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Rock Springs Capital Management Portfolio holdings

AUM $1.7B
1-Year Est. Return 93.03%
This Fund
S&P 500
This Quarter Est. Return
+33.01%
1 Year Est. Return
+93.03%
3 Year Est. Return
+228.43%
5 Year Est. Return
+368.14%
10 Year Est. Return
+4,607.77%
AUM
$1.95B
AUM Growth
+$239M
Cap. Flow
-$85.5M
Cap. Flow %
-4.38%
Top 10 Hldgs %
39.77%
Holding
111
New
18
Increased
32
Reduced
27
Closed
12

Top Buys

Rank Stock Value
1
UNH icon
UnitedHealth
UNH
+$13.8M
2
XBI icon
State Street SPDR S&P Biotech ETF
XBI
+$8.05M
3
RAPT
RAPT Therapeutics
RAPT
+$6.64M
4
CNTA
Centessa Pharmaceuticals
CNTA
+$6.45M
5
IMNM icon
Immunome
IMNM
+$6.1M

Top Sells

Rank Stock Value
1
MRUS
Merus
MRUS
+$56.2M
2
ARGX icon
argenx
ARGX
+$33.8M
3
AKRO
Akero Therapeutics
AKRO
+$29.7M
4
INSM icon
Insmed
INSM
+$12M
5
MREO
Mereo BioPharma
MREO
+$9.42M

Sector Composition

Rank Sector Weight
1 Healthcare 98.22%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
THC icon
26
Tenet Healthcare
THC
$20.9B
$24.8M 1.27%
125,000
– –
DXCM icon
27
DexCom
DXCM
$33.1B
$23.1M 1.18%
347,300
+30,400
+10% +$1.97M
AGIO icon
28
Agios Pharmaceuticals
AGIO
$1.95B
$21.8M 1.12%
799,163
-159,379
-17% -$5.59M
TARS icon
29
Tarsus Pharmaceuticals
TARS
$2.97B
$21.3M 1.09%
260,344
-28,000
-10% -$2.09M
CMPX icon
30
Compass Therapeutics
CMPX
$400M
$21.1M 1.08%
3,927,202
-547,500
-12% -$2.53M
NAMS icon
31
NewAmsterdam Pharma
NAMS
$3.34B
$19.5M 1%
557,194
-38,735
-6% -$1.41M
AZTA icon
32
Azenta
AZTA
$1.54B
$18.9M 0.97%
569,100
+28,700
+5% +$938K
CLDX icon
33
Celldex Therapeutics
CLDX
$3.37B
$18.8M 0.96%
692,538
-29,000
-4% -$764K
CAI
34
Caris Life Sciences
CAI
$6.61B
$18.5M 0.95%
687,500
-106,151
-13% -$2.99M
ZBIO
35
Zenas BioPharma
ZBIO
$2.02B
$18.2M 0.93%
502,077
-78,600
-14% -$2.59M
DYN icon
36
Dyne Therapeutics
DYN
$4.95B
$17.9M 0.92%
912,955
+88,894
+11% +$1.68M
NBIX icon
37
Neurocrine Biosciences
NBIX
$16.8B
$17.8M 0.91%
125,500
+35,750
+40% +$5.18M
PHVS icon
38
Pharvaris
PHVS
$2.43B
$17.3M 0.89%
623,402
– –
MLYS icon
39
Mineralys Therapeutics
MLYS
$2.41B
$15.5M 0.8%
427,596
+19,283
+5% +$773K
PHR icon
40
Phreesia
PHR
$769M
$14.8M 0.76%
876,600
+127,484
+17% +$2.63M
ZLAB icon
41
Zai Lab
ZLAB
$2.65B
$14.3M 0.73%
811,546
+20,353
+3% +$476K
DHR icon
42
Danaher
DHR
$147B
$14.1M 0.72%
61,500
– –
UNH icon
43
UnitedHealth
UNH
$371B
$13.5M 0.69%
+40,800
New +$13.8M
ARDX icon
44
Ardelyx
ARDX
$997M
$13.4M 0.69%
2,299,473
+13,200
+0.6% +$73.5K
ACRS icon
45
Aclaris Therapeutics
ACRS
$867M
$13.4M 0.69%
4,453,741
-155,568
-3% -$393K
SMMT icon
46
Summit Therapeutics
SMMT
$11.9B
$12.4M 0.64%
710,000
– –
ELVN icon
47
Enliven Therapeutics
ELVN
$4.35B
$12.3M 0.63%
798,405
+112,298
+16% +$2.24M
INSP icon
48
Inspire Medical Systems
INSP
$1.73B
$12.1M 0.62%
131,000
+20,500
+19% +$1.96M
OMDA
49
Omada Health Inc
OMDA
$1.49B
$11.7M 0.6%
740,000
-179,950
-20% -$3.65M
SLNO
50
DELISTED
Soleno Therapeutics
SLNO
$11.4M 0.59%
247,053
+92,525
+60% +$5.07M
1
2
3 4 5

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Rock Springs Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Rock Springs Capital Management held 111 positions worth $1.95B, up 14% from $1.71B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Rock Springs Capital Management withdrew a net $85.5M in Q4 2025, closing 12 positions and reducing 27 holdings. Its most notable exit was Merus, an estimated $56.2M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 98% of assets, down from 99% a quarter earlier.

Against the trend, Rock Springs Capital Management opened a new position in UnitedHealth worth $13.5M.

  • Rock Springs Capital Management's largest Q4 2025 buy was UnitedHealth: 40,800 shares worth $13.5M.
  • Rock Springs Capital Management added most to State Street SPDR S&P Biotech ETF in Q4 2025, an estimated $8.05M increase.
  • Rock Springs Capital Management's biggest Q4 2025 reduction was argenx, cutting an estimated $33.8M.
  • Rock Springs Capital Management fully exited Merus in Q4 2025, selling an estimated $56.2M.
  • Rock Springs Capital Management's ten largest holdings make up 40% of its $1.95B portfolio in Q4 2025.
  • Rock Springs Capital Management opened 18 new positions and closed 12 in Q4 2025.
  • Rock Springs Capital Management's portfolio value rose 14% quarter-over-quarter to $1.95B.

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