Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
RA Capital Management
sector_healthcare
A
Reliability improving可靠性走强
leaderboard rank榜单排名 #13WATCH观察
Book持仓规模
$9.4B
long US listed only仅美股多头
Positions持仓数
85
94% resolved已解析
Top-10 concentration前十集中度
61%
% of book占组合%
Turnover换手
LOW
19.9% per quarter每季
Median excess中位超额
-4%
buys vs SPY, since filing买入相对SPY，自申报起 · n 25
Hit rate胜率
48%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: IT & Data — added WAY (+0.1pp of book this quarter)核心倾向：IT & Data — 本季度加仓 WAY（占组合 +0.1pp）
IT & DataIT & Data
+0.1pp
0.1% of book held占组合持有
· 1 names标的
· Healthcare & Biotech
WAY
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 9 scored quarters已评分季度 · 44% positive为正 · recent-4 median近4季中位 +21% vs all-time对全期 -19%
Median excess by quarter各季度中位超额: ▁▃▄▃▇█▆▄▆ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-12-31 | 2 | -76% | 0% | -31% |
| 2024-03-31 | 2 | -36% | 0% | -11% |
| 2024-06-30 | 2 | -25% | 0% | -17% |
| 2024-09-30 | 2 | -27% | 0% | -28% |
| 2024-12-31 | 2 | +28% | 100% | -13% |
| 2025-03-31 | 5 | +43% | 100% | -7% |
| 2025-09-30 | 3 | +18% | 67% | -20% |
| 2025-12-31 | 2 | -19% | 0% | -36% |
| 2026-03-31 | 5 | +23% | 60% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Healthcare
94.4%
▲ +15.7pp
Unclassified
5.6%
▼ -15.7pp
Rotating into (QoQ)轮入（环比）
Healthcare +15.7pp
Rotating out of (QoQ)轮出（环比）
no QoQ decreases无环比减持
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Healthcare 94% · Unclassified 6% · |
| 2025-12-31 | Healthcare 79% · Unclassified 21% · |
| 2025-09-30 | Healthcare 77% · Unclassified 23% · Basic Materials 0% |
| 2025-06-30 | Healthcare 81% · Unclassified 19% · |
| 2025-03-31 | Healthcare 82% · Unclassified 18% · |
| 2024-12-31 | Healthcare 77% · Unclassified 23% · |
| 2024-09-30 | Healthcare 79% · Unclassified 21% · |
| 2024-06-30 | Healthcare 75% · Unclassified 25% · |
| 2024-03-31 | Healthcare 73% · Unclassified 27% · |
| 2023-12-31 | Healthcare 60% · Unclassified 40% · |
| 2023-09-30 | Healthcare 62% · Unclassified 38% · |
| 2023-06-30 | Healthcare 58% · Unclassified 42% · |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。80 positions shown项持仓 · resolved已解析 80/85 (94%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  ASNDUSD |
Ascendis Pharma A/s - Adr | 24.9% | $2.4B | hold | +0% | — | 70 · HIGH | Healthcare | — | — |
| 2 |  PCVX |
Vaxcyte Inc | 7.1% | $667M | hold | +7% | — | 70 · MODERATE | Healthcare | — | +6% |
| 3 |  RYTM |
Rhythm Pharmaceuticals Inc | 6.1% | $580M | hold | +0% | — | 69 · MODERATE | Healthcare | — | — |
| 4 |  TYRA |
Tyra Biosciences Inc | 5.0% | $467M | hold | +0% | — | 69 · MODERATE | Healthcare | — | — |
| 5 |  SION |
Sionna Therapeutics Inc | 4.2% | $397M | hold | +0% | — | 68 · MODERATE | Healthcare | — | — |
| 6 |  EWTX |
Edgewise Therapeutics Inc | 3.5% | $328M | hold | +0% | — | 68 · MODERATE | Healthcare | — | — |
| 7 |  NUVL |
Nuvalent Inc-A | 2.8% | $260M | add | +35% | 3q | 82 · HIGH | Healthcare | — | — |
| 8 |  DNTH |
Dianthus Therapeutics Inc | 2.3% | $219M | add | +62% | 1q | 72 · HIGH | Healthcare | — | — |
| 9 |  MLYS |
Mineralys Therapeutics Inc | 2.2% | $208M | hold | +5% | — | 66 · MODERATE | Healthcare | — | — |
| 10 |  SGP |
Spyglass Pharma Inc | 2.2% | $208M | new | — | 1q | 71 · HIGH | Healthcare | — | -14% |
| 11 |  WVE |
Wave Life Sciences Ltd | 2.1% | $196M | add | +48% | 1q | 56 · MODERATE | Healthcare | — | — |
| 12 |  SEPN |
Septerna Inc | 1.8% | $168M | hold | +0% | — | 50 · MODERATE | Healthcare | — | — |
| 13 |  IRON |
Disc Medicine Inc | 1.7% | $157M | add | +24% | 2q | 60 · MODERATE | Healthcare | — | — |
| 14 |  JANX |
Janux Therapeutics Inc | 1.6% | $156M | hold | +0% | — | 49 · MODERATE | Healthcare | — | — |
| 15 |  BCRX |
Biocryst Pharmaceuticals Inc | 1.6% | $151M | hold | +0% | — | 49 · MODERATE | Healthcare | — | — |
| 16 |  BCAX |
Bicara Therapeutics Inc | 1.5% | $144M | hold | +4% | — | 48 · MODERATE | Healthcare | — | — |
| 17 |  PRAX |
Praxis Precision Medicines I | 1.3% | $120M | hold | +0% | — | 48 · MODERATE | Healthcare | — | — |
| 18 |  ZLAB |
Zai Lab Ltd-Adr | 1.1% | $107M | new | — | 1q | 43 · LOW | Healthcare | — | — |
| 19 |  TSHA |
Taysha Gene Therapies Inc | 1.1% | $105M | hold | +0% | — | 37 · LOW | Healthcare | — | — |
| 20 |  VOR |
Vor Biopharma Inc | 1.0% | $96M | hold | +0% | — | 37 · LOW | Healthcare | — | — |
| 21 |  GERN |
Geron Corp | 1.0% | $95M | hold | +0% | — | 36 · LOW | Healthcare | Aging Pharma | — |
| 22 |  SPRY |
Ars Pharmaceuticals Inc | 0.9% | $87M | hold | +0% | — | 36 · LOW | Healthcare | — | — |
| 23 |  SRPT |
Sarepta Therapeutics Inc | 0.9% | $85M | new | — | 1q | 30 · LOW | Healthcare | — | -4% |
| 24 |  SYRE |
Spyre Therapeutics Inc | 0.9% | $82M | hold | +0% | — | 35 · LOW | Healthcare | — | — |
| 25 |  EVMN |
Evommune Inc | 0.8% | $80M | hold | +1% | — | 34 · LOW | Healthcare | — | — |
| 26 |  CLYM |
Climb Bio Inc | 0.8% | $77M | hold | +0% | — | 34 · LOW | Healthcare | — | — |
| 27 |  SLDB |
Solid Biosciences Inc | 0.7% | $67M | add | +61% | 1q | 39 · LOW | Healthcare | — | — |
| 28 |  ARTV |
Artiva Biotherapeutics Inc | 0.7% | $63M | hold | +0% | — | 33 · LOW | Healthcare | — | — |
| 29 |  DMRA |
Damora Therapeutics Inc | 0.7% | $62M | new | — | 1q | 28 · LOW | Healthcare | — | — |
| 30 |  XNCR |
Xencor Inc | 0.6% | $59M | new | — | 1q | 37 · LOW | Healthcare | — | +67% |
| 31 |  LBRX |
Lb Pharmaceuticals Inc | 0.6% | $54M | hold | +0% | — | 32 · LOW | Healthcare | — | — |
| 32 |  JBIO |
Jade Biosciences Inc | 0.6% | $52M | hold | +0% | — | 31 · LOW | Healthcare | — | — |
| 33 |  ABOS |
Acumen Pharmaceuticals Inc | 0.5% | $50M | add | +41% | 1q | 36 · LOW | Healthcare | — | — |
| 34 |  FDMT |
