PERCEPTIVE ADVISORS LLC

CIK 0001224962 · Q2 2026

13F Equity AUM

$6.7B

+30.2% QoQ

Positions

107

+13 QoQ

AUM Rank

#697

Top 8%

Skill Alpha (FF)

+11.8%/yr^ns

No Clear Edge

Rank #300 · Top 4%

vs S&P -3.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 30.0%Top 10: 47.3%Top 20: 67.6%

PRAX10.2%

SYRE5.8%

CELC5.0%

ASCENDIS PHARMA A/S4.7%

RYTM4.3%

ROIV4.3%

RLAY4.0%

TVTX3.2%

KARDIGAN INC2.9%

NUVL2.9%

Others (97)52.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare88.8%

Unclassified10.0%

Other1.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 107Median: 0.37%Avg: 0.93%

0–0.5%

63(12.3%)

0.5–1%

18(11.6%)

1–3%

18(34.7%)

3–5%

5(20.4%)

5%+

3(21.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 107vs 20 funds

0%Low

107

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New28Increased30Decreased26Exited14

New Positions

ASCENDIS PHARMA A/S4.7%

+1.2M

KARDIGAN INC2.9%

+8.2M

AVALYN PHARMACEUTICA…1.3%

+2.7M

BIIB0.9%

+276K

UNH0.7%

+117K

XBI0.7%

+300K

CAPR0.5%

+1.5M

CRL0.5%

+140K

EYPT0.4%

+2.0M

DHR0.4%

+130K

Increased

RLAY4.0%

+4.4M(+45%)

BCRX1.6%

+2.9M(+39%)

TNGX1.6%

+2.6M(+318%)

XFOR0.6%

+1.2M(+18%)

EOLS0.3%

+1.2M(+91%)

ADPT0.4%

+1.1M(+698%)

DBVT0.4%

+689K(+71%)

ZYME1.6%

+673K(+19%)

NRIX1.6%

+610K(+16%)

STRO0.7%

+590K(+82%)

Decreased

IVVD0.2%

-2,368,667(-11%)

DYN0.9%

-1,979,604(-42%)

NAUT0.3%

-960,000(-8%)

VRDN0.2%

-588,849(-50%)

PALI0.3%

-503,084(-6%)

AXGN0.2%

-450,000(-65%)

ANRO0.6%

-400,000(-20%)

PHAT0.1%

-393,000(-42%)

TVTX3.2%

-389,977(-9%)

ADMA0.0%

-353,468(-76%)

Exited

-1,531,421

-5,258,903

-5,827,506

-1,755,799

-377,544

-151,979

-448,350

-5,104,097

-65,050

-1,835,842

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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