Skip to main content
Livermore
Livermore
ZHEN

M28 Capital Management LP

SEC CIK
0001807489
Latest filing
Aug 13, 2026

The latest 13F from M28 Capital Management LP covers Q2 2026 (filed Aug 13, 2026): 9 long positions worth $47.2M. The top 10 holdings make up 100.0% of the portfolio, and the largest is Wave Life Sciences, Inc. (WVE) at 56.5%. Livermore has 19 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: 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
0
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. WVEWave Life Sciences, Inc.
    56.5%$26.7MHistory
  2. IVVDInvivyd, Inc.
    17.1%$8.07MHistory
  3. TGTXTG Therapeutics, Inc.
    10.3%$4.85MHistory
  4. ARWRArrowhead Pharmaceuticals, Inc.
    6.4%$3.00MHistory
  5. GUTSFractyl Health, Inc.
    3.1%$1.47MHistory

Share of portfolio

Top 5 holdings and the other 4 positions, by share of portfolio value

  1. WVE56.5%
  2. IVVD17.1%
  3. TGTX10.3%
  4. ARWR6.4%
  5. GUTS3.1%
  6. Other 4 positions6.6%

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

None this quarter.

Largest weight decreases

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

None this quarter.

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$47.2M
−$6.64M (−12.3%) vs. prior quarter
Positions
9
0 vs. prior quarter
Top 10 concentration
100.0%
Top 10 as share of value
Turnover
0.0%
Q2 2026, one quarter
Average holding period
18.3 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 (Q4 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $137.6M (Q4 2025)

Q4 2021: $128.1MQ1 2022: $108.8MQ2 2022: $89.2MQ3 2022: $95.8MQ4 2022: $104.9MQ1 2023: $88.4MQ2 2023: $75.7MQ3 2023: $87.2MQ4 2023: $120.7MQ1 2024: $135.3MQ2 2024: $77.1MQ3 2024: $91.0MQ4 2024: $101.9MQ1 2025: $73.0MQ2 2025: $58.6MQ3 2025: $68.0MQ4 2025: $137.6MQ1 2026: $53.8MQ2 2026: $47.2M
Q4 2021Q2 2026
13F filings of M28 Capital Management LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 20269$47.2MWVEIVVDTGTXvs. Q1 2026SEC
Q1 2026May 14, 20269$53.8MWVEIVVDTGTXvs. Q4 2025SEC
Q4 2025Feb 13, 20269$137.6MWVEIVVDTGTXvs. Q3 2025SEC
Q3 2025Nov 13, 20259$68.0MWVEIVVDTGTXvs. Q2 2025SEC
Q2 2025Aug 13, 20259$58.6MWVEIVVDTGTXvs. Q1 2025SEC
Q1 2025May 14, 202511$73.0MWVETGTXIVVDvs. Q4 2024SEC
Q4 2024Feb 13, 202511$101.9MWVETGTXRCKTvs. Q3 2024SEC
Q3 2024Nov 12, 202411$91.0MWVEIVVDRCKTvs. Q2 2024SEC
Q2 2024Aug 13, 202411$77.1MWVEIVVDRCKTvs. Q1 2024SEC
Q1 2024May 14, 202411$135.3MWVEIVVDGUTSvs. Q4 2023SEC
Q4 2023Feb 12, 202410$120.7MWVEIVVDRCKTvs. Q3 2023SEC
Q3 2023Nov 13, 202311$87.2MWVEIVVDRCKTvs. Q2 2023SEC
Q2 2023Aug 11, 202312$75.7MWVERCKTIVVDvs. Q1 2023SEC
Q1 2023May 12, 202314$88.4MWVERCKTIVVDvs. Q4 2022SEC
Q4 2022Feb 10, 202314$104.9MWVERCKTIVVDvs. Q3 2022SEC
Q3 2022Nov 10, 202212$95.8MIVVDWVERCKTvs. Q2 2022SEC
Q2 2022Aug 12, 202213$89.2MWVEIVVDRCKTvs. Q1 2022SEC
Q1 2022May 13, 202213$108.8MIVVDWVERCKTvs. Q4 2021SEC
Q4 2021Feb 11, 202212$128.1MIVVDSTOKCRIS–SEC

13D and 13G filings

Companies where M28 Capital Management LP reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

M28 Capital Management LP does not currently report owning 5% or more of any company.

Latest filings

14 filings on file made by M28 Capital Management LP or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by M28 Capital Management LP
CompanyFiled (ET)FormStakeChangeEvent dateFiling
CRISCuris IncJan 23, 20264:15 PM ET13G/A4.80%620.2K shares−1.10 ppfrom 5.90%Below 5%Jan 23, 2026SEC
IVVDInvivyd, Inc.Aug 26, 20254:15 PM ET13D/A4.60%9.55M shares–Below 5%Aug 22, 2025SEC
CRISCuris IncAug 13, 20254:00 PM ET13G/A5.90%620.2K shares–Jun 30, 2025SEC
WVEWave Life Sciences, Inc.Nov 12, 202413G/AOld format–––SEC
CRISCuris IncFeb 12, 202413GOld format–New–SEC
WVEWave Life Sciences, Inc.Feb 12, 202413G/AOld format–––SEC
WVEWave Life Sciences, Inc.Feb 10, 202313G/AOld format–––SEC
IVVDInvivyd, Inc.Aug 19, 202213D/AOld format–––SEC
IVVDInvivyd, Inc.Jun 24, 202213D/AOld format–––SEC
IVVDInvivyd, Inc.Apr 26, 202213D/AOld format–––SEC
IVVDInvivyd, Inc.Apr 1, 202213DOld format–––SEC
IVVDInvivyd, Inc.Feb 11, 202213G/AOld format–––SEC
WVEWave Life Sciences, Inc.Oct 29, 202113GOld format–New–SEC
IVVDInvivyd, Inc.Oct 5, 202113GOld format–New–SEC