RTW INVESTMENTS, LP
Long book
$10.05B
Q1 2026
Positions
88
Top-10 weight
50%
concentration
Last quarter
+19.5%
SPY +14.8%
Turnover
21%
of book per quarter
Strategy in plain words
auto-generated from filingsRTW INVESTMENTS, LP is a diversified fundamental manager, specialised in healthcare (99% of the long book), running a $10.05B US long book across 88 positions.
The portfolio is moderately concentrated (top 10 ≈ 50% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: MADRIGAL PHARMACEUTICALS INC, INSMED INC, PROTAGONIST THERAPEUTICS INC, PTC THERAPEUTICS INC, ARGENX SE - ADR.
Over the last 9 quarters its long book ran on average 0.9pp per quarter ahead of the S&P 500, beating the index in 3 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
-11.0%
Q2 2024
+4.9%
Q3 2024
-0.8%
Q4 2024
-4.5%
Q1 2025
+0.9%
Q2 2025
+24.7%
Q3 2025
+21.6%
Q4 2025
-6.6%
Q1 2026
+19.5%
Sector allocation
Healthcare 97%
Other 2%
Technology 1%
Materials 0%
Long book by quarter
What does RTW INVESTMENTS, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MDGL MADRIGAL PHARMACEUTICALS INC | Healthcare | 2.0M | $1.04B | 10.4% | Held |
| INSM INSMED INC | Healthcare | 4.8M | $791.9M | 7.9% | 0.0% |
| PTGX PROTAGONIST THERAPEUTICS INC | Healthcare | 5.1M | $533.2M | 5.3% | Held |
| PTCT PTC THERAPEUTICS INC | Healthcare | 7.7M | $527.8M | 5.3% | Held |
| CGON CG ONCOLOGY INC | Healthcare | 7.0M | $472.7M | 4.7% | +247.1% |
| CELC CELCUITY INC | Healthcare | 3.0M | $346.9M | 3.5% | +452.5% |
| TNGX TANGO THERAPEUTICS INC | Healthcare | 13.3M | $278.2M | 2.8% | +791.9% |
| ERAS ERASCA INC | Healthcare | 16.2M | $261.4M | 2.6% | +10917.4% |
| NTRA NATERA INC | Healthcare | 1.3M | $250.0M | 2.5% | -16.7% |
| RDNT RADNET INC | Healthcare | 4.3M | $239.5M | 2.4% | +8.8% |
| TARS TARSUS PHARMACEUTICALS INC | Healthcare | 3.3M | $234.7M | 2.3% | +0.3% |
| APGE APOGEE THERAPEUTICS INC | Healthcare | 2.8M | $234.2M | 2.3% | +2.6% |
| SYRE SPYRE THERAPEUTICS INC | Healthcare | 4.2M | $210.4M | 2.1% | Held |
| COGT COGENT BIOSCIENCES INC | Healthcare | 5.5M | $210.1M | 2.1% | -28.1% |
| IRTC IRHYTHM HOLDINGS INC | Healthcare | 1.7M | $196.9M | 2.0% | +41.2% |
| STOK STOKE THERAPEUTICS INC | Healthcare | 5.6M | $183.1M | 1.8% | +1.4% |
| CYTK CYTOKINETICS INC | Healthcare | 2.7M | $179.4M | 1.8% | Held |
| ACAD ACADIA PHARMACEUTICALS INC | Healthcare | 7.1M | $159.0M | 1.6% | Held |
| ESTA ESTABLISHMENT LABS HOLDINGS | Healthcare | 2.7M | $150.8M | 1.5% | +2.6% |
| APLSUSD APELLIS PHARMACEUTICALS INC | — | 3.7M | $148.2M | 1.5% | -51.9% |
| RGEN REPLIGEN CORP | Healthcare | 1.2M | $142.1M | 1.4% | +13.3% |
| NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 1.1M | $139.9M | 1.4% | Held |
| GH GUARDANT HEALTH INC | Healthcare | 1.5M | $136.8M | 1.4% | Held |
| IMTX IMMATICS NV | Healthcare | 12.9M | $126.6M | 1.3% | +12.6% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 220.0K | $101.4M | 1.0% | +117.3% |
| ORKA ORUKA THERAPEUTICS INC | Healthcare | 2.1M | $101.0M | 1.0% | Held |
| GHRS GH RESEARCH PLC | Healthcare | 5.9M | $83.4M | 0.8% | Held |
| XNCR XENCOR INC | Healthcare | 6.8M | $81.7M | 0.8% | Held |
| URGN UROGEN PHARMA LTD | Healthcare | 4.5M | $81.7M | 0.8% | Held |
| IMVT IMMUNOVANT INC | Healthcare | 3.2M | $78.9M | 0.8% | 0.0% |
| RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 3.6M | $76.4M | 0.8% | +21.6% |
| HNGE HINGE HEALTH INC-A | Technology | 1.9M | $74.4M | 0.7% | +446.0% |
| CSTL CASTLE BIOSCIENCES INC | Healthcare | 2.8M | $67.7M | 0.7% | +30.4% |
| RCKT ROCKET PHARMACEUTICALS INC | Healthcare | 17.7M | $63.3M | 0.6% | Held |
| TSHA TAYSHA GENE THERAPIES INC | Healthcare | 13.7M | $61.2M | 0.6% | -16.6% |
| ALKS ALKERMES PLC | Healthcare | 1.7M | $59.1M | 0.6% | Held |
| KOD KODIAK SCIENCES INC | Healthcare | 1.5M | $56.7M | 0.6% | 0.0% |
| REPL REPLIMUNE GROUP INC | Healthcare | 7.4M | $56.3M | 0.6% | +3.0% |
| CRNX CRINETICS PHARMACEUTICALS IN | Healthcare | 1.5M | $52.7M | 0.5% | +7.4% |
| QURE UNIQURE NV | Healthcare | 2.6M | $42.3M | 0.4% | -30.3% |
| WAY WAYSTAR HOLDING CORP | Technology | 1.6M | $39.3M | 0.4% | New |
| ARWR ARROWHEAD PHARMACEUTICALS IN | Healthcare | 585.7K | $36.7M | 0.4% | +0.2% |
| OBIO ORCHESTRA BIOMED HOLDINGS IN | Healthcare | 8.3M | $35.3M | 0.4% | Held |
| VSTM VERASTEM INC | Healthcare | 6.6M | $34.9M | 0.3% | Held |
| EVMN EVOMMUNE INC | Healthcare | 1.5M | $34.5M | 0.3% | +17.0% |
| SYK STRYKER CORP | Healthcare | 100.0K | $32.9M | 0.3% | -59.2% |
| SVRA SAVARA INC | Healthcare | 6.0M | $32.5M | 0.3% | Held |
| CADL CANDEL THERAPEUTICS INC | Healthcare | 6.4M | $31.5M | 0.3% | New |
| AQST AQUESTIVE THERAPEUTICS INC | Healthcare | 7.4M | $30.8M | 0.3% | +18.8% |
| AKTS AKTIS ONCOLOGY INC | Healthcare | 1.6M | $28.5M | 0.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 88 | $10.05B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 91 | $9.98B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 74 | $8.12B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 73 | $7.02B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 68 | $6.54B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 72 | $6.61B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 68 | $6.91B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 68 | $6.46B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 69 | $6.77B | canonical | SEC ↗ |