCES INCNEW+916.3K916.3K+$22M$22M

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

Holdings — Q4 2025

23 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ACADACADIA PHARMACEUTICALS INChistory →COM9.37%$38M1.42M
2BRD1EURMIND MEDICINE MINDMED INChistory →COM NEW8.50%$34M2.57M
3PCVXVAXCYTE INChistory →COM8.41%$34M737.5K
4NRIXNURIX THERAPEUTICS INChistory →COM8.17%$33M1.74M
5LBRXLB PHARMACEUTICALS INChistory →COM SHS7.68%$31M1.40M
6XENEXENON PHARMACEUTICALS INChistory →COM6.61%$27M597.1K
7IMCRIMMUNOCORE HLDGS PLChistory →ADS5.85%$24M682.6K
8RCUSARCUS BIOSCIENCES INChistory →COM5.40%$22M916.3K
9TYRATYRA BIOSCIENCES INChistory →COM4.55%$18M700.0K
10NGNENEUROGENE INChistory →COM4.00%$16M785.0K
11AM6AMICUS THERAPEUTICS INChistory →COM3.67%$15M1.04M
12APGEAPOGEE THERAPEUTICS INChistory →COM3.58%$14M192.0K
13IKTINHIBIKASE THERAPEUTICS INChistory →COM NEW3.13%$13M6.18M
14IVAINVENTIVA SAhistory →ADS3.05%$12M2.66M
15CAMPCAMP4 THERAPEUTICS CORPhistory →COM3.00%$12M1.98M
16430TERNS PHARMACEUTICALS INChistory →COM2.99%$12M300.0K
17XFORX4 PHARMACEUTICALS INChistory →COM NEW2.54%$10M2.57M
18MBXMBX BIOSCIENCES INChistory →COM2.46%$10M315.2K
19VTVTVTV THERAPEUTICS INChistory →CL A NEW2.28%$9M231.0K
20CMPXCOMPASS THERAPEUTICS INChistory →COM1.88%$8M1.42M
21IMVTIMMUNOVANT INChistory →COM1.51%$6M240.2K
22ELVNENLIVEN THERAPEUTICS INCCOM0.76%$3M199.3K
23MIRMMIRUM PHARMACEUTICALS INCCOM0.62%$3M31.9K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$437M27May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$405M23Feb 17, 202613F-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 ↗.