Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
RA Capital Management
sector_healthcare
A
Reliability improving可靠性走强
leaderboard rank榜单排名 #10WATCH观察
Book持仓规模
$11.5B
long US listed only仅美股多头
Positions持仓数
84
90% resolved已解析
Top-10 concentration前十集中度
60%
% of book占组合%
Turnover换手
LOW
21.7% per quarter每季
Median excess中位超额
-2%
buys vs SPY, since filing买入相对SPY，自披露起 · n 154
Hit rate胜率
49%
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: Therapeutics — added DFTX, SANA (+1.2pp of book this quarter)核心倾向：Therapeutics — 本季度加仓 DFTX、SANA（占组合 +1.2pp）
TherapeuticsTherapeutics
+1.2pp
1.2% of book held占组合持有
· 2 names标的
· Healthcare & Biotech
DFTX
SANA
Next-GenNext-Gen
+0.7pp
0.7% of book held占组合持有
· 1 names标的
· Healthcare & Biotech
NTLA
GenomicsGenomics
+0.7pp
0.7% of book held占组合持有
· 1 names标的
· Healthcare & Biotech
NTLA
GLP-1 & ObesityGLP-1 与减肥药
+0.2pp
0.2% of book held占组合持有
· 1 names标的
· Healthcare
ALT
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——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，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 13 scored quarters已评分季度 · 46% positive为正 · recent-4 median近4季中位 +3% vs all-time对全期 -9%
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 |
|---|---|---|---|---|
| 2023-06-30 | 3 | -100% | 33% | -17% |
| 2023-09-30 | 9 | -56% | 33% | +55% |
| 2023-12-31 | 6 | -118% | 17% | -35% |
| 2024-03-31 | 14 | -92% | 21% | -23% |
| 2024-06-30 | 9 | -23% | 44% | -6% |
| 2024-09-30 | 8 | -23% | 25% | -41% |
| 2024-12-31 | 12 | +29% | 67% | -21% |
| 2025-03-31 | 13 | +40% | 69% | -4% |
| 2025-06-30 | 7 | +57% | 71% | +9% |
| 2025-09-30 | 11 | +2% | 55% | -7% |
| 2025-12-31 | 20 | +5% | 55% | -12% |
| 2026-03-31 | 27 | +14% | 70% | +20% |
| 2026-06-30 | 15 | -9% | 27% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Healthcare
60.6%
▼ -33.8pp
Unclassified
39.4%
▲ +33.8pp
Theme categories主题类别
Healthcare 0.2%
Rotating into (QoQ)轮入（环比）
no QoQ increases无环比增持
Rotating out of (QoQ)轮出（环比）
Healthcare -33.8pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Healthcare 61% · Unclassified 39% · |
| 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% · |
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.截至披露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。76 positions shown项持仓 · resolved已解析 76/84 (90%) · 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自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  PBLS |
Parabilis Medicines Inc | 6.9% | $792M | new | — | 1q | 75 · HIGH | — | — | +5% |
| 2 |  RYTM |
Rhythm Pharmaceuticals Inc | 6.4% | $740M | hold | +0% | — | 70 · MODERATE | Healthcare | — | -11% |
| 3 |  PCVX |
Vaxcyte Inc | 5.8% | $667M | hold | +0% | — | 69 · MODERATE | Healthcare | — | +0% |
| 4 |  SION |
Sionna Therapeutics Inc | 3.8% | $436M | hold | +0% | — | 69 · MODERATE | Healthcare | — | +28% |
| 5 |  TYRA |
Tyra Biosciences Inc | 3.4% | $390M | hold | +0% | — | 68 · MODERATE | Healthcare | — | — |
| 6 |  EWTX |
