Frazier Life Sciences Management, L.P.

CIK 0001892134 · Q2 2026

13F Equity AUM

$4.6B

+18.1% QoQ

Positions

+3 QoQ

AUM Rank

#901

Top 10%

Skill Alpha (FF)

+17.1%/yr^ns

No Clear Edge

Rank #186 · Top 2%

vs S&P +16.4%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 56.5%Top 10: 73.6%Top 20: 88.9%

MIRM19.6%

NEWAMSTERDAM PHARMA COMPANY13.3%

ERAS10.0%

MBX8.0%

ARQT5.6%

TRVI4.0%

KRYS3.9%

MAZE3.3%

PHAT3.0%

PVLA2.9%

Others (31)26.4%

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

Sector Allocation

Healthcare84.7%

Unclassified15.3%

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

Position Sizing

Positions: 41Median: 1.02%Avg: 2.44%

0–0.5%

9(2.5%)

0.5–1%

11(7.6%)

1–3%

13(22.2%)

3–5%

3(11.2%)

5%+

5(56.5%)

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

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Portfolio Overlap

Shared: 0Unique: 41vs 20 funds

0%Low

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

New6Increased8Decreased2Exited3

New Positions

PARABILIS MEDICINES …1.1%

+1.9M

SP4P1.1%

+7.6M

STTK0.6%

+3.8M

DSGN0.6%

+1.8M

KAILERA THERAPEUTICS…0.5%

+1.1M

RLAY0.4%

+1.0M

Increased

ALLO1.0%

+18.6M(+491%)

AURA1.1%

+2.0M(+39%)

NEWAMSTERDAM PHARMA …13.3%

+1.1M(+7%)

MNKD0.6%

+700K(+12%)

MAZE3.3%

+466K(+10%)

LXEO0.5%

+400K(+9%)

ERAS10.0%

+300K(+1%)

ASND1.3%

+92K(+69%)

Decreased

BBIO2.5%

-1,900,000(-55%)

TRVI4.0%

-100(0%)

Exited

KALV

-4,961,108

RVMD

-675,686

AGIO

-1,256,080

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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