Q1 2026 13F: The 10 Biotech Names 20 Funds Actually BoughtiRhythm Holdings, Inc.BATS:IRTCProjectSyndicate▪️ Q1 2026 13F — INSTITUTIONAL CONVICTION SNAPSHOT ▪️ 20 specialist biotech funds filed Q1 2026: 73 brand-new positions, 201 positions increased, and — notably — zero complete exits. Nobody is walking away from anything. Capital is being added, not rotated out. ▪️ Filings run on a 45-day delay, so this is a map of where conviction was built during the quarter, not a live tape. The signal is convergence: when independent specialist funds land on the same name in the same window, that is the tell worth trading around. ▪️ Primary read is risk-on and accumulative. New-money convergence is clustering in early-stage oncology and cell therapy; add-money is concentrating in mid/late-stage names that already have institutional ownership — funds doubling down on work already done. ▪️ TOP 10 CONVICTION IDEAS ▪️ 1 — DFTX (Definium Therapeutics) · 7 funds · new · $335M Highest convergence on the entire filing. Seven specialists initiating cold in one quarter is the rarest signal in this dataset. Driehaus, Avoro, Deep Track +4. ▪️ 2 — INSM (Insmed) · 4 funds adding · $2.1B Largest capital block on the sheet. Baker Bros, RTW and Eventide adding to a $2B position is scale conviction, not a starter bet. ▪️ 3 — PRAX (Praxis Precision Medicines) · 5 funds adding · $1.9B Five funds adding into a near-$2B book. Best blend of breadth and size — the strongest conviction-plus-scale name here. ▪️ 4 — DMRA (Damora Therapeutics) · 5 funds · new · $282M Second-highest new-position convergence. Avoro, RA Capital, Commodore +2 all stepping in fresh at meaningful size. ▪️ 5 — RVMD (Revolution Medicines) · 4 funds adding · $1.2B Billion-dollar position getting bigger. Baker Bros, Avoro and Perceptive adding together is a heavyweight cluster. ▪️ 6 — CNTA (Centessa Pharmaceuticals) · 5 funds adding · $668M Five-fund add at mid-cap size. EcoR1, Perceptive and Deep Track leaning in on an existing book. ▪️ 7 — PCVX (Vaxcyte) · 4 funds adding · $1.0B Billion-dollar position, four funds adding. Institutional core holding being reinforced, not trimmed. ▪️ 8 — TNGX (Tango Therapeutics) · 5 funds adding · $469M Broadest add outside the mega-positions. RTW, Deerfield and Deep Track stacking on the same name. ▪️ 9 — IRTC (iRhythm Holdings) · 4 funds · new · $330M Largest new-position dollar value relative to fund count — the medtech outlier in an otherwise therapeutics-heavy list. High conviction per fund. ▪️ 10 — AKTS (Aktis Oncology) · 5 funds · new · $169M Five-fund cold start. EcoR1, RTW and RA Capital converging on radiopharma exposure at the same time. ▪️ WHAT DIDN'T MAKE THE CUT CMPS, CGON, XENE, IRON, CRVS, IPSC, STRO, AGMB, ZURA, EIKN — real activity, but either thin fund counts, sub-$100M size, or both. Not enough weight behind them to trade off. Skipped. ▪️ THE STRUCTURAL TELL Zero exits across 20 funds is the number to sit with. Specialists are not de-risking. Every dollar of movement this quarter was directional accumulation — new convergence at the small-cap end (DFTX, DMRA, AKTS), reinforcement at the large end (INSM, PRAX, RVMD, PCVX). That is a barbell, and it usually precedes a catalyst-heavy stretch. ▪️ ProjectSyndicate Levels Desk — Overview of key S/R zones for NQ, ES, GC & JPN225 traders every week. Subscribe to stay up to date with the latest levels.