Edgewise Therapeutics Inc | 3.0% | $341M | trim | -20% | — | 68 · MODERATE | Healthcare | — | +2% |
| 7 |  COAG |
Hemab Therapeutics Holdings | 2.5% | $287M | new | — | 1q | 72 · HIGH | — | — | -25% |
| 8 |  SEPN |
Septerna Inc | 2.0% | $234M | hold | +0% | — | 67 · MODERATE | Healthcare | — | -13% |
| 9 |  BCAX |
Bicara Therapeutics Inc | 1.9% | $215M | hold | +0% | — | 66 · MODERATE | Healthcare | — | -7% |
| 10 |  MLYS |
Mineralys Therapeutics Inc | 1.8% | $208M | hold | +0% | — | 66 · MODERATE | Healthcare | — | +20% |
| 11 |  IRON |
Disc Medicine Inc | 1.6% | $179M | hold | +0% | — | 50 · MODERATE | Healthcare | — | -1% |
| 12 |  SGP |
Spyglass Pharma Inc | 1.6% | $179M | hold | +0% | — | 50 · MODERATE | Healthcare | — | +13% |
| 13 |  ARTV |
Artiva Biotherapeutics Inc | 1.5% | $174M | add | +82% | 1q | 54 · MODERATE | Healthcare | — | -12% |
| 14 |  JANX |
Janux Therapeutics Inc | 1.5% | $172M | hold | +0% | — | 49 · MODERATE | Healthcare | — | — |
| 15 |  TSHA |
Taysha Gene Therapies Inc | 1.4% | $160M | hold | +0% | — | 49 · MODERATE | Healthcare | — | -15% |
| 16 |  BCRX |
Biocryst Pharmaceuticals Inc | 1.4% | $158M | hold | +0% | — | 48 · MODERATE | Healthcare | — | -17% |
| 17 |  WVE |
Wave Life Sciences Ltd | 1.4% | $157M | hold | +0% | — | 48 · MODERATE | Healthcare | — | -9% |
| 18 |  NUVL |
Nuvalent Inc-A | 1.3% | $154M | trim | -51% | — | 47 · MODERATE | Healthcare | — | — |
| 19 |  ABVX |
Abivax Sa-Adr | 1.3% | $151M | new | — | 1q | 42 · LOW | Healthcare | — | -1% |
| 20 |  ORKA |
Oruka Therapeutics Inc | 1.3% | $148M | new | — | 1q | 41 · LOW | Healthcare | — | -17% |
| 21 |  CLYM |
Climb Bio Inc | 1.3% | $147M | hold | +0% | — | 46 · MODERATE | Healthcare | — | — |
| 22 |  SLDB |
Solid Biosciences Inc | 1.0% | $120M | add | +29% | 2q | 55 · MODERATE | Healthcare | — | — |
| 23 |  ZLAB |
Zai Lab Ltd-Adr | 0.9% | $109M | hold | +1% | — | 45 · LOW | Healthcare | — | — |
| 24 |  SPRY |
Ars Pharmaceuticals Inc | 0.8% | $87M | hold | +0% | — | 34 · LOW | Healthcare | — | -17% |
| 25 |  XNCR |
Xencor Inc | 0.7% | $85M | hold | +8% | — | 34 · LOW | Healthcare | — | +7% |
| 26 |  JBIO |
Jade Biosciences Inc | 0.7% | $82M | hold | +0% | — | 34 · LOW | Healthcare | — | -16% |
| 27 | NTLA |
Intellia Therapeutics Inc | 0.7% | $77M | new | — | 1q | 28 · LOW | Healthcare | Next-Gen, Genomics | +6% |
| 28 |  LBRX |
Lb Pharmaceuticals Inc | 0.6% | $72M | hold | +0% | — | 33 · LOW | Healthcare | — | +8% |
| 29 | DFTX |
Definium Therapeutics Inc | 0.6% | $71M | new | — | 1q | 27 · LOW | Healthcare | Therapeutics | -13% |
| 30 |  ACRS |
Aclaris Therapeutics Inc | 0.6% | $67M | add | +87% | 2q | 42 · LOW | Healthcare | — | -9% |
| 31 |  FDMT |
4d Molecular Therapeutics In | 0.6% | $67M | hold | +0% | — | 32 · LOW | Healthcare | — | -8% |
| 32 | SANA |
Sana Biotechnology Inc | 0.6% | $65M | new | — | 1q | 26 · LOW | Healthcare | Therapeutics | -13% |
| 33 |  DMRA |
