Q2 2026 13F · SEC CIK 1493215

Rtw Investments, LP

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $11.7B
Reported positions: 84
Top holdings a year, 3 yrs: +20.6%
Assets under management: $14.1B

Rtw Investments, LP is a hedge fund that reported 84 positions worth $11.7B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Madrigal Pharmaceuticals Inc (MDGL, 9.1%), Argenx SE (ARGNF, 5.6%), Ptc Therapeutics Inc (PTCT, 5.4%). A portfolio copying its top holdings returned 20.6% a year over the last 3 years, against 20.4% for the S&P 500.

Rtw Investments, LP holdings largest 50 of 84 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Rtw Investments, LP 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
MDGLMadrigal Pharmaceuticals Inc	9.1%	10.4%	1,993,687	+0.0%	$1.1B
ARGNFArgenx SE	5.6%	5.2%	709,446	+0.0%	$658.2M
PTCTPtc Therapeutics Inc	5.4%	5.3%	7,746,415	+0.0%	$631.9M
PTGXProtagonist Therapeutics Inc	5.3%	5.3%	5,061,175	+0.0%	$620.4M
CGONCg Oncology Inc	5.2%	4.7%	8,514,590	+21.9%	$605.0M
INSMInsmed Inc	4.4%	7.9%	4,842,880	+0.0%	$516.3M
TNGXTango Therapeutics Inc	3.7%	2.8%	13,900,620	+4.5%	$434.5M
SYRESpyre Therapeutics	3.2%	2.1%	4,251,996	+1.9%	$377.5M
CELCCelcuity Inc	3.0%	3.5%	3,304,903	+8.7%	$345.8M
ERASErasca, Inc.	2.8%	2.6%	17,946,754	+11.1%	$328.8M
RDNTRadnet Inc	2.6%	2.4%	4,846,958	+13.1%	$298.9M
ORKAOruka Therapeutics Inc	2.6%	1.0%	3,139,030	+52.5%	$298.7M
NTRANatera Inc	2.3%	2.5%	1,000,000	-20.0%	$271.4M
RAREUltragenyx Pharmaceutical in	2.2%	0.8%	7,796,895	+113.7%	$260.3M
IRTCIrhythm Technologies Inc	2.2%	2.0%	2,182,631	+30.8%	$259.6M
CYTKCytokinetics	2.1%	1.8%	2,862,003	+5.2%	$243.8M
KLRAKailera Therapeutics Inc	2.0%	—	10,776,820	—	$237.4M
ESTAEstablishment Labs Hldgs Inc	1.9%	1.5%	2,655,695	+0.0%	$227.9M
GHGuardant Health Inc	1.9%	1.4%	1,481,033	+0.0%	$222.2M
NBIXNeurocrine Biosciences Inc	1.8%	1.4%	1,267,925	+19.4%	$213.7M
TARSTarsus Pharmaceuticals Inc	1.8%	2.3%	3,357,059	+0.3%	$211.3M
STOKStoke Therapeutics Inc	1.6%	1.8%	5,623,525	+0.0%	$184.0M
QUREUniqure NV	1.6%	0.4%	3,941,572	+52.4%	$181.5M
ACADAcadia Pharmaceuticals Inc	1.5%	1.6%	7,144,524	+0.0%	$180.8M
RGENRepligen Corp	1.4%	1.4%	1,240,637	+2.9%	$169.3M
URGNUrogen Pharma Ltd	1.4%	0.8%	4,543,895	+0.0%	$167.2M
GHRSGh Research PLC	1.4%	0.8%	5,933,815	+0.0%	$159.5M
IMCRImmunocore Hldgs PLC	1.3%	1.5%	4,869,798	+0.0%	$154.6M
CMPSCompass Pathways PLC	1.3%	0.6%	10,700,974	+0.6%	$151.4M
IMTXImmatics NV	1.1%	1.3%	12,946,176	+0.6%	$131.1M
ZLABZai Lab Ltd	1.1%	1.2%	6,574,032	+0.0%	$124.9M
IMVTImmunovant Inc	1.0%	0.8%	3,177,849	+0.0%	$122.4M
BLTEBelite Bio Inc	0.9%	1.1%	715,332	+0.0%	$110.2M
XNCRXencor Inc	0.9%	0.8%	6,777,461	+0.0%	$109.1M
TSHATaysha Gene Therapies Inc	0.8%	0.6%	13,560,258	-0.9%	$92.3M
COGTCogent Biosciences Inc	0.8%	2.1%	2,309,021	-57.7%	$89.4M
ALKSAlkermes PLC	0.7%	0.6%	1,672,356	+0.0%	$87.6M
GPCRStructure Therapeutics F Unspo	0.7%	—	1,607,507	—	$86.3M
REPLReplimune Group Inc	0.7%	0.6%	7,411,581	+0.7%	$82.0M
CSTLCastle Biosciences Inc	0.6%	0.7%	2,778,335	+0.7%	$66.3M
CADLCandel Therapeutics Inc	0.6%	—	6,422,018	—	$66.1M
RCKTRocket Pharmaceuticals Inc	0.5%	0.6%	17,687,772	+0.0%	$60.5M
KODKodiak Sciences Inc	0.5%	0.6%	1,487,934	+0.0%	$58.0M
AKTSAktis Oncology Inc	0.4%	—	1,592,043	—	$51.3M
AXGNAxogen Inc	0.4%	—	1,011,576	—	$46.7M
DHRDanaher Corp Del	0.4%	—	230,000	—	$43.8M
CGEMCullinan Therapeutics Inc	0.4%	—	2,364,347	—	$43.1M
NGNENeurogene Inc	0.4%	—	1,362,456	—	$42.8M
HNGEHinge Health, Inc.	0.4%	0.7%	500,000	-74.1%	$41.5M
OBIOOrchestra Biomed Hldgs Inc	0.4%	0.4%	9,556,063	+15.0%	$41.2M

