Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
RTW Investments
sector_healthcare
A
Reliability improving可靠性走强
leaderboard rank榜单排名 #5WATCH观察
Book持仓规模
$11.7B
long US listed only仅美股多头
Positions持仓数
84
95% resolved已解析
Top-10 concentration前十集中度
48%
% of book占组合%
Turnover换手
LOW
19.2% 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 179
Hit rate胜率
51%
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: Medical — added IRTC (+2.2pp of book this quarter)核心倾向：Medical — 本季度加仓 IRTC（占组合 +2.2pp）
MedicalMedical
+2.2pp
2.2% of book held占组合持有
· 1 names标的
· Wearables
IRTC
TelemedicineTelemedicine
+2.2pp
2.2% of book held占组合持有
· 1 names标的
· Healthcare & Biotech
IRTC
GLP-1 & ObesityGLP-1 与减肥药
+0.7pp
0.7% of book held占组合持有
· 1 names标的
· Healthcare
GPCR
Health Care (Equal-Weight)医疗保健（等权）
+0.4pp
0.4% of book held占组合持有
· 1 names标的
· US Sectors (EW)
DHR
TherapeuticsTherapeutics
+0.2pp
1.5% of book held占组合持有
· 3 names标的
· Healthcare & Biotech
DFTX
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 · 69% positive为正 · recent-4 median近4季中位 +9% vs all-time对全期 +8%
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 | 10 | -47% | 40% | -16% |
| 2023-09-30 | 9 | +214% | 67% | +18% |
| 2023-12-31 | 10 | +17% | 60% | -18% |
| 2024-03-31 | 17 | +19% | 59% | -3% |
| 2024-06-30 | 10 | +3% | 60% | +3% |
| 2024-09-30 | 8 | -50% | 12% | -47% |
| 2024-12-31 | 11 | +1% | 55% | -25% |
| 2025-03-31 | 12 | -12% | 33% | -5% |
| 2025-06-30 | 12 | +8% | 50% | +4% |
| 2025-09-30 | 14 | +20% | 57% | -14% |
| 2025-12-31 | 29 | +10% | 55% | -26% |
| 2026-03-31 | 20 | +8% | 65% | +15% |
| 2026-06-30 | 17 | -5% | 35% | — |
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
95.7%
▲ +0.1pp
Unclassified
4.3%
▲ +1.4pp
Theme categories主题类别
Healthcare 0.7%
US Sectors (EW) 0.4%
Rotating into (QoQ)轮入（环比）
Healthcare +0.1pp
Rotating out of (QoQ)轮出（环比）
Technology -1.5pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Healthcare 96% · Unclassified 4% · |
| 2026-03-31 | Healthcare 96% · Unclassified 3% · Technology 1% |
| 2025-12-31 | Healthcare 92% · Unclassified 6% · Technology 2% |
| 2025-09-30 | Healthcare 79% · Unclassified 21% · |
| 2025-06-30 | Healthcare 81% · Unclassified 19% · |
| 2025-03-31 | Healthcare 79% · Unclassified 21% · |
| 2024-12-31 | Healthcare 80% · Unclassified 20% · |
| 2024-09-30 | Healthcare 75% · Unclassified 25% · |
| 2024-06-30 | Healthcare 74% · Unclassified 26% · |
| 2024-03-31 | Healthcare 73% · Unclassified 27% · Basic Materials 0% |
| 2023-12-31 | Healthcare 74% · Unclassified 26% · |
| 2023-09-30 | Healthcare 73% · Unclassified 27% · |
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。80 positions shown项持仓 · resolved已解析 80/84 (95%) · 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 |  MDGL |
Madrigal Pharmaceuticals Inc | 9.1% | $1.1B | hold | +0% | — | 70 · HIGH | Healthcare | — | — |
| 2 |  ARGX |
Argenx Se | 5.6% | $658M | hold | +0% | — | 70 · MODERATE | Healthcare | — | +17% |
| 3 |  PTCT |
Ptc Therapeutics Inc | 5.4% | $632M | hold | +0% | — | 69 · MODERATE | Healthcare | — | -4% |
