Asymmetry Capital Management's 13F Holdings: Insights and Analysis

The 13F holdings report filed by hedge fund Asymmetry Capital Management, L.P. has just been published for Q3 and Q4 2021, and it reveals some interesting data. With new shares acquired and old ones sold off, there have been quite a few changes in the portfolio. In this blog post, we will take a closer look at the top holdings and notable changes to better understand the investment strategy of Asymmetry Capital Management.

Top Five Holdings

- BLSA, ALKS, MDT, PODD, and HOLX

The top five holdings of Asymmetry Capital Management for Q4 2021 show that four out of the five companies (ALKS, MDT, PODD, and HOLX) have seen a complete sell-off since Q3 2021. On the other hand, BLSA has maintained its position in the top five holdings. The increase in the number of shares held for BLSA is quite marginal (73306 vs. 71372) and represents only a 4.2% change.

What Were the Biggest Purchases This Quarter?

- HZNP, CYTK, KURA, and ITOS

Asymmetry Capital Management has increased its position in biopharmaceutical company Horizon Therapeutics (HZNP) by a whopping 442.6%. In terms of the number of shares, the increase is staggering, from 24949 in Q3 2021 to 137610 in Q4 2021. The value of shares held has also increased from $2733k to $14829k. Similarly, the fund has increased its holdings in Cytokinetics (CYTK) and Kura Oncology (KURA) by 16.5% and 93.2%, respectively.

ITEOS Therapeutics (ITOS) is a new addition to the portfolio, with Asymmetry Capital Management acquiring 104755 shares in Q4 2021. The purchase represents an increase of 215.3% compared to the previous quarter.

What Were the Biggest Sales This Quarter?

- ALKS, MDT, PODD, HOLX, and SAGE

As noted earlier, Asymmetry Capital Management sold off its entire position in Alkermes (ALKS), Medtronic PLC (MDT), Insulet Corporation (PODD), Hologic Inc (HOLX) and Sage Therapeutics (SAGE) this past quarter. The decision to sell was likely based on the current market conditions and a change in investment strategy.

Other Notable Changes

- Bellus Health (BLU.TO), Amicus Therapeutics (FOLD), Iveric Bio (ISEE), and Mirati Therapeutics (MRTX)

Bellus Health (BLU.TO) saw a significant increase of 56.5% in the number of shares held by Asymmetry Capital Management. The fund also increased its holdings in Amicus Therapeutics (FOLD) and Iveric Bio (ISEE) by 32.6% and 8.9%, respectively.

Mirati Therapeutics (MRTX) is the only company that saw a decline in the number of shares held by the fund. However, the decline is only 13.4%, which is not as significant as the changes in other companies' shares.

Conclusion

Overall, Asymmetry Capital Management's 13F holdings report for Q4 2021 indicates a shift in the fund's investment strategy. By selling out its entire position in major companies like Alkermes, Medtronic, Insulet Corporation, Hologic Inc and Sage Therapeutics, the firm has freed up funds to add new positions in others. The top holdings have changed significantly, with only BCLS Acquisition Corp – CL A (BLSA) maintaining its position. It’s worth keeping an eye on Asymmetry Capital Management for future market insights as there could be more changes to come.