Damora Therapeutics Inc | 0.5% | $62M | hold | +0% | — | 30 · LOW | Healthcare | — | -9% |
| 34 |  MNPR |
Monopar Therapeutics Inc | 0.5% | $62M | hold | +0% | — | 30 · LOW | Healthcare | — | — |
| 35 |  ABOS |
Acumen Pharmaceuticals Inc | 0.5% | $56M | hold | +0% | — | 29 · LOW | Healthcare | — | +11% |
| 36 |  GERN |
Geron Corp | 0.5% | $55M | trim | -33% | — | 29 · LOW | Healthcare | Aging Pharma | — |
| 37 |  RZLT |
Rezolute Inc | 0.4% | $49M | hold | +3% | — | 28 · LOW | Healthcare | — | — |
| 38 |  EVMN |
Evommune Inc | 0.4% | $46M | hold | +0% | — | 28 · LOW | Healthcare | — | — |
| 39 |  VOR |
Vor Biopharma Inc | 0.4% | $44M | trim | -56% | — | 28 · LOW | Healthcare | — | -1% |
| 40 |  IPSC |
Century Therapeutics Inc | 0.4% | $43M | hold | +0% | — | 28 · LOW | Healthcare | — | +9% |
| 41 |  AKTS |
Aktis Oncology Inc | 0.4% | $42M | trim | -13% | — | 27 · LOW | Healthcare | — | -5% |
| 42 |  BIOA |
Bioage Labs Inc | 0.4% | $41M | hold | +1% | — | 26 · LOW | Healthcare | — | -17% |
| 43 |  CCCC |
C4 Therapeutics Inc | 0.3% | $37M | hold | +0% | — | 26 · LOW | Healthcare | — | — |
| 44 |  MIRM |
Mirum Pharmaceuticals Inc | 0.3% | $37M | hold | +0% | — | 26 · LOW | Healthcare | — | +1% |
| 45 |  CAPR |
Capricor Therapeutics Inc | 0.3% | $36M | hold | +0% | — | 26 · LOW | Healthcare | — | +13% |
| 46 |  PEPG |
Pepgen Inc | 0.3% | $36M | hold | +0% | — | 24 · LOW | — | — | — |
| 47 |  PRLD |
Prelude Therapeutics Inc | 0.3% | $35M | new | — | 1q | 19 · LOW | Healthcare | — | — |
| 48 |  NKTX |
Nkarta Inc | 0.3% | $31M | hold | +0% | — | 23 · LOW | Healthcare | — | +34% |
| 49 |  QTTB |
Q32 Bio Inc | 0.3% | $30M | new | — | 1q | 18 · LOW | — | — | -29% |
| 50 |  AVR |
Anteris Technologies Global | 0.3% | $30M | hold | +0% | — | 23 · LOW | Healthcare | — | -10% |
| 51 |  EDIT |
Editas Medicine Inc | 0.2% | $29M | new | — | 1q | 17 · LOW | Healthcare | — | -4% |
| 52 |  OVID |
Ovid Therapeutics Inc | 0.2% | $28M | hold | -2% | — | 22 · LOW | Healthcare | — | — |
| 53 |  ASMB |
Assembly Biosciences Inc | 0.2% | $28M | hold | +0% | — | 21 · LOW | Healthcare | — | +0% |
| 54 |  ALXO |
Alx Oncology Holdings Inc | 0.2% | $27M | hold | +0% | — | 21 · LOW | Healthcare | — | -2% |
| 55 |  BNTC |
Benitec Biopharma Inc | 0.2% | $25M | hold | +0% | — | 20 · LOW | Healthcare | — | — |
| 56 |  LENZ |
Lenz Therapeutics Inc | 0.2% | $24M | hold | +0% | — | 20 · LOW | Healthcare | — | — |
| 57 |  LXEO |
Lexeo Therapeutics Inc | 0.2% | $23M | hold | +0% | — | 19 · LOW | Healthcare | — | — |
| 58 |  ACRV |
Acrivon Therapeutics Inc | 0.2% | $22M | add | +47% | 1q | 24 · LOW | — | — | — |
| 59 | ALT |
Altimmune Inc | 0.2% | $20M | new | — | 1q | 13 · LOW | Healthcare | GLP-1 & Obesity | +12% |
| 60 |  KPTI |
Karyopharm Therapeutics Inc | 0.2% | $19M | hold | +0% | — | 18 · LOW | Healthcare | — | -4% |
| 61 |  DRUG |
Bright Minds Biosciences Inc | 0.2% | $19M | hold | +0% | — | 18 · LOW | Healthcare | — | — |
