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DGM

Darwin Global Management Portfolio holdings

AUM $3.77B
1-Year Est. Return 307.72%
This Fund
S&P 500
This Quarter Est. Return
+117.43%
1 Year Est. Return
+307.72%
3 Year Est. Return
+2,873.14%
5 Year Est. Return
+48,315.58%
10 Year Est. Return
–
AUM
$3.6B
AUM Growth
+$1.21B
Cap. Flow
+$183M
Cap. Flow %
5.09%
Top 10 Hldgs %
100%
Holding
8
New
3
Increased
2
Reduced
–
Closed
3

Top Buys

Rank Stock Value
1
UTHR icon
United Therapeutics
UTHR
+$252M
2
ABVX
Abivax
ABVX
+$194M
3
INSM icon
Insmed
INSM
+$136M
4
CDTX
Cidara Therapeutics
CDTX
+$14.6M
5
QURE icon
uniQure
QURE
+$7.26M

Top Sells

Rank Stock Value
1
VRNA
Verona Pharma
VRNA
+$387M
2
MRUS
Merus
MRUS
+$21M
3
ALLO icon
Allogene Therapeutics
ALLO
+$12.4M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INSM icon
1
Insmed
INSM
$23.5B
$2.9B 80.54%
20,457,445
+1,112,824
+6% +$136M
UTHR icon
2
United Therapeutics
UTHR
$22.7B
$318M 8.83%
+748,550
New +$252M
ABVX
3
Abivax
ABVX
$11.9B
$264M 7.33%
+3,164,501
New +$194M
CDTX
4
DELISTED
Cidara Therapeutics
CDTX
$95M 2.64%
997,196
+228,772
+30% +$14.6M
QURE icon
5
uniQure
QURE
$2.77B
$23.8M 0.66%
+400,000
New +$7.26M
ALLO icon
6
Allogene Therapeutics
ALLO
$618M
– –
-10,479,791
Closed -$12.4M
MRUS
7
DELISTED
Merus
MRUS
– –
-395,738
Closed -$21M
VRNA
8
DELISTED
Verona Pharma
VRNA
– –
-4,129,618
Closed -$387M

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Darwin Global Management's Q3 2025 Portfolio in Review

As of Q3 2025, Darwin Global Management held 8 positions worth $3.6B, up 51% from $2.38B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Darwin Global Management deployed $183M of net new capital in Q3 2025, opening 3 new positions and adding to 2 existing holdings. Its largest new stake was United Therapeutics: 748,550 shares worth $318M.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, unchanged from a quarter earlier.

On the sell side, the most notable exit was Verona Pharma, an estimated $387M sold.

  • Darwin Global Management's largest Q3 2025 buy was United Therapeutics: 748,550 shares worth $318M.
  • Darwin Global Management added most to Insmed in Q3 2025, an estimated $136M increase.
  • Darwin Global Management fully exited Verona Pharma in Q3 2025, selling an estimated $387M.
  • Darwin Global Management's ten largest holdings make up 100% of its $3.6B portfolio in Q3 2025.
  • Darwin Global Management opened 3 new positions and closed 3 in Q3 2025.
  • Darwin Global Management's portfolio value rose 51% quarter-over-quarter to $3.6B.

Based on Darwin Global Management's 13F filing for Q3 2025, filed 14 Nov 2025.