This page tracks Defilade Capital Management, L.P.’s institutional portfolio moves as disclosed in its SEC Form 13F filings, updated every quarter as new filings become available. Because 13F filings report only quarter-end snapshots rather than exact trade dates, all activity below is described as occurring during the quarter ending 2026-03-31, and future updates will build on this history so readers can see how the fund’s healthcare-heavy book evolves over time.
Defilade’s positioning this quarter leaned heavily into medical devices and specialty pharma while trimming several large-cap pharmaceutical names. The filing shows six brand-new positions and a mix of sizable increases, reductions, and full exits across roughly twenty holdings.
New Positions Opened
During the quarter ending 2026-03-31, Defilade opened new positions in Zimmer Biomet Holdings (ZBH) worth $52,367,738, PTC Therapeutics (PTCT) worth $41,112,742, Neurocrine Biosciences (NBIX) worth $27,656,442, Lantheus Holdings (LNTH) worth $18,917,066, Integer Holdings (ITGR) worth $18,746,376, and Tandem Diabetes Care (TNDM) worth $14,605,719.
Increases, Reductions, and Exits
Several existing positions grew substantially. Insmed (INSM) rose 266% from $8,702,000 to $31,871,520, Denali Therapeutics (DNLI) rose 141% from $10,842,332 to $26,111,405, Becton Dickinson (BDX) rose 179% from $15,759,842 to $43,900,188, Dexcom (DXCM) rose 108% from $16,252,752 to $33,834,254, and Henry Schein was increased 90% from $24,217,495 to $45,991,527.
On the other side, Defilade trimmed several holdings. Pfizer (PFE) was reduced 65% from $54,867,250 to $19,406,262, Eli Lilly (LLY) was reduced 45% from $34,336,026 to $19,035,560, PACS Group (PACS) was reduced 42% from $43,975,169 to $25,628,121, and ICU Medical was reduced 32% from $48,614,089 to $32,841,683.
The fund fully exited four positions during the quarter: AbbVie (ABBV), previously worth $52,020,090; Novartis AG (NVS), previously worth $50,021,442; Steris plc (STE), previously worth $34,303,031; and Xencor (XNCR), previously worth $21,659,899. AtriCure (ATRC), previously worth $15,730,480, was also exited entirely.
Taken together, this quarter’s filing points to a rotation within healthcare and life sciences rather than a broad shift out of the sector, with new device and specialty biotech positions offsetting reduced exposure to some large pharmaceutical names. As with any 13F-based summary, these figures reflect reported holdings and are shared for informational tracking purposes only, not as investment guidance. Check back each quarter for the latest updates to Defilade Capital Management’s disclosed positions.
Related ticker coverage
- PTCT — all coverage →
- ZBH — all coverage →
- BDX — all coverage →
- NBIX — all coverage →
- ABBV — all coverage →
- NVS — all coverage →
- STE — all coverage →
- INSM — all coverage →
- XNCR — all coverage →
- PFE — all coverage →
- ITGR — all coverage →
- LNTH — all coverage →
- PACS — all coverage →
- DXCM — all coverage →
- ATRC — all coverage →
- DNLI — all coverage →
- LLY — all coverage →
- TNDM — all coverage →
Source: SEC Form 13F filings. This page updates every quarter.