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Armistice Capital LLC
Steven J. Boyd · Hedge Fund · Long/Short Equity
Established in 2012 by Steven J. Boyd, Armistice Capital LLC is a New York-based investment management firm. The firm operates as a global hedge fund that primarily focuses on the healthcare and consumer sectors. It employs an opportunistic long/short equity strategy, combining value-oriented investing with event-driven analysis to achieve long-term capital appreciation. The firm is known for its concentrated bets and significant use of hedging to manage risk while seeking uncorrelated returns in specialized markets.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +36.8% |
| YTD return | +5.2% |
| Sharpe ratio | 3.37 |
| Win rate | 46% |
| AUM | $1.6B |
| Inception | Oct 1, 2025 |
| Updated | Oct 2, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.6B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.armisticecapital.com/ |
Current Holdings
Updated on Oct 2, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| MDGL | Madrigal Pharmaceuticals Inc | 9.4% | +3.7% |
| SUPN | Supernus Pharmaceuticals Inc | 7.3% | -9.0% |
| INCY | Incyte Corporation | 7.1% | +9.6% |
| TVTX | Travere Therapeutics Inc | 6.0% | +59.0% |
| TMO | Thermo Fisher Scientific Inc | 5.2% | +11.9% |
| RIGL | Rigel Pharmaceuticals Inc | 5.1% | +18.3% |
| AGIO | Agios Pharm | 5.1% | +6.9% |
| CYTK | Cytokinetics Inc | 5.0% | -0.8% |
| NBIX | Neurocrine Biosciences Inc | 4.7% | +1.3% |
| FRPT | Freshpet Inc | 4.6% | -1.6% |
| AMZN | Amazon.com Inc | 4.5% | +7.0% |
| REGN | Regeneron Pharmaceuticals Inc | 4.5% | -7.0% |
| UNH | UnitedHealth Group Incorporated | 4.4% | -4.6% |
| PTCT | PTC Therapeutics Inc | 4.3% | -2.0% |
| GRFS | Grifols SA ADR | 4.2% | -14.7% |
| HRMY | Harmony Biosciences Holdings | 4.1% | +22.9% |
| IMVT | Immunovant Inc | 3.7% | +60.7% |
| IRWD | Ironwood Pharmaceuticals Inc | 3.7% | -8.6% |
| FIVN | Five9 Inc | 3.6% | -4.6% |
| VSTM | Verastem Inc | 3.5% | -4.9% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 28, 2026 | BUY | RIGL | 4.8% → 5.1% |
| Sep 28, 2026 | BUY | IMVT | 4.0% → 3.7% |
| Sep 28, 2026 | BUY | UNH | 4.3% → 4.4% |
| Sep 28, 2026 | SELL | SUPN | 6.9% → 7.3% |
| Sep 28, 2026 | SELL | NBIX | 5.0% → 4.7% |
Investment Style Analysis
Armistice Capital LLC is widely recognized for employing a Long/Short Equity strategy. As of Oct 2, 2026, the firm oversees approximately $1.6B 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 Sep 28, Armistice Capital LLC made a significant move by increasing exposure to RIGL. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Armistice Capital’s investment philosophy centers on achieving long-term capital appreciation through an opportunistic global long/short strategy, with a core emphasis on the healthcare and consumer sectors. The firm utilizes a value-oriented approach integrated with event-driven and thematic analysis to identify unique investment opportunities. Armistice seeks to generate uncorrelated returns by making concentrated investments while maintaining significant hedges at both the position and portfolio levels to prioritize capital preservation and mitigate downside 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 Armistice Capital LLC.
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Frequently asked questions
How is the simulated portfolio for Armistice Capital LLC 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 Armistice Capital LLC's largest holding?
As of the latest filing, Armistice Capital LLC's top position is Madrigal Pharmaceuticals Inc (MDGL), representing 9.4% of the portfolio. This reflects a high-conviction bet by the institution.
What is Armistice Capital LLC's historical performance and risk profile?
Our simulation indicates a total return of +36.8% with a win rate of 46%. Notably, the portfolio maintains a Sharpe Ratio of 3.37, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Armistice Capital LLC primarily invest in?
Armistice Capital LLC has a strong preference for the Biotechnology sector, which makes up 57.8% of their disclosed assets. The portfolio also has exposure to Drug Manufacturers - Specialty & Generic, indicating a specific thematic focus.
Is Armistice Capital LLC's portfolio concentrated or diversified?
Armistice Capital LLC runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 23.8% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Armistice Capital LLC performed in 2026?
Our AI-simulated model portfolio for Armistice Capital LLC tracks a Year-to-Date (YTD) return of +5.2%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Steven J. Boyd manage Armistice Capital LLC directly?
Yes, Steven J. Boyd serves as the key portfolio manager for Armistice Capital LLC, overseeing the investment strategy and final capital allocation decisions.