Darwin Global Management
Darwin Global Management, led by seasoned investor Thomas H. Lee, manages approximately $3.77 billion in assets. Lee's reputation is built on his strategic foresight and deep market understanding, honed over decades in the investment sector. The firm's investment philosophy focuses on identifying undervalued assets with potential for significant growth, employing a mix of fundamental and quantitative analysis to guide their investment decisions.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 6 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| INSM | $2.58B | 68.33% | $163.52 | $112.61 | -31.1% | 68.3% | |
| BLTE | $456.1M | 12.10% | $159.44 | $158.15 | -0.8% | 12.1% | |
| ABVX | $352.1M | 9.34% | $111.35 | $142.07 | +27.6% | 9.3% | |
| RVMD | $205.0M | 5.44% | $97.25 | $190.94 | +96.3% | 5.4% | |
| ROIV | $179.5M | 4.76% | $27.70 | $36.37 | +31.3% | 4.8% | |
| DNTH | $1.5M | 0.04% | $83.92 | $95.33 | +13.6% | 0.0% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (3)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| RVMD | $205.0M | +96.3% | |
| ROIV | $179.5M | +31.3% | |
| DNTH | $1.5M | +13.6% |
Exited Positions (3)
| Ticker | Issuer | Notional |
|---|---|---|
| CDTX | $220.2M | |
| WVE | $125.2M | |
| CAPR | $23.2M |
Increased (2)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| ABVX | $-87.7M | +9.1% | +27.6% | |
| BLTE | $-30.8M | +1.0% | -0.8% |
Trimmed (1)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| INSM | $-1067.7M | -19.7% | -31.1% |
Quarter Activity
During the quarter, Darwin Global Management made significant adjustments to its portfolio. The fund initiated new positions in RVMD and ROIV, allocating $205 million and $180 million respectively, while also exiting positions in CDTX and WVE, which had previously held $220 million and $125 million. Additionally, there was a notable decrease in the fund's investment in INSM by $20 million.
AI Commentary
<p>Darwin Global Management's portfolio is heavily concentrated in the biotechnology and pharmaceutical sectors, with a significant emphasis on a few high-conviction positions. As of the latest reporting period, the largest holding is INSMED INC (INSM), which alone constitutes 68.3% of the portfolio with an investment valued at approximately $2.577 billion. Other major investments include BELITE BIO INC (BLTE) and ABIVAX SA (ABVX), holding 12.1% and 9.3% of the portfolio respectively. This concentration suggests a strong bullish stance on these biotech entities, particularly INSMED INC, despite a recent 20% reduction in its position.</p> <p>The recent quarterly changes in Darwin Global Management’s portfolio indicate a strategic shift in their investment thesis. The fund opened new positions in REVOLUTION MEDICINES INC (RVMD), ROIVANT SCIENCES LTD (ROIV), and DIANTHUS THERAPEUTICS INC (DNTH), while closing positions in CDTX, WVE, and CAPR. The introduction of RVMD and ROIV, alongside a significant increase in ABIVAX SA, suggests a pivot towards companies with potentially innovative medical treatments, possibly indicating an optimistic outlook on their development pipelines or market potential. The closure of other positions and the reduction in INSMED INC could signal risk reallocation or a response to changing market or company-specific dynamics.</p>