Trails Edge Capital Partners, LP

CIK 0002077247 · Q2 2026

13F Equity AUM

$629.9M

+44.3% QoQ

Positions

+9 QoQ

AUM Rank

#3,211

Top 37%

Skill Alpha (FF)

—

Building track record (2q)

Quarters Tracked

~0 years

Portfolio Concentration

Top 5: 28.8%Top 10: 50.3%Top 20: 81.2%

LBRX7.8%

NRIX6.1%

IMCR5.4%

FIRST TRACKS BIOTHERAPEUTICS4.8%

FDMT4.7%

BMRN4.7%

DSGN4.6%

XENE4.2%

MIRM4.2%

IM8N3.9%

Others (25)49.7%

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

Sector Allocation

Healthcare90.9%

Unclassified9.1%

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

Position Sizing

Positions: 35Median: 2.62%Avg: 2.86%

0–0.5%

1(0.3%)

0.5–1%

3(2.3%)

1–3%

16(28.9%)

3–5%

12(49.3%)

5%+

3(19.3%)

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

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Portfolio Overlap

Shared: 0Unique: 35vs 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

New13Increased10Decreased8Exited4

New Positions

FIRST TRACKS BIOTHER…4.8%

+1.5M

BMRN4.7%

+512K

IM8N3.9%

+230K

KAILERA THERAPEUTICS…3.4%

+985K

INCY2.8%

+155K

AVTX2.6%

+892K

MLTX2.3%

+750K

AURA1.6%

+1.4M

ALT1.3%

+2.7M

OKUR1.0%

+1.4M

Increased

IRD1.8%

+2.2M(+449%)

IPSC1.6%

+1.7M(+69%)

DSGN4.6%

+1.1M(+135%)

IKT2.9%

+994K(+12%)

FDMT4.7%

+925K(+71%)

SNDX3.9%

+408K(+58%)

SNSE2.0%

+390K(+312%)

IMCR5.4%

+381K(+56%)

LBRX7.8%

+204K(+15%)

SLGL1.6%

+54K(+63%)

Decreased

XENE4.2%

-200,000(-31%)

NRIX6.1%

-170,000(-10%)

RVMD3.4%

-129,250(-53%)

MIRM4.2%

-110,000(-33%)

NGNE3.6%

-67,902(-9%)

VTVT0.5%

-54,386(-39%)

CYTK3.9%

-11,911(-4%)

CAMP1.3%

-6,626(-0%)

Exited

-662,470

-1,738,110

-1,047,935

-414,054

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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