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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Arquitos delivered 64.8% net returns in Q2 2026, driven by Liquidia's fivefold gain as its drug launch succeeded spectacularly. The concentrated portfolio approach continues to work: largest positions consistently outperform."
Arquitos returned 64.8% net in Q2 2026 and 52.9% year-to-date, driven primarily by Liquidia, the fund's largest position over the past year. Liquidia shares rose fivefold from $12.46 to $79.73 as its PAH and PH-ILD drug Yutrepia achieved one of the most successful recent drug launches. The manager expects shares to reach $140 if Liquidia wins its pending patent trial against United Therapeutics outright, with a decision imminent. Abivax, a new 10% position, rebounded from $70 to above $140 after safety data dispelled cancer concerns around its ulcerative colitis drug, and the manager expects a buyout above $200 per share. Finch Therapeutics was sold through bankruptcy for a disappointing low double-digit return. The manager emphasizes that Arquitos' concentrated approach—holding only 3-5 positions for 3-6 years each—has consistently produced a strong slugging percentage where the largest, highest-conviction positions deliver the best returns. The fund has generated 17.4% annualized returns since inception by waiting for perfect pitches and swinging for the fences only when downside is protected and upside is substantial.
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