SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Rock Springs Capital Management LP

CIK 0001595725 · 650 SOUTH EXETER STREET, SUITE 1070, BALTIMORE, MD, 21202 · 4102200129

Reported Value
$2.0B
Q4 2025
Positions
99
Filings on Record
30
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Rock Springs Capital Management LP reported $2.0B in U.S.-listed holdings across 99 positions for Q4 2025.

Its largest position, LLY, represents 5.8% of the portfolio.

Compared with Q3 2025, the fund opened 18 new positions and exited 12.

Portfolio Metrics

Turnover
+12.0%
vs prior filed quarter
Top-10 Concentration
+39.8%
share of reported value
Largest Position
+5.8%
Eli Lilly
New / Exited
18 / 12
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $2.1BQ4 ’18Q1 ’19: $2.6BQ2 ’19: $2.8BQ3 ’19: $2.5BQ4 ’19: $3.2BQ4 ’19Q1 ’20: $2.4BQ2 ’20: $3.6BQ3 ’20: $3.9BQ4 ’20: $4.7BQ4 ’20Q1 ’21: $4.6BQ2 ’21: $5.1BQ3 ’21: $4.8BQ4 ’21: $4.3BQ4 ’21Q1 ’22: $4.0BQ2 ’22: $3.4BQ3 ’22: $3.9BQ4 ’22: $4.2BQ4 ’22Q1 ’23: $4.2BQ2 ’23: $4.2BQ3 ’23: $3.7BQ4 ’23: $4.1BQ4 ’23Q1 ’24: $3.9BQ2 ’24: $3.3BQ3 ’24: $3.1BQ4 ’24: $2.6BQ4 ’24Q1 ’25: $1.7BQ2 ’25: $1.6BQ3 ’25: $1.7BQ4 ’25: $2.0BQ4 ’25Q1 ’26: $1.7Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 84.6%ADR: 8.6%Other: 5.1%ETP: 1.4%US DOMESTIC: 0.3%Other: 0.0%
  • Common Stock · 84.6% · $1.6B
  • ADR · 8.6% · $168M
  • Other · 5.1% · $100M
  • ETP · 1.4% · $27M
  • US DOMESTIC · 0.3% · $7M
  • Other · 0.0% · $44,229

