QURE

QURE

QURE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Feb 2, 2026	Warden Capital	0.0%	0.0%	ARE, MTN, PLD, PLTR, QURE	AI, Biotechnology, Commercial real estate, Defensive, Shorts, value	Manager believes AI capex is at unsustainable levels and won't generate economic returns unless true AGI emerges imminently. OpenAI's user growth appears to be stalling with weak Q4 traffic growth, while competitors like Gemini continue growing strongly. Model progress may be reaching diminishing returns as current state-of-the-art models are not universally better than previous versions. CRE markets show little major change from previous commentary. Apartments remain soft due to oversupply and weaker sunbelt demand, industrial has picked up slightly, office is weak outside NYC but improving in class A, retail continues doing well due to lack of new supply, and hospitality is softer than expected. Manager invested in uniQure, a biotech with potential groundbreaking gene therapy for Huntington's disease. Initial results showed disease progression slowing by 75% three years after treatment, but FDA rescinded agreement on external control group causing stock to crash. Manager believes therapy will ultimately get approved given strong efficacy data.	QURE PLTR ARE MTN	View
2024 Q4	Dec 31, 2024	Diamond Hill International	-7.5%	4.0%	005930 KS, EXO NA, GLEN LN, KRN GR, MAX NA, PRX NA, QURE, SPOT, TSM	-			View
2025 Q3	Nov 8, 2025	Summers Value Fund	20.4%	4.9%	ADMA, DERM, LGND, QURE	biopharma, demographics, healthcare, innovation, regulation	The fund argues that healthcare, despite facing regulatory uncertainty, budget constraints, and political risk, now presents one of the most attractive investment environments in years. Investor outflows and sentiment deterioration have created mispricings, while fundamentals remain supported by innovation, demographics, and acquisition demand from large pharma. The manager is increasing exposure to biopharma and specialty healthcare names with strong product pipelines and cash-flow potential.		View
2025 Q4	Jan 28, 2026	Rodrigo Benedetti	0.0%	0.0%	ARKK, CLS, KITS.TO, MSFT, NBIS, ORCL, QQQ, QURE, REGN, SLNO, SPY, STRL, TEVA, TGEN, TSSI, TWST, VRT, XOP	AI, Biotechnology, commodities, Fintech, gold, healthcare, oil	Manager observes precious metals experiencing massive bubble-like moves with gold and silver going through blow-off tops. Believes there is no fundamental reason for this rally and compares moves to the 1970s when US abandoned gold standard. AI companies, particularly neoclouds, corrected 50% but are showing signs of life again. Manager previously shorted low quality AI names trading on high multiples but closed positions when momentum couldn't be fought. Oil equities have diverged from oil prices with E&P, OFS and Majors underperforming. Manager notes well-supplied market and Chinese demand reduction while they add to strategic reserves. Mixed results in biotech with FDA walking back QURE approval after mixed data causing roundtrip of profits. Healthcare sector performed well with TEVA and REGN benefiting from immunity to tariffs and AI disruption. Excited about Figure Technologies at crossroads of blockchain and electronic HELOC securitization. Company provides bridge for stablecoin yield investment and operates marketplace for on-chain loan investment with fraud-resistant electronic system.	EMO CN KITS CN	View
2025 Q4	Jan 15, 2026	Alger Small Cap Focus Fund	3.6%	6.9%	ABT, EXAS, GH, NBIS, NTRA, QURE, STVN	AI, Biotechnology, Diagnostics, growth, healthcare, small cap, technology	The market's biggest tailwind was continued investment tied to artificial intelligence, though increasingly accompanied by scrutiny around AI infrastructure bottlenecks, sources of financing, and whether the AI theme could deliver returns commensurate with capital deployed. U.S. business spending appears to be accelerating, driven by burgeoning demand for AI infrastructure. Multiple portfolio holdings focus on cancer diagnostics and treatment, including molecular diagnostics companies specializing in liquid biopsy tests, colorectal cancer screening, and molecular residual disease testing. The oncology testing market shows strong momentum with favorable reimbursement dynamics and higher test volumes. Cloud computing is growing and supporting innovation, with corporations digitizing their operations. The fund holds positions in AI-focused cloud infrastructure providers operating GPU compute capacity, benefiting from accelerating AI adoption as demand for high-quality GPU compute continues to outstrip available supply. Portfolio includes biotechnology companies developing gene therapies for rare diseases like Huntington's disease, an area with no approved disease-modifying treatments. The sector faces regulatory uncertainty but shows encouraging efficacy signals in clinical trials.	STVN QURE NBIS NTRA GH EXAS	View
2025 Q4	Jan 14, 2026	Apis Flagship Fund	10.0%	55.1%	012450.KS, 086280.KS, 103140.KS, AI, CELC, GTX, QURE	Asia, defense, global, healthcare, Memory, Mining, small caps, technology	Defense exposure continued from 2024 but evolved toward smaller companies with niche intellectual property. Korean defense holdings including Hyundai Rotem, Poongsan, and Hanwha Aerospace were among top contributors for the year, collectively adding over 11% to annual performance despite some Q4 weakness attributed to technical pause. New theme emerged in 2025 with exposure to memory within the semiconductor complex. Memory semiconductor companies were notable source of strength, contributing more than 5% to Q4 returns, led by Japan-based Kioxia Holdings which was highlighted in Q3 letter. Mining and mining equipment emerged as new theme in 2025. Represents bombed out cyclical exposure where valuations remain cheap and expectations modest, yet early signs of demand are emerging supported by fiscal stimulus programs. European building materials represents another area of bombed out cyclical exposure beyond mining where exposure was added. Valuations remain cheap and expectations modest with early signs of demand emerging supported by fiscal stimulus programs. Resolution to Ukraine war could further enhance long-term growth outlook.	AI QURE CELC	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 4, 2026	Fund Letters	Hawkins Entrekin	uniQure N.V.	Health Care	Biotechnology	Bull	NASDAQ	Biotech, clinical data, gene therapy, Optionality, Regulation	View Pitch
Jan 27, 2026	Fund Letters	Amy Zhang	uniQure N.V.	Health Care	Biotechnology	Bear	NASDAQ	FDA, Genetherapy, Neurology, Regulatory, Volatility	View Pitch
Jan 23, 2026	Twitter / X	@chaotropy	uniQure N.V.	Health Care	Gene Therapy	Bull	NASDAQ	Amt, Disease, FDA, Gene, gene therapy, Huntington, Therapy, UniQure	View Pitch
Jan 20, 2026	Fund Letters	Daniel Barker	UniQure N.V.	Health Care	Biotechnology	Bear	NASDAQ	Biotech, Clinicalrisk, Genetherapy, Volatility	View Pitch
Jan 8, 2026	Substack	Triples Investing	uniQure N.V.	Biotechnology	Gene Therapy	Bull	NASDAQ Stock Market	AMT-130, biotechnology, Clinical trials, disease progression, gene therapy, Global Market, Huntington's Disease, neurodegeneration, Regulatory Approval, UniQure	View Pitch
Nov 25, 2025	Substack	Triples Investing	UniQure	Health Care	Biotechnology	Bull		AMT-130, biotechnology, clinical trial data, FDA regulatory uncertainty, gene therapy, Huntington's Disease, investment opportunity, regulatory pathways, stock undervaluation, UniQure	View Pitch

BSD Shareholders of QURE

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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