| 4 |  PTGX |
Protagonist Therapeutics Inc | 5.3% | $620M | hold | +0% | — | 69 · MODERATE | Healthcare | — | -5% |
| 5 |  CGON |
Cg Oncology Inc | 5.2% | $605M | add | +22% | 3q | 83 · HIGH | Healthcare | — | -2% |
| 6 |  INSM |
Insmed Inc | 4.4% | $516M | hold | +0% | — | 68 · MODERATE | Healthcare | — | +3% |
| 7 |  TNGX |
Tango Therapeutics Inc | 3.7% | $435M | hold | +4% | — | 67 · MODERATE | Healthcare | Oncology | -6% |
| 8 |  SYRE |
Spyre Therapeutics Inc | 3.2% | $377M | hold | +2% | — | 67 · MODERATE | Healthcare | — | -13% |
| 9 |  CELC |
Celcuity Inc | 3.0% | $346M | hold | +9% | — | 66 · MODERATE | Healthcare | — | -8% |
| 10 |  ERAS |
Erasca Inc | 2.8% | $329M | add | +11% | 3q | 81 · HIGH | Healthcare | — | -12% |
| 11 |  RDNT |
Radnet Inc | 2.5% | $299M | add | +13% | 1q | 56 · MODERATE | Healthcare | — | -5% |
| 12 |  ORKA |
Oruka Therapeutics Inc | 2.5% | $299M | add | +52% | 1q | 56 · MODERATE | Healthcare | — | -16% |
| 13 |  NTRA |
Natera Inc | 2.3% | $271M | trim | -20% | — | 50 · MODERATE | Healthcare | Diagnostics | +6% |
| 14 |  RARE |
Ultragenyx Pharmaceutical In | 2.2% | $260M | add | +114% | 2q | 59 · MODERATE | Healthcare | — | -44% |
| 15 | IRTC |
Irhythm Holdings Inc | 2.2% | $260M | add | +31% | 3q | 64 · MODERATE | Healthcare | Medical, Telemedicine | -2% |
| 16 |  CYTK |
Cytokinetics Inc | 2.1% | $244M | hold | +5% | — | 48 · MODERATE | Healthcare | — | +1% |
| 17 |  KLRA |
Kailera Therapeutics Inc | 2.0% | $237M | new | — | 1q | 53 · MODERATE | Healthcare | — | — |
| 18 |  ESTA |
Establishment Labs Hldgs Inc | 1.9% | $228M | hold | +0% | — | 48 · MODERATE | Healthcare | — | -9% |
| 19 |  GH |
Guardant Health Inc | 1.9% | $222M | hold | +0% | — | 47 · MODERATE | Healthcare | Oncology, Diagnostics, Genomics | +9% |
| 20 |  NBIX |
Neurocrine Biosciences Inc | 1.8% | $214M | add | +19% | 1q | 52 · MODERATE | Healthcare | — | +3% |
| 21 |  TARS |
Tarsus Pharmaceuticals Inc | 1.8% | $211M | hold | +0% | — | 46 · MODERATE | Healthcare | — | +20% |
| 22 |  STOK |
Stoke Therapeutics Inc | 1.6% | $184M | hold | +0% | — | 46 · MODERATE | Healthcare | — | — |
| 23 |  ACAD |
Acadia Pharmaceuticals Inc | 1.5% | $181M | hold | +0% | — | 45 · MODERATE | Healthcare | — | +0% |
| 24 |  RGEN |
Repligen Corp | 1.4% | $169M | hold | +3% | — | 45 · LOW | Healthcare | — | +1% |
| 25 |  URGN |
Urogen Pharma Ltd | 1.4% | $167M | hold | +0% | — | 44 · LOW | Healthcare | — | -10% |
| 26 |  IMCR |
Immunocore Hldgs Plc | 1.3% | $155M | hold | +0% | — | 44 · LOW | Healthcare | — | — |
| 27 |  CMPS |
Compass Pathways Plc | 1.3% | $151M | hold | +1% | — | 44 · LOW | Healthcare | Therapeutics | — |
| 28 |  ZLAB |
Zai Lab Ltd | 1.1% | $125M | hold | +0% | — | 33 · LOW | Healthcare | — | — |
| 29 |  IMVT |
Immunovant Inc | 1.1% | $122M | hold | +0% | — | 33 · LOW | Healthcare | — | -5% |
| 30 |  BLTE |
Belite Bio Inc | 0.9% | $110M | hold | +0% | — | 32 · LOW | Healthcare | — | +8% |
| 31 |  XNCR |
Xencor Inc | 0.9% | $109M | hold | +0% | — | 32 · LOW | Healthcare | — | +6% |
| 32 |  TSHA |