What Rtw Investments, LP bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +44.4% /yr; S&P 500 +20.1%
3 years: +20.6% /yr; S&P 500 +20.4%
5 years: +8.0% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$11.7B	84
Q1 2026	$10.0B	88
Q4 2025	$10.0B	91
Q3 2025	$8.1B	74
Q2 2025	$7.0B	73
Q1 2025	$6.5B	68
Q4 2024	$6.6B	72
Q3 2024	$6.9B	68
Q2 2024	$6.5B	68
Q1 2024	$6.8B	69
Q4 2023	$6.4B	64
Q3 2023	$4.7B	67

Questions about Rtw Investments, LP's portfolio

What stocks does Rtw Investments, LP own?

Rtw Investments, LP's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 84 positions worth $11.7B. The largest are Madrigal Pharmaceuticals Inc (MDGL) at 9.1%, Argenx SE (ARGNF) at 5.6%, Ptc Therapeutics Inc (PTCT) at 5.4%, Protagonist Therapeutics Inc (PTGX) at 5.3% and Cg Oncology Inc (CGON) at 5.2%.

What did Rtw Investments, LP buy last quarter?

In Q2 2026, Rtw Investments, LP added Ultragenyx Pharmaceutical in (RARE) (+113.7% shares), Oruka Therapeutics Inc (ORKA) (+52.5% shares) and Uniqure NV (QURE) (+52.4% shares), compared with its Q1 2026 filing.

What did Rtw Investments, LP sell last quarter?

In Q2 2026, Rtw Investments, LP cut from its top 50 Apogee Therapeutics Inc (APGE), cut from its top 50 Apellis Pharmaceuticals Inc (APLS), cut from its top 50 Intuitive Surgical Inc (ISRG), cut from its top 50 Centessa Pharmaceuticals PLC (CNTA), cut from its top 50 Crinetics Pharmaceuticals in (CRNX), Hinge Health, Inc. (HNGE) (-74.1% shares), Cogent Biosciences Inc (COGT) (-57.7% shares) and Natera Inc (NTRA) (-20.0% shares), compared with its Q1 2026 filing.

How has Rtw Investments, LP's portfolio performed?

A portfolio copying Rtw Investments, LP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +20.6% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +44.4% against +20.1%. Over 5 years: +8.0% a year against +11.6%.

When is Rtw Investments, LP's next 13F filing due?

13F filings are due 45 days after each quarter ends. Rtw Investments, LP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Rtw Investments, LP manage?

Rtw Investments, LP reported $14.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $11.7B.