Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
RTW Investments
sector_healthcare
D
Reliability improving可靠性走强
leaderboard rank榜单排名 #37WATCH观察
Book持仓规模
$10.0B
long US listed only仅美股多头
Positions持仓数
88
96% resolved已解析
Top-10 concentration前十集中度
50%
% of book占组合%
Turnover换手
LOW
19.1% per quarter每季
Median excess中位超额
-20%
buys vs SPY, since filing买入相对SPY，自申报起 · n 54
Hit rate胜率
37%
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: Oncology — added TNGX (+2.8pp of book this quarter)核心倾向：Oncology — 本季度加仓 TNGX（占组合 +2.8pp）
OncologyOncology
+2.8pp
4.1% of book held占组合持有
· 2 names标的
· Healthcare & Biotech
TNGX
MedicalMedical
+2.0pp
2.0% of book held占组合持有
· 1 names标的
· Wearables
IRTC
TelemedicineTelemedicine
+2.0pp
2.0% of book held占组合持有
· 1 names标的
· Healthcare & Biotech
IRTC
Robotics & Automation机器人与自动化
+1.0pp
1.0% of book held占组合持有
· 1 names标的
· Industrials
ISRG
Health Care (Equal-Weight)医疗保健（等权）
+1.0pp
1.3% of book held占组合持有
· 2 names标的
· US Sectors (EW)
ISRG
TherapeuticsTherapeutics
+0.7pp
0.7% of book held占组合持有
· 3 names标的
· Healthcare & Biotech
CMPS
ATAI
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 · 12 scored quarters已评分季度 · 25% positive为正 · recent-4 median近4季中位 +5% vs all-time对全期 -17%
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 | 5 | -56% | 40% | -17% |
| 2023-09-30 | 4 | -59% | 25% | +14% |
| 2023-12-31 | 3 | +4% | 67% | -0% |
| 2024-03-31 | 7 | -39% | 29% | +4% |
| 2024-06-30 | 5 | -12% | 20% | +4% |
| 2024-09-30 | 2 | -45% | 0% | -18% |
| 2024-12-31 | 4 | -21% | 25% | -17% |
| 2025-03-31 | 7 | -26% | 29% | -7% |
| 2025-06-30 | 6 | -13% | 50% | +0% |
| 2025-09-30 | 2 | +30% | 100% | -8% |
| 2025-12-31 | 6 | -13% | 33% | -32% |
| 2026-03-31 | 3 | +23% | 67% | — |
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
95.7%
▲ +4.1pp
Unclassified
2.8%
▼ -3.7pp
Technology
1.5%
▼ -0.5pp
Theme categories主题类别
Industrials 1.0%
US Sectors (EW) 0.3%
Rotating into (QoQ)轮入（环比）
Healthcare +4.1pp
Rotating out of (QoQ)轮出（环比）
Technology -0.5pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 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% · |
| 2023-06-30 | Healthcare 75% · Unclassified 25% · |
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。84 positions shown项持仓 · resolved已解析 84/88 (96%) · 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 |  MDGL |
Madrigal Pharmaceuticals Inc | 10.4% | $1.0B | hold | +0% | — | 70 · HIGH | Healthcare | — | — |
| 2 |  INSM |
Insmed Inc | 7.9% | $792M | hold | +0% | — | 70 · MODERATE | Healthcare | — | — |
| 3 |  PTGX |
Protagonist Therapeutics Inc | 5.3% | $533M | hold | +0% | — | 69 · MODERATE | Healthcare | — | +31% |
| 4 |  PTCT |
Ptc Therapeutics Inc | 5.2% | $528M | hold | +0% | — | 69 · MODERATE | Healthcare | — | +9% |
| 5 |  ARGX |
Argenx Se | 5.2% | $518M | hold | +5% | — | 68 · MODERATE | Healthcare | — | — |
| 6 |  CGON |
Cg Oncology Inc | 4.7% | $473M | add | +247% | 2q | 78 · HIGH | Healthcare | — | — |
| 7 |  CELC |
Celcuity Inc | 3.5% | $347M | add | +452% | 2q | 78 · HIGH | Healthcare | — | — |
