RA CAPITAL MANAGEMENT, L.P.
Long book
$9.44B
Q1 2026
Positions
85
Top-10 weight
61%
concentration
Last quarter
+14.5%
SPY +14.8%
Turnover
36%
of book per quarter
Strategy in plain words
auto-generated from filingsRA CAPITAL MANAGEMENT, L.P. is a diversified fundamental manager, specialised in healthcare (99% of the long book), running a $9.44B US long book across 85 positions.
The portfolio is concentrated: the top 10 names carry 61% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: The Bank of New York Mellon Corporation, VAXCYTE INC, RHYTHM PHARMACEUTICALS INC, TYRA BIOSCIENCES INC, SIONNA THERAPEUTICS INC.
Over the last 9 quarters its long book ran on average 2.1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-9.7%
Q2 2024
+10.4%
Q3 2024
-19.1%
Q4 2024
-30.4%
Q1 2025
+0.5%
Q2 2025
+37.3%
Q3 2025
+20.0%
Q4 2025
-2.0%
Q1 2026
+14.5%
Sector allocation
Healthcare 99%
Technology 0%
Financials 0%
Long book by quarter
What does RA CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PCVX VAXCYTE INC | Healthcare | 11.5M | $666.8M | 7.1% | +7.0% |
| RYTM RHYTHM PHARMACEUTICALS INC | Healthcare | 6.7M | $579.8M | 6.1% | Held |
| TYRA TYRA BIOSCIENCES INC | Healthcare | 12.2M | $467.2M | 5.0% | Held |
| SION SIONNA THERAPEUTICS INC | Healthcare | 9.9M | $397.1M | 4.2% | Held |
| EWTX EDGEWISE THERAPEUTICS INC | Healthcare | 10.4M | $328.5M | 3.5% | Held |
| NAMS NEWAMSTERDAM PHARMA CO NV | Healthcare | 9.6M | $305.7M | 3.2% | Held |
| NUVL NUVALENT INC-A | Healthcare | 2.5M | $259.6M | 2.8% | +34.8% |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 2.6M | $219.2M | 2.3% | +62.0% |
| MLYS MINERALYS THERAPEUTICS INC | Healthcare | 7.7M | $208.4M | 2.2% | +5.0% |
| SGP SPYGLASS PHARMA INC | Healthcare | 8.0M | $207.8M | 2.2% | New |
| WVE WAVE LIFE SCIENCES LTD | Healthcare | 27.0M | $195.6M | 2.1% | +48.2% |
| SEPN SEPTERNA INC | Healthcare | 7.0M | $168.1M | 1.8% | Held |
| IRON DISC MEDICINE INC | Healthcare | 2.5M | $156.7M | 1.7% | +24.0% |
| JANX JANUX THERAPEUTICS INC | Healthcare | 11.2M | $155.5M | 1.6% | Held |
| BCRX BIOCRYST PHARMACEUTICALS INC | Healthcare | 15.8M | $150.7M | 1.6% | Held |
| BCAX BICARA THERAPEUTICS INC | Healthcare | 7.3M | $144.3M | 1.5% | +4.3% |
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 373.8K | $120.4M | 1.3% | Held |
| GHRS GH RESEARCH PLC | Healthcare | 7.7M | $107.9M | 1.1% | Held |
| TSHA TAYSHA GENE THERAPIES INC | Healthcare | 23.6M | $105.3M | 1.1% | Held |
| VOR VOR BIOPHARMA INC | Healthcare | 5.4M | $96.4M | 1.0% | Held |
| GERN GERON CORP | Healthcare | 63.8M | $95.0M | 1.0% | Held |
| SPRY ARS PHARMACEUTICALS INC | Healthcare | 10.9M | $87.2M | 0.9% | Held |
| SRPT SAREPTA THERAPEUTICS INC | Healthcare | 3.9M | $84.9M | 0.9% | New |
| SYRE SPYRE THERAPEUTICS INC | Healthcare | 1.6M | $81.8M | 0.9% | Held |
| EVMN EVOMMUNE INC | Healthcare | 3.5M | $80.3M | 0.9% | +1.0% |
| CLYM CLIMB BIO INC | Healthcare | 11.3M | $77.4M | 0.8% | +0.1% |
| SLDB SOLID BIOSCIENCES INC | Healthcare | 9.3M | $67.2M | 0.7% | +60.7% |
| ARTV ARTIVA BIOTHERAPEUTICS INC | Healthcare | 9.9M | $63.5M | 0.7% | Held |
| DMRA DAMORA THERAPEUTICS INC | Healthcare | 2.4M | $62.1M | 0.7% | New |
| XNCR XENCOR INC | Healthcare | 4.9M | $59.1M | 0.6% | New |
| LBRX LB PHARMACEUTICALS INC | Healthcare | 2.2M | $54.5M | 0.6% | Held |
| JBIO JADE BIOSCIENCES INC | Healthcare | 3.7M | $51.6M | 0.5% | Held |
| ABOS ACUMEN PHARMACEUTICALS INC | Healthcare | 21.0M | $49.5M | 0.5% | +40.6% |
| FDMT 4D MOLECULAR THERAPEUTICS IN | Healthcare | 5.0M | $47.0M | 0.5% | -10.7% |
| FULC FULCRUM THERAPEUTICS INC | Healthcare | 6.1M | $46.4M | 0.5% | Held |
| CAPR CAPRICOR THERAPEUTICS INC | Healthcare | 1.5M | $45.8M | 0.5% | Held |
| IPSC CENTURY THERAPEUTICS INC | Healthcare | 17.8M | $40.1M | 0.4% | New |
| OLMA OLEMA PHARMACEUTICALS INC | Healthcare | 2.6M | $38.8M | 0.4% | Held |
| LENZ LENZ THERAPEUTICS INC | Healthcare | 4.2M | $38.2M | 0.4% | Held |
| MNPR MONOPAR THERAPEUTICS INC | Healthcare | 667.2K | $36.6M | 0.4% | Held |
| PEPG PEPGEN INC | Healthcare | 20.1M | $35.5M | 0.4% | Held |
| DSGN DESIGN THERAPEUTICS INC | Healthcare | 3.0M | $31.6M | 0.3% | +103.4% |
| MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 318.6K | $29.4M | 0.3% | New |
| BIOA BIOAGE LABS INC | Healthcare | 1.7M | $28.9M | 0.3% | New |
| LXEO LEXEO THERAPEUTICS INC | Healthcare | 5.0M | $28.7M | 0.3% | Held |
| ASMB ASSEMBLY BIOSCIENCES INC | Healthcare | 1.0M | $28.3M | 0.3% | Held |
| RZLT REZOLUTE INC | Healthcare | 9.2M | $28.0M | 0.3% | Held |
| AKTS AKTIS ONCOLOGY INC | Healthcare | 1.5M | $26.9M | 0.3% | New |
| ALXO ALX ONCOLOGY HOLDINGS INC | Healthcare | 13.0M | $26.1M | 0.3% | New |
| ACRS ACLARIS THERAPEUTICS INC | Healthcare | 6.8M | $25.5M | 0.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 86 | $9.44B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 72 | $9.76B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 68 | $8.12B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 64 | $5.94B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 86 | $5.99B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 90 | $7.51B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 82 | $8.67B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 79 | $7.56B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ANEW HOLDINGS | May 17, 2024 | 1 | $61.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 75 | $7.80B | canonical | SEC ↗ |