PSP Research LLC
Sector Allocation
- Other90.1%$131.4M
- Healthcare9.9%$14.4M
AUM History
13fpro.ai/research/fund/psp-research-llc-2106939
Conviction and streaks
Concentrating · top 10 = 95.0%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q3 2026
- ISHARES$70.5M
- SPDR$60.9M
SERA
$5.0MHALO
$331KMDGL
$302KEXEL
$292KRPRX
$292KARGX
$288KNRIX
$285KTGTX
$279KTARS
$275KHRMY
$275KARQT
$264KKNSA
$261KSUPN
$258KIMNM
$258KNBIX
$255KORKA
$250KTNGX
$250KDFTX
$247K
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/psp-research-llc-2106939
PSP Research LLC 13F holdings — Q3 2026
$145.8M portfolio (-22.4% QoQ) · 44 holdings · Q3 2026 13F · top 10 are 95% of the stock portfolio
- 1
ISHARES TR - 0-3 MTH TREASURY
$70.5M
48.3% of stocks
No changeThis quarter—Since filed—HeldAIQuality—Est. buy— - 2
SPDR SERIES TRUST - ST STR SP BIOT
$60.9M
41.8% of stocks
-32%This quarter—Since filed—HeldAIQuality—Est. buy— $5.0M
3.4% of stocks
NewThis quarter+0.5%Since filedNew this quarterHeld$331.2K
0.2% of stocks
-57%This quarter+2.5%Since filed4+ qtrsHeld$302.4K
0.2% of stocks
No changeThis quarter-4.4%Since filed4+ qtrsHeld$292.1K
0.2% of stocks
-38%This quarter+0.8%Since filed4+ qtrsHeld$291.8K
0.2% of stocks
-55%This quarter+4.2%Since filed4+ qtrsHeld$287.7K
0.2% of stocks
-53%This quarter-2.3%Since filed4+ qtrsHeld$284.5K
0.2% of stocks
-52%This quarter-1.8%Since filed4+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$278.9K
0.2% of stocks
-50%This quarter+3.0%Since filed4+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 3 qtrs in a row
All holdings — PSP Research LLC (Q3 2026)
44 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | Tarsus Pharmaceuticals, Inc. | Healthcare | $275K | 0.2% | 3,500 | -50% | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | Harmony Biosciences Holdings, Inc. | Healthcare | $275K | 0.2% | 7,000 | -30% | 4+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | Arcutis Biotherapeutics, Inc. | Healthcare | $264K | 0.2% | 10K | -49% | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | Kiniksa Pharmaceuticals International, plc | Healthcare | $261K | 0.2% | 3,500 | -30% | 4+ qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | SUPERNUS PHARMACEUTICALS, INC. | Healthcare | $258K | 0.2% | 6,000 | — | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | Immunome Inc. | Healthcare | $258K | 0.2% | 12K | -33% | 4+ qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | NEUROCRINE BIOSCIENCES INC | Healthcare | $255K | 0.2% | 1,800 | -40% | 4+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | Oruka Therapeutics, Inc. | Healthcare | $250K | 0.2% | 3,000 | — | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | Tango Therapeutics, Inc. | Healthcare | $250K | 0.2% | 10K | — | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | Definium Therapeutics, Inc. | Healthcare | $247K | 0.2% | 6,500 | -35% | 3 qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | Revolution Medicines, Inc. | Healthcare | $246K | 0.2% | 1,200 | — | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | Alkermes plc. | Healthcare | $243K | 0.2% | 6,000 | — | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | Aurinia Pharmaceuticals Inc. | Healthcare | $243K | 0.2% | 15K | -50% | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | INCYTE CORP | Healthcare | $243K | 0.2% | 2,000 | -62% | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | Intellia Therapeutics, Inc. | Healthcare | $241K | 0.2% | 20K | — | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $IMVT | Immunovant, Inc. | Healthcare | $236K | 0.2% | 7,000 | -46% | |||
