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Funds (13F)

Tang Capital Management LLC

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+3.4%
S&P 500 +14.1%
Last 12 months
+11.8%
S&P 500 +12.1%
Sharpe ratio
0.26
S&P 500 0.78
Biggest drop
−77.9%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$15.5k
Tang Capital Management LLCS&P 500 $10,000 in Tang Capital Management LLC from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Tang Capital Management LLC'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.

Tang Capital Management LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+3.4%+14.1%
Total return+55%+470%
Last 12 months+11.8%+12.1%
Last 3 months−2.6%—
Last month−4.7%—
This year so far−0.9%—
Volatility a year47.3%16.0%
Sharpe ratio0.260.78
Biggest drop−77.9%−31.8%
Beta to the S&P 5000.991.00
Alpha a year (t-statistic)−0.2% (−0.02)—
Share of weeks up48%—

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
AUPH10.6%——
SYRE8.0%——
MIRM6.9%——
KNSA6.9%——
CELC6.6%——
CORT6.2%——
PTCT5.8%——
LKFT5.4%——
CAPR4.7%——
TARS4.7%——
ANAB4.3%——
IMCR4.0%——
CMPS3.4%——
ANIP2.8%——
BNTX2.1%——
CMPX1.9%——
PGEN1.8%——
VRDN1.6%——
NVCT1.4%——
DNTH1.2%——
FULC1.1%——
AVIR1.1%——
CBIO1.0%——
NNDM1.0%——
VKTX0.9%——
NUVB0.9%——
IDYA0.8%——
DERM0.5%——
INSM0.5%——
STOK0.5%——
PLRX0.3%——
BOLD0.3%——
PMVP0.3%——
MRNA0.2%——
HRTX0.1%——
LENZ0.1%——
ALT0.1%——
RCKT0.0%——

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

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+3.4%+14.1%0.260.78−77.9%0.99−0.2% (−0.02)
2018 onwards5 Jan 2018 to 2 Nov 2026+0.2%+13.9%0.140.66−77.9%0.95−5.5% (−0.44)
Last three years3 Nov 2023 to 2 Nov 2026+25.3%+21.8%0.791.16−26.8%1.01+5.4% (0.39)
Last year7 Nov 2025 to 2 Nov 2026+13.9%+14.2%0.510.84−15.6%0.87+2.7% (0.14)
DateCompanyAction
21 Aug 2026NVCTBought
21 Aug 2026NNDMBought
21 Aug 2026FULCBought
21 Aug 2026BOLDBought
22 May 2026LXRXBought
22 May 2026JANXBought
22 May 2026CMPSBought
22 May 2026AGIOBought
20 Feb 2026STROBought
20 Feb 2026CORTBought
20 Feb 2026CAPRBought
20 Feb 2026BMYBought
20 Feb 2026ACETBought
20 Feb 2026ABEOBought
21 Nov 2025VORBought
21 Nov 2025PMVPBought
21 Nov 2025PGENBought
21 Nov 2025PACBBought
21 Nov 2025LONABought
21 Nov 2025IDYABought
21 Nov 2025GOSSBought
21 Nov 2025GHRSBought
21 Nov 2025CRSPBought
21 Nov 2025CGTXBought
21 Nov 2025CELCBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026URGNSold
21 Aug 2026NMRASold
21 Aug 2026NKTXSold
21 Aug 2026LXRXSold
21 Aug 2026JANXSold
21 Aug 2026FATESold
21 Aug 2026ERASSold
21 Aug 2026EOLSSold
21 Aug 2026CHRSSold
21 Aug 2026BIIBSold
21 Aug 2026ARVNSold
21 Aug 2026AGIOSold
21 Aug 2026ABEOSold
22 May 2026ZYMESold
22 May 2026VSTMSold
22 May 2026VRTXSold
22 May 2026TVTXSold
22 May 2026TDOCSold
22 May 2026TCRXSold
22 May 2026STROSold
22 May 2026SRPTSold
22 May 2026RVMDSold
22 May 2026REGNSold
22 May 2026PCVXSold
22 May 2026NVDASold

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