SEC 13F Intelligence

Managers / Q4 2025 · view latest →

PSP Research LLC

CIK 0002106939 · 113 TILLER POINT STREET, LAS VEGAS, NV, 89138 · 617-483-5981

Reported Value
$114M
Q4 2025
Positions
85
Filings on Record
3
2019–present window
Filed
Feb 6, 2026
original filing

Summary

Psp Research LLC reported $114M in U.S.-listed holdings across 85 positions for Q4 2025.

The portfolio is heavily concentrated: Ishares Tr alone accounts for 61.4% of reported value.

Portfolio Metrics

Top-10 Concentration
+65.8%
share of reported value
Largest Position
+61.4%
Ishares Tr

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: $114MQ4 ’25Q1 ’26: $141MQ1 ’26Q2 ’26: $188MQ2 ’26filingsflow.com

Portfolio Composition

By security type
ETP: 61.4%Common Stock: 31.2%Other: 4.7%ADR: 2.7%
  • ETP · 61.4% · $70M
  • Common Stock · 31.2% · $36M
  • Other · 4.7% · $5M
  • ADR · 2.7% · $3M

Quarter-over-Quarter Changes full breakdown →

IssuerMoveShare ΔShares nowValue ΔValue now
ISHARES TRNEW+700.0K700.0K+$70M$70M
PRAXPRAXIS PRECISION MEDICINES INEW+2.0K2.0K+$584,175$584,175
TVTXTRAVERE THERAPEUTICS INCNEW+15.3K15.3K+$583,543$583,543
TYRATYRA BIOSCIENCES INCNEW+21.9K21.9K+$574,515$574,515
PHARVARIS N VNEW+20.5K20.5K+$569,180$569,180
JAZZ PHARMACEUTICALS PLCNEW+3.3K3.3K+$553,860$553,860
TCE2CELLDEX THERAPEUTICS INC NEWNEW+20.4K20.4K+$553,195$553,195
CGONCG ONCOLOGY INCNEW+13.3K13.3K+$551,925$551,925

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

Holdings — Q4 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ISHARES TR0-3 MNTH TREASRY61.41%$70M700.0K
2PRAXPRAXIS PRECISION MEDICINES ICOM NEW0.51%$584,1752.0K
3TVTXTRAVERE THERAPEUTICS INCCOM0.51%$583,54315.3K
4TYRATYRA BIOSCIENCES INCCOM0.50%$574,51521.9K
5PHARVARIS N VCOM0.50%$569,18020.5K
6JAZZ PHARMACEUTICALS PLCSHS USD0.48%$553,8603.3K
7TCE2CELLDEX THERAPEUTICS INC NEWCOM NEW0.48%$553,19520.4K
8CGONCG ONCOLOGY INCCOM0.48%$551,92513.3K
9BLTEBELITE BIO INCSPONSORED ADS0.48%$550,7423.4K
10ASCENDIS PHARMA A/SSPONSORED ADR0.48%$549,9462.6K
11APLSUSDAPELLIS PHARMACEUTICALS INCCOM0.48%$549,27421.9K
12430TERNS PHARMACEUTICALS INCCOM0.48%$547,82413.6K
13RVMDREVOLUTION MEDICINES INCCOM0.48%$547,3556.9K
14260CENTESSA PHARMACEUTICALS PLCSPONSORED ADS0.48%$547,19421.9K
15BBIOBRIDGEBIO PHARMA INCCOM0.48%$546,1397.1K
16NRIXNURIX THERAPEUTICS INCCOM0.48%$544,68628.7K
17ARQTARCUTIS BIOTHERAPEUTICS INCCOM0.48%$543,51318.7K
18KODKODIAK SCIENCES INCCOM0.47%$542,92719.4K
19IMNMIMMUNOME INCCOM0.47%$542,26325.2K
20AUPHAURINIA PHARMACEUTICALS INCCOM0.47%$541,55034.0K
21MIRMMIRUM PHARMACEUTICALS INCCOM0.47%$541,3976.9K
22HALOHALOZYME THERAPEUTICS INCCOM0.47%$540,1508.0K
23EYPTEYEPOINT INCCOM NEW0.47%$539,51329.5K
24ALKERMES PLCSHS0.47%$539,45419.3K
25ISIIONIS PHARMACEUTICALS INCCOM0.47%$537,9486.8K
26MLYSMINERALYS THERAPEUTICS INCCOM0.47%$537,74514.8K
27ACLXGBXARCELLX INCCOMMON STOCK0.47%$536,2058.2K
28PTCTPTC THERAPEUTICS INCCOM0.47%$535,2147.0K
29ZYMEZYMEWORKS INCCOM0.47%$534,81520.3K
30SUPNSUPERNUS PHARMACEUTICALS INCCOM0.47%$534,67310.8K
31PTGXPROTAGONIST THERAPEUTICS INCCOM0.47%$534,6086.1K
32HRMYHARMONY BIOSCIENCES HLDGS INCOM0.47%$534,47014.3K
33ROIVANT SCIENCES LTDSHS0.47%$534,27624.6K
34ROYALTY PHARMA PLCSHS CLASS A0.47%$534,23713.8K
35AMLXAMYLYX PHARMACEUTICALS INCCOM0.47%$534,21444.2K
36LQDALIQUIDIA CORPORATIONCOM NEW0.47%$534,07815.5K
37TARSTARSUS PHARMACEUTICALS INCCOM0.47%$533,7766.5K
38PVLAPALVELLA THERAPEUTICS INC NECOM0.47%$532,1425.1K
39RAPPRAPPORT THERAPEUTICS INCCOM0.46%$531,13217.5K
40TGTXTG THERAPEUTICS INCCOM0.46%$530,82717.8K
41IM8NINSMED INCCOM PAR $.010.46%$530,6483.0K
42LEGNLEGEND BIOTECH CORPSPONSORED ADS0.46%$530,39124.4K
43ARGXARGENX SESPONSORED ADR0.46%$529,799630
44NBIXNEUROCRINE BIOSCIENCES INCCOM0.46%$529,5933.7K
45NUVLNUVALENT INCCOM0.46%$529,2045.3K
46INCYINCYTE CORPCOM0.46%$528,4205.3K
47CYTKCYTOKINETICS INCCOM NEW0.46%$528,2088.3K
48VRDNVIRIDIAN THERAPEUTICS INCCOM0.46%$528,01317.0K
49ACADACADIA PHARMACEUTICALS INCCOM0.46%$527,95019.8K
50WAVE LIFE SCIENCES LTDSHS0.46%$527,68031.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q2 2026$188M75Jul 9, 202613F-HRchanges · EDGAR ↗
Q1 2026$141M79Apr 17, 202613F-HRchanges · EDGAR ↗
Q4 2025$114M85Feb 6, 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 ↗.