RTW Investments Portfolio
13F Holdings & Position Changes — Last filed Aug 14, 2026
13F Holdings & Position Changes — Last filed Aug 14, 2026
Data-driven biotech fund led by a physician-investor who combines clinical expertise with quantitative analysis. RTW takes concentrated positions across the biotech lifecycle, from crossover privates to public equities, with a focus on therapeutic areas where clinical data can be independently modeled.
RTW Investments is a $10B biotech-focused hedge fund managed by Roderick Wong, MD. As of their latest 13F filing (Q2 2026), the fund holds 81 positions worth $11.6B. This quarter they initiated 5 new positions and exited 76. Their largest holding is MDGL ($1.1B).
RTW initiated 5 new positions and increased 28 this quarter. Portfolio grew +13.9% to $11.6B. 336 upcoming catalysts across holdings.
Portfolio Value (13F)
$11.6B
Holdings
81
Top 10 Concentration
48.0%
QoQ Change
+13.9%
Turnover
2.9%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | MDGL | Madrigal Pharmaceuticals Inc. | $1.1B | 9.19% | 10.3% | ||
| 2 | ARGX | argenx SE | $658.2M | 5.65% | 3.3% | ||
| 3 | PTCT | PTC Therapeutics Inc. | $631.9M | 5.43% | 16.6% | ||
| 4 | PTGX | Protagonist Therapeutics Inc. | Held | $620.4M | 5.33% | 14.0% | |
| 5 | CGON | CG Oncology, Inc. | Increased↑5Q | $605.0M | 5.20% | 12.9% | |
| 6 | INSM | Insmed Incorporated | $516.3M | 4.43% | 9.9% | ||
| 7 | TNGX | Tango Therapeutics Inc. | Increased↑3Q | $434.5M | 3.73% | 25.9% | |
| 8 | SYRE | Spyre Therapeutics, Inc. | Increased↑3Q | $377.5M | 3.24% | 15.6% | |
| 9 | CELC | Celcuity Inc. | Increased↑3Q | $345.8M | 2.97% | 32.3% | |
| 10 | ERAS | Erasca Inc. | Increased↑3Q | $328.8M | 2.82% | 12.3% |
Share changes reflect active decisions. Value changes include price moves.
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RTW Investments held 81 biotech stocks in their 13F portfolio this quarter. Their top positions include MDGL, ARGX, PTCT, PTGX, CGON. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
RTW Investments's tracked biotech portfolio is worth $11.6B across 81 positions, with total assets under management of approximately $10B. Portfolio values are based on 13F filings with the SEC.
RTW Investments initiated 5 new positions this quarter, including KLRA, AXGN, SLDB, ALLO, MAZE. They also increased 28 existing positions.
RTW Investments fully exited 76 positions this quarter, including MLTX, PODD, SLNO, VRNA, HZNP and 71 more. They also trimmed 9 existing positions.
Data-driven biotech fund led by a physician-investor who combines clinical expertise with quantitative analysis. RTW takes concentrated positions across the biotech lifecycle, from crossover privates to public equities, with a focus on therapeutic areas where clinical data can be independently modeled.
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