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CALIGAN PARTNERS LP

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NEW YORK NY Activist Investor Investment Advisor Hedge Fund
13F Summary
Caligan Partners is based out of New York. Caligan Partners is a hedge fund with 11 clients and discretionary assets under management (AUM) of $347,914,853 (Form ADV from 2024-09-03). Their last reported 13F filing for Q4 2024 included $394,876,202 in managed 13F securities and a top 10 holdings concentration of 94.3%. Caligan Partners's largest holding is Liquidia Corp with shares held of 8,118,592. Whalewisdom has at least 10 13F filings, 35 13D filings, 1 13G filings, and 33 Form 4 filings
Business Description
The Adviser provides investment advisory services to private funds (Partnerships) and separately managed accounts (SMAs), collectively known as the Funds. The Adviser manages these Funds on a discretionary basis, with regulatory assets under management totaling $347,914,852 as of December 31, 2023. The Partnerships are exempt from registration under the Investment Company Act of 1940, and interests in a Partnership are offered and sold exclusively to eligible investors in private transactions within the United States. The Adviser focuses on both credit and equity investments, seeking to influence and collaborate with companies to create value through operational improvements, financial restructurings, or transformational transactions. The Adviser typically seeks representation on the boards of companies it invests in, particularly in activist equity or distressed debt situations. The Adviser may utilize bankruptcy or restructuring processes to enhance the capital structure and competitive positioning of its portfolio companies. The Adviser's investment strategy includes long and short positions in equity or debt securities of public and private U.S. and non-U.S. issuers, as well as distressed securities, rights, options, warrants, bonds, notes, equity and debt indices, and swaps. The Adviser generally aims to work constructively with management and/or the company's board to implement strategies that maximize returns for all shareholders.
Investment Strategy
Caligan's investment team focuses on identifying undervalued companies with strong cash flow generation potential, even in challenging economic conditions. They prioritize investments with low creation multiples, meaning they aim to acquire companies at a price significantly lower than their estimated intrinsic value. This strategy is based on the belief that initial valuation is the primary driver of investment returns. The team also emphasizes a skeptical approach to market pricing, believing that inefficiencies exist and that they can identify and quantify mispricing opportunities. They prioritize understanding the incentives of management teams, believing that these incentives are crucial predictors of investment outcomes. Additionally, they seek opportunities where they can actively influence the investment outcome, potentially through engagement with management or other stakeholders.
Owners
  • JOHNSON INVESTMENT TRUST - LIMITED PARTNER
  • JOHNSON, DAVID, EDWARD - PARTNER / LIMITED PARTNER
  • LAMAN, ROBERT, THOMAS - CHIEF OPERATING OFFICER
  • CROWLEY, TIFFANY - CHIEF FINANCIAL OFFICER/CHIEF COMPLIANCE OFFICER
  • CALIGAN PARTNERS GP LLC - GENERAL PARTNER
  • Click on the Ownership/Private Fund Data tab for more details.
Other Contact Information
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2024-12-31

Top Buys (13F)

Name % Change
SAGE Sage Therapeutics In 4.2%
MRUS Merus N.V 2.72%
ABVX Abivax 1.39%
VRCA Verrica Pharmaceutic 1.32%
BCRX Biocryst Pharmaceuti -0.52%

2024-12-31

Top Sells (13F)

Name % Change
IMAB I-Mab 1.38%
ENTA Enanta Pharmaceutica 0.79%
OTLK Outlook Therapeutics 0.54%

2024-12-31

13F Holdings Summary

Name $ Change
LQDA Liquidia Corp 29.26%
VRNA Verona Pharma Plc 16.9%
EXEL Exelixis Inc 12.87%
EOLS Evolus Inc 7.53%
ANIK Anika Therapeutics I 5.98%

2024-12-31

13F Activity

Market Value $395m, Prior: $315m
Inflows (Outflows) as % of Total MV +11.3059%
New Purchases 4 stocks
Added To 5 stocks
Sold out of 2 stocks
Reduced holdings in 1 stocks
Top 10 Holdings % 94.3%
Turnover %[1] 37.5%
Turnover Alt %[2] 1.89%
Time Held Top 20 4.2857 quarters
Time Held Top 10 4.8 quarters
Time Held All 4.29 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2024-12-31

13F Sector Allocation Over Time

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2024-12-31

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2024-12-31

Portfolio Performance