Tri Locum Partners LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Tri Locum Partners LP reported 15 stock positions worth $770.1 million. Its top holding was Johnson & Johnson (JNJ) at 16.2% of the portfolio, followed by Danaher (DHR, 10.3%) and Eli Lilly (LLY, 8.8%). Compared with Q3 2025, it opened 7 new positions, sold out of 10, added to 4 and reduced 4. The biggest buy was a new position in Danaher (DHR) and the biggest sale an exit from Merck (MRK).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001826434
- Portfolio Value
- $770.1M (Q4 2025)
- SEC Filing
- 0001826434-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 15 stocks · $770.1M
| JNJ Johnson & Johnson | 16.21% | 603,143 | $124.8M | Add +99.2% |
| DHR Danaher Corp. | 10.31% | 346,875 | $79.4M | New |
| LLY Eli Lilly & Co. | 8.83% | 63,284 | $68.0M | New |
| UTHR United Therapeutics Corp. | 7.65% | 120,921 | $58.9M | Reduce -1.0% |
| ASND Ascendis Pharma A/S | 7.34% | 265,015 | $56.5M | Add +51.6% |
| MDGL Madrigal Pharmaceuticals Inc. | 6.50% | 86,023 | $50.1M | Add +27.1% |
| BSX Boston Scientific Corp. | 6.44% | 520,508 | $49.6M | New |
| TEVA Teva Pharmaceutical-SP ADR | 5.82% | 1,435,865 | $44.8M | New |
| IONS Ionis Pharmaceuticals Inc. | 5.72% | 557,174 | $44.1M | New |
| VERA Vera Therapeutics Inc. | 5.30% | 805,689 | $40.8M | Reduce -32.3% |
| AXSM Axsome Therapeutics Inc. | 4.78% | 201,627 | $36.8M | Reduce -31.0% |
| ARGX Argenx SE - ADR | 4.11% | 37,653 | $31.7M | Reduce -13.3% |
| NUVL Nuvalent Inc. Class A | 4.01% | 307,371 | $30.9M | New |
| DXCM Dexcom Inc. | 3.63% | 421,600 | $28.0M | New |
| DNTH Dianthus Therapeutics Inc. | 3.33% | 622,403 | $25.6M | Add +240.4% |
Portfolio Sells Q3 2025 → Q4 2025
| MRK Merck & Co. Inc. | Sold out | 0.00% | −8.62 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −7.00 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −4.77 |
| UTHR United Therapeutics Corp. | Reduce -1.0% | 7.65% | −4.12 |
| KRRO Korro Bio Inc. | Sold out | 0.00% | −3.72 |
| XENE Xenon Pharmaceuticals Inc. | Sold out | 0.00% | −3.38 |
| AXSM Axsome Therapeutics Inc. | Reduce -31.0% | 4.78% | −3.37 |
| ARGX Argenx SE - ADR | Reduce -13.3% | 4.11% | −3.25 |
| VERA Vera Therapeutics Inc. | Reduce -32.3% | 5.30% | −2.65 |
| AVDL Avadel Pharmaceuticals Ltd. | Sold out | 0.00% | −2.54 |
| STVN Stevanato Group SPA | Sold out | 0.00% | −1.97 |
| TARS Tarsus Pharmaceuticals Inc. | Sold out | 0.00% | −1.63 |
| PRAX Praxis Precision Medicines I | Sold out | 0.00% | −0.93 |
| BHVN Biohaven Ltd. | Sold out | 0.00% | −0.51 |
Portfolio Buys Q3 2025 → Q4 2025
| DHR Danaher Corp. | New | 10.31% | +10.31 |
| LLY Eli Lilly & Co. | New | 8.83% | +8.83 |
| BSX Boston Scientific Corp. | New | 6.44% | +6.44 |
| TEVA Teva Pharmaceutical-SP ADR | New | 5.82% | +5.82 |
| IONS Ionis Pharmaceuticals Inc. | New | 5.72% | +5.72 |
| NUVL Nuvalent Inc. Class A | New | 4.01% | +4.01 |
| DXCM Dexcom Inc. | New | 3.63% | +3.63 |
| JNJ Johnson & Johnson | Add +99.2% | 16.21% | +3.30 |
| DNTH Dianthus Therapeutics Inc. | Add +240.4% | 3.33% | +1.68 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +27.1% | 6.50% | −0.63 |
| ASND Ascendis Pharma A/S | Add +51.6% | 7.34% | −0.65 |
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 |