Krensavage Asset Management, LLC

Hedge Fund • Long/Short

Krensavage Asset Management, LLC is a Long/Short Hedge Fund based in New York, NY led by Michael Paul Krensavage, reporting $203.3M in AUM as of Q3 2025 with 100% Healthcare concentration, 95% concentrated in top 10 holdings, and 20% allocation to UTHR.

CEOMichael Paul Krensavage

Portfolio Value: $199.9M
Positions: 14
Top Holding: UTHR at 20.48%
Last Reported: Q3 2025

Address610 Fifth Avenue, Suite 301, New York, NY, 10020, United States

Top Holdings

Largest long holdings in Krensavage Asset Management, LLC's portfolio (94.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 United Therapeutics UTHR	Biotechnology Healthcare	$40.9M	20.48%	-$1.5M Sold	0.22% 97.6K shares	Q4 2014 Held for 10y 11m
2 Enanta Pharmaceuticals ENTA	Biotechnology Healthcare	$25.3M	12.66%	—	9.89% 2.1M shares	Q1 2015 Held for 10y 8m
3 Jazz Pharmaceuticals JAZZ	Biotechnology Healthcare	$22.1M	11.07%	+$395.4K Bought	0.28% 167.8K shares	Q4 2023 Held for 1y 11m
4 BioMarin Pharmaceuticals BMRN	Biotechnology Healthcare	$22.0M	10.99%	+$22.0M New	0.21% 405.5K shares	Q3 2025 Held for 2 months
5 Exelixis EXEL	Biotechnology Healthcare	$21.4M	10.72%	+$1.0M Bought	0.19% 518.5K shares	Q3 2021 Held for 4y 2m
6 Supernus Pharmaceuticals SUPN	Drug Manufacturers - Specialty & Generic Healthcare	$17.4M	8.69%	-$5.2M Sold	0.65% 363.5K shares	Q1 2025 Held for 8 months
7 Avadel Pharmaceuticals AVDL	Drug Manufacturers - Specialty & Generic Healthcare	$14.6M	7.30%	-$46.1K Sold	0.98% 955.9K shares	Q1 2025 Held for 8 months
8 Cardinal Health CAH	Medical - Distribution Healthcare	$11.6M	5.79%	-$9.4M Sold	0.03% 73.7K shares	Q1 2022 Held for 3y 8m
9 Indivior INDV	Drug Manufacturers - Specialty & Generic Healthcare	$8.2M	4.10%	-$15.3M Sold	0.27% 339.5K shares	Q3 2024 Held for 1y 2m
10 Alkermes ALKS	Biotechnology Healthcare	$6.2M	3.12%	—	0.13% 207.8K shares	Q4 2019 Held for 5y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Krensavage Asset Management, LLC's latest filing

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Market Value

$199.9M

Prior: $163.5M

Q/Q Change

+22.24%

+$36.4M

Net Flows % of MV

-6.39%

Turnover Ratio

15.94%

New Purchases

2 stocks

$22.6M

Added To

3 stocks

+$2.2M

Sold Out Of

1 stocks

$6.1M

Reduced Holdings

5 stocks

-$31.4M

Increased Positions

Position	Shares Δ	Change
1 BioMarin Pharmaceuticals BMRN	New	0 → 405.5K +$22.0M
2 Evolus EOLS	New	0 → 100.0K +$614.0K
3 Vanda Pharmaceuticals VNDA	+15.17%	1.0M → 1.2M +$776.0K
4 Exelixis EXEL	+5.07%	493.5K → 518.5K +$1.0M
5 Jazz Pharmaceuticals JAZZ	+1.82%	164.8K → 167.8K +$395.4K

Decreased Positions

Position	Shares Δ	Change
1 Johnson & Johnson JNJ	Sold	40.0K → 0 −$6.1M
2 Indivior INDV	-65.16%	974.5K → 339.5K −$15.3M
3 Cardinal Health CAH	-44.86%	133.7K → 73.7K −$9.4M
4 Supernus Pharmaceuticals SUPN	-23.05%	472.4K → 363.5K −$5.2M
5 United Therapeutics UTHR	-3.46%	101.1K → 97.6K −$1.5M