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RTW Investments Portfolio holdings

AUM $10B
1-Year Est. Return 135.35%
This Fund
S&P 500
This Quarter Est. Return
+45.01%
1 Year Est. Return
+135.35%
3 Year Est. Return
+383.62%
5 Year Est. Return
+523.94%
10 Year Est. Return
+15,981.64%
AUM
$8.12B
AUM Growth
+$1.09B
Cap. Flow
-$633M
Cap. Flow %
-7.79%
Top 10 Hldgs %
52.59%
Holding
83
New
10
Increased
17
Reduced
12
Closed
9

Top Buys

Rank Stock Value
1
RNAM
Avidity Biosciences
RNAM
+$70.9M
2
RARE icon
Ultragenyx Pharmaceutical
RARE
+$46.5M
3
COGT icon
Cogent Biosciences
COGT
+$41.1M
4
GH icon
Guardant Health
GH
+$34M
5
XNCR icon
Xencor
XNCR
+$33.1M

Top Sells

Rank Stock Value
1
VRNA
Verona Pharma
VRNA
+$289M
2
MRUS
Merus
MRUS
+$129M
3
ZLAB icon
Zai Lab
ZLAB
+$112M
4
NTRA icon
Natera
NTRA
+$93.9M
5
ALKS icon
Alkermes
ALKS
+$84.9M

Sector Composition

Rank Sector Weight
1 Healthcare 99.9%
2 Financials 0.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CRGX
76
DELISTED
CARGO Therapeutics
CRGX
– –
-1,212,562
Closed -$5M
ETNB
77
DELISTED
89bio
ETNB
– –
-1,967,527
Closed -$19.3M
IMUX icon
78
Immunic
IMUX
$195M
– –
-40,211
Closed -$280K
MLTX icon
79
MoonLake Immunotherapeutics
MLTX
$1.55B
– –
-741,090
Closed -$35M
SLNO
80
DELISTED
Soleno Therapeutics
SLNO
– –
-424,408
Closed -$35.6M
VRNA
81
DELISTED
Verona Pharma
VRNA
– –
-3,051,878
Closed -$289M
CBLL
82
CeriBell Inc
CBLL
$714M
– –
-150,000
Closed -$2.81M
KMTS
83
Kestra Medical Technologies
KMTS
$1.55B
– –
-200,000
Closed -$3.32M
1 2 3
4

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RTW Investments's Q3 2025 Portfolio in Review

As of Q3 2025, RTW Investments held 83 positions worth $8.12B, up 16% from $7.02B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

RTW Investments withdrew a net $633M in Q3 2025, closing 9 positions and reducing 12 holdings. Its most notable exit was Verona Pharma, an estimated $289M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 100% a quarter earlier, followed by Financials.

Against the trend, RTW Investments opened a new position in Cogent Biosciences worth $49.8M.

  • RTW Investments's largest Q3 2025 buy was Cogent Biosciences: 3,467,486 shares worth $49.8M.
  • RTW Investments added most to Avidity Biosciences in Q3 2025, an estimated $70.9M increase.
  • RTW Investments's biggest Q3 2025 reduction was Merus, cutting an estimated $129M.
  • RTW Investments fully exited Verona Pharma in Q3 2025, selling an estimated $289M.
  • RTW Investments's ten largest holdings make up 53% of its $8.12B portfolio in Q3 2025.
  • RTW Investments opened 10 new positions and closed 9 in Q3 2025.
  • RTW Investments's portfolio value rose 16% quarter-over-quarter to $8.12B.

Based on RTW Investments's 13F filing for Q3 2025, filed 14 Nov 2025.