Spruce Street Capital LP 13F: Quarter-over-Quarter Portfolio Changes
Spruce Street Capital LP reported a disclosed portfolio value of approximately $415.9 million in its latest SEC Form 13F-HR filing for Q1 2026, up 37.4% quarter on quarter. Over the quarter, the fund initiated 7 new positions, bought more shares in 12 holdings, trimmed 3 holdings, and exited 6 positions.
Spruce Street Capital LP's top buy was Centessa Pharmaceuticals PLC (CNTA) . The fund bought 528.0% more shares, lifting the position's portfolio weight by 4.0 percentage points. Its top sell was Cidara Therapeutics INC (CDTX) . The fund exited the position completely after it had accounted for 17.0% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| ALKERMES PLC | ALKS | 2.7% | Holders → |
| PERSPECTIVE THERAPEUTICS | CATX | 2.6% | Holders → |
| ALUMIS INC | ALMS | 2.1% | Holders → |
| MAZE THERAPEUTICS INC | MAZE | 1.4% | Holders → |
| AN2 THERAPEUTICS INC | ANTX | 1.3% | Holders → |
| HELIX ACQUISITION CORP III | HLXC | 1.2% | Holders → |
| CORVUS PHARMACEUTICALS I | CRVS | 0.8% | Holders → |
Top BuysQ1 2026
Showing the top 10 buys among 12 existing positions where the fund bought more shares in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| CENTESSA PHARMACEUTICALS PLC | CNTA | +4.0% | +528.0% | History → |
| ALTO NEUROSCIENCE INC | ANRO | +5.7% | +494.7% | History → |
| LEXEO THERAPEUTICS INC | LXEO | +0.7% | +430.6% | Holders → |
| CENTURY THERAPEUTICS INC | IPSC | +1.7% | +185.5% | Holders → |
| ENANTA PHARMACEUTICALS I | ENTA | +0.8% | +139.3% | Holders → |
| KALVISTA PHARMACEUTICALS | KALV | +2.3% | +131.4% | History → |
| ALECTOR INC | ALEC | +0.5% | +87.9% | Holders → |
| KINIKSA PHARMACEUTICALS I | KNSA | +2.9% | +75.0% | History → |
| RELMADA THERAPEUTICS INC | RLMD | +3.8% | +53.3% | History → |
| SAVARA INC | SVRA | +-0.4% | +40.3% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| ERASCA INC | ERAS | -3.1% | 89.1% | Holders → |
| VAXCYTE INC | PCVX | -2.7% | 38.6% | History → |
| ENLIVEN THERAPEUTICS INC | ELVN | 0.8% | 26.2% | Holders → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| CIDARA THERAPEUTICS INC | CDTX | 17.0% |
| EYEPOINT INC | EYPT | 5.9% |
| OCULAR THERAPEUTIX INC | OCUL | 3.1% |
| ABIVAX SA | ABVX | 2.2% |
| CYBIN INC | HELP | 2.1% |
| SUTRO BIOPHARMA INC | STRO | 0.3% |
Net Portfolio Value ChangeQ1 2026
- $0.3BPrior quarter
- $0.4BCurrent quarter
- +$0.1BNet delta
- +37.4%% change
Methodology & FAQ
How Spruce Street Capital LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Spruce Street Capital LP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Spruce Street Capital LP buy in Q1 2026?
In Q1 2026, Spruce Street Capital LP initiated 7 new positions (ALKERMES PLC (ALKS), PERSPECTIVE THERAPEUTICS (CATX), ALUMIS INC (ALMS), MAZE THERAPEUTICS INC (MAZE), AN2 THERAPEUTICS INC (ANTX), HELIX ACQUISITION CORP III (HLXC), CORVUS PHARMACEUTICALS I (CRVS)); bought more shares of CENTESSA PHARMACEUTICALS PLC (CNTA), ALTO NEUROSCIENCE INC (ANRO), LEXEO THERAPEUTICS INC (LXEO), CENTURY THERAPEUTICS INC (IPSC), ENANTA PHARMACEUTICALS I (ENTA) — the largest 5 of 12 adds.
What stocks did Spruce Street Capital LP sell in Q1 2026?
In Q1 2026, Spruce Street Capital LP fully sold 6 positions (CIDARA THERAPEUTICS INC (CDTX), EYEPOINT INC (EYPT), OCULAR THERAPEUTIX INC (OCUL), ABIVAX SA (ABVX), CYBIN INC (HELP), SUTRO BIOPHARMA INC (STRO)); reduced holdings in ERASCA INC (ERAS), VAXCYTE INC (PCVX), ENLIVEN THERAPEUTICS INC (ELVN).
Which positions did Spruce Street Capital LP initiate in Q1 2026?
Spruce Street Capital LP established 7 new positions in Q1 2026: ALKERMES PLC (ALKS, 2.7%), PERSPECTIVE THERAPEUTICS (CATX, 2.6%), ALUMIS INC (ALMS, 2.1%), MAZE THERAPEUTICS INC (MAZE, 1.4%), AN2 THERAPEUTICS INC (ANTX, 1.3%), HELIX ACQUISITION CORP III (HLXC, 1.2%), CORVUS PHARMACEUTICALS I (CRVS, 0.8%).
Which existing positions saw the largest allocation increases for Spruce Street Capital LP in Q1 2026?
Of 12 existing positions with share-count increases in Q1 2026, the largest were: CENTESSA PHARMACEUTICALS PLC (CNTA, +4.0% weight, +528.0% shares), ALTO NEUROSCIENCE INC (ANRO, +5.7% weight, +494.7% shares), LEXEO THERAPEUTICS INC (LXEO, +0.7% weight, +430.6% shares), CENTURY THERAPEUTICS INC (IPSC, +1.7% weight, +185.5% shares), ENANTA PHARMACEUTICALS I (ENTA, +0.8% weight, +139.3% shares), KALVISTA PHARMACEUTICALS (KALV, +2.3% weight, +131.4% shares), ALECTOR INC (ALEC, +0.5% weight, +87.9% shares), KINIKSA PHARMACEUTICALS I (KNSA, +2.9% weight, +75.0% shares), RELMADA THERAPEUTICS INC (RLMD, +3.8% weight, +53.3% shares), SAVARA INC (SVRA, +-0.4% weight, +40.3% shares).
Which positions did Spruce Street Capital LP fully exit in Q1 2026?
Spruce Street Capital LP fully exited 6 positions in Q1 2026: CIDARA THERAPEUTICS INC (CDTX, last-reported weight 17.0%), EYEPOINT INC (EYPT, last-reported weight 5.9%), OCULAR THERAPEUTIX INC (OCUL, last-reported weight 3.1%), ABIVAX SA (ABVX, last-reported weight 2.2%), CYBIN INC (HELP, last-reported weight 2.1%), SUTRO BIOPHARMA INC (STRO, last-reported weight 0.3%).
Which existing positions saw the largest allocation reductions for Spruce Street Capital LP in Q1 2026?
Of 3 existing positions with share-count reductions in Q1 2026, the largest were: ERASCA INC (ERAS, -3.1% weight, -89.1% shares), VAXCYTE INC (PCVX, -2.7% weight, -38.6% shares), ENLIVEN THERAPEUTICS INC (ELVN, 0.8% weight, -26.2% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.