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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
LENZ
76
LENZ Therapeutics
LENZ
$168M
$4.12M 0.21%
257,460
+21,233
+9% +$619K
TLPH icon
77
Talphera
TLPH
$73.2M
$4.09M 0.21%
3,589,186
– –
SION
78
Sionna Therapeutics
SION
$203M
$4.09M 0.21%
99,429
– –
TBPH icon
79
Theravance Biopharma
TBPH
$876M
$3.91M 0.2%
+208,771
New +$3.46M
ALKS icon
80
Alkermes
ALKS
$8.29B
$3.9M 0.2%
139,228
+32,691
+31% +$979K
APLS
81
DELISTED
Apellis Pharmaceuticals
APLS
$3.78M 0.19%
150,500
+58,500
+64% +$1.37M
INDV icon
82
Indivior Pharmaceuticals
INDV
$4.54B
$3.77M 0.19%
+105,100
New +$3.21M
ERAS icon
83
Erasca
ERAS
$6.29B
$3.54M 0.18%
+951,710
New +$2.68M
TNGX icon
84
Tango Therapeutics
TNGX
$4.51B
$3.43M 0.18%
+386,915
New +$3.33M
OLMA icon
85
Olema Pharmaceuticals
OLMA
$1.04B
$2.46M 0.13%
+98,240
New +$1.75M
CYTK icon
86
Cytokinetics
CYTK
$10.8B
$2.28M 0.12%
+35,853
New +$2.23M
PCVX icon
87
Vaxcyte
PCVX
$8.67B
$2.17M 0.11%
47,000
+35,900
+323% +$1.61M
NGNE icon
88
Neurogene
NGNE
$729M
$2.15M 0.11%
104,339
– –
JSPR icon
89
Jasper Therapeutics
JSPR
$26.6M
$2.01M 0.1%
1,100,726
– –
ROIV icon
90
Roivant Sciences
ROIV
$25.8B
$1.93M 0.1%
+88,750
New +$1.75M
CORT icon
91
Corcept Therapeutics
CORT
$12.3B
$1.75M 0.09%
+50,250
New +$3.95M
ACHC icon
92
Acadia Healthcare
ACHC
$2.96B
$1.7M 0.09%
120,000
-50,000
-29% -$946K
TEVA icon
93
Teva Pharmaceuticals
TEVA
$42.1B
$1.42M 0.07%
+45,500
New +$1.12M
NAMS icon
94
CALL
NewAmsterdam Pharma
NAMS
$3.34B
$1.11M 0.06%
31,600
– –
MLTX icon
95
MoonLake Immunotherapeutics
MLTX
$1.47B
$813K 0.04%
61,700
+33,500
+119% +$395K
LEGN icon
96
Legend Biotech
LEGN
$4B
$735K 0.04%
+33,800
New +$968K
JAZZ icon
97
Jazz Pharmaceuticals
JAZZ
$16.7B
$298K 0.02%
+1,750
New +$268K
NUVB.WS
98
DELISTED
Nuvation Bio Inc Warrants
NUVB.WS
$44.2K ﹤0.01%
134,028
– –
AKRO
99
DELISTED
Akero Therapeutics
AKRO
– –
-626,526
Closed -$29.7M
APLT
100
DELISTED
Applied Therapeutics
APLT
– –
-2,075,991
Closed -$1.26M
1 2 3
4
5

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BCM
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PP
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GAM
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FACM
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RMC
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JIP
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II
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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.