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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"RTW Biotech delivered an impressive +15.5% Q4 return (+35.7% YTD) amid a macro biotech rebound, expanding its buybacks and securing new private-to-public arbitrage opportunities."
RTW Biotech Opportunities Ltd experienced a strong quarterly performance, with NAV per share returning +15.5% in Q4 2025, bringing the YTD NAV return to +35.7%. The positive turnaround was driven by a macro shift in the biotech sector, which ended a historic 4-year bear market to outpace the S&P 500 and Nasdaq. The fund enhanced liquidity and investor outreach via addition to the FTSE 250 and expanded its share buyback program by $15 million. It successfully invested $5.9M in private biotech Yarrow Bioscience, which quickly announced a merger with VYNE Therapeutics. While FDA administrative instability remains a policy risk, the fund maintains an optimistic outlook for the biotech sector's multi-year bull run.
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