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Rock Springs Capital Management Portfolio holdings

AUM $2.05B
1-Year Est. Return 161.37%
This Fund
S&P 500
This Quarter Est. Return
+33.01%
1 Year Est. Return
+161.37%
3 Year Est. Return
+342.48%
5 Year Est. Return
+531.16%
10 Year Est. Return
+6,258.71%
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%
2 Miscellaneous 1.78%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LLY icon
1
Eli Lilly
LLY
$1.01T
$113M 5.81%
105,400
– –
RVMD icon
2
Revolution Medicines
RVMD
$42B
$106M 5.45%
1,335,270
– –
ARGX icon
3
argenx
ARGX
$61.6B
$86.8M 4.45%
103,250
-39,500
-28% -$33.8M
TVTX icon
4
Travere Therapeutics
TVTX
$5.98B
$84.5M 4.33%
2,210,322
+45,549
+2% +$1.48M
MDGL icon
5
Madrigal Pharmaceuticals
MDGL
$12.2B
$81.3M 4.17%
139,618
+1,872
+1% +$956K
RYTM icon
6
Rhythm Pharmaceuticals
RYTM
$6.75B
$74.4M 3.81%
695,010
-22,092
-3% -$2.34M
EXAS
7
DELISTED
Exact Sciences
EXAS
$61.1M 3.13%
601,800
+8,300
+1% +$667K
MIRM icon
8
Mirum Pharmaceuticals
MIRM
$6.32B
$60.2M 3.09%
762,294
+1,168
+0.2% +$83.8K
INSM icon
9
Insmed
INSM
$26.8B
$55.6M 2.85%
319,250
-65,750
-17% -$12M
GPCR icon
10
Structure Therapeutics
GPCR
$2.53B
$52M 2.67%
748,236
-202,918
-21% -$8.29M
ISRG icon
11
Intuitive Surgical
ISRG
$135B
$46.4M 2.38%
82,000
– –
CDTX
12
DELISTED
Cidara Therapeutics
CDTX
$45.3M 2.32%
204,878
-44,524
-18% -$7.2M
ASND icon
13
Ascendis Pharma A/S
ASND
$16.3B
$43.4M 2.23%
203,500
-11,000
-5% -$2.27M
IRTC icon
14
iRhythm Holdings
IRTC
$3.69B
$41.7M 2.14%
235,000
– –
KYMR icon
15
Kymera Therapeutics
KYMR
$9.67B
$38.7M 1.98%
496,871
+46,497
+10% +$3.14M
BSX icon
16
Boston Scientific
BSX
$63.6B
$38M 1.95%
399,050
+38,800
+11% +$3.8M
PEN icon
17
Penumbra
PEN
$12.5B
$37.5M 1.92%
120,500
– –
XENE icon
18
Xenon Pharmaceuticals
XENE
$5.5B
$35.3M 1.81%
787,788
-63,956
-8% -$2.69M
SRRK icon
19
Scholar Rock
SRRK
$6.01B
$32.3M 1.66%
733,477
-60,656
-8% -$2.27M
COGT icon
20
Cogent Biosciences
COGT
$5.65B
$30.2M 1.55%
849,030
-159,278
-16% -$4.48M
RARE icon
21
Ultragenyx Pharmaceutical
RARE
$1.27B
$29.1M 1.49%
1,267,241
+20,900
+2% +$687K
VERA icon
22
Vera Therapeutics
VERA
$2.29B
$28.8M 1.48%
568,579
-48,817
-8% -$1.73M
ALNY icon
23
Alnylam Pharmaceuticals
ALNY
$32B
$28.3M 1.45%
71,250
-3,000
-4% -$1.33M
FOLD
24
DELISTED
Amicus Therapeutics
FOLD
$27.5M 1.41%
1,929,931
-17,443
-0.9% -$171K
XBI icon
25
State Street SPDR S&P Biotech ETF
XBI
$10.4B
$27.1M 1.39%
222,000
+70,250
+46% +$8.05M
1
2 3 4 5

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CFA
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ABTD
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JCM
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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, followed by Miscellaneous.

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.