Tybourne Capital Management HK Ltd
The positions Tybourne Capital Management HK Ltd reported on its Form 13F for Q3 2025, the quarter ending 30 Sept 2025, filed on 6 Nov 2025. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.
Last reported Q3 2025. Latest filing not located.
Reported book is the quarter-end market value of the securities on the 13F, mostly US-listed long equity. It is not the manager’s assets under management: shorts, cash, leverage and most non-US or private holdings sit outside it.
Opened this quarter
A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.
Nothing new. The book is the same set of names it held last quarter.
Every reported position, Q3 2025
4 positions, sorted by weight
| Position | Weight ↓ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
| Taysha Gene Therapies Inc (tsha Us) (TSHA) CUSIP 877619106 | 39% | $12m | 3,700,000 | +$2.6m -395,000 shares | Trimmed |
| Forte Biosciences Inc (fbrx Us) (FBRX) CUSIP 34962G208 | 38% | $12m | 786,647 | +$1.6m 0 shares | Held |
| Alumis Inc (alms Us) (ALMS) CUSIP 022307102 | 18% | $5.6m | 1,399,250 | +$1.4m 0 shares | Held |
| Zentalis Pharmaceuticals Inc (zntl Us) (ZNTL) CUSIP 98943L107 | 4.7% | $1.5m | 961,486 | -$300k -516,666 shares | Trimmed |
Every filing on file
| Quarter | Period end | Filed | Book | Positions | Top 10 | Filing |
|---|---|---|---|---|---|---|
| Q3 2025 | 30 Sept 2025 | 6 Nov 2025 | $31m | 4 | 100% | 13F-HR |
| Q2 2025 | 30 Jun 2025 | 1 Aug 2025 | $35m | 6 | 100% | 13F-HR |
| Q1 2025 | 31 Mar 2025 | 15 May 2025 | $24m | 5 | 100% | 13F-HR |
| Q4 2024 | 31 Dec 2024 | 14 Feb 2025 | $398m | 33 | 70% | 13F-HR |
| Q3 2024 | 30 Sept 2024 | 14 Nov 2024 | $357m | 32 | 86% | 13F-HR |
| Q2 2024 | 30 Jun 2024 | 14 Aug 2024 | $492m | 36 | 76% | 13F-HR |
| Q1 2024 | 31 Mar 2024 | 15 May 2024 | $585m | 38 | 74% | 13F-HR |
| Q4 2023 | 31 Dec 2023 | 14 Feb 2024 | $671m | 35 | 68% | 13F-HR |
Taking this into the room
Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.
A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.
What this filing leaves out
A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.
The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.
You have read the book. Now have a view on one name
Pick a position, work out what it is worth, and be ready to defend it. That is the difference between a candidate who read the filing and one who did something with it.
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