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Tang Capital Management, LLC
Kevin C. Tang · Hedge Fund · Activist
Tang Capital Management, LLC is a private investment firm based in San Diego, California, specializing in the healthcare and biotechnology industries. Founded in 2002 by Kevin C. Tang, the firm employs a fundamental, research-driven strategy that emphasizes concentrated positions in life sciences companies. Tang Capital is recognized for its active engagement and activist approach, often participating in corporate events, PIPEs, and SPAC transactions to create value. The firm frequently targets undervalued biotechnology companies with significant cash reserves, advocating for strategic changes or liquidations to maximize investor returns.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +46.0% |
| YTD return | +4.7% |
| Sharpe ratio | 4.30 |
| Win rate | 62% |
| AUM | $1.9B |
| Inception | Oct 1, 2025 |
| Updated | Sep 21, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.9B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.tangcapital.com |
Current Holdings
Updated on Sep 21, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| AUPH | Aurinia Pharmaceuticals Inc | 11.1% | +27.6% |
| KNSA | Kiniksa Pharmaceuticals Ltd | 9.3% | +79.7% |
| CORT | Corcept Therapeutics Incorporated | 8.9% | +84.0% |
| SYRE | Spyre Therapeutics Inc. | 8.9% | +133.1% |
| LKFT | LKFT | 7.6% | +8.6% |
| MIRM | Mirum Pharmaceuticals Inc | 6.3% | +6.7% |
| CELC | Celcuity LLC | 6.1% | +17.3% |
| TARS | Tarsus Pharmaceuticals Inc | 5.9% | +22.9% |
| PTCT | PTC Therapeutics Inc | 5.5% | -2.0% |
| IMCR | Immunocore Holdings Ltd | 5.0% | -4.1% |
| ANAB | AnaptysBio Inc | 3.9% | +9.1% |
| CMPS | Compass Pathways Plc | 3.7% | +22.5% |
| ANIP | ANI Pharmaceuticals Inc | 2.7% | -1.5% |
| BNTX | BioNTech SE | 2.5% | -8.0% |
| PGEN | Precigen Inc | 2.3% | +76.1% |
| CMPX | Compass Therapeutics Inc. | 2.3% | -31.8% |
| VRDN | Viridian Therapeutics Inc | 2.2% | +29.7% |
| CAPR | Capricor Therapeutics Inc | 2.1% | -7.4% |
| NVCT | Nuvectis Pharma Inc | 2.0% | -7.1% |
| NNDM | Nano Dimension Ltd | 1.6% | +1.5% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 31, 2026 | BUY | NVCT | 0.0% → 2.0% |
| Aug 31, 2026 | SELL | INSM | 1.5% → 0.0% |
| Aug 31, 2026 | SELL | CORT | 9.7% → 8.9% |
| Aug 31, 2026 | BUY | NNDM | 1.5% → 1.6% |
| Aug 31, 2026 | SELL | IMCR | 5.1% → 5.0% |
Investment Style Analysis
Tang Capital Management, LLC is widely recognized for employing a Activist strategy. As of Sep 21, 2026, the firm oversees approximately $1.9B 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 Aug 31, Tang Capital Management, LLC made a significant move by increasing exposure to NVCT. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Tang Capital Management follows a fundamental, research-intensive investment philosophy focused on the life sciences sector. The firm seeks to identify undervalued opportunities where scientific innovation meets potential for significant financial returns. Its strategy is characterized by high conviction and concentration, often involving active participation in the strategic direction of its portfolio companies. By leveraging deep domain expertise in biopharmaceuticals, Tang Capital often acts as an activist investor to influence corporate governance or capital allocation decisions.
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 Tang Capital Management, LLC.
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Frequently asked questions
How is the simulated portfolio for Tang Capital Management, 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 Tang Capital Management, LLC's largest holding?
As of the latest filing, Tang Capital Management, LLC's top position is Aurinia Pharmaceuticals Inc (AUPH), representing 11.1% of the portfolio. This reflects a high-conviction bet by the institution.
What is Tang Capital Management, LLC's historical performance and risk profile?
Our simulation indicates a total return of +46.0% with a win rate of 62%. Notably, the portfolio maintains a Sharpe Ratio of 4.30, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Tang Capital Management, LLC primarily invest in?
Tang Capital Management, LLC has a strong preference for the Biotechnology sector, which makes up 75.1% of their disclosed assets. The portfolio also has exposure to Drug Manufacturers - Specialty & Generic, indicating a specific thematic focus.
Is Tang Capital Management, LLC's portfolio concentrated or diversified?
Tang Capital Management, LLC runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 29.4% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Tang Capital Management, LLC performed in 2026?
Our AI-simulated model portfolio for Tang Capital Management, LLC tracks a Year-to-Date (YTD) return of +4.7%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Kevin C. Tang manage Tang Capital Management, LLC directly?
Yes, Kevin C. Tang serves as the key portfolio manager for Tang Capital Management, LLC, overseeing the investment strategy and final capital allocation decisions.