4d Molecular Therapeutics In | 0.5% | $47M | trim | -11% | — | 31 · LOW | Healthcare | — | — |
| 35 |  FULC |
Fulcrum Therapeutics Inc | 0.5% | $46M | hold | +0% | — | 30 · LOW | Healthcare | — | — |
| 36 |  CAPR |
Capricor Therapeutics Inc | 0.5% | $46M | hold | +0% | — | 30 · LOW | Healthcare | — | — |
| 37 |  IPSC |
Century Therapeutics Inc | 0.4% | $40M | new | — | 1q | 24 · LOW | Healthcare | — | — |
| 38 |  OLMA |
Olema Pharmaceuticals Inc | 0.4% | $39M | hold | +0% | — | 29 · LOW | Healthcare | — | — |
| 39 |  LENZ |
Lenz Therapeutics Inc | 0.4% | $38M | hold | +0% | — | 29 · LOW | Healthcare | — | — |
| 40 |  MNPR |
Monopar Therapeutics Inc | 0.4% | $37M | hold | +0% | — | 28 · LOW | Healthcare | — | — |
| 41 |  PEPG |
Pepgen Inc | 0.4% | $36M | hold | +0% | — | 28 · LOW | — | — | — |
| 42 |  DSGN |
Design Therapeutics Inc | 0.3% | $32M | add | +103% | 3q | 42 · LOW | Healthcare | — | — |
| 43 |  MIRM |
Mirum Pharmaceuticals Inc | 0.3% | $29M | new | — | 1q | 22 · LOW | Healthcare | — | — |
| 44 |  BIOA |
Bioage Labs Inc | 0.3% | $29M | new | — | 1q | 32 · LOW | Healthcare | — | — |
| 45 |  LXEO |
Lexeo Therapeutics Inc | 0.3% | $29M | hold | +0% | — | 26 · LOW | Healthcare | — | — |
| 46 |  ASMB |
Assembly Biosciences Inc | 0.3% | $28M | hold | +0% | — | 26 · LOW | Healthcare | — | — |
| 47 |  RZLT |
Rezolute Inc | 0.3% | $28M | hold | +0% | — | 26 · LOW | Healthcare | — | — |
| 48 |  AKTS |
Aktis Oncology Inc | 0.3% | $27M | new | — | 1q | 19 · LOW | Healthcare | — | — |
| 49 |  ALXO |
Alx Oncology Holdings Inc | 0.3% | $26M | new | — | 1q | 19 · LOW | Healthcare | — | — |
| 50 |  ACRS |
Aclaris Therapeutics Inc | 0.3% | $26M | new | — | 1q | 29 · LOW | Healthcare | — | — |
| 51 |  OVID |
Ovid Therapeutics Inc | 0.2% | $24M | hold | +0% | — | 23 · LOW | Healthcare | — | — |
| 52 |  NKTX |
Nkarta Inc | 0.2% | $23M | hold | +0% | — | 23 · LOW | Healthcare | — | — |
| 53 |  TVTX |
Travere Therapeutics Inc | 0.2% | $22M | new | — | 1q | 28 · LOW | Healthcare | — | — |
| 54 |  GRAL |
Grail Inc | 0.2% | $22M | hold | +0% | — | 22 · LOW | Healthcare | — | — |
| 55 |  CCCC |
C4 Therapeutics Inc | 0.2% | $21M | hold | +0% | — | 21 · LOW | Healthcare | — | — |
| 56 |  RLMD |
Relmada Therapeutics Inc | 0.2% | $21M | new | — | 1q | 16 · LOW | Healthcare | — | — |
| 57 |  BNTC |
Benitec Biopharma Inc | 0.2% | $20M | hold | +0% | — | 20 · LOW | Healthcare | — | — |
| 58 |  DRUG |
Bright Minds Biosciences Inc | 0.2% | $19M | new | — | 1q | 25 · LOW | Healthcare | — | — |
| 59 |  STRO |
Sutro Biopharma Inc | 0.2% | $18M | new | — | 1q | 25 · LOW | Healthcare | — | — |
| 60 |  CTNM |
Contineum Therapeutics Inc-A | 0.2% | $17M | trim | -40% | — | 19 · LOW | Healthcare | — | — |
| 61 |  SABS |
Sab Biotherapeutics Inc | 0.2% | $17M | hold | +0% | — | 19 · LOW | Healthcare | — | — |
| 62 |  INSP |
Inspire Medical Systems Inc | 0.2% | $17M | add | +129% | 3q | 34 · LOW | Healthcare | — | +33% |
