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Livermore
Livermore
ZHEN

Tybourne Capital Management (HK) Ltd

SEC CIK
0001553936
Latest filing
Nov 6, 2025

The latest 13F from Tybourne Capital Management (HK) Ltd covers Q3 2025 (filed Nov 6, 2025): 4 long positions worth $30.9M. The top 10 holdings make up 100.0% of the portfolio, and the largest is Taysha Gene Therapies, Inc. (TSHA) at 39.1%. Livermore has 20 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
0
Added
0
Reduced
2
Est. −$2.07M
Sold out
2
Est. −$9.00M

Top 5 holdings

Share of this quarter's portfolio value

  1. TSHATaysha Gene Therapies, Inc.
    39.1%$12.1MHistory
  2. FBRXForte Biosciences, Inc.
    38.1%$11.8MHistory
  3. ALMSAlumis Inc.
    18.0%$5.58MHistory
  4. ZNTLZentalis Pharmaceuticals, Inc.
    4.7%$1.45MHistory

Share of portfolio

Each position's share of portfolio value

  1. TSHA39.1%
  2. FBRX38.1%
  3. ALMS18.0%
  4. ZNTL4.7%

Biggest buys

New and added positions, by estimated amount bought

None this quarter.

Largest weight increases

New and added positions, by percentage points of the portfolio gained

None this quarter.

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. BCYCBicycle Therapeutics PLC
    −$6.91MSold outHistory
  2. MBUUMalibu Boats, Inc.
    −$2.09MSold outHistory
  3. TSHATaysha Gene Therapies, Inc.
    −$1.29MReducedHistory
  4. ZNTLZentalis Pharmaceuticals, Inc.
    −$780.2KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. BCYCBicycle Therapeutics PLC
    −20.00 pp20.0% → 0.0%History
  2. MBUUMalibu Boats, Inc.
    −6.05 pp6.1% → 0.0%History
  3. ZNTLZentalis Pharmaceuticals, Inc.
    −0.27 pp5.0% → 4.7%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$30.9M
−$3.61M (−10.4%) vs. prior quarter
Positions
4
−2 vs. prior quarter
Top 10 concentration
100.0%
Top 10 as share of value
Turnover
0.0%
Q3 2025, one quarter
Average holding period
10.6 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $4.75B (Q2 2021)

Q1 2021: $4.55BQ2 2021: $4.75BQ3 2021: $3.97BQ4 2021: $3.37BQ1 2022: $1.69BQ2 2022: $1.38BQ3 2022: $1.04BQ4 2022: $1.00BQ1 2023: $993.2MQ2 2023: $925.3MQ3 2023: $715.7MQ4 2023: $671.2MQ1 2024: $584.9MQ2 2024: $491.7MQ3 2024: $356.7MQ4 2024: $398.4MQ1 2025: $23.6MQ2 2025: $34.5MQ3 2025: $30.9M
Q1 2021Q3 2025
13F filings of Tybourne Capital Management (HK) Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Nov 6, 20254$30.9MTSHAFBRXALMSvs. Q2 2025SEC
Q2 2025Aug 1, 20256$34.5MFBRXTSHABCYCvs. Q1 2025SEC
Q1 2025May 15, 20255$23.6MSLRNTSHABCYCvs. Q4 2024SEC
Q4 2024Feb 14, 202533$398.4MCPIQVADSKvs. Q3 2024SEC
Q3 2024Nov 14, 202432$356.7MTXNCPLPLAvs. Q2 2024SEC
Q2 2024Aug 14, 202436$491.7MTXNCPZGvs. Q1 2024SEC
Q1 2024May 15, 202438$584.9MCPTXNIQVvs. Q4 2023SEC
Q4 2023Feb 14, 202435$671.2MCPSPGIMSFTvs. Q3 2023SEC
Q3 2023Nov 14, 202338$715.7MCPMSFTVvs. Q2 2023SEC
Q2 2023Aug 14, 202342$925.3MMSFTAMZNCPvs. Q1 2023SEC
Q1 2023May 15, 202341$993.2MCPMSFTAMZNvs. Q4 2022SEC
Q4 2022Feb 14, 202327$1.00BVCPSPGIvs. Q3 2022SEC
Q3 2022Nov 14, 202226$1.04BAMZNCPMSFTvs. Q2 2022SEC
Q2 2022Aug 15, 202227$1.38BMSFTCPAMZNvs. Q1 2022SEC
Q1 2022May 4, 202230$1.69BMSFTAMZNZNTLvs. Q4 2021SEC
Q4 2021Feb 25, 2022Amended26$3.37BMELIBEKEAMZNvs. Q3 2021SEC
Q3 2021Oct 27, 202124$3.97BSEMELIPDDvs. Q2 2021SEC
Q2 2021Jul 22, 202129$4.75BBEKESEMELIvs. Q1 2021SEC
Q1 2021Apr 13, 202132$4.55BSEBEKEMSFT–SEC

13D and 13G filings

Companies where Tybourne Capital Management (HK) Ltd reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Tybourne Capital Management (HK) Ltd owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
FBRXForte Biosciences, Inc.13G/A9.99%1.27M shares0.00 ppfrom 9.99%Feb 14, 20243 filingsAug 4, 2025SEC

Latest filings

10 filings on file made by Tybourne Capital Management (HK) Ltd or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Tybourne Capital Management (HK) Ltd
CompanyFiled (ET)FormStakeChangeEvent dateFiling
FBRXForte Biosciences, Inc.Aug 4, 20256:21 PM ET13G/A9.99%1.27M shares0.00 ppfrom 9.99%Jun 30, 2025SEC
FBRXForte Biosciences, Inc.Feb 14, 20254:33 PM ET13G/A9.99%640.8K shares–Dec 31, 2024SEC
FBRXForte Biosciences, Inc.Feb 14, 202413GOld format–New–SEC
ZNTLZentalis Pharmaceuticals, Inc.Feb 14, 202313GOld format–––SEC
XCURExicure, Inc.May 11, 202213D/AOld format–––SEC
BCYCBicycle Therapeutics PLCMar 14, 202213D/AOld format–––SEC
ZNTLZentalis Pharmaceuticals, Inc.Feb 14, 202213GOld format–New–SEC
TPGYTPG Pace Beneficial Finance Corp.Jan 3, 202213G/AOld format–––SEC
TPGYTPG Pace Beneficial Finance Corp.Apr 9, 202113GOld format–New–SEC
Farfetch LtdFeb 16, 202113G/AOld format–––SEC