KOTLER KEVIN Hedge Fund

CIK: 0001601692 · Show all filings

Period: Q4 2025

Filing Date: Feb 17, 2026

Total Value ($000): $427,498 (100.0% shares, 0.0% debt)

Holdings (38)

SPY SPDR S&P 500 ETF TR 55.8%

Value ($000) $238,672 Shares 350,000 Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 7.2%

Value ($000) $30,716 Shares 50,000 Est. Cost — Unrealized —

ANGO ANGIODYNAMICS INC 5.1%

Value ($000) $21,997 Shares 1,713,789 Est. Cost $12.34 Unrealized 0.0%

AUPH AURINIA PHARMACEUTICALS INC 4.6%

Value ($000) $19,536 Shares 1,224,846 Est. Cost $14.18 Unrealized 0.0%

— AVADEL PHARMACEUTICALS PLC 4.4%

Value ($000) $18,951 Shares 879,400 Est. Cost $21.55 Unrealized —

— AVADEL PHARMACEUTICALS PLC 3.7%

Value ($000) $15,976 Shares 741,343 Est. Cost $21.55 Unrealized —

OMER OMEROS CORP 3.6%

Value ($000) $15,554 Shares 905,635 Est. Cost $8.61 Unrealized 0.0%

NPCE NEUROPACE INC 2.3%

Value ($000) $9,750 Shares 631,468 Est. Cost $13.37 Unrealized 0.0%

MDWD MEDIWOUND LTD 1.5%

Value ($000) $6,225 Shares 337,236 Est. Cost $18.27 Unrealized 0.0%

AXGN AXOGEN INC 1.3%

Value ($000) $5,499 Shares 168,000 Est. Cost $24.59 Unrealized 0.0%

IART INTEGRA LIFESCIENCES HLDGS C 1.2%

Value ($000) $5,309 Shares 427,445 Est. Cost $13.29 Unrealized 0.0%

ACRS ACLARIS THERAPEUTICS INC 1.2%

Value ($000) $5,135 Shares 1,705,929 Est. Cost $2.53 Unrealized 0.0%

EVTL VERTICAL AEROSPACE LTD 1.2%

Value ($000) $5,009 Shares 939,705 Est. Cost $5.07 Unrealized 0.0%

OSUR ORASURE TECHNOLOGIES INC 1.0%

Value ($000) $4,359 Shares 1,801,446 Est. Cost $2.63 Unrealized 0.0%

OMER OMEROS CORP 0.9%

Value ($000) $3,794 Shares 218,700 Est. Cost $8.61 Unrealized 0.0%

GLPG GALAPAGOS NV 0.7%

Value ($000) $2,943 Shares 90,000 Est. Cost $32.70 Unrealized —

LLY ELI LILLY & CO 0.5%

Value ($000) $2,149 Shares 2,000 Est. Cost $955.55 Unrealized 0.0%

CERS CERUS CORP 0.5%

Value ($000) $2,084 Shares 1,011,614 Est. Cost $1.73 Unrealized 0.0%

NKE NIKE INC 0.5%

Value ($000) $2,039 Shares 32,000 Est. Cost $64.91 Unrealized 0.0%

TECX TECTONIC THERAPEUTIC INC 0.4%

Value ($000) $1,669 Shares 80,000 Est. Cost $18.58 Unrealized 0.0%

CLYM CLIMB BIO INC 0.4%

Value ($000) $1,600 Shares 400,000 Est. Cost $2.40 Unrealized 0.0%

TMCI TREACE MED CONCEPTS INC 0.3%

Value ($000) $1,162 Shares 474,365 Est. Cost $4.34 Unrealized 0.0%

TLSI TRISALUS LIFE SCIENCES INC 0.2%

Value ($000) $1,013 Shares 145,200 Est. Cost $5.60 Unrealized 0.0%

DXCM DEXCOM INC 0.2%

Value ($000) $996 Shares 15,000 Est. Cost $64.65 Unrealized 0.0%

VNDA VANDA PHARMACEUTICALS INC 0.2%

Value ($000) $882 Shares 100,000 Est. Cost $5.50 Unrealized 0.0%

ALGN ALIGN TECHNOLOGY INC 0.2%

Value ($000) $681 Shares 4,359 Est. Cost $143.30 Unrealized 0.0%

OKUR ONKURE THERAPEUTICS INC 0.1%

Value ($000) $573 Shares 197,691 Est. Cost $2.99 Unrealized 0.0%

GE GE AEROSPACE 0.1%

Value ($000) $452 Shares 1,468 Est. Cost $300.80 Unrealized 0.0%

LUNG PULMONX CORP 0.1%

Value ($000) $442 Shares 200,000 Est. Cost $1.88 Unrealized 0.0%

PTCT PTC THERAPEUTICS INC 0.1%

Value ($000) $380 Shares 5,000 Est. Cost $72.67 Unrealized 0.0%

DY DYCOM INDS INC 0.1%

Value ($000) $355 Shares 1,051 Est. Cost $315.29 Unrealized 0.0%

TAK TAKEDA PHARMACEUTICAL CO LTD 0.1%

