Trails Edge Capital Partners, LP 13F: Quarter-over-Quarter Portfolio Changes
Trails Edge Capital Partners, LP reported a disclosed portfolio value of approximately $629.9 million in its latest SEC Form 13F-HR filing for Q2 2026, up 48.3% quarter on quarter. Over the quarter, the fund initiated 13 new positions, bought more shares in 10 holdings, trimmed 7 holdings, and exited 4 positions.
Trails Edge Capital Partners, LP's top buy was a new stake in First Tracks Biotherapeutics (TRAX) , equal to 4.8% of the disclosed portfolio. Its top sell was Vaxcyte INC (PCVX) . The fund exited the position completely after it had accounted for 9.1% of the previous portfolio.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| FIRST TRACKS BIOTHERAPEUTICS | TRAX | 4.8% | History → |
| BIOMARIN PHARMACEUTICAL INC | BMRN | 4.7% | History → |
| INSMED INC | INSM | 3.9% | History → |
| KAILERA THERAPEUTICS INC | KLRA | 3.4% | Holders → |
| INCYTE CORP | INCY | 2.8% | Holders → |
| AVALO THERAPEUTICS INC | AVTX | 2.6% | Holders → |
| MOONLAKE IMMUNOTHERAPEUTICS | MLTX | 2.3% | Holders → |
| AURA BIOSCIENCES INC | AURA | 1.6% | Holders → |
| ALTIMMUNE INC | ALT | 1.3% | Holders → |
| ONKURE THERAPEUTICS INC | OKUR | 1.0% | Holders → |
| FORTE BIOSCIENCES INC | FBRX | 0.9% | Holders → |
| RESEARCH ALLIANCE CORP III | RACC | 0.8% | Holders → |
| IMAGENEBIO INC | IMA | 0.3% | Holders → |
Top BuysQ2 2026
The fund's top buys among existing positions in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| OPUS GENETICS INC | IRD | +1.3% | +448.7% | Holders → |
| FAETH THERAPEUTICS INC | SNSE | +1.1% | +312.3% | Holders → |
| DESIGN THERAPEUTICS INC | DSGN | +2.5% | +134.9% | History → |
| 4D MOLECULAR THERAPEUTICS IN | FDMT | +1.8% | +71.0% | History → |
| CENTURY THERAPEUTICS INC | IPSC | +0.3% | +68.8% | Holders → |
| SOL-GEL TECHNOLOGIES LTD | SLGL | +0.0% | +63.1% | Holders → |
| SYNDAX PHARMACEUTICALS INC | SNDX | +-0.0% | +58.2% | Holders → |
| IMMUNOCORE HLDGS PLC | IMCR | +0.5% | +55.8% | History → |
| LB PHARMACEUTICALS INC | LBRX | +0.2% | +15.4% | History → |
| INHIBIKASE THERAPEUTICS INC | IKT | +-0.3% | +12.3% | Holders → |
Top SellsQ2 2026
The fund's top sells among positions it retained in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| REVOLUTION MEDICINES INC | RVMD | -2.2% | 52.8% | Holders → |
| VTV THERAPEUTICS INC | VTVT | -0.8% | 39.0% | Holders → |
| MIRUM PHARMACEUTICALS INC | MIRM | -3.1% | 33.0% | History → |
| NURIX THERAPEUTICS INC | NRIX | -0.3% | 9.8% | History → |
| NEUROGENE INC | NGNE | -0.1% | 8.7% | Holders → |
| CYTOKINETICS INC | CYTK | -0.8% | 4.0% | Holders → |
| CAMP4 THERAPEUTICS CORP | CAMP | -0.7% | 0.3% | Holders → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| VAXCYTE INC | PCVX | 9.1% |
| DEFINIUM THERAPEUTICS INC | DFTX | 7.7% |
| ARCUS BIOSCIENCES, INC. | RCUS | 5.3% |
| IMMUNOVANT INC | IMVT | 2.4% |
Net Portfolio Value ChangeQ2 2026
- $0.4BPrior quarter
- $0.6BCurrent quarter
- +$0.2BNet delta
- +48.3%% change
Methodology & FAQ
How Trails Edge Capital Partners, LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Trails Edge Capital Partners, 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 Trails Edge Capital Partners, LP buy in Q2 2026?
