Trails Edge Capital Partners, LP 13F: Quarter-over-Quarter Portfolio Changes
Trails Edge Capital Partners, LP reported a disclosed portfolio value of approximately $424.9 million in its latest SEC Form 13F-HR filing for Q1 2026, up 5.0% quarter on quarter. Over the quarter, the fund initiated 12 new positions, bought more shares in 4 holdings, trimmed 6 holdings, and exited 9 positions.
Trails Edge Capital Partners, LP's top buy was a new stake in Definium Therapeutics INC (DFTX) , equal to 7.7% of the disclosed portfolio. Its top sell was Acadia Pharmaceuticals INC. (ACAD) . The fund exited the position completely after it had accounted for 9.4% 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 |
|---|---|---|---|
| DEFINIUM THERAPEUTICS INC | DFTX | 7.7% | History → |
| REVOLUTION MEDICINES INC | RVMD | 5.6% | History → |
| CYTOKINETICS INC | CYTK | 4.7% | History → |
| SYNDAX PHARMACEUTICALS | SNDX | 3.9% | Holders → |
| 4D MOLECULAR THERAPEUTICS IN | FDMT | 2.9% | Holders → |
| DESIGN THERAPEUTICS INC | DSGN | 2.1% | Holders → |
| MINERVA NEUROSCIENCES INC | NERV | 2.0% | Holders → |
| PROMIS NEUROSCIENCES INC | PMN | 1.7% | Holders → |
| SOL-GEL TECHNOLOGIES LTD | SLGL | 1.6% | Holders → |
| CENTURY THERAPEUTICS INC | IPSC | 1.3% | Holders → |
| SENSEI BIOTHERAPEUTICS INC | SNSE | 0.9% | Holders → |
| OPUS GENETICS INC | IRD | 0.5% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| MIRUM PHARMACEUTICALS INC | MIRM | +6.6% | +946.1% | History → |
| IMMUNOVANT INC | IMVT | +0.9% | +72.4% | Holders → |
| INHIBIKASE THERAPEUTICS INC | IKT | +0.1% | +30.4% | Holders → |
| ARCUS BIOSCIENCES INC | RCUS | +-0.1% | +14.4% | 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 |
|---|---|---|---|---|
| VTV THERAPEUTICS INC | VTVT | -1.0% | 39.6% | Holders → |
| XENON PHARMACEUTICALS INC | XENE | -0.6% | 26.3% | History → |
| VAXCYTE INC | PCVX | 0.7% | 10.2% | History → |
| LB PHARMACEUTICALS INC | LBRX | -0.0% | 5.5% | History → |
| CAMP4 THERAPEUTICS CORP | CAMP | -1.0% | 2.2% | Holders → |
| NEUROGENE INC | NGNE | -0.3% | 0.3% | 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 |
|---|---|---|
| ACADIA PHARMACEUTICALS INC. | ACAD | 9.4% |
| MIND MEDICINE MINDMED INC | BRD1EUR | 8.5% |
| TYRA BIOSCIENCES INC | TYRA | 4.5% |
| AMICUS THERAPEUTIC | FOLD | 3.7% |
| APOGEE THERAPEUTICS INC | APGE | 3.6% |
| TERNS PHARMACEUTICALS INC | TERN | 3.0% |
| MBX BIOSCIENCES INC | MBX | 2.5% |
| COMPASS THERAPEUTICS INC | CMPX | 1.9% |
| ENLIVEN THERAPEUTICS INC | ELVN | 0.8% |
Net Portfolio Value ChangeQ1 2026
- $0.4BPrior quarter
- $0.4BCurrent quarter
- +$0.0BNet delta
- +5.0%% 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 Q1 2026?
In Q1 2026, Trails Edge Capital Partners, LP initiated 12 new positions (DEFINIUM THERAPEUTICS INC (DFTX), REVOLUTION MEDICINES INC (RVMD), CYTOKINETICS INC (CYTK), SYNDAX PHARMACEUTICALS (SNDX), 4D MOLECULAR THERAPEUTICS IN (FDMT), DESIGN THERAPEUTICS INC (DSGN), MINERVA NEUROSCIENCES INC (NERV), PROMIS NEUROSCIENCES INC (PMN), SOL-GEL TECHNOLOGIES LTD (SLGL), CENTURY THERAPEUTICS INC (IPSC), SENSEI BIOTHERAPEUTICS INC (SNSE), OPUS GENETICS INC (IRD)); bought more shares of MIRUM PHARMACEUTICALS INC (MIRM), IMMUNOVANT INC (IMVT), INHIBIKASE THERAPEUTICS INC (IKT), ARCUS BIOSCIENCES INC (RCUS).