| 8 | TNGX |
Tango Therapeutics Inc | 2.8% | $278M | add | +792% | 2q | 77 · HIGH | Healthcare | Oncology | — |
| 9 |  ERAS |
Erasca Inc | 2.6% | $261M | add | +10917% | 2q | 77 · HIGH | Healthcare | — | — |
| 10 |  NTRA |
Natera Inc | 2.5% | $250M | trim | -17% | — | 66 · MODERATE | Healthcare | Diagnostics | — |
| 11 |  RDNT |
Radnet Inc | 2.4% | $239M | hold | +9% | — | 51 · MODERATE | Healthcare | — | +15% |
| 12 |  TARS |
Tarsus Pharmaceuticals Inc | 2.3% | $235M | hold | +0% | — | 50 · MODERATE | Healthcare | — | — |
| 13 |  APGE |
Apogee Therapeutics Inc | 2.3% | $234M | hold | +3% | — | 50 · MODERATE | Healthcare | — | — |
| 14 |  SYRE |
Spyre Therapeutics Inc | 2.1% | $210M | hold | +0% | — | 50 · MODERATE | Healthcare | — | — |
| 15 |  COGT |
Cogent Biosciences Inc | 2.1% | $210M | trim | -28% | — | 50 · MODERATE | Healthcare | — | — |
| 16 | IRTC |
Irhythm Holdings Inc | 2.0% | $197M | add | +41% | 2q | 59 · MODERATE | Healthcare | Medical, Telemedicine | — |
| 17 |  STOK |
Stoke Therapeutics Inc | 1.8% | $183M | hold | +1% | — | 48 · MODERATE | Healthcare | — | — |
| 18 |  CYTK |
Cytokinetics Inc | 1.8% | $179M | hold | +0% | — | 48 · MODERATE | Healthcare | — | +4% |
| 19 |  ACAD |
Acadia Pharmaceuticals Inc | 1.6% | $159M | hold | +0% | — | 48 · MODERATE | Healthcare | — | +17% |
| 20 |  ESTA |
Establishment Labs Hldgs Inc | 1.5% | $151M | hold | +3% | — | 47 · MODERATE | Healthcare | — | — |
| 21 |  APLSUSD |
Apellis Pharmaceuticals Inc | 1.5% | $148M | trim | -52% | — | 47 · MODERATE | Technology | — | — |
| 22 |  IMCR |
Immunocore Hldgs Plc | 1.5% | $147M | hold | +0% | — | 46 · MODERATE | Healthcare | — | — |
| 23 |  RGEN |
Repligen Corp | 1.4% | $142M | add | +13% | 2q | 56 · MODERATE | Healthcare | — | +41% |
| 24 |  NBIX |
Neurocrine Biosciences Inc | 1.4% | $140M | hold | +0% | — | 45 · MODERATE | Healthcare | — | +9% |
| 25 |  GH |
Guardant Health Inc | 1.4% | $137M | hold | +0% | — | 45 · MODERATE | Healthcare | Oncology, Diagnostics, Genomics | +56% |
| 26 |  ZLAB |
Zai Lab Ltd | 1.2% | $124M | hold | -6% | — | 45 · LOW | Healthcare | — | — |
| 27 |  BLTE |
Belite Bio Inc | 1.1% | $114M | hold | +0% | — | 34 · LOW | Healthcare | — | — |
| 28 | ISRG |
Intuitive Surgical Inc | 1.0% | $101M | add | +117% | 1q | 39 · LOW | Healthcare | Robotics & Automation, Health Care (Equal-Weight) | -17% |
| 29 |  ORKA |
Oruka Therapeutics Inc | 1.0% | $101M | hold | +0% | — | 33 · LOW | Healthcare | — | — |
| 30 |  XNCR |
Xencor Inc | 0.8% | $82M | hold | +0% | — | 33 · LOW | Healthcare | — | +67% |
| 31 |  URGN |
Urogen Pharma Ltd | 0.8% | $82M | hold | +0% | — | 33 · LOW | Healthcare | — | — |
| 32 |  260 |
Centessa Pharmaceuticals Plc | 0.8% | $82M | add | +15% | 1q | 38 · LOW | Healthcare | — | — |
| 33 |  IMVT |
Immunovant Inc | 0.8% | $79M | hold | -0% | — | 32 · LOW | Healthcare | — | — |
| 34 |  RARE |
Ultragenyx Pharmaceutical In | 0.8% | $76M | add | +22% | 1q | 36 · LOW | Healthcare | — | — |
| 35 |  HNGE |
Hinge Health Inc | 0.7% | $74M | add | +446% | 2q | 41 · LOW | Healthcare | — | — |
