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Braidwell LP
Alex Karnal · Hedge Fund · Long/Short Equity
Braidwell LP is a life science-focused investment firm founded in 2021 by Alex Karnal, the former co-chief investment officer of Deerfield Management, and Brian Kreiter. Headquartered in Stamford, Connecticut, the firm manages significant capital for institutional investors and high-net-worth individuals. Braidwell provides flexible capital solutions across public, private, and structured capital markets, specifically targeting organizations at the forefront of medicine, science, and technology. The firm leverages a multi-disciplinary team comprising experts in scientific research, medical science, biostatistics, and financial structuring to identify and support companies that aim to transform human health and patient outcomes. Since its inception, Braidwell has become a prominent player in the healthcare investment landscape, known for its high-conviction positions and fundamental research-driven approach.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +87.0% |
| YTD return | +49.5% |
| Sharpe ratio | 3.63 |
| Win rate | 70% |
| AUM | $1.8B |
| Inception | Oct 1, 2025 |
| Updated | Aug 20, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.8B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.braidwell.com/ |
Current Holdings
Updated on Aug 20, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| CAI | Caris Life Sciences, Inc. Common Stock | 9.4% | +11.7% |
| GKOS | Glaukos Corp | 7.7% | +77.0% |
| HNGE | Hinge Health, Inc. | 7.0% | +63.3% |
| DNTH | Dianthus Therapeutics Inc. | 5.5% | +83.5% |
| EWTX | Edgewise Therapeutics Inc | 5.5% | +71.6% |
| MBX | MBX Biosciences, Inc. Common Stock | 5.5% | +50.4% |
| CDNA | CareDx Inc | 5.4% | +15.6% |
| NBIX | Neurocrine Biosciences Inc | 5.3% | +9.7% |
| SYRE | Spyre Therapeutics Inc. | 5.2% | +223.7% |
| NEO | NeoGenomics Inc | 4.9% | +48.3% |
| XENE | Xenon Pharmaceuticals Inc | 4.5% | +28.8% |
| GH | Guardant Health Inc | 4.3% | +37.6% |
| IRTC | iRhythm Technologies Inc | 4.1% | +8.8% |
| KOD | Kodiak Sciences Inc | 4.1% | +42.0% |
| CGON | CG Oncology, Inc. Common stock | 3.9% | +57.4% |
| ARGX | argenx NV ADR | 3.9% | +27.7% |
| ACAD | ACADIA Pharmaceuticals Inc | 3.8% | +12.6% |
| APGE | Apogee Therapeutics, Inc. Common Stock | 3.5% | +0.3% |
| BTSG | BrightSpring Health Services, Inc. Common Stock | 3.4% | -5.0% |
| KRYS | Krystal Biotech Inc | 3.2% | +2.2% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 17, 2026 | BUY | GKOS | 7.3% → 7.7% |
| Aug 17, 2026 | SELL | APGE | 3.5% → 3.5% |
| Aug 17, 2026 | SELL | KOD | 4.5% → 4.1% |
| Aug 17, 2026 | BUY | HNGE | 6.8% → 7.0% |
| Aug 17, 2026 | SELL | ARGX | 4.0% → 3.9% |
Investment Style Analysis
Braidwell LP is widely recognized for employing a Long/Short Equity strategy. As of Aug 20, 2026, the firm oversees approximately $1.8B in assets under management (AUM). The portfolio demonstrates a clear preference for the Biotechnology and Diagnostics & Research sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 17, Braidwell LP made a significant move by increasing exposure to GKOS. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Braidwell LP employs a fundamental, research-intensive investment strategy centered on identifying transformative innovations within the global healthcare ecosystem. The firm's philosophy is built on providing flexible capital and strategic partnership to companies across all stages of development and parts of the capital structure. By integrating deep domain expertise in medicine and science with disciplined financial analysis, Braidwell seeks to capture value from scientific breakthroughs and technological advancements that improve human well-being. Their approach involves maintaining high-conviction positions in both public and private markets, utilizing a long/short equity framework to manage risk while supporting long-term growth in biotechnology, pharmaceuticals, and medical devices.
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 Braidwell LP.
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Frequently asked questions
How is the simulated portfolio for Braidwell 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 Braidwell LP's largest holding?
As of the latest filing, Braidwell LP's top position is Caris Life Sciences, Inc. Common Stock (CAI), representing 9.4% of the portfolio. This reflects a high-conviction bet by the institution.
What is Braidwell LP's historical performance and risk profile?
Our simulation indicates a total return of +87.0% with a win rate of 70%. Notably, the portfolio maintains a Sharpe Ratio of 3.63, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Braidwell LP primarily invest in?
Braidwell LP has a strong preference for the Biotechnology sector, which makes up 57.9% of their disclosed assets. The portfolio also has exposure to Diagnostics & Research, indicating a specific thematic focus.
Is Braidwell LP's portfolio concentrated or diversified?
Braidwell LP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 24.2% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Braidwell LP performed in 2026?
Our AI-simulated model portfolio for Braidwell LP tracks a Year-to-Date (YTD) return of +49.5%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Alex Karnal manage Braidwell LP directly?
Yes, Alex Karnal serves as the key portfolio manager for Braidwell LP, overseeing the investment strategy and final capital allocation decisions.