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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"RTW Biotech Opportunities returned 18.1% in Q2 2026, capitalizing on improved biotech sentiment driven by FDA leadership changes, strong M&A including AbbVie's $10.9 billion acquisition of portfolio company Apogee, and positive late-stage oncology data at ASCO. The fund maintains a concentrated portfolio of 48 positions focused on transformative therapeutics across oncology, immunology, and rare diseases, with new investments in gene therapy and protein degradation platforms."
RTW Biotech Opportunities delivered an 18.1% NAV return in Q2 2026, bringing YTD performance to 16.5% and the annualized return since launch to 15.8%, outperforming the Russell 2000 Biotech, Nasdaq Biotech, and AIC sector benchmarks. The quarter began under pressure from geopolitical uncertainty and sector outflows, but recovered strongly in June driven by ceasefire de-escalation, FDA leadership changes supportive of rare disease innovation, and robust M&A activity including two $10 billion-plus deals. AbbVie acquired portfolio company Apogee Therapeutics for $10.9 billion at a 49.5% premium, which RTW exited. The fund made new investments in Lycia Therapeutics ($1.4 million) and Serapha Bio ($7.5 million), the latter developing a gene editing therapy for Alpha-1 Antitrypsin Deficiency. ASCO 2026 featured strong late-stage oncology data, including Phase 3 results from portfolio company Celcuity. Top contributors included Kailera, Oruka, and Tango. The portfolio maintains 48 positions with 86.2% in public equities, concentrated in therapeutics with a focus on oncology, immunology, and rare diseases.
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