| 62 |  AVTX |
Avalo Therapeutics Inc | 0.2% | $18M | add | +51% | 1q | 23 · LOW | Healthcare | — | -18% |
| 63 |  OKUR |
Onkure Therapeutics Inc-A | 0.2% | $18M | hold | +0% | — | 18 · LOW | Healthcare | — | -16% |
| 64 |  FTH |
Faeth Therapeutics Inc | 0.2% | $18M | new | — | 1q | 13 · LOW | — | — | +15% |
| 65 |  AURA |
Aura Biosciences Inc | 0.1% | $18M | new | — | 1q | 10 · LOW | Healthcare | — | -8% |
| 66 |  SABS |
Sab Biotherapeutics Inc | 0.1% | $17M | hold | +0% | — | 16 · LOW | Healthcare | — | — |
| 67 |  SPTX |
Seaport Therapeutics Inc | 0.1% | $15M | new | — | 1q | 10 · LOW | — | — | — |
| 68 |  PALI |
Palisade Bio Inc | 0.1% | $15M | hold | +0% | — | 15 · LOW | Healthcare | — | -2% |
| 69 |  WAY |
Waystar Holding Corp | 0.1% | $11M | hold | +0% | — | 14 · LOW | Healthcare | IT & Data | -4% |
| 70 |  EQ |
Equillium Inc | 0.1% | $10M | hold | +0% | — | 14 · LOW | — | — | — |
| 71 |  MGNX |
Macrogenics Inc | 0.1% | $9M | hold | +0% | — | 13 · LOW | Healthcare | — | +7% |
| 72 |  ACET |
Adicet Bio Inc | 0.1% | $8M | trim | -21% | — | 13 · LOW | — | — | — |
| 73 |  CRVS |
Corvus Pharmaceuticals Inc | 0.1% | $7M | hold | +0% | — | 12 · LOW | Healthcare | — | -12% |
| 74 |  RANI |
Rani Therapeutics Holdings-A | 0.1% | $6M | hold | +0% | — | 12 · LOW | — | — | +7% |
| 75 |  HOWL |
Werewolf Therapeutics Inc | 0.0% | $859349 | trim | -64% | — | 11 · LOW | — | — | +138% |
| 76 |  PTN |
Palatin Technologies Inc | 0.0% | $670318 | trim | -11% | — | 11 · LOW | — | — | +25% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，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 (19)
| PBLS new |
6.9% | +5% |
| COAG new |
2.5% | -25% |
| ARTV add |
1.5% | -12% |
| ABVX new |
1.3% | -1% |
| ORKA new |
1.3% | -17% |
| SLDB add |
1.0% | — |
| NTLA new |
0.7% | +6% |
| DFTX new |
0.6% | -13% |
| ACRS add |
0.6% | -9% |
| SANA new |
0.6% | -13% |
| PRLD new |
0.3% | — |
| QTTB new |
0.3% | -29% |
| EDIT new |
0.2% | -4% |
| ACRV add |
0.2% | — |
| ALT new |
0.2% | +12% |
| AVTX add |
0.2% | -18% |
| FTH new |
0.2% | +15% |
| AURA new |
0.1% | -8% |
| SPTX new |
0.1% | — |
Rotated out of轮出 (18)
| EWTX trim |
-20% | +2% |
| NUVL trim |
-51% | — |
| GERN trim |
-33% | — |
| VOR trim |
-56% | -1% |
| AKTS trim |
-13% | -5% |
| ACET trim |
-21% | — |
| HOWL trim |
-64% | +138% |
| PTN trim |
-11% | +25% |
 DNTH exit |
-100% | -6% |
 FULC exit |
-100% | +0% |
 GRAL exit |
-100% | +10% |
 HNGE exit |
-100% | +5% |
 INSP exit |
-100% | +31% |
 OLMA exit |
-100% | +0% |
 RLMD exit |
-100% | -13% |
 RNA exit |
-100% | -18% |
 SRPT exit |
-100% | +15% |
 SYRE exit |
-100% | -15% |
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，以披露日为锚，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, reported long positions from managers with at least $100M in Section 13(f) securities. 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——衡量披露日之后持仓的表现，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。