Managers / Q1 2026 · view latest →
PSP Research LLC
CIK 0002106939 · 113 TILLER POINT STREET, LAS VEGAS, NV, 89138 · 617-483-5981
Summary
Psp Research LLC reported $141M in U.S.-listed holdings across 79 positions for Q1 2026.
The portfolio is heavily concentrated: Ishares Tr alone accounts for 49.9% of reported value.
Compared with Q4 2025, the fund opened 21 new positions and exited 27.
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
- ETP · 75.6% · $107M
- Common Stock · 21.0% · $30M
- Other · 2.3% · $3M
- ADR · 1.1% · $2M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SPDR SERIES TRUST | NEW | +284.9K | 284.9K | +$36M | $36M |
| SERASERA PROGNOSTICS INC | NEW | +2.40M | 2.40M | +$5M | $5M |
| DFTXDEFINIUM THERAPEUTICS INC | NEW | +34.8K | 34.8K | +$657,720 | $657,720 |
| IRONDISC MEDICINE INC | NEW | +8.0K | 8.0K | +$511,520 | $511,520 |
| AGIOAGIOS PHARMACEUTICALS INC | NEW | +15.0K | 15.0K | +$507,450 | $507,450 |
| AXSMAXSOME THERAPEUTICS INC. | NEW | +2.8K | 2.8K | +$480,862 | $480,862 |
| ARDXARDELYX INC | NEW | +80.0K | 80.0K | +$479,200 | $479,200 |
| RAREULTRAGENYX PHARMACEUTICAL IN | NEW | +22.1K | 22.1K | +$462,995 | $462,995 |
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 | ISHARES TR | 0-3 MNTH TREASRY | 49.86% | $70M | 700.0K |
| 2 | SPDR SERIES TRUST | STATE STREET SPD | 25.75% | $36M | 284.9K |
| 3 | SERASERA PROGNOSTICS INChistory → | CLASS A COM | 3.44% | $5M | 2.40M |
| 4 | DFTXDEFINIUM THERAPEUTICS INC | COM SHS | 0.47% | $657,720 | 34.8K |
| 5 | TYRATYRA BIOSCIENCES INC | COM | 0.43% | $612,800 | 16.0K |
| 6 | ASCENDIS PHARMA A/S | SPONSORED ADR | 0.40% | $571,825 | 2.5K |
| 7 | PHARVARIS N V | COM | 0.40% | $565,000 | 20.0K |
| 8 | CYTKCYTOKINETICS INC | COM NEW | 0.39% | $547,053 | 8.3K |
| 9 | ROYALTY PHARMA PLC | SHS CLASS A | 0.37% | $527,670 | 11.0K |
| 10 | KYMRKYMERA THERAPEUTICS INC | COM | 0.37% | $524,727 | 6.3K |
| 11 | HALOHALOZYME THERAPEUTICS INC | COM | 0.37% | $518,720 | 8.0K |
| 12 | EX9EXELIXIS INC | COM | 0.36% | $512,450 | 11.9K |
| 13 | IRONDISC MEDICINE INC | COM | 0.36% | $511,520 | 8.0K |
| 14 | ISIIONIS PHARMACEUTICALS INC | COM | 0.36% | $510,612 | 6.8K |
| 15 | AGIOAGIOS PHARMACEUTICALS INC | COM | 0.36% | $507,450 | 15.0K |
| 16 | NBIXNEUROCRINE BIOSCIENCES INC | COM | 0.36% | $506,936 | 3.8K |
| 17 | INCYINCYTE CORP | COM | 0.35% | $498,836 | 5.3K |
| 18 | TARSTARSUS PHARMACEUTICALS INC | COM | 0.35% | $491,050 | 7.0K |
| 19 | VKTXVIKING THERAPEUTICS INC | COM | 0.35% | $488,100 | 15.0K |
| 20 | ALNYALNYLAM PHARMACEUTICALS INC | COM | 0.34% | $484,725 | 1.5K |
| 21 | PRAXPRAXIS PRECISION MEDICINES I | COM NEW | 0.34% | $483,285 | 1.5K |
| 22 | AXSMAXSOME THERAPEUTICS INC. | COM | 0.34% | $480,862 | 2.8K |
| 23 | NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | 0.34% | $480,150 | 15.0K |
| 24 | ARDXARDELYX INC | COM | 0.34% | $479,200 | 80.0K |
| 25 | IMVTIMMUNOVANT INC | COM | 0.34% | $476,928 | 19.2K |
| 26 | ARGXARGENX SE | SPONSORED ADR | 0.33% | $468,090 | 641 |
| 27 | SNDXSYNDAX PHARMACEUTICALS INC | COM | 0.33% | $467,200 | 20.0K |
| 28 | INBXINHIBRX BIOSCIENCES INC | COM | 0.33% | $465,702 | 6.9K |
| 29 | ARQTARCUTIS BIOTHERAPEUTICS INC | COM | 0.33% | $464,132 | 19.7K |
| 30 | RAREULTRAGENYX PHARMACEUTICAL IN | COM | 0.33% | $462,995 | 22.1K |
| 31 | MIRMMIRUM PHARMACEUTICALS INC | COM | 0.33% | $461,900 | 5.0K |
| 32 | COGTCOGENT BIOSCIENCES INC | COM | 0.33% | $461,880 | 12.0K |
| 33 | GLUEMONTE ROSA THERAPEUTICS INC | COM | 0.33% | $460,600 | 28.0K |
| 34 | IMCRIMMUNOCORE HLDGS PLC | ADS | 0.32% | $456,501 | 15.1K |
| 35 | CRISPR THERAPEUTICS AG | NAMEN AKT | 0.32% | $451,915 | 9.5K |
| 36 | BBIOBRIDGEBIO PHARMA INC | COM | 0.32% | $445,560 | 6.0K |
| 37 | NRIXNURIX THERAPEUTICS INC | COM | 0.31% | $444,850 | 28.7K |
| 38 | AUPHAURINIA PHARMACEUTICALS INC | COM | 0.31% | $444,600 | 30.0K |
| 39 | ACADACADIA PHARMACEUTICALS INC | COM | 0.31% | $439,991 | 19.8K |
| 40 | RAPPRAPPORT THERAPEUTICS INC | COM | 0.31% | $438,060 | 14.0K |
| 41 | IMNMIMMUNOME INC | COM | 0.31% | $437,400 | 20.0K |
| 42 | KINIKSA PHARMACEUTICALS INTL | ORD SHS CL A | 0.31% | $433,350 | 9.0K |
| 43 | TGTXTG THERAPEUTICS INC | COM | 0.31% | $431,860 | 13.0K |
| 44 | DNTHDIANTHUS THERAPEUTICS INC | COM | 0.30% | $419,600 | 5.0K |
| 45 | TCE2CELLDEX THERAPEUTICS INC NEW | COM NEW | 0.29% | $412,360 | 13.0K |
| 46 | PTCTPTC THERAPEUTICS INC | COM | 0.29% | $408,780 | 6.0K |
| 47 | VERAVERA THERAPEUTICS INC | CL A | 0.28% | $402,300 | 10.0K |
| 48 | HRMYHARMONY BIOSCIENCES HLDGS IN | COM | 0.28% | $400,067 | 14.3K |
| 49 | CRNXCRINETICS PHARMACEUTICALS IN | COM | 0.28% | $399,520 | 11.0K |
| 50 | CMPSCOMPASS PATHWAYS PLC | SPONSORED ADS | 0.28% | $392,630 | 71.0K |
Filing History
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 ↗.