| 36 |  CSTL |
Castle Biosciences Inc | 0.7% | $68M | add | +30% | 2q | 40 · LOW | Healthcare | — | — |
| 37 |  RCKT |
Rocket Pharmaceuticals Inc | 0.6% | $63M | hold | +0% | — | 30 · LOW | Healthcare | — | — |
| 38 |  TSHA |
Taysha Gene Therapies Inc | 0.6% | $61M | trim | -17% | — | 30 · LOW | Healthcare | — | — |
| 39 |  ALKS |
Alkermes Plc | 0.6% | $59M | hold | +0% | — | 29 · LOW | Healthcare | — | +38% |
| 40 | CMPS |
Compass Pathways Plc | 0.6% | $59M | add | +21% | 1q | 34 · LOW | Healthcare | Therapeutics | — |
| 41 |  KOD |
Kodiak Sciences Inc | 0.6% | $57M | hold | +0% | — | 28 · LOW | Healthcare | — | — |
| 42 |  REPL |
Replimune Group Inc | 0.6% | $56M | hold | +3% | — | 28 · LOW | Healthcare | — | — |
| 43 |  CRNX |
Crinetics Pharmaceuticals In | 0.5% | $53M | hold | +7% | — | 28 · LOW | Healthcare | — | — |
| 44 |  WAY |
Waystar Hldg Corp | 0.4% | $39M | new | — | 1q | 22 · LOW | Healthcare | IT & Data | +23% |
| 45 |  ARWR |
Arrowhead Pharmaceuticals In | 0.4% | $37M | hold | +0% | — | 27 · LOW | Healthcare | — | -7% |
| 46 |  OBIO |
Orchestra Biomed Hldgs Inc | 0.3% | $35M | hold | +0% | — | 26 · LOW | Healthcare | — | — |
| 47 |  VSTM |
Verastem Inc | 0.3% | $35M | hold | +0% | — | 26 · LOW | Healthcare | — | — |
| 48 |  EVMN |
Evommune Inc | 0.3% | $35M | add | +17% | 2q | 35 · LOW | Healthcare | — | — |
| 49 |  SYK |
Stryker Corporation | 0.3% | $33M | trim | -59% | — | 25 · LOW | Healthcare | Health Care (Equal-Weight) | +4% |
| 50 |  SVRA |
Savara Inc | 0.3% | $32M | hold | +0% | — | 25 · LOW | Healthcare | — | — |
| 51 |  CADL |
Candel Therapeutics Inc | 0.3% | $31M | new | — | 1q | 19 · LOW | Healthcare | — | — |
| 52 |  AQST |
Aquestive Therapeutics Inc | 0.3% | $31M | add | +19% | 1q | 29 · LOW | Healthcare | — | — |
| 53 |  AKTS |
Aktis Oncology Inc | 0.3% | $28M | new | — | 1q | 18 · LOW | Healthcare | — | — |
| 54 |  NGNE |
Neurogene Inc | 0.3% | $27M | hold | +0% | — | 23 · LOW | Healthcare | — | — |
| 55 |  CGEM |
Cullinan Therapeutics Inc | 0.2% | $24M | hold | +0% | — | 22 · LOW | Healthcare | — | — |
| 56 |  CMPX |
Compass Therapeutics Inc | 0.2% | $22M | add | +68% | 1q | 27 · LOW | Healthcare | — | — |
| 57 |  DNTH |
Dianthus Therapeutics Inc | 0.2% | $21M | new | — | 1q | 27 · LOW | Healthcare | — | — |
| 58 |  FLGT |
Fulgent Genetics Inc | 0.2% | $20M | add | +83% | 2q | 31 · LOW | Healthcare | — | — |
| 59 |  BBNX |
Beta Bionics Inc | 0.2% | $20M | trim | -20% | — | 21 · LOW | Healthcare | — | — |
| 60 |  KYMR |
Kymera Therapeutics Inc | 0.2% | $20M | hold | +0% | — | 21 · LOW | Healthcare | — | — |
| 61 |  IPSC |
Century Therapeutics Inc | 0.2% | $20M | new | — | 1q | 16 · LOW | Healthcare | — | — |
| 62 |  BEAM |
Beam Therapeutics Inc | 0.1% | $14M | hold | +0% | — | 20 · LOW | Healthcare | Next-Gen | — |
| 63 |  AVTX |
Avalo Therapeutics Inc | 0.1% | $13M | new | — | 1q | 14 · LOW | Healthcare | — | — |
| 64 |  OCGN |
Ocugen Inc | 0.1% | $12M | new | — | 1q | 14 · LOW | Healthcare | — | — |
| 65 |  HTFL |
