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Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
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.
Full Quick Take
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.
The fund gained 26.31% in Q2 2026, outperforming its benchmark on strong AI-related holdings including JFrog and Cohu, plus defense and semiconductor exposure through Materion. The manager initiated positions in school bus manufacturer Blue Bird and rare disease specialist Travere Therapeutics. Despite Middle East tensions and stagflation concerns, the manager remains optimistic on small caps benefiting from AI adoption, infrastructure spending, and supply chain reshoring.
Full Quick Take
The fund gained 26.31% in Q2 2026, outperforming its benchmark on strong AI-related holdings including JFrog and Cohu, plus defense and semiconductor exposure through Materion. The manager initiated positions in school bus manufacturer Blue Bird and rare disease specialist Travere Therapeutics. Despite Middle East tensions and stagflation concerns, the manager remains optimistic on small caps benefiting from AI adoption, infrastructure spending, and supply chain reshoring.
RTW Bio outperformed biotech indices despite -6.4% Q1 return as sector valuations hit new lows. Portfolio concentrated in high unmet need rare diseases and oncology with strong FDA support. Manager sees significant deployment opportunity amid unwarranted valuations, supported by M&A-friendly regulatory environment and improving commercial dynamics. Well-positioned for recovery with 53% exposure in Phase 3 trials.
Full Quick Take
RTW Bio outperformed biotech indices despite -6.4% Q1 return as sector valuations hit new lows. Portfolio concentrated in high unmet need rare diseases and oncology with strong FDA support. Manager sees significant deployment opportunity amid unwarranted valuations, supported by M&A-friendly regulatory environment and improving commercial dynamics. Well-positioned for recovery with 53% exposure in Phase 3 trials.