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UNHUNITEDHEALTH GROUP INCNEW+40.8K40.8K+$13M$13M
IMNMIMMUNOME INCNEW+347.7K347.7K+$7M$7M
RAPTRAPT THERAPEUTICS INCNEW+213.7K213.7K+$7M$7M
SGRYSURGERY PARTNERS INCNEW+310.0K310.0K+$5M$5M
PTCTPTC THERAPEUTICS INCNEW+61.9K61.9K+$5M$5M
430TERNS PHARMACEUTICALS INCNEW+108.5K108.5K+$4M$4M
RCUSARCUS BIOSCIENCES INCNEW+180.0K180.0K+$4M$4M
THERAVANCE BIOPHARMA INCNEW+208.8K208.8K+$4M$4M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1LLYELI LILLY & COhistory →COM5.81%$113M105.4K
2RVMDREVOLUTION MEDICINES INChistory →COM5.45%$106M1.34M
3ARGXARGENX SEhistory →SPONSORED ADR4.45%$87M103.3K
4TVTXTRAVERE THERAPEUTICS INChistory →COM4.33%$84M2.21M
5MDGLMADRIGAL PHARMACEUTICALS INChistory →COM4.17%$81M139.6K
6RYTMRHYTHM PHARMACEUTICALS INChistory →COM3.81%$74M695.0K
7EXKEXACT SCIENCES CORPhistory →COM3.13%$61M601.8K
8MIRMMIRUM PHARMACEUTICALS INChistory →COM3.09%$60M762.3K
9IM8NINSMED INChistory →COM PAR $.012.85%$56M319.3K
10GPCRSTRUCTURE THERAPEUTICS INChistory →SPONSORED ADS2.67%$52M748.2K
11ISRGINTUITIVE SURGICAL INChistory →COM NEW2.38%$46M82.0K
12CDTXCIDARA THERAPEUTICS INChistory →COM NEW2.32%$45M204.9K
13ASCENDIS PHARMA A/SSPONSORED ADR2.23%$43M203.5K
14IRTCIRHYTHM TECHNOLOGIES INChistory →COM2.14%$42M235.0K
15KYMRKYMERA THERAPEUTICS INChistory →COM1.98%$39M496.9K
16BSXBOSTON SCIENTIFIC CORPhistory →COM1.95%$38M399.1K
17PENPENUMBRA INChistory →COM1.92%$37M120.5K
18XENEXENON PHARMACEUTICALS INChistory →COM1.81%$35M787.8K
19SRRKSCHOLAR ROCK HLDG CORPhistory →COM1.66%$32M733.5K
20COGTCOGENT BIOSCIENCES INChistory →COM1.55%$30M849.0K
21RAREULTRAGENYX PHARMACEUTICAL INhistory →COM1.49%$29M1.27M
22VERAVERA THERAPEUTICS INChistory →CL A1.48%$29M568.6K
23ALNYALNYLAM PHARMACEUTICALS INChistory →COM1.45%$28M71.3K
24AM6AMICUS THERAPEUTICS INChistory →COM1.41%$27M1.93M
25SPDR SERIES TRUSTSTATE STREET SPD1.39%$27M222.0K
26THCTENET HEALTHCARE CORPhistory →COM NEW1.27%$25M125.0K
27DC4DEXCOM INChistory →COM1.18%$23M347.3K
28AGIOAGIOS PHARMACEUTICALS INChistory →COM1.12%$22M799.2K
29TARSTARSUS PHARMACEUTICALS INChistory →COM1.09%$21M260.3K
30CMPXCOMPASS THERAPEUTICS INChistory →COM1.08%$21M3.93M
31NEWAMSTERDAM PHARMA COMPANYORDINARY SHARES1.00%$20M557.2K
32AZTAAZENTA INChistory →COM0.97%$19M569.1K
33TCE2CELLDEX THERAPEUTICS INC NEWhistory →COM NEW0.96%$19M692.5K
34CAICARIS LIFE SCIENCES INChistory →COM0.95%$19M687.5K
35ZBIOZENAS BIOPHARMA INChistory →COM0.93%$18M502.1K
36DYNDYNE THERAPEUTICS INChistory →COM0.92%$18M913.0K
37NBIXNEUROCRINE BIOSCIENCES INChistory →COM0.91%$18M125.5K
38PHARVARIS N VCOM0.89%$17M623.4K
39MLYSMINERALYS THERAPEUTICS INChistory →COM0.80%$16M427.6K
40PHRPHREESIA INChistory →COM0.76%$15M876.6K
41ZLABZAI LAB LTDhistory →ADR0.73%$14M811.5K
42DHRDANAHER CORPORATIONhistory →COM0.72%$14M61.5K
43UNHUNITEDHEALTH GROUP INChistory →COM0.69%$13M40.8K
44ARDXARDELYX INChistory →COM0.69%$13M2.30M
45ACRSACLARIS THERAPEUTICS INChistory →COM0.69%$13M4.45M
46SMMTSUMMIT THERAPEUTICS INChistory →COM0.64%$12M710.0K
47ELVNENLIVEN THERAPEUTICS INChistory →COM0.63%$12M798.4K
48INSPINSPIRE MED SYS INChistory →COM0.62%$12M131.0K
49OMDAOMADA HEALTH INChistory →COM0.60%$12M740.0K
50SLNOEURSOLENO THERAPEUTICS INChistory →COM0.59%$11M247.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.7B100May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$2.0B99Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.7B93Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.6B93Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.7B96May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$2.6B107Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$3.1B109Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$3.3B112Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$3.9B114May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$4.1B104Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$3.7B120Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$4.2B123Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$4.2B121May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$4.2B120Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$3.9B128Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$3.4B131Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$4.0B135May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$4.3B136Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$4.8B153Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$5.1B156Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$4.6B151May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$4.7B155Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$3.9B148Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$3.6B143Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$2.4B131May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$3.2B130Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$2.5B138Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$2.8B135Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$2.6B131May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$2.1B133Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.