Taysha Gene Therapies Inc | 0.8% | $92M | hold | -1% | — | 31 · LOW | Healthcare | — | -11% |
| 33 |  COGT |
Cogent Biosciences Inc | 0.8% | $89M | trim | -58% | — | 31 · LOW | Healthcare | — | — |
| 34 |  ALKS |
Alkermes Plc | 0.8% | $88M | hold | +0% | — | 31 · LOW | Healthcare | — | -5% |
| 35 | GPCR |
Structure Therapeutics Inc | 0.7% | $86M | new | — | 1q | 35 · LOW | Healthcare | GLP-1 & Obesity | -27% |
| 36 |  REPL |
Replimune Group Inc | 0.7% | $82M | hold | +1% | — | 30 · LOW | Healthcare | — | -2% |
| 37 |  CSTL |
Castle Biosciences Inc | 0.6% | $66M | hold | +1% | — | 29 · LOW | Healthcare | — | — |
| 38 |  CADL |
Candel Therapeutics Inc | 0.6% | $66M | hold | +0% | — | 29 · LOW | Healthcare | — | — |
| 39 |  RCKT |
Rocket Pharmaceuticals Inc | 0.5% | $60M | hold | +0% | — | 28 · LOW | Healthcare | — | +6% |
| 40 |  KOD |
Kodiak Sciences Inc | 0.5% | $58M | hold | +0% | — | 28 · LOW | Healthcare | — | -14% |
| 41 |  AKTS |
Aktis Oncology Inc | 0.4% | $51M | hold | +0% | — | 28 · LOW | Healthcare | — | -5% |
| 42 |  AXGN |
Axogen Inc | 0.4% | $47M | new | — | 1q | 22 · LOW | Healthcare | — | -12% |
| 43 | DHR |
Danaher Corp Del | 0.4% | $44M | new | — | 1q | 32 · LOW | Healthcare | Health Care (Equal-Weight) | +2% |
| 44 |  CGEM |
Cullinan Therapeutics Inc | 0.4% | $43M | add | +39% | 1q | 32 · LOW | Healthcare | — | — |
| 45 |  NGNE |
Neurogene Inc | 0.4% | $43M | hold | +0% | — | 27 · LOW | Healthcare | — | — |
| 46 |  HNGE |
Hinge Health Inc | 0.3% | $42M | trim | -74% | — | 25 · LOW | Healthcare | — | +5% |
| 47 |  OBIO |
Orchestra Biomed Hldgs Inc | 0.3% | $41M | add | +15% | 1q | 30 · LOW | Healthcare | — | +24% |
| 48 |  SLDB |
Solid Biosciences Inc | 0.3% | $39M | new | — | 1q | 19 · LOW | Healthcare | — | — |
| 49 |  SVRA |
Savara Inc | 0.3% | $37M | hold | +0% | — | 24 · LOW | Healthcare | — | — |
| 50 |  AQST |
Aquestive Therapeutics Inc | 0.3% | $31M | hold | +0% | — | 24 · LOW | Healthcare | — | +14% |
| 51 |  KYMR |
Kymera Therapeutics Inc | 0.2% | $28M | hold | +0% | — | 23 · LOW | Healthcare | — | +1% |
| 52 |  VSTM |
Verastem Inc | 0.2% | $25M | hold | +1% | — | 23 · LOW | Healthcare | — | +22% |
| 53 |  DNTH |
Dianthus Therapeutics Inc | 0.2% | $24M | hold | +0% | — | 22 · LOW | Healthcare | — | -7% |
| 54 |  BBNX |
Beta Bionics Inc | 0.2% | $24M | trim | -25% | — | 22 · LOW | Healthcare | — | -4% |
| 55 |  IPSC |
Century Therapeutics Inc | 0.2% | $21M | hold | +0% | — | 21 · LOW | Healthcare | — | +11% |
| 56 |  EVMN |
Evommune Inc | 0.2% | $20M | hold | +0% | — | 21 · LOW | Healthcare | — | — |
| 57 |  BEAM |
Beam Therapeutics Inc | 0.2% | $20M | hold | +0% | — | 21 · LOW | Healthcare | Next-Gen | -9% |
| 58 | DFTX |
Definium Therapeutics Inc | 0.2% | $19M | add | +33% | 2q | 30 · LOW | Healthcare | Therapeutics | -7% |
| 59 |  IDYA |
Ideaya Biosciences Inc | 0.1% | $14M | new | — | 1q | 25 · LOW | Healthcare | — | — |
| 60 |  ATAI |
Ataibeckley Inc | 0.1% | $11M | hold | +0% | — | 19 · LOW | Healthcare | Therapeutics | +3% |
| 61 |  MIST |