In Q2 2026, Trails Edge Capital Partners, LP initiated 13 new positions (FIRST TRACKS BIOTHERAPEUTICS (TRAX), BIOMARIN PHARMACEUTICAL INC (BMRN), INSMED INC (INSM), KAILERA THERAPEUTICS INC (KLRA), INCYTE CORP (INCY), AVALO THERAPEUTICS INC (AVTX), MOONLAKE IMMUNOTHERAPEUTICS (MLTX), AURA BIOSCIENCES INC (AURA), ALTIMMUNE INC (ALT), ONKURE THERAPEUTICS INC (OKUR), FORTE BIOSCIENCES INC (FBRX), RESEARCH ALLIANCE CORP III (RACC), IMAGENEBIO INC (IMA)); bought more shares of OPUS GENETICS INC (IRD), FAETH THERAPEUTICS INC (SNSE), DESIGN THERAPEUTICS INC (DSGN), 4D MOLECULAR THERAPEUTICS IN (FDMT), CENTURY THERAPEUTICS INC (IPSC) (the largest 5 of 10 adds).
What stocks did Trails Edge Capital Partners, LP sell in Q2 2026?
In Q2 2026, Trails Edge Capital Partners, LP fully sold 4 positions (VAXCYTE INC (PCVX), DEFINIUM THERAPEUTICS INC (DFTX), ARCUS BIOSCIENCES, INC. (RCUS), IMMUNOVANT INC (IMVT)); reduced holdings in REVOLUTION MEDICINES INC (RVMD), VTV THERAPEUTICS INC (VTVT), MIRUM PHARMACEUTICALS INC (MIRM), NURIX THERAPEUTICS INC (NRIX), NEUROGENE INC (NGNE) (the largest 5 of 7 reductions).
Which positions did Trails Edge Capital Partners, LP initiate in Q2 2026?
Trails Edge Capital Partners, LP established 13 new positions in Q2 2026: FIRST TRACKS BIOTHERAPEUTICS (TRAX, 4.8%), BIOMARIN PHARMACEUTICAL INC (BMRN, 4.7%), INSMED INC (INSM, 3.9%), KAILERA THERAPEUTICS INC (KLRA, 3.4%), INCYTE CORP (INCY, 2.8%), AVALO THERAPEUTICS INC (AVTX, 2.6%), MOONLAKE IMMUNOTHERAPEUTICS (MLTX, 2.3%), AURA BIOSCIENCES INC (AURA, 1.6%), ALTIMMUNE INC (ALT, 1.3%), ONKURE THERAPEUTICS INC (OKUR, 1.0%), FORTE BIOSCIENCES INC (FBRX, 0.9%), RESEARCH ALLIANCE CORP III (RACC, 0.8%), IMAGENEBIO INC (IMA, 0.3%).
Which existing positions saw the largest allocation increases for Trails Edge Capital Partners, LP in Q2 2026?
Of 10 existing positions with share-count increases in Q2 2026, the largest were: OPUS GENETICS INC (IRD, +1.3% weight, +448.7% shares), FAETH THERAPEUTICS INC (SNSE, +1.1% weight, +312.3% shares), DESIGN THERAPEUTICS INC (DSGN, +2.5% weight, +134.9% shares), 4D MOLECULAR THERAPEUTICS IN (FDMT, +1.8% weight, +71.0% shares), CENTURY THERAPEUTICS INC (IPSC, +0.3% weight, +68.8% shares), SOL-GEL TECHNOLOGIES LTD (SLGL, +0.0% weight, +63.1% shares), SYNDAX PHARMACEUTICALS INC (SNDX, +-0.0% weight, +58.2% shares), IMMUNOCORE HLDGS PLC (IMCR, +0.5% weight, +55.8% shares), LB PHARMACEUTICALS INC (LBRX, +0.2% weight, +15.4% shares), INHIBIKASE THERAPEUTICS INC (IKT, +-0.3% weight, +12.3% shares).
Which positions did Trails Edge Capital Partners, LP fully exit in Q2 2026?
Trails Edge Capital Partners, LP fully exited 4 positions in Q2 2026: VAXCYTE INC (PCVX, last-reported weight 9.1%), DEFINIUM THERAPEUTICS INC (DFTX, last-reported weight 7.7%), ARCUS BIOSCIENCES, INC. (RCUS, last-reported weight 5.3%), IMMUNOVANT INC (IMVT, last-reported weight 2.4%).
Which existing positions saw the largest allocation reductions for Trails Edge Capital Partners, LP in Q2 2026?
Of 7 existing positions with share-count reductions in Q2 2026, the largest were: REVOLUTION MEDICINES INC (RVMD, -2.2% weight, -52.8% shares), VTV THERAPEUTICS INC (VTVT, -0.8% weight, -39.0% shares), MIRUM PHARMACEUTICALS INC (MIRM, -3.1% weight, -33.0% shares), NURIX THERAPEUTICS INC (NRIX, -0.3% weight, -9.8% shares), NEUROGENE INC (NGNE, -0.1% weight, -8.7% shares), CYTOKINETICS INC (CYTK, -0.8% weight, -4.0% shares), CAMP4 THERAPEUTICS CORP (CAMP, -0.7% weight, -0.3% 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.