| 27 | $STOK | Stoke Therapeutics, Inc. | Healthcare | $234K | 0.2% | 9,000 | -25% | |||
| 28 | $KRYS | Krystal Biotech, Inc. | Healthcare | $230K | 0.2% | 692 | — | |||
| 29 | $ASND | Ascendis Pharma A/S | Healthcare | $228K | 0.2% | 1,000 | -33% | |||
| 30 | $SNDX | Syndax Pharmaceuticals Inc | Healthcare | $226K | 0.1% | 12K | -40% | |||
| 31 | $KYMR | Kymera Therapeutics, Inc. | Healthcare | $224K | 0.1% | 2,000 | -50% | |||
| 32 | $DNTH | Dianthus Therapeutics, Inc. /DE/ | Healthcare | $220K | 0.1% | 2,500 | — | |||
| 33 | $TRVI | Trevi Therapeutics, Inc. | Healthcare | $215K | 0.1% | 15K | -50% | |||
| 34 | $MIRM | Mirum Pharmaceuticals, Inc. | Healthcare | $214K | 0.1% | 2,500 | — | |||
| 35 | $IMCR | Immunocore Holdings plc | Healthcare | $212K | 0.1% | 7,000 | -54% | |||
| 36 | $PTGX | Protagonist Therapeutics, Inc | Healthcare | $211K | 0.1% | 1,500 | -50% | |||
| 37 | $EWTX | Edgewise Therapeutics, Inc. | Healthcare | $203K | 0.1% | 5,000 | — | |||
| 38 | $ORIC | Oric Pharmaceuticals, Inc. | Healthcare | $175K | 0.1% | 13K | — | |||
| 39 | $DYN | Dyne Therapeutics, Inc. | Healthcare | $161K | 0.1% | 10K | -50% | |||
| 40 | $CMPS | COMPASS Pathways plc | Healthcare | $124K | 0.1% | 10K | -44% | |||
| 41 | $OCUL | OCULAR THERAPEUTIX, INC | Healthcare | $115K | 0.1% | 15K | — | |||
| 42 | $CTMX | CytomX Therapeutics, Inc. | Healthcare | $107K | 0.1% | 39K | — | |||
| 43 | $ARDX | ARDELYX, INC. | Healthcare | $103K | 0.1% | 30K | -50% | |||
| 44 | $OLMA | Olema Pharmaceuticals, Inc. | Healthcare | $86K | 0.1% | 10K | — |
What changed in Q3 2026
Against the previous quarter's 13F: 1 new, 0 added to, 27 trimmed, 32 sold out. Share-count changes; largest moves by dollar size first.
New positions (1)
first bought this quarter
Added to (0)
No positions added to this quarter.
Trimmed (27)
- SPDR SERIES TRUST - ST STR SP BIOT-32%
now $60.9M
now $331K · held 4+ qtrs, 2 trims in a row
$INCYINCYTE CORP-62%
now $243K · held 4+ qtrs
now $292K · held 4+ qtrs
now $288K · held 4+ qtrs
now $285K · held 4+ qtrs, 2 trims in a row
+21 more in the Excel export
Sold out (32)
$IRONDisc Medicine, Inc.was $585K
held 2 qtrs
$RAPPRapport Therapeutics, Inc.was $583K
held 3+ qtrs
$RAREUltragenyx Pharmaceutical Inc.was $568K
held 2 qtrs
$GLUEMonte Rosa Therapeutics, Inc.was $557K
held 2 qtrs
$IONSIONIS PHARMACEUTICALS INCwas $539K
held 3+ qtrs
$PHVSPharvaris N.V.was $519K
+26 more in the Excel export
Holdings by quarter
Every 13F PSP Research LLC has filed, 3 earlier quarters. Pick one to see what it held then.
Is it too late to follow PSP Research?
Q3 2026 13F filed with the SEC on Oct 21, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of PSP Research's top 20 holdings: 23/100 (our AI quality score, weighted by position size; 13 of the 20 are scored)
Top 10 since filing
+0.2%
Value-weighted move of the 10 largest stock positions
Turnover
3%
Last quarter
Top 10 weight
95%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
49%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q4 2025 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
PSP Research LLC disclosed 44 positions worth $145.8M in its Form 13F-HR for Q3 2026. During the quarter the fund opened 1 new position and exited 32 — including a new stake in $SERA and a full exit from $IRON. The portfolio is most concentrated in Other (90.1% of disclosed assets). All figures are sourced directly from PSP Research LLC’s Form 13F-HR filing with the SEC under CIK 2106939.
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AI-Powered Hedge Fund Analysis: PSP Research LLC
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