Value ($000) $312 Shares 20,000 Est. Cost $15.59 Unrealized —

BBNX BETA BIONICS INC 0.1%

Value ($000) $250 Shares 8,216 Est. Cost $26.70 Unrealized 0.0%

IHI ISHARES TR 0.1%

Value ($000) $243 Shares 3,902 Est. Cost $62.15 Unrealized —

BAC BANK AMERICA CORP 0.1%

Value ($000) $242 Shares 4,392 Est. Cost $52.67 Unrealized 0.0%

AMZN AMAZON COM INC 0.1%

Value ($000) $231 Shares 1,000 Est. Cost $228.79 Unrealized 0.0%

ELAN ELANCO ANIMAL HEALTH INC 0.0%

Value ($000) $205 Shares 9,072 Est. Cost $21.76 Unrealized 0.0%

PLRX PLIANT THERAPEUTICS INC 0.0%

Value ($000) $113 Shares 93,000 Est. Cost $1.50 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	350,000	$238,672	55.8%	—	—	Put	78462F103
QQQ	INVESCO QQQ TR	50,000	$30,716	7.2%	—	—	Put	46090E103
ANGO	ANGIODYNAMICS INC	1,713,789	$21,997	5.1%	$12.34	0.0%	COM	03475V101
AUPH	AURINIA PHARMACEUTICALS INC	1,224,846	$19,536	4.6%	$14.18	0.0%	COM	05156V102
—	AVADEL PHARMACEUTICALS PLC	879,400	$18,951	4.4%	$21.55	—	Call	G29687103
—	AVADEL PHARMACEUTICALS PLC	741,343	$15,976	3.7%	$21.55	—	COM SHS	G29687103
OMER	OMEROS CORP	905,635	$15,554	3.6%	$8.61	0.0%	COM	682143102
NPCE	NEUROPACE INC	631,468	$9,750	2.3%	$13.37	0.0%	COM	641288105
MDWD	MEDIWOUND LTD	337,236	$6,225	1.5%	$18.27	0.0%	SHS NEW	M68830112
AXGN	AXOGEN INC	168,000	$5,499	1.3%	$24.59	0.0%	COM	05463X106
IART	INTEGRA LIFESCIENCES HLDGS C	427,445	$5,309	1.2%	$13.29	0.0%	COM NEW	457985208
ACRS	ACLARIS THERAPEUTICS INC	1,705,929	$5,135	1.2%	$2.53	0.0%	COM	00461U105
EVTL	VERTICAL AEROSPACE LTD	939,705	$5,009	1.2%	$5.07	0.0%	SHS NEW	G9471C206
OSUR	ORASURE TECHNOLOGIES INC	1,801,446	$4,359	1.0%	$2.63	0.0%	COM	68554V108
OMER	OMEROS CORP	218,700	$3,794	0.9%	$8.61	0.0%	Call	682143102
GLPG	GALAPAGOS NV	90,000	$2,943	0.7%	$32.70	—	SPON ADR	36315X101
LLY	ELI LILLY & CO	2,000	$2,149	0.5%	$955.55	0.0%	COM	532457108
CERS	CERUS CORP	1,011,614	$2,084	0.5%	$1.73	0.0%	COM	157085101
NKE	NIKE INC	32,000	$2,039	0.5%	$64.91	0.0%	CL B	654106103
TECX	TECTONIC THERAPEUTIC INC	80,000	$1,669	0.4%	$18.58	0.0%	COM	878972108
CLYM	CLIMB BIO INC	400,000	$1,600	0.4%	$2.40	0.0%	COM	28658R106
TMCI	TREACE MED CONCEPTS INC	474,365	$1,162	0.3%	$4.34	0.0%	COM	89455T109
TLSI	TRISALUS LIFE SCIENCES INC	145,200	$1,013	0.2%	$5.60	0.0%	COM	89680M101
DXCM	DEXCOM INC	15,000	$996	0.2%	$64.65	0.0%	COM	252131107
VNDA	VANDA PHARMACEUTICALS INC	100,000	$882	0.2%	$5.50	0.0%	COM	921659108
ALGN	ALIGN TECHNOLOGY INC	4,359	$681	0.2%	$143.30	0.0%	COM	016255101
OKUR	ONKURE THERAPEUTICS INC	197,691	$573	0.1%	$2.99	0.0%	COM CL A	68277Q105
GE	GE AEROSPACE	1,468	$452	0.1%	$300.80	0.0%	COM NEW	369604301
LUNG	PULMONX CORP	200,000	$442	0.1%	$1.88	0.0%	COM	745848101
PTCT	PTC THERAPEUTICS INC	5,000	$380	0.1%	$72.67	0.0%	COM	69366J200
DY	DYCOM INDS INC	1,051	$355	0.1%	$315.29	0.0%	COM	267475101
TAK	TAKEDA PHARMACEUTICAL CO LTD	20,000	$312	0.1%	$15.59	—	SPONSORED ADS	874060205
BBNX	BETA BIONICS INC	8,216	$250	0.1%	$26.70	0.0%	COM	08659B102
IHI	ISHARES TR	3,902	$243	0.1%	$62.15	—	U.S. MED DVC ETF	464288810
BAC	BANK AMERICA CORP	4,392	$242	0.1%	$52.67	0.0%	COM	060505104
AMZN	AMAZON COM INC	1,000	$231	0.1%	$228.79	0.0%	COM	023135106
ELAN	ELANCO ANIMAL HEALTH INC	9,072	$205	0.0%	$21.76	0.0%	COM	28414H103
PLRX	PLIANT THERAPEUTICS INC	93,000	$113	0.0%	$1.50	0.0%	COM	729139105