What stocks did Trails Edge Capital Partners, LP sell in Q1 2026?
In Q1 2026, Trails Edge Capital Partners, LP fully sold 9 positions (ACADIA PHARMACEUTICALS INC. (ACAD), MIND MEDICINE MINDMED INC (BRD1EUR), TYRA BIOSCIENCES INC (TYRA), AMICUS THERAPEUTIC (FOLD), APOGEE THERAPEUTICS INC (APGE), TERNS PHARMACEUTICALS INC (TERN), MBX BIOSCIENCES INC (MBX), COMPASS THERAPEUTICS INC (CMPX), ENLIVEN THERAPEUTICS INC (ELVN)); reduced holdings in VTV THERAPEUTICS INC (VTVT), XENON PHARMACEUTICALS INC (XENE), VAXCYTE INC (PCVX), LB PHARMACEUTICALS INC (LBRX), CAMP4 THERAPEUTICS CORP (CAMP) — the largest 5 of 6 reductions.
Which positions did Trails Edge Capital Partners, LP initiate in Q1 2026?
Trails Edge Capital Partners, LP established 12 new positions in Q1 2026: DEFINIUM THERAPEUTICS INC (DFTX, 7.7%), REVOLUTION MEDICINES INC (RVMD, 5.6%), CYTOKINETICS INC (CYTK, 4.7%), SYNDAX PHARMACEUTICALS (SNDX, 3.9%), 4D MOLECULAR THERAPEUTICS IN (FDMT, 2.9%), DESIGN THERAPEUTICS INC (DSGN, 2.1%), MINERVA NEUROSCIENCES INC (NERV, 2.0%), PROMIS NEUROSCIENCES INC (PMN, 1.7%), SOL-GEL TECHNOLOGIES LTD (SLGL, 1.6%), CENTURY THERAPEUTICS INC (IPSC, 1.3%), SENSEI BIOTHERAPEUTICS INC (SNSE, 0.9%), OPUS GENETICS INC (IRD, 0.5%).
Which existing positions saw the largest allocation increases for Trails Edge Capital Partners, LP in Q1 2026?
Of 4 existing positions with share-count increases in Q1 2026, the largest were: MIRUM PHARMACEUTICALS INC (MIRM, +6.6% weight, +946.1% shares), IMMUNOVANT INC (IMVT, +0.9% weight, +72.4% shares), INHIBIKASE THERAPEUTICS INC (IKT, +0.1% weight, +30.4% shares), ARCUS BIOSCIENCES INC (RCUS, +-0.1% weight, +14.4% shares).
Which positions did Trails Edge Capital Partners, LP fully exit in Q1 2026?
Trails Edge Capital Partners, LP fully exited 9 positions in Q1 2026: ACADIA PHARMACEUTICALS INC. (ACAD, last-reported weight 9.4%), MIND MEDICINE MINDMED INC (BRD1EUR, last-reported weight 8.5%), TYRA BIOSCIENCES INC (TYRA, last-reported weight 4.5%), AMICUS THERAPEUTIC (FOLD, last-reported weight 3.7%), APOGEE THERAPEUTICS INC (APGE, last-reported weight 3.6%), TERNS PHARMACEUTICALS INC (TERN, last-reported weight 3.0%), MBX BIOSCIENCES INC (MBX, last-reported weight 2.5%), COMPASS THERAPEUTICS INC (CMPX, last-reported weight 1.9%), ENLIVEN THERAPEUTICS INC (ELVN, last-reported weight 0.8%).
Which existing positions saw the largest allocation reductions for Trails Edge Capital Partners, LP in Q1 2026?
Of 6 existing positions with share-count reductions in Q1 2026, the largest were: VTV THERAPEUTICS INC (VTVT, -1.0% weight, -39.6% shares), XENON PHARMACEUTICALS INC (XENE, -0.6% weight, -26.3% shares), VAXCYTE INC (PCVX, 0.7% weight, -10.2% shares), LB PHARMACEUTICALS INC (LBRX, -0.0% weight, -5.5% shares), CAMP4 THERAPEUTICS CORP (CAMP, -1.0% weight, -2.2% shares), NEUROGENE INC (NGNE, -0.3% 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.