Heartflow Inc | 0.1% | $12M | hold | +0% | — | 19 · LOW | Healthcare | — | — |
| 66 |  WVE |
Wave Life Sciences Ltd | 0.1% | $10M | hold | +0% | — | 18 · LOW | Healthcare | — | — |
| 67 |  JBIO |
Jade Biosciences Inc | 0.1% | $8M | trim | -60% | — | 18 · LOW | Healthcare | — | — |
| 68 |  CAPR |
Capricor Therapeutics Inc | 0.1% | $8M | hold | +0% | — | 18 · LOW | Healthcare | — | — |
| 69 |  MIST |
Milestone Pharmaceuticals In | 0.1% | $8M | add | +153% | 1q | 22 · LOW | — | — | — |
| 70 |  KLRS |
Kalaris Therapeutics Inc | 0.1% | $8M | hold | +0% | — | 17 · LOW | — | — | — |
| 71 |  IVA |
Inventiva Sa | 0.1% | $7M | hold | +0% | — | 17 · LOW | — | — | — |
| 72 | ATAI |
Ataibeckley Inc | 0.1% | $7M | new | — | 1q | 12 · LOW | Healthcare | Therapeutics | — |
| 73 |  CBIO |
Crescent Biopharma Inc. | 0.1% | $7M | hold | +0% | — | 17 · LOW | Healthcare | — | — |
| 74 |  LRMR |
Larimar Therapeutics Inc | 0.1% | $7M | trim | -52% | — | 17 · LOW | Healthcare | — | — |
| 75 |  TENX |
Tenax Therapeutics Inc | 0.1% | $6M | hold | -2% | — | 14 · LOW | Healthcare | — | — |
| 76 | DFTX |
Definium Therapeutics Inc | 0.1% | $6M | new | — | 1q | 9 · LOW | Healthcare | Therapeutics | — |
| 77 |  LMRI |
Lumexa Imaging Holdings Inc | 0.1% | $6M | hold | +0% | — | 14 · LOW | Healthcare | — | — |
| 78 |  FDMT |
4d Molecular Therapeutics In | 0.0% | $4M | hold | +0% | — | 13 · LOW | Healthcare | — | — |
| 79 |  MDLN |
Medline Inc | 0.0% | $3M | hold | +0% | — | 12 · LOW | Healthcare | — | — |
| 80 |  OMDA |
Omada Health Inc | 0.0% | $3M | hold | +0% | — | 12 · LOW | Healthcare | — | — |
| 81 |  IRON |
Disc Medicine Inc | 0.0% | $2M | hold | +0% | — | 12 · LOW | Healthcare | — | — |
| 82 |  IMA |
Imagenebio Inc | 0.0% | $2M | hold | +0% | — | 12 · LOW | — | — | — |
| 83 |  XGN |
Exagen Inc | 0.0% | $1M | trim | -50% | — | 11 · LOW | — | — | — |
| 84 |  RCKTW |
Rocket Pharmaceuticals Inc | 0.0% | $7210 | 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 (26)
| CGON add |
4.7% | — |
| CELC add |
3.5% | — |
| TNGX add |
2.8% | — |
| ERAS add |
2.6% | — |
| IRTC add |
2.0% | — |
| RGEN add |
1.4% | +41% |
| ISRG add |
1.0% | -17% |
| 260 add |
0.8% | — |
| RARE add |
0.8% | — |
| HNGE add |
0.7% | — |
| CSTL add |
0.7% | — |
| CMPS add |
0.6% | — |
| WAY new |
0.4% | +23% |
| EVMN add |
0.3% | — |
| CADL new |
0.3% | — |
| AQST add |
0.3% | — |
| AKTS new |
0.3% | — |
| CMPX add |
0.2% | — |
| DNTH new |
0.2% | — |
| FLGT add |
0.2% | — |
| IPSC new |
0.2% | — |
| AVTX new |
0.1% | — |
| OCGN new |
0.1% | — |
| MIST add |
0.1% | — |
| ATAI new |
0.1% | — |
| DFTX new |
0.1% | — |
Rotated out of轮出 (14)
| NTRA trim |
-17% | — |
| COGT trim |
-28% | — |
| APLSUSD trim |
-52% | — |
| TSHA trim |
-17% | — |
| SYK trim |
-59% | +4% |
| BBNX trim |
-20% | — |
| JBIO trim |
-60% | — |
| LRMR trim |
-52% | — |
| XGN trim |
-50% | — |
 GPCR exit |
-100% | +21% |
 IQV exit |
-100% | +20% |
 PEN exit |
-100% | -2% |
 PODD exit |
-100% | +13% |
 TEM exit |
-100% | +10% |
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。