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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
MDGL icon
1
Madrigal Pharmaceuticals
MDGL
$12.9B
$914M 11.27%
1,993,687
– –
ARGX icon
2
argenx
ARGX
$56.4B
$497M 6.12%
673,497
– –
RNAM
3
DELISTED
Avidity Biosciences
RNAM
$496M 6.11%
11,372,829
+1,753,984
+18% +$70.9M
PTCT icon
4
PTC Therapeutics
PTCT
$6.35B
$475M 5.86%
7,746,415
– –
INSM icon
5
Insmed
INSM
$23.1B
$444M 5.47%
3,084,558
– –
PTGX icon
6
Protagonist Therapeutics
PTGX
$8.86B
$382M 4.71%
5,756,277
– –
NTRA icon
7
Natera
NTRA
$37.2B
$322M 3.97%
2,000,000
-593,645
-23% -$93.9M
AKRO
8
DELISTED
Akero Therapeutics
AKRO
$260M 3.2%
5,477,561
– –
QURE icon
9
uniQure
QURE
$2.65B
$258M 3.18%
4,424,968
-733,263
-14% -$13.3M
PEN icon
10
Penumbra
PEN
$12.6B
$220M 2.7%
866,499
+2,946
+0.3% +$743K
RDNT icon
11
RadNet
RDNT
$4.9B
$215M 2.64%
2,815,544
+125,200
+5% +$8.13M
MRUS
12
DELISTED
Merus
MRUS
$191M 2.35%
2,025,277
-1,975,276
-49% -$129M
TARS icon
13
Tarsus Pharmaceuticals
TARS
$2.64B
$189M 2.33%
3,177,436
+65,756
+2% +$3.24M
SYK icon
14
Stryker
SYK
$129B
$181M 2.23%
490,000
-100,517
-17% -$38.8M
IMCR icon
15
Immunocore
IMCR
$1.78B
$177M 2.18%
4,869,798
– –
ACAD icon
16
Acadia Pharmaceuticals
ACAD
$4.32B
$152M 1.88%
7,144,524
-1,851,023
-21% -$43.8M
CYTK icon
17
Cytokinetics
CYTK
$10.9B
$150M 1.84%
2,721,158
– –
NBIX icon
18
Neurocrine Biosciences
NBIX
$17.8B
$149M 1.84%
1,062,072
– –
AXSM icon
19
Axsome Therapeutics
AXSM
$12.3B
$136M 1.67%
1,118,883
-398,020
-26% -$44.8M
STOK icon
20
Stoke Therapeutics
STOK
$1.85B
$120M 1.48%
5,123,525
– –
APGE icon
21
Apogee Therapeutics
APGE
$10.2B
$108M 1.33%
2,712,097
– –
ESTA icon
22
Establishment Labs
ESTA
$2.71B
$106M 1.31%
2,588,831
+4,700
+0.2% +$192K
MASI
23
DELISTED
Masimo
MASI
$101M 1.24%
683,294
– –
RARE icon
24
Ultragenyx Pharmaceutical
RARE
$2.64B
$98M 1.21%
3,258,266
+1,550,864
+91% +$46.5M
GH icon
25
Guardant Health
GH
$19.3B
$92.5M 1.14%
1,481,033
+624,532
+73% +$34M
1
2 3 4

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HRCM
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OAM
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ACA
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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.