Greenhaven Road Capital, an investment management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The fund achieved an approximate 11% net return in the second quarter, indicating progress from the first quarter. Key changes to the portfolio will include lower concentration and increased investments with near-term catalysts, alongside a proactive stance on profit-taking. The focus will remain on owning strong businesses and conducting research that challenges consensus views, as several major investments are poised for significant events within the year. Despite declines in market multiples, underlying businesses continue to grow, suggesting a favorable positioning for returns. Additionally, reviewing the Fund’s top five holdings could help identify its best picks for 2026.
In its Q2 2026 investor letter, Greenhaven Road Capital highlighted AnaptysBio, Inc. (NASDAQ:ANAB) as a newly added position. AnaptysBio, Inc. (NASDAQ:ANAB) is a clinical-stage biotechnology company focusing on immunology therapeutics for autoimmune and inflammatory diseases. On August 14, 2026, AnaptysBio, Inc. (NASDAQ:ANAB) closed at $58.47 per share, reflecting a market capitalization of $1.73 billion. AnaptysBio, Inc. (NASDAQ:ANAB) posted a one-month return of 16.27%, while its shares gained 338.15% over the past 52 weeks.
Greenhaven Road Capital stated the following regarding AnaptysBio, Inc. (NASDAQ:ANAB) in its Q2 2026 investor letter:
“Many of our investments require patience. Rather than a clear near-term catalyst, they offer an advantaged product or management team that can build the business and compound value over time. This quarter, we invested in AnaptysBio, a situation that may not require as much patience.
AnaptysBio, Inc. (NASDAQ:ANAB) is a drug royalty company. In 2014, Tesaro licensed a portfolio of pre-clinical antibodies from AnaptysBio. Tesaro, then a small company with $180M in cash, paid AnaptysBio $17M under an agreement designed for two small companies. The agreement included exclusivity and notification provisions and required Tesaro to seek an “optimal commercial return” for AnaptysBio’s drugs, which were still in clinical trials.
Five years later, in 2019, GlaxoSmithKline acquired Tesaro. In 2021, AnaptysBio’s cancer drug Jemperli was approved. Five years after that, GSK spent $10.6B to acquire Nuvalent and their cancer portfolio. This year, Jemperli will generate more than $1B of revenue for GSK. Jemperli royalties drive virtually all of AnaptysBio’s business, but the drug represents less than 5% of GSK’s revenue and a declining share of their oncology portfolio as GSK continues investing in new drugs…” (Click here to read the full text)
AnaptysBio, Inc. (NASDAQ:ANAB) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 33 hedge fund portfolios held AnaptysBio, Inc. (NASDAQ:ANAB) at the end of the first quarter, up from 29 in the previous quarter. While we acknowledge the risk and potential of AnaptysBio, Inc. (NASDAQ:ANAB) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AnaptysBio, Inc. (NASDAQ:ANAB) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered AnaptysBio, Inc. (NASDAQ:ANAB) and shared Laughing Water Capital’s insight on the company. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
