Q2 2026 13F · SEC CIK 2077247

Trails Edge Capital Partners, LP

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $629.9M
Reported positions: 35
Holdings vs S&P 500, 3 yrs: —
Assets under management: $933.4M

Trails Edge Capital Partners, LP is a hedge fund that reported 35 positions worth $629.9M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were LB Pharmaceuticals, Inc. (LBRX, 7.8%), Nurix Therapeutics Inc (NRIX, 6.1%), Immunocore Hldgs PLC (IMCR, 5.4%).

Trails Edge Capital Partners, LP holdings all 35 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Trails Edge Capital Partners, LP 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
LBRXLB Pharmaceuticals, Inc.	7.8%	7.7%	1,523,022	+15.4%	$49.4M
NRIXNurix Therapeutics Inc	6.1%	6.4%	1,573,220	-9.8%	$38.2M
IMCRImmunocore Hldgs PLC	5.4%	4.8%	1,063,234	+55.8%	$33.8M
TRAXFirst Tracks Biotherapeutics	4.8%	New	1,514,000	—	$30.5M
FDMT4d Molecular Therapeutics in	4.7%	2.9%	2,227,917	+71.0%	$29.6M
BMRNBiomarin Pharmaceutical Inc	4.7%	New	512,000	—	$29.3M
DSGNDesign Therapeutics, Inc.	4.6%	2.1%	2,001,282	+134.9%	$29.0M
XENEXenon Pharmaceuticals Inc	4.2%	6.0%	440,000	+0.0%	$26.6M
MIRMMirum Pharmaceuticals Inc	4.2%	7.2%	223,312	-33.0%	$26.1M
INSMInsmed Inc	3.9%	New	230,331	—	$24.6M
CYTKCytokinetics	3.9%	4.7%	288,089	-4.0%	$24.5M
SNDXSyndax Pharmaceuticals Inc	3.9%	3.9%	1,110,000	+58.2%	$24.3M
NGNENeurogene Inc	3.6%	3.7%	714,885	-8.7%	$22.5M
KLRAKailera Therapeutics Inc	3.4%	New	984,786	—	$21.7M
RVMDRevolution Medicines Inc	3.4%	5.6%	115,750	-52.8%	$21.7M
IKTInhibikase Therapeutics Inc	2.9%	3.2%	9,051,318	+12.3%	$18.4M
INCYIncyte Corp	2.8%	New	155,000	—	$17.6M
AVTXAvalo Therapeutics Inc	2.6%	New	891,881	—	$16.5M
MLTXMoonlake Immunotherapeutics	2.3%	New	750,000	—	$14.6M
FTHFaeth Therapeutics Inc	2.0%	0.9%	515,335	+312.3%	$12.9M
XFORX4 Pharmaceuticals Inc	1.9%	2.5%	2,571,478	+0.0%	$12.0M
IRDOpus Genetics Inc	1.8%	0.5%	2,743,658	+448.7%	$11.3M
SLGLSol-Gel Technologies Ltd	1.6%	1.6%	139,445	+63.1%	$10.3M
AURAAura Biosciences Inc	1.6%	New	1,443,333	—	$10.2M
IPSCCentury Therapeutics Inc	1.6%	1.3%	4,134,969	+68.8%	$10.1M
IVAInventiva SA	1.6%	3.5%	2,657,997	+0.0%	$10.0M
CAMPCAMP4 Therapeutics Corporation	1.3%	2.0%	1,932,937	-0.3%	$8.4M
ALTAltimmune Inc	1.3%	New	2,660,000	—	$8.1M
NERVMinerva Neurosciences Inc	1.3%	2.0%	1,419,000	+0.0%	$7.9M
PMNPromis Neurosciences Inc	1.2%	1.7%	557,103	+0.0%	$7.3M
OKUROnkure Therapeutics Inc	1.0%	New	1,438,456	—	$6.6M
FBRXForte Biosciences Inc	0.9%	New	273,181	—	$5.8M
RACCResearch Alliance Corp III	0.8%	New	500,000	—	$5.3M
VTVTVtv Therapeutics Inc	0.5%	1.3%	85,192	-39.0%	$3.2M
IMAImagenebio Inc	0.3%	New	282,004	—	$1.7M

What Trails Edge Capital Partners, LP bought and sold in Q2 2026, against Q1 2026.

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: —
3 years: —
5 years: —

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$629.9M	35
Q1 2026	$424.9M	26
Q4 2025	$404.7M	23

Questions about Trails Edge Capital Partners, LP's portfolio

What stocks does Trails Edge Capital Partners, LP own?

Trails Edge Capital Partners, LP's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 35 positions worth $629.9M. The largest are LB Pharmaceuticals, Inc. (LBRX) at 7.8%, Nurix Therapeutics Inc (NRIX) at 6.1%, Immunocore Hldgs PLC (IMCR) at 5.4%, First Tracks Biotherapeutics (TRAX) at 4.8% and 4d Molecular Therapeutics in (FDMT) at 4.7%.

What did Trails Edge Capital Partners, LP buy last quarter?

In Q2 2026, Trails Edge Capital Partners, LP added a new position in First Tracks Biotherapeutics (TRAX), a new position in Biomarin Pharmaceutical Inc (BMRN), a new position in Insmed Inc (INSM), a new position in Kailera Therapeutics Inc (KLRA), a new position in Incyte Corp (INCY), Opus Genetics Inc (IRD) (+448.7% shares), Faeth Therapeutics Inc (FTH) (+312.3% shares) and Design Therapeutics, Inc. (DSGN) (+134.9% shares), compared with its Q1 2026 filing.

What did Trails Edge Capital Partners, LP sell last quarter?

In Q2 2026, Trails Edge Capital Partners, LP sold all of Vaxcyte Inc (PCVX), sold all of Definium Therapeutics Inc, sold all of Arcus Biosciences Inc. (RCUS), sold all of Immunovant Inc (IMVT), Revolution Medicines Inc (RVMD) (-52.8% shares), Vtv Therapeutics Inc (VTVT) (-39.0% shares) and Mirum Pharmaceuticals Inc (MIRM) (-33.0% shares), compared with its Q1 2026 filing.

When is Trails Edge Capital Partners, LP's next 13F filing due?

13F filings are due 45 days after each quarter ends. Trails Edge Capital Partners, LP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Trails Edge Capital Partners, LP manage?

Trails Edge Capital Partners, LP reported $933.4M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $629.9M.