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Funds (13F)

RTW Investments, LP

Backtest from 20 Feb 2015 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+6.9%
S&P 500 +13.4%
Last 12 months
+6.2%
S&P 500 +12.1%
Sharpe ratio
0.31
S&P 500 0.71
Biggest drop
−63.8%
S&P 500 −31.8%
$5.0k$10.0k$20.0k$40.0k 201520172019202120232025 $43.5k$21.7k
RTW Investments, LPS&P 500 $10,000 in RTW Investments, LP from 20 Feb 2015 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies RTW Investments, LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

RTW Investments, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+6.9%+13.4%
Total return+117%+335%
Last 12 months+6.2%+12.1%
Last 3 months−4.7%—
Last month−3.1%—
This year so far−1.8%—
Volatility a year37.1%16.5%
Sharpe ratio0.310.71
Biggest drop−63.8%−31.8%
Beta to the S&P 5001.161.00
Alpha a year (t-statistic)−2.1% (−0.23)—
Share of weeks up53%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
MDGL9.2%——
ARGX5.6%——
PTCT5.4%——
PTGX5.3%——
CGON5.2%——
INSM4.4%——
TNGX3.7%——
SYRE3.2%——
CELC3.0%——
ERAS2.8%——
RDNT2.6%——
ORKA2.6%——
NTRA2.3%——
RARE2.2%——
IRTC2.2%——
CYTK2.1%——
KLRA2.0%——
ESTA1.9%——
GH1.9%——
NBIX1.8%——
TARS1.8%——
STOK1.6%——
QURE1.6%——
ACAD1.6%——
RGEN1.4%——
URGN1.4%——
GHRS1.4%——
IMCR1.3%——
CMPS1.3%——
IMTX1.1%——
ZLAB1.1%——
IMVT1.1%——
BLTE0.9%——
XNCR0.9%——
TSHA0.8%——
COGT0.8%——
ALKS0.8%——
GPCR0.7%——
REPL0.7%——
CSTL0.6%——
CADL0.6%——
RCKT0.5%——
KOD0.5%——
AKTS0.4%——
AXGN0.4%——
DHR0.4%——
CGEM0.4%——
NGNE0.4%——
HNGE0.4%——
OBIO0.3%——
SLDB0.3%——
SVRA0.3%——
AQST0.3%——
KYMR0.2%——
VSTM0.2%——
DNTH0.2%——
BBNX0.2%——
IPSC0.2%——
EVMN0.2%——
BEAM0.2%——
DFTX0.2%——
IDYA0.1%——
MIST0.1%——
OCGN0.1%——
TENX0.1%——
HTFL0.1%——
LRMR0.1%——
LMRI0.1%——
ALLO0.1%——
CBIO0.1%——
FDMT0.1%——
MAZE0.1%——
CAPR0.1%——
KLRS0.1%——
ABVX0.0%——
AVTX0.0%——
MDLN0.0%——
IRON0.0%——
IMA0.0%——
XGN0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest20 Feb 2015 to 2 Nov 2026+6.9%+13.4%0.310.71−63.8%1.16−2.1% (−0.23)
2018 onwards5 Jan 2018 to 2 Nov 2026+7.2%+13.9%0.290.66−60.3%1.07−3.1% (−0.35)
Last three years3 Nov 2023 to 2 Nov 2026+17.6%+21.8%0.581.16−26.4%0.89+0.6% (0.04)
Last year7 Nov 2025 to 2 Nov 2026+7.0%+14.2%0.230.84−19.9%0.77−1.9% (−0.08)
DateCompanyAction
21 Aug 2026SLDBBought
21 Aug 2026MAZEBought
21 Aug 2026KLRABought
21 Aug 2026IDYABought
21 Aug 2026GPCRBought
21 Aug 2026DHRBought
21 Aug 2026AXGNBought
21 Aug 2026ALLOBought
21 Aug 2026ABVXBought
22 May 2026WAYBought
22 May 2026OCGNBought
22 May 2026IPSCBought
22 May 2026DNTHBought
22 May 2026DFTXBought
22 May 2026CADLBought
22 May 2026AVTXBought
22 May 2026AKTSBought
20 Feb 2026TNGXBought
20 Feb 2026SVRABought
20 Feb 2026RGENBought
20 Feb 2026PODDBought
20 Feb 2026MDLNBought
20 Feb 2026LMRIBought
20 Feb 2026KYMRBought
20 Feb 2026KODBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026WAYSold
21 Aug 2026SYKSold
21 Aug 2026OMDASold
21 Aug 2026JBIOSold
21 Aug 2026IVASold
21 Aug 2026ISRGSold
21 Aug 2026FLGTSold
21 Aug 2026CMPXSold
21 Aug 2026ARWRSold
22 May 2026TEMSold
22 May 2026PODDSold
22 May 2026PENSold
22 May 2026IQVSold
22 May 2026GPCRSold
22 May 2026CRVSSold
22 May 2026AXSMSold
20 Feb 2026PEPGSold
20 Feb 2026LENZSold
20 Feb 2026GEHCSold
20 Feb 2026DYNSold
20 Feb 2026DGXSold
20 Feb 2026CTMXSold
20 Feb 2026ALECSold
20 Feb 2026ADGMSold
20 Feb 2026ABVXSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest