RA Capital Management
RA Capital Management, led by Peter Kolchinsky, is a prominent healthcare investment firm with a focus on biotechnology. Kolchinsky, who holds a PhD in virology from Harvard University, brings a deep scientific understanding to the firm's investment strategy. RA Capital Management is known for its thorough research approach and its focus on companies that are believed to have the potential to deliver significant clinical and commercial advancements.
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 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| ASND | $2.35B | 24.92% | $228.73 | $268.84 | +17.5% | 24.9% | |
| PCVX | $666.8M | 7.07% | $58.11 | $60.45 | +4.0% | 7.1% | |
| RYTM | $579.8M | 6.14% | $86.97 | $113.51 | +30.5% | 6.1% | |
| TYRA | $467.2M | 4.95% | $38.30 | $32.24 | -15.8% | 5.0% | |
| SION | $397.1M | 4.21% | $40.09 | $45.17 | +12.7% | 4.2% | |
| EWTX | $328.5M | 3.48% | $31.50 | $42.92 | +36.3% | 3.5% | |
| NAMS | $305.7M | 3.24% | $32.01 | $36.48 | +14.0% | 3.2% | |
| NUVL | $259.6M | 2.75% | $102.45 | $123.78 | +20.8% | 2.8% | |
| DNTH | $219.2M | 2.32% | $83.92 | $95.11 | +13.3% | 2.3% | |
| MLYS | $208.4M | 2.21% | $27.09 | $30.44 | +12.4% | 2.2% | |
| SGP | $207.8M | 2.20% | $25.91 | $19.19 | -25.9% | 2.2% | |
| WVE | $195.6M | 2.07% | $7.25 | $6.37 | -12.1% | 2.1% | |
| SEPN | $168.1M | 1.78% | $24.03 | $36.47 | +51.8% | 1.8% | |
| IRON | $156.7M | 1.66% | $63.94 | $81.19 | +27.0% | 1.7% | |
| JANX | $155.5M | 1.65% | $13.90 | $16.07 | +15.6% | 1.6% | |
| BCRX | $150.7M | 1.60% | $9.52 | $10.19 | +7.0% | 1.6% | |
| BCAX | $144.3M | 1.53% | $19.89 | $29.51 | +48.4% | 1.5% | |
| PRAX | $120.4M | 1.28% | $322.19 | $319.14 | -0.9% | 1.3% | |
| GHRS | $107.9M | 1.14% | $14.06 | $26.68 | +89.8% | 1.1% | |
| ZLAB | $107.3M | 1.14% | $18.81 | $19.36 | +2.9% | 1.1% | |
| TSHA | $105.3M | 1.12% | $4.47 | $6.61 | +47.9% | 1.1% | |
| VOR | $96.4M | 1.02% | $17.84 | $20.17 | +13.1% | 1.0% | |
| GERN | $95.0M | 1.01% | $1.49 | $1.48 | -0.7% | 1.0% | |
| SPRY | $87.2M | 0.92% | $8.03 | $8.21 | +2.2% | 0.9% | |
| SRPT | $84.9M | 0.90% | $21.76 | $19.56 | -10.1% | 0.9% | |
| SYRE | $81.8M | 0.87% | $50.44 | $93.28 | +84.9% | 0.9% | |
| EVMN | $80.3M | 0.85% | $22.99 | $13.35 | -41.9% | 0.8% | |
| CLYM | $77.4M | 0.82% | $6.85 | $13.41 | +95.8% | 0.8% | |
| SLDB | $67.3M | 0.71% | $7.20 | $11.04 | +53.3% | 0.7% | |
| ARTV | $63.5M | 0.67% | $6.44 | $9.59 | +48.9% | 0.7% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| SGP | $207.8M | -25.9% | |
| ZLAB | $107.3M | +2.9% | |
| SRPT | $84.9M | -10.1% | |
| DMRA | $62.1M | ||
| XNCR | $59.1M | ||
| IPSC | $40.1M | ||
| MIRM | $29.4M | ||
| BIOA | $28.9M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| CDTX | $743.4M | |
| RNAM | $623.3M | |
| ACLX | $82.6M | |
| BLTE | $69.2M | |
| IVVD | $42.3M | |
| MDLN | $14.1M | |
| PGNY | $2.5M | |
| QGENXXXX | $2.1M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| HNGE | $10.3M | +355.1% | ||
| WAY | $8.0M | +266.6% | ||
| WGS | $5.9M | +261.6% | ||
| INSP | $3.7M | +129.4% | ||
| DSGN | $17.9M | +103.4% | ||
| DNTH | $152.8M | +62.0% | +13.3% | |
| SLDB | $34.5M | +60.7% | +53.3% | |
| WVE | $-113.9M | +48.2% | -12.1% |
Trimmed (2)
| Ticker | Issuer | Notional | Shares Δ |
|---|---|---|---|
| CTNM | $-8.0M | -40.5% | |
| FDMT | $4.6M | -10.7% |
Quarter Activity
During the quarter, RA Capital Management initiated several significant new positions, notably in SGP and ZLAB, valued at $208 million and $107 million, respectively. The fund also exited substantial holdings, including CDTX and RNAM, which were previously valued at $743 million and $623 million. Additionally, there was a notable increase in investments in HNGE, WAY, and WGS, with added values of $355 million, $267 million, and $262 million, respectively.
AI Commentary
<p>RA Capital Management's portfolio is heavily concentrated in the healthcare sector, particularly within biotechnology and pharmaceuticals. The fund's top conviction positions include ASCENDIS PHARMA A/S - ADR (ASND) with a substantial allocation of 24.9% of the portfolio, amounting to $2,352M. Other significant holdings are VAXCYTE INC (PCVX) and RHYTHM PHARMACEUTICALS INC (RYTM), which represent 7.1% and 6.1% of the portfolio, respectively. This sector-focused strategy highlights RA Capital's expertise and bullish outlook on biotech and pharmaceutical innovations.</p> <p>The recent quarter's activity indicates a strategic adjustment in RA Capital's investment thesis. The closure of large positions in CDTX, RNAM, and ACLX, alongside the opening of new positions in SGP, ZLAB, and SRPT, suggests a recalibration towards different sub-sectors or companies within healthcare that potentially offer higher growth or value opportunities. The significant increases in holdings such as HNGE, WAY, and WGS, with percentage increases of 355%, 267%, and 262% respectively, further signal a strong conviction in these newer or previously smaller positions. Conversely, the reductions in CTNM and FDMT might reflect a more cautious or profit-taking approach to these investments.</p>