The fund reduced its Liquidia holdings to 0.25% of AUM despite the stock’s 145 percentage-point outperformance over the S&P 500.
JW Asset Management sold 83,600 shares of Liquidia Corporation (NASDAQ:LQDA) on May 8, 2026, trimming its position by $3.10 million based on quarterly average pricing. The transaction reduced the fund’s holdings to 16,176 shares, valued at $610,482 at quarter-end, down $2.83 million from the prior period.
The sale lowered LQDA’s weighting in the fund’s $243.51 million U.S. equity portfolio to 0.25%, from 1.1% in the previous quarter. LQDA shares closed at $42.28 on May 7, 2026, surging 175% over the past year and outperforming the S&P 500 by approximately 145 percentage points.
Top holdings after the filing included ESTA ($173.84 million), COCO ($10.47 million), and CPRX ($9.62 million). Liquidia develops biopharmaceutical products, including YUTREPIA and generic treprostinil injection.