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RCM
RA Capital Management Portfolio holdings
AUM
$11.5B
1-Year Est. Return
168.77%
This Fund
S&P 500
This Quarter
Est. Return
+8.63%
1 Year Est. Return
+168.77%
3 Year Est. Return
+596.08%
5 Year Est. Return
+846.46%
10 Year Est. Return
+54,223.74%
AUM
$9.44B
AUM Growth
-$323M
(-3.3%)
Cap. Flow
-$311M
Cap. Flow
% of AUM
-3.3%
Top 10 Holdings %
Top 10 Hldgs %
61.29%
Holding
95
New
24
Increased
17
Reduced
2
Closed
10
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SGP
SpyGlass Pharma
SGP
|
+$216M |
| 2 |
Wave Life Sciences
WVE
|
+$114M |
| 3 |
Zai Lab
ZLAB
|
+$106M |
| 4 |
Sarepta Therapeutics
SRPT
|
+$75.5M |
| 5 |
NUVL
Nuvalent
NUVL
|
+$66.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CDTX
Cidara Therapeutics
CDTX
|
+$743M |
| 2 |
RNAM
Avidity Biosciences
RNAM
|
+$623M |
| 3 |
ACLX
Arcellx
ACLX
|
+$82.6M |
| 4 |
BLTE
Belite Bio
BLTE
|
+$69.2M |
| 5 |
Invivyd
IVVD
|
+$42.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.71% |
| 2 | Financials | 0.22% |
| 3 | Miscellaneous | 0.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
PCSC
76
DELISTED
Perceptive Capital Solutions
PCSC
| $8.23M | 0.09% |
750,000
| – | – |
|
77
Adicet Bio
ACET
$84.3M
| $8.05M | 0.09% |
1,182,624
+234,375
| +25% | +$1.75M |
|
78
NewAmsterdam Pharma Warrant
NAMSW
| $6.68M | 0.07% |
333,333
| – | – |
|
79
Corvus Pharmaceuticals
CRVS
$1.24B
| $6.58M | 0.07% |
+450,000
| New | +$7.18M |
|
80
Rani Therapeutics
RANI
$98.6M
| $6.25M | 0.07% |
8,500,000
| – | – |
|
81
Equillium
EQ
$155M
| $6.19M | 0.07% |
+3,096,336
| New | +$5.09M |
|
82
Werewolf Therapeutics
HOWL
$47.2M
| $5.56M | 0.06% |
6,681,307
| – | – |
|
83
MacroGenics
MGNX
$260M
| $5.39M | 0.06% |
+1,864,176
| New | +$3.98M |
|
|
MPLT
84
MapLight Therapeutics
MPLT
$582M
| $5.05M | 0.05% |
+248,294
| New | +$4.44M |
|
|
PTN
85
Palatin Technologies
PTN
$18.7M
| $1.22M | 0.01% |
70,000
| – | – |
|
|
ACLX
86
DELISTED
Arcellx
ACLX
| – | – |
-1,267,156
| Closed | -$82.6M |
|
|
BLTE
87
Belite Bio
BLTE
$6.32B
| – | – |
-432,484
| Closed | -$69.2M |
|
|
CDTX
88
DELISTED
Cidara Therapeutics
CDTX
| – | – |
-3,365,523
| Closed | -$743M |
|
89
Health Catalyst
HCAT
$120M
| – | – |
-793,749
| Closed | -$1.9M |
|
|
90
Invivyd
IVVD
$265M
| – | – |
-17,119,096
| Closed | -$42.3M |
|
91
OrthoPediatrics
KIDS
$609M
| – | – |
-109,959
| Closed | -$1.95M |
|
92
Progyny
PGNY
$1.98B
| – | – |
-96,628
| Closed | -$2.48M |
|
93
Qiagen
QGEN
$9.03B
| – | – |
-43,976
| Closed | -$2.08M |
|
|
RNAM
94
DELISTED
Avidity Biosciences
RNAM
| – | – |
-8,641,031
| Closed | -$623M |
|
|
MDLN
95
Medline Inc
MDLN
$30.4B
| – | – |
-335,000
| Closed | -$14.1M |
|
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RA Capital Management's Q1 2026 Portfolio in Review
As of Q1 2026, RA Capital Management held 95 positions worth $9.44B, down 3.3% from $9.76B the previous quarter. Its ten largest holdings account for 61% of the portfolio.
RA Capital Management withdrew a net $311M in Q1 2026, closing 10 positions and reducing 2 holdings. Its most notable exit was Cidara Therapeutics, an estimated $743M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier, followed by Financials and Miscellaneous.
Against the trend, RA Capital Management opened a new position in SpyGlass Pharma worth $208M.
- RA Capital Management's largest Q1 2026 buy was SpyGlass Pharma: 8,021,117 shares worth $208M.
- RA Capital Management added most to Wave Life Sciences in Q1 2026, an estimated $114M increase.
- RA Capital Management's biggest Q1 2026 reduction was Contineum Therapeutics, cutting an estimated $11.9M.
- RA Capital Management fully exited Cidara Therapeutics in Q1 2026, selling an estimated $743M.
- RA Capital Management's ten largest holdings make up 61% of its $9.44B portfolio in Q1 2026.
- RA Capital Management opened 24 new positions and closed 10 in Q1 2026.
- RA Capital Management's portfolio value fell 3.3% quarter-over-quarter to $9.44B.
Based on RA Capital Management's 13F filing for Q1 2026, filed 15 May 2026.