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RA Capital Management Portfolio holdings
AUM
$11.5B
Turnover
32.67%
1-Year Est. Return
168.77%
This Fund
S&P 500
This Quarter
Est. Return
+42.12%
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
$9.76B
AUM Growth
+$1.65B
(+20%)
Cap. Flow
-$15.2M
Cap. Flow
% of AUM
-0.16%
Top 10 Holdings %
Top 10 Hldgs %
65.63%
Holding
88
New
21
Increased
14
Reduced
8
Closed
17
Avg Time Held
2
years
Top 10 Avg Time Held
1.9
years
Top 20 Avg Time Held
1.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BioCryst Pharmaceuticals
BCRX
|
+$114M |
| 2 |
Rhythm Pharmaceuticals
RYTM
|
+$105M |
| 3 |
Rezolute
RZLT
|
+$72M |
| 4 |
Praxis Precision Medicines
PRAX
|
+$69.6M |
| 5 |
Evommune Inc
EVMN
|
+$65M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
89bio
ETNB
|
+$292M |
| 2 |
Arcellx
ACLX
|
+$141M |
| 3 |
Vaxcyte
PCVX
|
+$55.5M |
| 4 |
Belite Bio
BLTE
|
+$52.4M |
| 5 |
Dianthus Therapeutics
DNTH
|
+$48.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.82% |
| 2 | Financials | 0.1% |
| 3 | Miscellaneous | 0.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Ascendis Pharma A/S
ASND
$14.9B
| $2.19B | 22.46% |
10,281,496
| – | – |
2015 Q1
43 quarters
|
|
2
DELISTED
Cidara Therapeutics
CDTX
| $743M | 7.62% |
3,365,523
| – | – |
2024 Q3
5 quarters
|
|
|
3
Rhythm Pharmaceuticals
RYTM
$6.06B
| $714M | 7.31% |
6,666,837
+985,478
| +17% | +$105M |
2018 Q2
30 quarters
|
|
|
RNAM
4
DELISTED
Avidity Biosciences
RNAM
| $623M | 6.39% |
8,641,031
| – | – |
2021 Q3
17 quarters
|
|
|
5
Vaxcyte
PCVX
$10.3B
| $495M | 5.07% |
10,724,599
-1,241,392
| -10% | -$55.5M |
2020 Q2
22 quarters
|
|
6
Sionna Therapeutics
SION
$184M
| $407M | 4.17% |
9,905,045
-540,277
| -5% | -$20.5M |
2025 Q1
3 quarters
|
|
7
NewAmsterdam Pharma
NAMS
$2.46B
| $335M | 3.43% |
9,550,191
-588,747
| -6% | -$21.4M |
2022 Q4
12 quarters
|
|
8
Tyra Biosciences
TYRA
$1.31B
| $321M | 3.29% |
12,198,625
| – | – |
2021 Q3
17 quarters
|
|
9
Wave Life Sciences
WVE
$629M
| $309M | 3.17% |
18,203,009
+1,000
| +0% | +$10.2K |
2015 Q4
40 quarters
|
|
10
Mineralys Therapeutics
MLYS
$1.91B
| $266M | 2.72% |
7,323,750
| – | – |
2023 Q1
11 quarters
|
|
11
Edgewise Therapeutics
EWTX
$4.15B
| $259M | 2.65% |
10,428,437
| – | – |
2024 Q1
7 quarters
|
|
12
Septerna Inc
SEPN
$1.75B
| $195M | 2% |
6,995,858
| – | – |
2024 Q4
4 quarters
|
|
13
DELISTED
Nuvalent
NUVL
| $189M | 1.94% |
1,880,057
+633,601
| +51% | +$62.5M |
2025 Q3
1 quarter
|
|
14
Disc Medicine
IRON
$2.17B
| $157M | 1.61% |
1,976,132
+399,026
| +25% | +$33.7M |
2025 Q1
3 quarters
|
|
15
Janux Therapeutics
JANX
$1.06B
| $154M | 1.58% |
11,189,693
| – | – |
2021 Q2
18 quarters
|
|
16
PepGen
PEPG
$175M
| $131M | 1.34% |
20,064,545
| – | – |
2022 Q2
14 quarters
|
|
17
Taysha Gene Therapies
TSHA
$1.22B
| $130M | 1.33% |
23,555,648
| – | – |
2023 Q3
9 quarters
|
|
18
ARS Pharmaceuticals
SPRY
$405M
| $127M | 1.3% |
10,860,977
| – | – |
2022 Q4
12 quarters
|
|
|
19
BioCryst Pharmaceuticals
BCRX
$2.05B
| $123M | 1.26% |
+15,827,186
| New | +$114M |
2025 Q4
0 quarters
|
|
20
Bicara Therapeutics
BCAX
$1.17B
| $117M | 1.2% |
6,955,993
| – | – |
2024 Q3
5 quarters
|
|
|
21
Praxis Precision Medicines
PRAX
$6.93B
| $110M | 1.13% |
+373,787
| New | +$69.6M |
2025 Q4
0 quarters
|
|
22
GH Research
GHRS
$1.29B
| $97.5M | 1% |
7,676,697
| – | – |
2021 Q2
18 quarters
|
|
23
Geron
GERN
$790M
| $84.2M | 0.86% |
63,771,366
+3,392,000
| +6% | +$4.26M |
2020 Q2
22 quarters
|
|
|
24
DELISTED
Arcellx
ACLX
| $82.6M | 0.85% |
1,267,156
-1,769,371
| -58% | -$141M |
2024 Q2
6 quarters
|
|
25
Climb Bio
CLYM
$627M
| $77.7M | 0.8% |
11,293,828
-20,125,439
| -64% | -$48.3M |
2021 Q3
17 quarters
|
|
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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 and Miscellaneous.
- 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.