Tri Locum Partners LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Tri Locum Partners LP reported 18 stock positions worth $435.1 million. Its top holding was Johnson & Johnson (JNJ) at 12.9% of the portfolio, followed by United Therapeutics (UTHR, 11.8%) and Merck (MRK, 8.6%). Compared with Q2 2025, it opened 6 new positions, sold out of 11, added to 6 and reduced 6. The biggest buy was a new position in Johnson & Johnson (JNJ) and the biggest sale an exit from Teva Pharmaceutical-SP ADR (TEVA).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001826434
- Portfolio Value
- $435.1M (Q3 2025)
- SEC Filing
- 0001826434-25-000008 ↗ filed Nov 14, 2025
Holdings Value
Holdings 18 stocks · $435.1M
| JNJ Johnson & Johnson | 12.91% | 302,831 | $56.2M | New |
| UTHR United Therapeutics Corp. | 11.77% | 122,187 | $51.2M | New |
| MRK Merck & Co. Inc. | 8.62% | 446,874 | $37.5M | New |
| AXSM Axsome Therapeutics Inc. | 8.16% | 292,137 | $35.5M | Add +85.1% |
| ASND Ascendis Pharma A/S | 7.99% | 174,829 | $34.8M | Add +18.4% |
| VERA Vera Therapeutics Inc. | 7.95% | 1,190,207 | $34.6M | Add +188.1% |
| ARGX Argenx SE - ADR | 7.36% | 43,411 | $32.0M | Reduce -9.2% |
| MDGL Madrigal Pharmaceuticals Inc. | 7.14% | 67,706 | $31.1M | Reduce -30.8% |
| SLNO Soleno Therapeutics Inc. | 7.00% | 450,585 | $30.5M | Add +56.0% |
| ABBV Abbvie Inc. | 4.77% | 89,621 | $20.8M | Add +61.0% |
| KRRO Korro Bio Inc. | 3.72% | 337,764 | $16.2M | Add +142.1% |
| XENE Xenon Pharmaceuticals Inc. | 3.38% | 366,102 | $14.7M | New |
| AVDL Avadel Pharmaceuticals Ltd. | 2.54% | 724,859 | $11.1M | Reduce -28.6% |
| STVN Stevanato Group SPA | 1.97% | 332,912 | $8.6M | New |
| DNTH Dianthus Therapeutics Inc. | 1.65% | 182,867 | $7.2M | New |
| TARS Tarsus Pharmaceuticals Inc. | 1.63% | 119,260 | $7.1M | Reduce -32.9% |
| PRAX Praxis Precision Medicines I | 0.93% | 75,986 | $4.0M | Reduce -61.1% |
| BHVN Biohaven Ltd. | 0.51% | 149,179 | $2.2M | Reduce -45.0% |
Portfolio Sells Q2 2025 → Q3 2025
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −10.41 |
| ALNY Alnylam Pharmaceuticals Inc. | Sold out | 0.00% | −8.86 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −6.22 |
| INSP Inspire Medical Systems Inc. | Sold out | 0.00% | −5.88 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −5.74 |
| EOLS Evolus Inc. | Sold out | 0.00% | −3.46 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −2.11 |
| LEGN Legend Biotech Corp.-ADR | Sold out | 0.00% | −1.87 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -30.8% | 7.14% | −1.84 |
| NUVL Nuvalent Inc. Class A | Sold out | 0.00% | −1.76 |
| PRAX Praxis Precision Medicines I | Reduce -61.1% | 0.93% | −1.57 |
| WGS Genedx Holdings Corp. | Sold out | 0.00% | −0.92 |
| BHVN Biohaven Ltd. | Reduce -45.0% | 0.51% | −0.65 |
| ARGX Argenx SE - ADR | Reduce -9.2% | 7.36% | −0.64 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -32.9% | 1.63% | −0.55 |
| AVDL Avadel Pharmaceuticals Ltd. | Reduce -28.6% | 2.54% | −0.18 |
| FEMY Femasys Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| JNJ Johnson & Johnson | New | 12.91% | +12.91 |
| UTHR United Therapeutics Corp. | New | 11.77% | +11.77 |
| MRK Merck & Co. Inc. | New | 8.62% | +8.62 |
| VERA Vera Therapeutics Inc. | Add +188.1% | 7.95% | +5.00 |
| XENE Xenon Pharmaceuticals Inc. | New | 3.38% | +3.38 |
| AXSM Axsome Therapeutics Inc. | Add +85.1% | 8.16% | +3.15 |
| KRRO Korro Bio Inc. | Add +142.1% | 3.72% | +2.66 |
| STVN Stevanato Group SPA | New | 1.97% | +1.97 |
| DNTH Dianthus Therapeutics Inc. | New | 1.65% | +1.65 |
| ABBV Abbvie Inc. | Add +61.0% | 4.77% | +1.63 |
| ASND Ascendis Pharma A/S | Add +18.4% | 7.99% | +0.26 |
| SLNO Soleno Therapeutics Inc. | Add +56.0% | 7.00% | −0.34 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 19 | $813.2M | JNJ, VRTX, LLY, ASND, DXCM |
| Q1 2026 | 17 | $712.5M | JNJ, ISRG, TMO, ASND, VRTX |
| Q4 2025 | 15 | $770.1M | JNJ, DHR, LLY, UTHR, ASND |
| Q3 2025 | 18 | $435.1M | JNJ, UTHR, MRK, AXSM, ASND |
| Q2 2025 | 23 | $329.5M | TEVA, MDGL, ALNY, ARGX, ASND |
| Q1 2025 | 22 | $194.9M | CI, MCK, SLNO, TEVA, INSP |
| Q4 2024 | 28 | $482.7M | TEVA, ZBH, ARGX, NTRA, INSP |
| Q3 2024 | 20 | $417.4M | PFE, TEVA, NTRA, STVN, ARGX |
| Q2 2024 | 25 | $395.5M | TEVA, ARGX, ASND, AMGN, NTRA |
| Q1 2024 | 27 | $288.4M | TEVA, AVDL, SILK, NTRA, ASND |