undamentalytics Newsletter
Sign in

Funds (13F)

Caligan Partners LP

Backtest from 19 May 2023 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+42.6%
S&P 500 +20.2%
Last 12 months
+27.7%
S&P 500 +12.1%
Sharpe ratio
0.93
S&P 500 1.05
Biggest drop
−32.3%
S&P 500 −16.9%
$10.0k$20.0k$40.0k 2023202420252026 $34.1k$18.9k
Caligan Partners LPS&P 500 $10,000 in Caligan Partners LP from 19 May 2023 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Caligan Partners LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Caligan Partners LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+42.6%+20.2%
Total return+241%+89%
Last 12 months+27.7%+12.1%
Last 3 months−22.8%—
Last month+5.6%—
This year so far+8.9%—
Volatility a year42.3%13.9%
Sharpe ratio0.931.05
Biggest drop−32.3%−16.9%
Beta to the S&P 5001.281.00
Alpha a year (t-statistic)+20.5% (0.98)—
Share of weeks up55%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
LQDA31.2%——
RVMD17.7%——
ABVX10.0%——
PCVX6.1%——
EXEL4.1%——
TNGX3.8%——
AVTX2.8%——
XENE2.6%——
ADMA2.3%——
LBRX2.3%——
IMCR2.1%——
VRDN1.9%——
VOR1.7%——
SABS1.5%——
IVA1.5%——
AURA1.5%——
TYRA1.2%——
IRD1.2%——
ANIK1.0%——
SGMT0.9%——
ARTV0.8%——
FTH0.8%——
MBX0.5%——
VRCA0.3%——
CLRB0.1%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest19 May 2023 to 2 Nov 2026+42.6%+20.2%0.931.05−32.3%1.28+20.5% (0.98)
Last three years3 Nov 2023 to 2 Nov 2026+58.1%+21.8%1.141.16−32.3%1.40+27.9% (1.20)
Last year7 Nov 2025 to 2 Nov 2026+26.1%+14.2%0.700.84−32.3%1.43+11.9% (0.35)
DateCompanyAction
21 Aug 2026VRDNBought
21 Aug 2026SGMTBought
21 Aug 2026IMCRBought
21 Aug 2026CLRBBought
21 Aug 2026ARTVBought
22 May 2026XLOBought
22 May 2026SYREBought
22 May 2026SABSBought
22 May 2026MBXBought
22 May 2026LBRXBought
22 May 2026IRDBought
22 May 2026FTHBought
22 May 2026AURABought
20 Feb 2026VORBought
20 Feb 2026TNGXBought
20 Feb 2026SPRBBought
20 Feb 2026PCVXBought
20 Feb 2026MAZEBought
20 Feb 2026IVABought
20 Feb 2026ELDNBought
21 Nov 2025XENEBought
21 Nov 2025VRCABought
21 Nov 2025INBXBought
21 Nov 2025AVTXBought
21 Nov 2025ADMABought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026XLOSold
21 Aug 2026SYRESold
21 Aug 2026MLYSSold
21 Aug 2026MAZESold
22 May 2026SPRBSold
22 May 2026INBXSold
22 May 2026ELDNSold
20 Feb 2026EOLSSold
20 Feb 2026AURASold
20 Feb 2026AGIOSold
21 Nov 2025RZLTSold
21 Nov 2025BCRXSold
16 May 2025ENTASold
21 Feb 2025OTLKSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest