RTW Investments
RTW Investments, LP is a healthcare-focused investment firm managed by Roderick Wong, M.D., who brings a strong background in medicine and finance, enhancing his reputation in the investment community. The firm specializes in a research-intensive approach to investing, primarily targeting innovative opportunities across biotechnology and medical technologies. RTW Investments emphasizes long-term value creation by investing in companies that show potential for significant advancements in healthcare.
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 |
|---|---|---|---|---|---|---|---|
| MDGL | $1.04B | 10.38% | $523.47 | $549.07 | +4.9% | 10.4% | |
| INSM | $791.9M | 7.88% | $163.52 | $112.59 | -31.1% | 7.9% | |
| PTGX | $533.2M | 5.31% | $105.40 | $139.96 | +32.8% | 5.3% | |
| PTCT | $527.8M | 5.25% | $68.13 | $89.18 | +30.9% | 5.3% | |
| ARGX | $518.1M | 5.16% | $730.25 | $919.07 | +25.9% | 5.2% | |
| CGON | $472.7M | 4.70% | $67.68 | $69.63 | +2.9% | 4.7% | |
| CELC | $346.9M | 3.45% | $114.14 | $115.72 | +1.4% | 3.5% | |
| TNGX | $278.3M | 2.77% | $20.92 | $30.50 | +45.8% | 2.8% | |
| ERAS | $261.4M | 2.60% | $16.18 | $18.61 | +15.0% | 2.6% | |
| NTRA | $250.0M | 2.49% | $199.99 | $280.40 | +40.2% | 2.5% | |
| RDNT | $239.5M | 2.38% | $55.89 | $67.88 | +21.4% | 2.4% | |
| TARS | $234.7M | 2.34% | $70.15 | $70.09 | -0.1% | 2.3% | |
| APGE | $234.2M | 2.33% | $84.17 | $133.40 | +58.5% | 2.3% | |
| SYRE | $210.4M | 2.09% | $50.44 | $94.90 | +88.1% | 2.1% | |
| COGT | $210.1M | 2.09% | $38.49 | $39.83 | +3.5% | 2.1% | |
| IRTC | $196.9M | 1.96% | $118.02 | $125.36 | +6.2% | 2.0% | |
| STOK | $183.1M | 1.82% | $32.56 | $33.49 | +2.9% | 1.8% | |
| CYTK | $179.3M | 1.78% | $65.91 | $86.30 | +30.9% | 1.8% | |
| ACAD | $159.0M | 1.58% | $22.26 | $26.14 | +17.4% | 1.6% | |
| ESTA | $150.8M | 1.50% | $56.78 | $90.61 | +59.6% | 1.5% | |
| APLS | $148.3M | 1.48% | $40.23 | — | 1.5% | ||
| IMCR | $146.8M | 1.46% | $30.15 | $33.17 | +10.0% | 1.5% | |
| RGEN | $142.1M | 1.41% | $117.82 | $139.67 | +18.6% | 1.4% | |
| NBIX | $139.9M | 1.39% | $131.74 | $177.71 | +34.9% | 1.4% | |
| GH | $136.8M | 1.36% | $92.37 | $163.88 | +77.4% | 1.4% | |
| IMTX | $126.6M | 1.26% | $9.84 | $10.26 | +4.3% | 1.3% | |
| ZLAB | $123.7M | 1.23% | $18.81 | $19.33 | +2.8% | 1.2% | |
| BLTE | $114.0M | 1.13% | $159.44 | $157.93 | -0.9% | 1.1% | |
| ISRG | $101.4M | 1.01% | $460.99 | $428.18 | -7.1% | 1.0% | |
| ORKA | $101.0M | 1.00% | $49.05 | $85.00 | +73.3% | 1.0% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| WAY | $39.3M | |
| CADL | $31.5M | |
| AKTS | $28.5M | |
| DNTH | $20.8M | |
| IPSC | $19.6M | |
| AVTX | $12.8M | |
| OCGN | $12.1M | |
| ATAI | $7.1M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| PEN | $269.4M | |
| AXSM | $162.2M | |
| PODD | $92.3M | |
| MASI | $88.9M | |
| RAPT | $55.5M | |
| TEM | $11.8M | |
| IQV | $10.4M | |
| ATAI | $8.2M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| ERAS | $260.9M | +10917.4% | +15.0% | |
| TNGX | $265.0M | +791.9% | +45.8% | |
| CELC | $292.1M | +452.5% | +1.4% | |
| HNGE | $58.0M | +446.0% | ||
| CGON | $389.2M | +247.1% | +2.9% | |
| MIST | $2.5M | +152.6% | ||
| ISRG | $44.1M | +117.3% | -7.1% | |
| FLGT | $2.0M | +82.8% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| JBIO | $-14.3M | -60.4% | ||
| SYK | $-53.3M | -59.2% | ||
| LRMR | $-5.2M | -52.0% | ||
| APLS | $-44.3M | -51.9% | ||
| XGN | $-3.6M | -50.0% | ||
| QURE | $-46.5M | -30.3% | ||
| COGT | $-59.6M | -28.1% | +3.5% | |
| BBNX | $-56.1M | -20.0% |
Quarter Activity
During the quarter, RTW Investments initiated notable new positions in WAY, CADL, and AKTS, with investments totaling $39 million, $31 million, and $28 million respectively. The fund also exited significant positions in PEN and AXSM, which were previously valued at $269 million and $162 million. Additionally, there was a substantial increase in the holding of ERAS, which saw an addition of approximately $10.92 billion, marking a major concentration shift within the portfolio.
AI Commentary
<p>RTW Investments' portfolio is heavily concentrated in the biotechnology and pharmaceutical sectors, with its top holdings showcasing a strong focus on these industries. The largest position is in Madrigal Pharmaceuticals Inc (MDGL), which alone constitutes 10.4% of the portfolio with an investment value of $1,044M. Other significant holdings include Insmed Inc (INSM) and Protagonist Therapeutics Inc (PTGX), representing 7.9% and 5.3% of the portfolio respectively. This sector-focused strategy highlights the fund's conviction in the healthcare sector, particularly in companies involved in pharmaceuticals and therapeutics.</p> <p>The recent quarterly changes suggest a strategic shift in RTW Investments' portfolio. The fund has opened new positions in smaller, perhaps more speculative stocks such as Wayfair Inc (WAY) and Candel Therapeutics Inc (CADL), while closing substantial positions in Penumbra Inc (PEN) and Axsome Therapeutics Inc (AXSM). The significant increase in holdings of Erasca Inc (ERAS) by 10917% and Tango Therapeutics Inc (TNGX) by 792% indicates a deepening commitment to specific biotech entities. Conversely, the reduction in positions such as Jounce Therapeutics Inc (JBIO) and Stryker Corporation (SYK) by approximately 60% each could signal a reallocation of resources towards more promising or strategic areas within the biotech and healthcare sectors, aligning with the fund's overall high conviction in these areas.</p>