| 63 |  AVR |
Anteris Technologies Global | 0.2% | $17M | new | — | 1q | 14 · LOW | Healthcare | — | — |
| 64 |  OKUR |
Onkure Therapeutics Inc-A | 0.2% | $17M | new | — | 1q | 14 · LOW | Healthcare | — | — |
| 65 |  HNGE |
Hinge Health Inc-A | 0.1% | $14M | add | +355% | 2q | 27 · LOW | Healthcare | — | — |
| 66 |  WGS |
Genedx Holdings Corp | 0.1% | $13M | add | +262% | 1q | 22 · LOW | Healthcare | — | — |
| 67 | WAY |
Waystar Holding Corp | 0.1% | $13M | add | +267% | 2q | 27 · LOW | Healthcare | IT & Data | +23% |
| 68 |  PALI |
Palisade Bio Inc | 0.1% | $12M | hold | +0% | — | 16 · LOW | Healthcare | — | — |
| 69 |  ACRV |
Acrivon Therapeutics Inc | 0.1% | $12M | hold | +0% | — | 15 · LOW | — | — | — |
| 70 |  RNA |
Atrium Therapeutics Inc | 0.1% | $12M | new | — | 1q | 10 · LOW | — | — | — |
| 71 |  KPTI |
Karyopharm Therapeutics Inc | 0.1% | $11M | new | — | 1q | 9 · LOW | Healthcare | — | — |
| 72 |  AVTX |
Avalo Therapeutics Inc | 0.1% | $10M | hold | +0% | — | 14 · LOW | Healthcare | — | — |
| 73 |  ACET |
Adicet Bio Inc | 0.1% | $8M | add | +25% | 2q | 24 · LOW | — | — | — |
| 74 |  CRVS |
Corvus Pharmaceuticals Inc | 0.1% | $7M | new | — | 1q | 8 · LOW | Healthcare | — | — |
| 75 |  RANI |
Rani Therapeutics Holdings-A | 0.1% | $6M | hold | +0% | — | 13 · LOW | — | — | — |
| 76 |  EQ |
Equillium Inc | 0.1% | $6M | new | — | 1q | 8 · LOW | — | — | — |
| 77 |  HOWL |
Werewolf Therapeutics Inc | 0.1% | $6M | hold | +0% | — | 12 · LOW | — | — | — |
| 78 |  MGNX |
Macrogenics Inc | 0.1% | $5M | new | — | 1q | 17 · LOW | Healthcare | — | — |
| 79 |  MPLT |
Maplight Therapeutics Inc | 0.1% | $5M | new | — | 1q | 6 · LOW | Healthcare | — | — |
| 80 |  PTN |
Palatin Technologies Inc | 0.0% | $1M | hold | +0% | — | 10 · LOW | — | — | — |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (35)
| NUVL add |
2.8% | — |
| DNTH add |
2.3% | — |
| SGP new |
2.2% | -14% |
| WVE add |
2.1% | — |
| IRON add |
1.7% | — |
| ZLAB new |
1.1% | — |
| SRPT new |
0.9% | -4% |
| SLDB add |
0.7% | — |
| DMRA new |
0.7% | — |
| XNCR new |
0.6% | +67% |
| ABOS add |
0.5% | — |
| IPSC new |
0.4% | — |
| DSGN add |
0.3% | — |
| MIRM new |
0.3% | — |
| BIOA new |
0.3% | — |
| AKTS new |
0.3% | — |
| ALXO new |
0.3% | — |
| ACRS new |
0.3% | — |
| TVTX new |
0.2% | — |
| RLMD new |
0.2% | — |
| DRUG new |
0.2% | — |
| STRO new |
0.2% | — |
| INSP add |
0.2% | +33% |
| AVR new |
0.2% | — |
| OKUR new |
0.2% | — |
| HNGE add |
0.1% | — |
| WGS add |
0.1% | — |
| WAY add |
0.1% | +23% |
| RNA new |
0.1% | — |
| KPTI new |
0.1% | — |
| ACET add |
0.1% | — |
| CRVS new |
0.1% | — |
| EQ new |
0.1% | — |
| MGNX new |
0.1% | — |
| MPLT new |
0.1% | — |
Rotated out of轮出 (3)
| FDMT trim |
-11% | — |
| CTNM trim |
-40% | — |
 PGNY exit |
-100% | +36% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。