Tetragon Partners GP Ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 21, 2025), Tetragon Partners GP Ltd reported 17 stock positions worth $234.4 million. Its top holding was Uipath Class A (PATH) at 37.7% of the portfolio, followed by Kolibri Global Energy (KGEI, 16.0%) and Autolus Therapeutics (AUTL, 8.3%). Compared with Q3 2024, it opened 5 new positions, sold out of 1, added to 3 and reduced 4. The biggest buy was Informatica Class A (INFA, shares +50%) and the biggest sale Tarsus Pharmaceuticals (TARS, shares −67%).

Most Recent 13F
Q2 2026
Location
GRAND CAYMAN, E9
CIK
0001515070
Portfolio Value
$234.4M (Q4 2024)
SEC Filing
0000902664-25-001158 ↗ filed Feb 21, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $211.9M Q1 2024 Q2 2024: $213.8M Q2 2024 Q3 2024: $222.3M Q3 2024 Q4 2024: $234.4M $234.4M Q4 2024 Q1 2025: $254.6M Q1 2025 Q2 2025: $354.0M Q2 2025 Q3 2025: $414.0M Q3 2025 Q4 2025: $474.3M Q4 2025 Q1 2026: $508.9M Q1 2026 Q2 2026: $614.3M Q2 2026

Holdings 17 stocks · $234.4M
PATH Uipath Inc. Class A 37.68% 6,950,000 $88.3M No change
KGEI Kolibri Global Energy Inc. 16.05% 7,070,568 $37.6M No change
AUTL Autolus Therapeutics PLC 8.27% 8,250,000 $19.4M Add +3.1%
CXM Sprinklr Inc. Class A 7.93% 2,200,000 $18.6M No change
INFA Informatica Inc. Class A 6.64% 600,000 $15.6M Add +50.0%
LYFT LYFT Inc. Class A 5.50% 1,000,000 $12.9M No change
TARS Tarsus Pharmaceuticals Inc. 4.72% 200,000 $11.1M Reduce -67.4%
ANNX Annexon Inc. 3.06% 1,400,000 $7.2M Add +78.5%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 3.03% 90,327 $7.1M Reduce -19.0%
CLDX Celldex Therapeutics Inc. 2.07% 192,000 $4.9M New
BBAI Bigbear.ai Holdings Inc. 1.71% 900,000 $4.0M New
AXSM Axsome Therapeutics Inc. 1.49% 41,250 $3.5M New
KROS Keros Therapeutics Inc. 0.70% 103,000 $1.6M New
SNOW Snowflake Inc. 0.66% 10,000 $1.5M No change
HBM Hudbay Minerals Inc. 0.20% 58,000 $470K Reduce -28.4%
BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 0.18% 37,000 $426K New
TECK Teck Resources Ltd.-CLS B 0.11% 6,368 $258K Reduce -75.0%

Options reported separately and not counted above: HYG puts ($78.0M), MPT calls ($3.6M).

Other holdings (8): bonds, preferreds, convertibles and warrants · $75.5M (not counted above)
SecurityClassShares / PrincipalValueChange
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 25,809,000$20.0MNo change
SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal 20,000,000$19.4MAdd +7.7%
OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal 19,135,034$14.2MAdd +32.1%
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 15,500,000$14.1MReduce -59.7%
CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal 6,000,000$7.3MNo change
CUTERA INC (CUTR 4 06/01/29) NOTE 4.000% 6/0 · principal 5,019,000$519KNo change
DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 301,800$34KAdd +0.5%
SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 18,898$121No change

Total filed on the 13F, all lines: $309.9M.

Portfolio Sells Q3 2024 → Q4 2024
TARS Tarsus Pharmaceuticals Inc. Reduce -67.4% 4.72% −4.36
BALY Bally's Corp. Sold out 0.00% −2.16
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -19.0% 3.03% −1.00
TECK Teck Resources Ltd.-CLS B Reduce -75.0% 0.11% −0.49
HBM Hudbay Minerals Inc. Reduce -28.4% 0.20% −0.13

Portfolio Buys Q3 2024 → Q4 2024
INFA Informatica Inc. Class A Add +50.0% 6.64% +2.09
CLDX Celldex Therapeutics Inc. New 2.07% +2.07
BBAI Bigbear.ai Holdings Inc. New 1.71% +1.71
AXSM Axsome Therapeutics Inc. New 1.49% +1.49
ANNX Annexon Inc. Add +78.5% 3.06% +0.98
KROS Keros Therapeutics Inc. New 0.70% +0.70
BVN Cia DE Minas Buenaventur-ADR New 0.18% +0.18
AUTL Autolus Therapeutics PLC Add +3.1% 8.27% −4.79

Options Activity Q3 2024 → Q4 2024
HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +115.6% 991,800 $78.0M
MPT Medical Properties Trust Inc. call Add +40.5% 902,500 $3.6M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024
SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal Add +7.7% 20,000,000 $19.4M
OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal Add +32.1% 19,135,034 $14.2M
FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal Reduce -59.7% 15,500,000 $14.1M
NE.WS Noble Corp. PLC-28 *W EXP 02/04/202 Sold out 43,000 $754Kbefore exit
DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 Add +0.5% 301,800 $34K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 32$614.3MPATH, KGEI, AUTL, LYFT, DFTX
Q1 2026 34$508.9MPATH, KGEI, WBD, WK, LYFT
Q4 2025 28$474.3MPATH, KGEI, LYFT, AUTL, CXM
Q3 2025 34$414.0MPATH, KGEI, LYFT, CXM, AUTL
Q2 2025 27$354.0MPATH, KGEI, AUTL, CXM, LYFT
Q1 2025 23$254.6MPATH, KGEI, CXM, INFA, AUTL
Q4 2024Amended 17$234.4MPATH, KGEI, AUTL, CXM, INFA
Q3 2024 13$222.3MPATH, AUTL, KGEI, TARS, CXM
Q2 2024 13$213.8MPATH, AUTL, KGEI, CXM, BALY
Q1 2024 11$211.9MPATH, AUTL, CXM, KGEI, BALY