Defilade Capital Management, L.P.

EMERYVILLE, CA · CIK 2088557 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2025 · limited partnership

Assets managed$1.5bn
Staff7 · 5 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $1.5bn gross assets
Websitedefcap.com
Form ADV · 2026-06-26SEC adviser record

Legal entityDefilade Capital Management, L.P. (US)

Kindhedge funds, futures
Others nearbyEmeryville, CA, Pensacola, FL

As an employer

Offices in1 country
Private fundshedge 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Emeryville, CA (main office)United States	United States	about 4
Pensacola, FLUnited States	United States	1

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$746.9m reported value +4.9% vs Q1 2026

39positions

46.5%in top 10

20 new 8 added 10 reduced 12 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ELI LILLY & CO COM LLY	LLY	39,086	$46.9m6.28%	6.28%	Added +18.4k	+18,390 88.9%
2	PFIZER INC COM PFE	PFE	1,771,743	$42.7m5.71%	5.71%	Added +307.6k	+307,614 21.0%
3	VEEVA SYS INC CL A COM VEEV	VEEV	236,709	$42.0m5.62%	5.62%	New
4	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	682,005	$39.0m5.22%	5.22%	New
5	PTC THERAPEUTICS INC COM PTCT	PTCT	433,699	$35.4m4.74%	4.74%	Added +57.5k	+57,534 15.3%
6	BAXTER INTL INC COM BAX	BAX	1,459,380	$31.1m4.17%	4.17%	New
7	INSMED INC COM PAR $.01 INSM	INSM	281,838	$30.0m4.02%	4.02%	Added +86.9k	+86,929 44.6%
8	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	317,426	$27.3m3.66%	3.66%	Reduced -261.7k	-261,735 -45.2%
9	INSULET CORP COM PODD	PODD	176,932	$26.9m3.61%	3.61%	New
10	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	51,934	$26.0m3.49%	3.49%	New
11	ABBOTT LABS COM ABT	ABT	285,778	$25.9m3.47%	3.47%	New
12	ASCENDIS PHARMA A/S ORD SHS ASND	ASND	94,843	$25.3m3.39%	3.39%	New
13	SOLVENTUM CORP COM SHS SOLV	SOLV	316,454	$24.4m3.27%	3.27%	New
14	MEDTRONIC PLC SHS MDT	MDT	303,301	$23.7m3.18%	3.18%	New
15	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	864,080	$21.3m2.85%	2.85%	Reduced -67.0k	-67,041 -7.2%
16	AGIOS PHARMACEUTICALS INC COM AGIO	AGIO	546,848	$20.3m2.72%	2.72%	New
17	ENVISTA HOLDINGS CORPORATION COM NVST	NVST	726,108	$19.1m2.56%	2.56%	New
18	REVOLUTION MEDICINES INC COM RVMD	RVMD	82,827	$15.5m2.08%	2.08%	Reduced -233.1k	-233,145 -73.8%
19	ICU MED INC COM ICUI	ICUI	105,700	$15.5m2.07%	2.07%	Reduced -148.6k	-148,591 -58.4%
20	COGENT BIOSCIENCES INC COM COGT	COGT	393,441	$15.2m2.04%	2.04%	Added +40.9k	+40,851 11.6%
21	LANTHEUS HLDGS INC COM LNTH	LNTH	132,662	$14.7m1.97%	1.97%	Reduced -116.7k	-116,739 -46.8%
22	OCULAR THERAPEUTIX INC COM OCUL	OCUL	1,490,286	$14.6m1.96%	1.96%	Added +2.6k	+2,641 0.2%
23	ELEDON PHARMACEUTICALS INC COM ELDN	ELDN	3,525,338	$13.9m1.86%	1.86%	Reduced -38.8k	-38,789 -1.1%
24	TYRA BIOSCIENCES INC COM TYRA	TYRA	376,870	$12.0m1.61%	1.61%	New
25	OLEMA PHARMACEUTICALS INC COM OLMA	OLMA	924,758	$11.6m1.55%	1.55%	Reduced -579.8k	-579,778 -38.5%
26	ORIC PHARMACEUTICALS INC COM ORIC	ORIC	1,047,690	$11.3m1.52%	1.52%	Added +204.8k	+204,762 24.3%
27	LARIMAR THERAPEUTICS INC COM LRMR	LRMR	3,670,135	$11.2m1.50%	1.50%	New
28	GLOBUS MED INC CL A GMED	GMED	139,637	$11.0m1.48%	1.48%	Reduced -214.7k	-214,713 -60.6%
29	ENOVIS CORPORATION COM ENOV	ENOV	531,945	$11.0m1.47%	1.47%	New
30	EVOMMUNE INC COM SHS EVMN	EVMN	793,145	$10.5m1.41%	1.41%	Added +114.6k	+114,556 16.9%
31	TELEFLEX INCORPORATED COM TFX	TFX	80,118	$10.2m1.36%	1.36%	New
32	DENALI THERAPEUTICS INC COM DNLI	DNLI	391,866	$10.1m1.35%	1.35%	Reduced -968.1k	-968,103 -71.2%
33	GLAUKOS CORP COM GKOS	GKOS	66,519	$9.3m1.24%	1.24%	New
34	STAAR SURGICAL CO COM PAR $0.01 STAA	STAA	322,126	$9.2m1.24%	1.24%	New
35	PACS GROUP INC COM SHS PACS	PACS	215,675	$9.2m1.23%	1.23%	Reduced -388.5k	-388,505 -64.3%
36	CRINETICS PHARMACEUTICALS IN COM CRNX	CRNX	239,440	$9.0m1.20%	1.20%	New
37	LIVANOVA PLC SHS LIVN	LIVN	107,373	$8.8m1.18%	1.18%	New
38	BLACK DIAMOND THERAPEUTICS I COM BDTX	BDTX	1,674,999	$3.1m0.41%	0.41%	New
39	MEREO BIOPHARMA GROUP PLC SPON ADS MREO	MREO	7,558,756	$2.4m0.32%	0.32%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
HENRY SCHEIN INC HSIC	HSIC	624,037	$46.0m624.0k shares
BECTON DICKINSON & CO BDX	BDX	279,210	$43.9m279.2k shares
DEXCOM INC DXCM	DXCM	538,762	$33.8m538.8k shares
INTUITIVE SURGICAL INC ISRG	ISRG	67,681	$31.2m67.7k shares
NEUROCRINE BIOSCIENCES INC NBIX	NBIX	209,932	$27.7m209.9k shares
INTEGER HLDGS CORP ITGR	ITGR	213,027	$18.7m213.0k shares
BIOGEN INC BIIB	BIIB	96,289	$17.7m96.3k shares
TANDEM DIABETES CARE INC TNDM	TNDM	761,905	$14.6m761.9k shares
NUVALENT INC		129,950	$13.3m129.9k shares
ASCENDIS PHARMA A/S		51,895	$11.9m51.9k shares
ALIGN TECHNOLOGY INC ALGN	ALGN	67,332	$11.5m67.3k shares
BIOHAVEN LTD BHVN	BHVN	315,944	$2.7m315.9k shares