Milestone Pharmaceuticals In | 0.1% | $10M | add | +24% | 2q | 29 · LOW | — | — | +4% |
| 62 |  OCGN |
Ocugen Inc | 0.1% | $10M | hold | +0% | — | 19 · LOW | Healthcare | — | -0% |
| 63 |  TENX |
Tenax Therapeutics Inc | 0.1% | $10M | add | +88% | 1q | 24 · LOW | Healthcare | — | +5% |
| 64 |  HTFL |
Heartflow Inc | 0.1% | $9M | trim | -40% | — | 17 · LOW | Healthcare | — | +17% |
| 65 |  WVE |
Wave Life Sciences Ltd | 0.1% | $8M | hold | +0% | — | 17 · LOW | Healthcare | — | -14% |
| 66 |  LRMR |
Larimar Therapeutics Inc | 0.1% | $8M | add | +71% | 1q | 22 · LOW | Healthcare | — | -5% |
| 67 |  LMRI |
Lumexa Imaging Holdings Inc | 0.1% | $7M | hold | +0% | — | 16 · LOW | Healthcare | — | — |
| 68 |  ALLO |
Allogene Therapeutics Inc | 0.1% | $7M | new | — | 1q | 11 · LOW | Healthcare | — | -12% |
| 69 |  CBIO |
Crescent Biopharma Inc. | 0.1% | $7M | hold | +0% | — | 16 · LOW | Healthcare | — | — |
| 70 |  FDMT |
4d Molecular Therapeutics In | 0.1% | $6M | hold | +0% | — | 15 · LOW | Healthcare | — | +10% |
| 71 |  MAZE |
Maze Therapeutics Inc | 0.1% | $6M | new | — | 1q | 10 · LOW | Healthcare | — | — |
| 72 |  CAPR |
Capricor Therapeutics Inc | 0.1% | $6M | hold | +0% | — | 15 · LOW | Healthcare | — | +27% |
| 73 |  KLRS |
Kalaris Therapeutics Inc | 0.1% | $5M | hold | +0% | — | 15 · LOW | — | — | -10% |
| 74 |  ABVX |
Abivax Sa | 0.0% | $4M | new | — | 1q | 18 · LOW | Healthcare | — | +1% |
| 75 |  AVTX |
Avalo Therapeutics Inc | 0.0% | $3M | trim | -80% | — | 13 · LOW | Healthcare | — | -16% |
| 76 |  MDLN |
Medline Inc | 0.0% | $3M | hold | +0% | — | 12 · LOW | Healthcare | — | -2% |
| 77 |  IRON |
Disc Medicine Inc | 0.0% | $2M | hold | +0% | — | 12 · LOW | Healthcare | — | +1% |
| 78 |  IMA |
Imagenebio Inc | 0.0% | $2M | hold | +0% | — | 12 · LOW | — | — | — |
| 79 |  XGN |
Exagen Inc | 0.0% | $906750 | trim | -51% | — | 11 · LOW | — | — | — |
| 80 |  RCKTW |
Rocket Pharmaceuticals Inc | 0.0% | $1190 | 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 (22)
| CGON add |
5.2% | -2% |
| ERAS add |
2.8% | -12% |
| RDNT add |
2.5% | -5% |
| ORKA add |
2.5% | -16% |
| RARE add |
2.2% | -44% |
| IRTC add |
2.2% | -2% |
| KLRA new |
2.0% | — |
| NBIX add |
1.8% | +3% |
| GPCR new |
0.7% | -27% |
| AXGN new |
0.4% | -12% |
| DHR new |
0.4% | +2% |
| CGEM add |
0.4% | — |
| OBIO add |
0.3% | +24% |
| SLDB new |
0.3% | — |
| DFTX add |
0.2% | -7% |
| IDYA new |
0.1% | — |
| MIST add |
0.1% | +4% |
| TENX add |
0.1% | +5% |
| LRMR add |
0.1% | -5% |
| ALLO new |
0.1% | -12% |
| MAZE new |
0.1% | — |
| ABVX new |
0.0% | +1% |
Rotated out of轮出 (16)
| NTRA trim |
-20% | +6% |
| COGT trim |
-58% | — |
| HNGE trim |
-74% | +5% |
| BBNX trim |
-25% | -4% |
| HTFL trim |
-40% | +17% |
| AVTX trim |
-80% | -16% |
| XGN trim |
-51% | — |
 ARWR exit |
-100% | -3% |
 CMPX exit |
-100% | -10% |
 CRNX exit |
-100% | -0% |
 ISRG exit |
-100% | -2% |
 IVA exit |
-100% | +5% |
 JBIO exit |
-100% | -20% |
 OMDA exit |
-100% | -9% |
 SYK exit |
-100% | -15% |
 WAY exit |
-100% | -4% |
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。