DAFNA Capital Management LLC

FIRM OVERVIEW DAFNA Capital Management LLC is a Los Angeles-based investment management firm specializing in healthcare, biotechnology, and life sciences investing. Founded by Nathan Fischel and Fariba Ghodsian, the firm has established itself as a dedicated sector specialist with deep expertise in the complex and research-intensive healthcare investment landscape. DAFNA operates multiple investment vehicles focused on life sciences opportunities, leveraging its founders' combined background in medicine, science, and finance to identify promising companies across the biotechnology spectrum. As an SEC-registered advisor filing 13F reports under CIK #0001389933, the firm has accumulated an extensive track record spanning over 15 years of regulatory filings, providing substantial historical data for portfolio analysis. The firm's name, DAFNA, carries personal significance while representing its focused mission in healthcare investing. Users can access the platform's 13F history tools to examine the evolution of DAFNA's disclosed equity positions across multiple market cycles, including critical periods for biotech such as the 2015-2016 sector correction and the COVID-era healthcare rally. DAFNA CAPITAL MANAGEMENT LLC INVESTMENT STRATEGY DAFNA Capital Management employs a highly specialized investment strategy concentrated in healthcare, biotechnology, and life sciences sectors. The firm's approach combines fundamental research with deep scientific understanding, evaluating companies based on pipeline potential, clinical trial outcomes, regulatory pathways, and commercial viability. This sector-specialist methodology positions DAFNA to identify opportunities that generalist managers may overlook, while accepting the concentrated risk inherent in biotech-focused investing. Observable patterns from 13F filings reveal a portfolio heavily weighted toward biotechnology and pharmaceutical companies across market capitalizations—from large-cap established pharmaceutical firms to small-cap development-stage biotech companies with binary clinical outcomes. The investment style is growth-oriented, seeking companies with significant upside potential from drug approvals, breakthrough therapies, or acquisition by larger pharmaceutical entities. Portfolio turnover tends to be moderate to high, reflecting the event-driven nature of biotech investing where clinical trial readouts and FDA decisions can dramatically alter position attractiveness. The **Sector Allocation History** accessible through the platform reveals DAFNA's positioning within healthcare subsectors over time, while **Top 10 Holdings Concentration** metrics illuminate conviction levels in highest-weighted positions. RISK PROFILE The risk characteristics of DAFNA Capital Management are distinctive and reflect its concentrated sector focus in healthcare and biotechnology. Biotech-focused portfolios typically exhibit elevated volatility relative to diversified equity strategies, driven by binary clinical trial outcomes, regulatory decisions, and pipeline-dependent valuations. Individual position risk can be substantial, as development-stage biotechnology companies may experience dramatic price swings based on single events. However, DAFNA's experienced leadership team and long operational history suggest sophisticated risk management within this challenging sector. The firm's longevity through multiple biotech market cycles—including the 2015-2016 sector drawdown, the 2018 healthcare volatility, and the COVID-19 pandemic period—demonstrates institutional resilience. Analyzing the **Max Drawdown Depth** through historical backtesting is particularly relevant for a sector-concentrated strategy, quantifying peak-to-trough capital decline during biotech-specific stress periods. The **Downside Capture Ratio** relative to healthcare benchmarks (rather than broad market indices) offers a more appropriate lens on DAFNA's risk-adjusted behavior within its specialized domain. The **Volatility Profile** provides context on return consistency, though elevated volatility is an expected characteristic of biotech investing rather than a structural concern. ANALYTICS SUMMARY DAFNA Capital Management LLC represents a distinguished healthcare and biotechnology sector specialist with deep roots in Los Angeles's investment community. Under the leadership of co-founders Nathan Fischel and Fariba Ghodsian, the firm has built a 15+ year track record of navigating the complex life sciences investment landscape. The **13F Portfolio Composition** data enables users to replicate disclosed holdings, normalized to a user-defined notional, to simulate historical capital trajectory and risk-adjusted outcomes for this concentrated healthcare strategy. The firm's sector-specialist approach produces investment behavior fundamentally different from diversified managers, with returns driven by biotech-specific factors including clinical catalysts, regulatory decisions, and M&A activity. The **Annualized Return (CAGR)** derived from backtested replication provides insight into long-term compounding within this high-growth, high-volatility sector, while the **Sharpe Ratio** contextualizes returns against the substantial volatility inherent in biotechnology investing. A diagnostic question for deeper analysis: How does DAFNA's portfolio positioning correlate with FDA approval cycles and biotech sector sentiment, and does the firm demonstrate consistent alpha generation across both risk-on biotech rallies and defensive healthcare rotations?

Dafna Capital Management Llc reported $440M in 13F assets as of 2026 Q1. Note: 13F AUM reflects only long equity positions reported to the SEC and may differ from total assets under management.

Dafna Capital Management Llc holds 83 disclosed positions. The top 10 holdings represent +52.42% of the reported portfolio, indicating a highly concentrated investment approach.

Track Dafna Capital Management Llc's quarterly filings on SEC EDGAR or on this page — data is updated within days of each filing deadline. Subscribe to 13Foresight for position-change alerts.

Dafna Capital Management Llc is managed by Nathan Fischel (Co-Founder / Co-Portfolio Manager), Fariba Ghodsian (Co-Founder / Co-Portfolio Manager), David Fischel (Portfolio Manager / Analyst).