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Commodore Capital LP
Michael Kramarz · Hedge Fund · Long/Short Equity
Commodore Capital LP is a healthcare-focused investment firm based in New York City. Founded in 2019 by Michael Kramarz and Egen Atkinson, the firm primarily invests in the biopharmaceutical sector, specializing in clinical-stage companies with transformative potential. The firm employs a rigorous, research-driven approach to identify mispriced assets in the life sciences space and maintains a concentrated portfolio of long-term investments.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +224.2% |
| YTD return | +65.5% |
| Sharpe ratio | 3.99 |
| Win rate | 82% |
| AUM | $2.1B |
| Inception | Oct 1, 2025 |
| Updated | Aug 20, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $2.1B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.commodorecapital.com |
Current Holdings
Updated on Aug 20, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| RLAY | Relay Therapeutics Inc | 16.1% | +115.1% |
| ALKS | Alkermes Plc | 10.3% | +44.5% |
| COGT | Cogent Biosciences Inc | 9.7% | +68.6% |
| SYRE | Spyre Therapeutics Inc. | 9.0% | +183.1% |
| ELVN | Enliven Therapeutics Inc. | 8.1% | +115.2% |
| AMLX | Amylyx Pharmaceuticals Inc | 4.7% | +174.0% |
| CLDX | Celldex Therapeutics Inc | 4.4% | +51.3% |
| DFTX | DFTX | 4.2% | +140.0% |
| KYMR | Kymera Therapeutics Inc | 4.1% | +52.5% |
| TYRA | Tyra Biosciences Inc | 3.9% | +13.9% |
| ANRO | Alto Neuroscience, Inc. | 3.6% | +63.0% |
| PHVS | Pharvaris BV | 3.1% | +35.4% |
| ERAS | Erasca Inc | 2.9% | +45.7% |
| DMRA | Damora Therapeutics, Inc. | 2.8% | +19.8% |
| EYPT | Eyepoint Pharmaceuticals Inc | 2.7% | -58.2% |
| XENE | Xenon Pharmaceuticals Inc | 2.7% | +29.0% |
| NRIX | Nurix Therapeutics Inc | 2.5% | +58.8% |
| LBRX | LB Pharmaceuticals Inc Common Stock | 2.2% | +55.8% |
| CRVS | Corvus Pharmaceuticals Inc | 1.6% | +26.1% |
| ASMB | Assembly Biosciences Inc | 1.3% | +26.3% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Jul 20, 2026 | SELL | AMLX | 4.8% → 4.7% |
| Jul 20, 2026 | BUY | ERAS | 2.5% → 2.9% |
| Jul 20, 2026 | BUY | XENE | 2.7% → 2.7% |
| Jul 20, 2026 | SELL | CLDX | 4.9% → 4.4% |
| Jul 20, 2026 | BUY | EYPT | 2.1% → 2.7% |
Investment Style Analysis
Commodore Capital LP is widely recognized for employing a Long/Short Equity strategy. As of Aug 20, 2026, the firm oversees approximately $2.1B in assets under management (AUM). The portfolio demonstrates a clear preference for the Biotechnology and Drug Manufacturers - Specialty & Generic sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Jul 20, Commodore Capital LP made a significant move by reducing the position in AMLX. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Commodore Capital focuses on the life sciences sector, targeting companies with high-quality clinical data and clear paths to commercialization or regulatory approval. Their strategy involves deep fundamental analysis of clinical trial designs, biological mechanisms, and market dynamics. By maintaining a concentrated portfolio, they seek to capture significant upside in biotechnology companies that are often undervalued by the broader market due to complexity or clinical risk.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Commodore Capital LP.
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Frequently asked questions
How is the simulated portfolio for Commodore Capital LP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Commodore Capital LP's largest holding?
As of the latest filing, Commodore Capital LP's top position is Relay Therapeutics Inc (RLAY), representing 16.1% of the portfolio. This reflects a high-conviction bet by the institution.
What is Commodore Capital LP's historical performance and risk profile?
Our simulation indicates a total return of +224.2% with a win rate of 82%. Notably, the portfolio maintains a Sharpe Ratio of 3.99, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Commodore Capital LP primarily invest in?
Commodore Capital LP has a strong preference for the Biotechnology sector, which makes up 85.5% of their disclosed assets. The portfolio also has exposure to Drug Manufacturers - Specialty & Generic, indicating a specific thematic focus.
Is Commodore Capital LP's portfolio concentrated or diversified?
Commodore Capital LP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 36.1% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Commodore Capital LP performed in 2026?
Our AI-simulated model portfolio for Commodore Capital LP tracks a Year-to-Date (YTD) return of +65.5%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Michael Kramarz manage Commodore Capital LP directly?
Yes, Michael Kramarz serves as the key portfolio manager for Commodore Capital LP, overseeing the investment strategy and final capital allocation decisions.