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RCM

RA Capital Management Portfolio holdings

AUM $9.44B
1-Year Est. Return 157.3%
This Fund
S&P 500
This Quarter Est. Return
+42.12%
1 Year Est. Return
+157.3%
3 Year Est. Return
+589.39%
5 Year Est. Return
+654.96%
10 Year Est. Return
+50,915.53%
AUM
$9.76B
AUM Growth
+$1.65B
Cap. Flow
-$15.2M
Cap. Flow %
-0.16%
Top 10 Hldgs %
65.63%
Holding
88
New
21
Increased
14
Reduced
8
Closed
17

Top Buys

Rank Stock Value
1
BCRX icon
BioCryst Pharmaceuticals
BCRX
+$114M
2
RYTM icon
Rhythm Pharmaceuticals
RYTM
+$105M
3
RZLT icon
Rezolute
RZLT
+$72M
4
PRAX icon
Praxis Precision Medicines
PRAX
+$69.6M
5
EVMN
Evommune Inc
EVMN
+$65M

Top Sells

Rank Stock Value
1
ETNB
89bio
ETNB
+$292M
2
ACLX
Arcellx
ACLX
+$141M
3
PCVX icon
Vaxcyte
PCVX
+$55.5M
4
BLTE
Belite Bio
BLTE
+$52.4M
5
DNTH icon
Dianthus Therapeutics
DNTH
+$48.7M

Sector Composition

Rank Sector Weight
1 Healthcare 99.82%
2 Financials 0.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VOR icon
26
Vor Biopharma
VOR
$1.16B
$70.7M 0.72%
5,404,998
+3,422,697
+173% +$63.7M
BLTE
27
Belite Bio
BLTE
$6.2B
$69.2M 0.71%
432,484
-442,516
-51% -$52.4M
FULC icon
28
Fulcrum Therapeutics
FULC
$283M
$68.5M 0.7%
6,053,960
-4,175,139
-41% -$42.5M
LENZ
29
LENZ Therapeutics
LENZ
$157M
$66.9M 0.69%
4,178,823
– –
DNTH icon
30
Dianthus Therapeutics
DNTH
$5.8B
$66.4M 0.68%
1,611,733
-1,255,000
-44% -$48.7M
OLMA icon
31
Olema Pharmaceuticals
OLMA
$985M
$65M 0.67%
+2,600,000
New +$46.3M
EVMN
32
Evommune Inc
EVMN
$417M
$59.2M 0.61%
+3,458,770
New +$65M
JBIO
33
Jade Biosciences
JBIO
$1.17B
$56.6M 0.58%
3,671,083
+2,608,757
+246% +$30.6M
SYRE icon
34
Spyre Therapeutics
SYRE
$8.24B
$53.1M 0.54%
+1,621,620
New +$42.4M
LXEO icon
35
Lexeo Therapeutics
LXEO
$330M
$49.6M 0.51%
+5,000,000
New +$45.6M
LBRX
36
LB Pharmaceuticals
LBRX
$1.23B
$49.2M 0.5%
2,208,604
+431,646
+24% +$7.54M
MNPR icon
37
Monopar Therapeutics
MNPR
$748M
$43.6M 0.45%
667,207
+156,000
+31% +$12.7M
CAPR icon
38
Capricor Therapeutics
CAPR
$243M
$43.5M 0.45%
+1,507,844
New +$19.7M
FDMT icon
39
4D Molecular Therapeutics
FDMT
$527M
$42.4M 0.43%
5,653,211
+1,090,000
+24% +$11.1M
IVVD icon
40
Invivyd
IVVD
$163M
$42.3M 0.43%
17,119,096
– –
ARTV
41
Artiva Biotherapeutics
ARTV
$523M
$42.3M 0.43%
9,853,302
– –
GRAL
42
GRAIL Inc
GRAL
$3.02B
$36.7M 0.38%
+428,266
New +$37M
ASMB icon
43
Assembly Biosciences
ASMB
$503M
$34.7M 0.36%
1,020,410
– –
SLDB icon
44
Solid Biosciences
SLDB
$790M
$32.8M 0.34%
5,811,423
– –
ABOS icon
45
Acumen Pharmaceuticals
ABOS
$157M
$31.5M 0.32%
14,932,063
– –
BNTC icon
46
Benitec Biopharma
BNTC
$417M
$24.9M 0.26%
+1,850,000
New +$25.6M
CTNM
47
Contineum Therapeutics
CTNM
$599M
$24.9M 0.26%
2,179,711
+57,711
+3% +$658K
RZLT icon
48
Rezolute
RZLT
$473M
$21.7M 0.22%
+9,180,000
New +$72M
ACRV icon
49
Acrivon Therapeutics
ACRV
$66.8M
$20.1M 0.21%
8,340,508
– –
NKTX icon
50
Nkarta
NKTX
$154M
$20M 0.2%
10,805,129
– –
1
2
3 4

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RA Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, RA Capital Management held 88 positions worth $9.76B, up 20% from $8.12B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

RA Capital Management's Q4 2025 filing shows 21 new, 14 increased, 8 reduced and 17 closed positions. Its largest new stake was BioCryst Pharmaceuticals: 15,827,186 shares worth $123M. The largest sale was 89bio, an estimated $292M.

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

  • RA Capital Management's largest Q4 2025 buy was BioCryst Pharmaceuticals: 15,827,186 shares worth $123M.
  • RA Capital Management added most to Rhythm Pharmaceuticals in Q4 2025, an estimated $105M increase.
  • RA Capital Management's biggest Q4 2025 reduction was Arcellx, cutting an estimated $141M.
  • RA Capital Management fully exited 89bio in Q4 2025, selling an estimated $292M.
  • RA Capital Management's ten largest holdings make up 66% of its $9.76B portfolio in Q4 2025.
  • RA Capital Management opened 21 new positions and closed 17 in Q4 2025.
  • RA Capital Management's portfolio value rose 20% quarter-over-quarter to $9.76B.

Based on RA Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.