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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
ACLX
51
DELISTED
Arcellx
ACLX
$11.1M 0.57%
169,859
-9,123
-5% -$728K
EVH icon
52
Evolent Health
EVH
$444M
$10.7M 0.55%
2,675,000
-275,000
-9% -$1.53M
GOSS icon
53
Gossamer Bio
GOSS
$86.1M
$10.1M 0.52%
3,266,960
– –
MBX
54
MBX Biosciences
MBX
$3.19B
$8.91M 0.46%
282,624
– –
CNTA
55
DELISTED
Centessa Pharmaceuticals
CNTA
$8.1M 0.42%
324,015
+254,775
+368% +$6.45M
HTFL
56
Heartflow Inc
HTFL
$2.53B
$8.09M 0.42%
277,700
+27,700
+11% +$892K
BBIO icon
57
BridgeBio Pharma
BBIO
$16.6B
$7.92M 0.41%
103,500
+18,500
+22% +$1.21M
REGN icon
58
Regeneron Pharmaceuticals
REGN
$83.2B
$7.8M 0.4%
10,100
-1,200
-11% -$815K
IMNM icon
59
Immunome
IMNM
$2.91B
$7.47M 0.38%
+347,666
New +$6.1M
RAPT
60
DELISTED
RAPT Therapeutics
RAPT
$7.24M 0.37%
+213,731
New +$6.64M
BCAX
61
Bicara Therapeutics
BCAX
$1.82B
$7.22M 0.37%
429,095
+58,429
+16% +$998K
EW icon
62
Edwards Lifesciences
EW
$53B
$7.03M 0.36%
82,500
-5,500
-6% -$451K
ATEC icon
63
Alphatec Holdings
ATEC
$1.47B
$6.36M 0.33%
302,500
– –
AMLX icon
64
Amylyx Pharmaceuticals
AMLX
$2.53B
$6.04M 0.31%
499,764
– –
TMO icon
65
Thermo Fisher Scientific
TMO
$222B
$5.79M 0.3%
10,000
– –
JANX icon
66
Janux Therapeutics
JANX
$1B
$4.95M 0.25%
358,798
+148,432
+71% +$3.49M
SGRY icon
67
Surgery Partners
SGRY
$2.09B
$4.79M 0.25%
+310,000
New +$5.7M
EYPT icon
68
EyePoint Inc
EYPT
$1.13B
$4.73M 0.24%
258,739
+227,084
+717% +$3.22M
PTCT icon
69
PTC Therapeutics
PTCT
$6.23B
$4.7M 0.24%
+61,879
New +$4.5M
AGL icon
70
Agilon Health
AGL
$1.63B
$4.48M 0.23%
260,000
-18,652
-7% -$362K
MRSN
71
DELISTED
Mersana Therapeutics
MRSN
$4.41M 0.23%
152,586
– –
TERN
72
DELISTED
Terns Pharmaceuticals
TERN
$4.38M 0.22%
+108,481
New +$2.51M
RCUS icon
73
Arcus Biosciences
RCUS
$3.66B
$4.29M 0.22%
+180,000
New +$3.67M
FOCL
74
EDAP TMS S.A.
FOCL
$228M
$4.23M 0.22%
1,286,500
+16,500
+1% +$39.6K
OCUL icon
75
Ocular Therapeutix
OCUL
$2.03B
$4.2M 0.22%
345,820
+45,820
+15% +$557K
1 2
3
4 5

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FACM
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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.