PSP Research LLC

CIK 0002106939 · Q2 2026

13F Equity AUM

$187.9M

+32.9% QoQ

Positions

-4 QoQ

AUM Rank

#8,315

Top 66%

Skill Alpha (FF)

—

Building track record (2q)

Quarters Tracked

~0 years

Portfolio Concentration

Top 5: 86.5%Top 10: 88.0%Top 20: 90.8%

XBI48.0%

SGOV37.5%

RPRX0.3%

NRIX0.3%

INCY0.3%

ARGX0.3%

IRON0.3%

RAPP0.3%

RARE0.3%

TRVI0.3%

Others (65)12.0%

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

Sector Allocation

Financial Services85.5%

Healthcare13.9%

Other0.6%

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

Position Sizing

Positions: 75Median: 0.20%Avg: 1.33%

0–0.5%

73(14.5%)

0.5–1%

0(0.0%)

1–3%

0(0.0%)

3–5%

0(0.0%)

5%+

2(85.5%)

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

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Portfolio Overlap

Shared: 0Unique: 75vs 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

New11Increased1Decreased30Exited15

New Positions

ASCENDIS PHARMA A/S0.2%

+2K

LQDA0.2%

+5K

KRYS0.1%

+692

AVBP0.1%

+7K

DNLI0.1%

+8K

JAZZ0.1%

+971

RYTM0.1%

+2K

RVMD0.1%

+1K

SRRK0.1%

+4K

ARWR0.1%

+3K

Increased

XBI48.0%

+285K(+100%)

Decreased

CMPS0.1%

-53,000(-75%)

DFTX0.3%

-24,800(-71%)

ARDX0.2%

-20,000(-25%)

NTLA0.2%

-6,900(-26%)

IMVT0.3%

-6,200(-32%)

RARE0.3%

-5,100(-23%)

VKTX0.2%

-5,000(-33%)

GLUE0.3%

-5,000(-18%)

PHVS0.3%

-5,000(-25%)

CRSP0.1%

-4,500(-47%)

Exited

-2,396,685

-16,000

-2,500

-8,300

-15,000

-1,500

-6,927

-17,327

-2,000

-350

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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