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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
+46.36%
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
$8.12B
AUM Growth
+$2.18B
Cap. Flow
+$164M
Cap. Flow %
2.02%
Top 10 Hldgs %
63.91%
Holding
78
New
15
Increased
7
Reduced
2
Closed
11

Top Buys

Rank Stock Value
1
NUVL
Nuvalent
NUVL
+$98.6M
2
BLTE
Belite Bio
BLTE
+$57.4M
3
RNAM
Avidity Biosciences
RNAM
+$55.6M
4
LBRX
LB Pharmaceuticals
LBRX
+$28.2M
5
MLYS icon
Mineralys Therapeutics
MLYS
+$25.4M

Top Sells

Rank Stock Value
1
DYN icon
Dyne Therapeutics
DYN
+$92.5M
2
RXST icon
RxSight
RXST
+$48.1M
3
TRML
Tourmaline Bio
TRML
+$40.6M
4
ELVN icon
Enliven Therapeutics
ELVN
+$17M
5
HNGE
Hinge Health
HNGE
+$15.5M

Sector Composition

Rank Sector Weight
1 Healthcare 99.83%
2 Financials 0.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ASND icon
1
Ascendis Pharma A/S
ASND
$16.5B
$2.04B 25.19%
10,281,496
– –
RYTM icon
2
Rhythm Pharmaceuticals
RYTM
$7.31B
$574M 7.07%
5,681,359
+120,000
+2% +$11.1M
PCVX icon
3
Vaxcyte
PCVX
$7.65B
$431M 5.31%
11,965,991
– –
RNAM
4
DELISTED
Avidity Biosciences
RNAM
$376M 4.64%
8,641,031
+1,375,000
+19% +$55.6M
CDTX
5
DELISTED
Cidara Therapeutics
CDTX
$322M 3.97%
3,365,523
– –
SION
6
Sionna Therapeutics
SION
$2.02B
$307M 3.79%
10,445,322
– –
ETNB
7
DELISTED
89bio
ETNB
$292M 3.6%
19,889,683
– –
NAMS icon
8
NewAmsterdam Pharma
NAMS
$3.26B
$288M 3.55%
10,138,938
– –
MLYS icon
9
Mineralys Therapeutics
MLYS
$2.32B
$278M 3.42%
7,323,750
+1,176,470
+19% +$25.4M
JANX icon
10
Janux Therapeutics
JANX
$912M
$273M 3.37%
11,189,693
– –
ACLX
11
DELISTED
Arcellx
ACLX
$249M 3.07%
3,036,527
– –
LENZ
12
LENZ Therapeutics
LENZ
$179M
$195M 2.4%
4,178,823
– –
TYRA icon
13
Tyra Biosciences
TYRA
$1.85B
$171M 2.1%
12,198,625
– –
EWTX icon
14
Edgewise Therapeutics
EWTX
$4.28B
$169M 2.08%
10,428,437
+525,804
+5% +$7.46M
WVE icon
15
Wave Life Sciences
WVE
$1.12B
$133M 1.64%
18,202,009
– –
SEPN
16
Septerna Inc
SEPN
$1.51B
$132M 1.62%
6,995,858
– –
DNTH icon
17
Dianthus Therapeutics
DNTH
$5.69B
$113M 1.39%
2,866,733
– –
BCAX
18
Bicara Therapeutics
BCAX
$1.7B
$110M 1.35%
6,955,993
– –
GHRS icon
19
GH Research
GHRS
$1.92B
$110M 1.35%
7,676,697
– –
SPRY icon
20
ARS Pharmaceuticals
SPRY
$579M
$109M 1.35%
10,860,977
– –
NUVL
21
DELISTED
Nuvalent
NUVL
$108M 1.33%
+1,246,456
New +$98.6M
IRON icon
22
Disc Medicine
IRON
$2.81B
$104M 1.28%
1,577,106
– –
VOR icon
23
Vor Biopharma
VOR
$1.06B
$96.6M 1.19%
1,982,301
-1
-0% -$40
FULC icon
24
Fulcrum Therapeutics
FULC
$241M
$94.1M 1.16%
10,229,099
– –
PEPG icon
25
PepGen
PEPG
$118M
$92.7M 1.14%
20,064,545
+9,375,000
+88% +$15.1M
1
2 3 4

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NPT
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PVI
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WPL
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BAMF
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RA Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, RA Capital Management held 78 positions worth $8.12B, up 37% from $5.94B the previous quarter. Its ten largest holdings account for 64% of the portfolio.

RA Capital Management's Q3 2025 filing shows 15 new, 7 increased, 2 reduced and 11 closed positions. Its largest new stake was Nuvalent: 1,246,456 shares worth $108M. The largest sale was Dyne Therapeutics, an estimated $92.5M.

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

  • RA Capital Management's largest Q3 2025 buy was Nuvalent: 1,246,456 shares worth $108M.
  • RA Capital Management added most to Avidity Biosciences in Q3 2025, an estimated $55.6M increase.
  • RA Capital Management's biggest Q3 2025 reduction was Avalo Therapeutics, cutting an estimated $2.32M.
  • RA Capital Management fully exited Dyne Therapeutics in Q3 2025, selling an estimated $92.5M.
  • RA Capital Management's ten largest holdings make up 64% of its $8.12B portfolio in Q3 2025.
  • RA Capital Management opened 15 new positions and closed 11 in Q3 2025.
  • RA Capital Management's portfolio value rose 37% quarter-over-quarter to $8.12B.

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